Option Greeks measure how an option's price responds to changes in the stock price (delta and gamma), time (theta), implied volatility (vega), and interest rates (rho).

Gamma, theta, and vega are largest for strikes near the Elevance Health stock price and shrink for strikes far above or below it. Theta grows as expiration gets closer, while vega is larger for expirations further out. Call delta runs from 0 to 1 and put delta from -1 to 0, near 0.50 and -0.50 at the money, and roughly estimates the chance that an option finishes in the money.

Elevance Health IV rank is 3, so implied volatility is near the bottom of its one-year range. Higher implied volatility raises option premiums and daily time decay (theta), and spreads delta and gamma across a wider range of strikes. Over the past year, 30-day implied volatility ranged from 26.9% to 165.3%. See the ELV implied volatility history for a longer view.

Across all open Elevance Health options on Nov 4, 2026, net gamma exposure was $5.19M and net delta exposure was $209.0M per 1% move in the stock. The ELV gamma exposure chart shows where that gamma sits by strike.

Elevance Health remains one of the leading health insurers in the US, providing medical benefits to 45 million medical members at the end of 2025.