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ELVElevance Health, Inc.

Options Analysis Report•HOSPITAL & MEDICAL SERVICE PLANS
Market Cap $85.5B|NYSE
● 2026-08-31$394.43
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +22.4%YTD +11.3%7D -2.0%
530
30D
±7.6%
2%

ELV Options Overview

Mixed signals. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

4.9VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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ELV Gamma Walls

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Value

Is IV priced right?

5.8
ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks5/9 checks passed
≤35%

IV Rank 58.1% — elevated vs history

<1.05x

IV/HV 1.35x — IV premium over HV

Sector Relative≤50%

Sector percentile 66% — above sector median

<1.1x

Front/Back 0.81x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 31.9% — normal range

<80%

Effective IV 77.8% (ATM 31.9% + spread 22.9% + bias) — fair

<3.0%

Total drag 33.34% (spread 22.93% + slippage 10.41%) — high friction

≥5.0

Vega efficiency 16.00 (vega 36.691 / spread 22.93%) — efficient

Sentiment

Bullish or bearish?

5.5
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBearish - Strong signal (Conviction: -28%, Raw: -27%)
|net sentiment| ≥25%

Conviction-weighted: -28% (bearish) — Raw: -27%

≥15%

|OI skew| 12.2% — balanced

Same sign, |vol skew| ≥10%

Vol skew +66.0%, OI skew +12.2% — aligned

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +0%, ATM: +16%, OTM: -33% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 19% — very bullish vs sector

Activity

Unusual activity?

3.3
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 0.7x avg — normal

≥15%

Vol/OI 1.7% — normal turnover

≥2 days

1 day(s) elevated — may be one-day event

≥5%

OI change +6.3% (5d) — building

Sector Relative≥60%

Sector activity percentile 25% — below sector avg

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 28% — patient

≥30

Conviction -28 (bearish) — mixed

Liquidity

Can I trade efficiently?

2.7
IlliquidLiquid

Evaluates

, volume depth, and open interest for trade execution quality.

Risk Checks2/8 checks passed
≤5.0%

Spread 22.9% — wide

≥10,000

OI 31,954 — adequate

≥500

Volume 530/day — adequate

≤$0.50

$1.15 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 68% — wider than sector

≥100 contracts

Depth 24.200000000000003 contracts (bid:13.9 ask:10.3) — thin

<1.0%

Avg slippage 10.41% — poor

Timing

Is now a good time?

7.4
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed
|slope| ≥5%

Slope -19.5% — contango

<30 or >70

IV percentile 58% — neutral

≥10pts kink

IV kink -4.9pts — no clear event

<0.5 or >2.0

θ/ν ratio 152.43 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -28% @ 64% consistency — moderate (bearish)

≥40 composite score

Score 30 (ITM 20% + inst 0%) — retail dominated

Directional Strategy Fit

Option Buyers
Long Calls5.5
bullishIV fair, mixed flow
Long Puts5.1
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put4.8
bullishIV fair, mixed flow
Covered Call4.5
bearishIV fair, mixed flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

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