Health Care

Elanco Animal Health Incorporated (ELAN) options and signal

Figures as of 28 Sep 2026

ELAN is Elanco Animal Health Incorporated, a Health Care name the model ranks every trading day. The options figures are from the close on 28 Sep 2026. The model's figures are from 25 Sep 2026, one trading day behind the latest, as the Free plan shows them. Every model figure is paper trading.

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At a glance

Figure	Value	Date
IV rank	79 of 100	28 Sep
At the money IV	47.4%	28 Sep
Priced move to 16 Oct	10.7% down, 11.0% up	28 Sep
Call wall and put wall	23 and 22	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	22.45	28 Sep
Next report	6 Nov 2026	28 Sep

Options Snapshot

ELAN's IV rank is 79 of 100 on 28 Sep 2026.

Figure	Value
IV rank	79 of 100
At the money IV	47.4%, near month, 18 days
Put/call ratio, open interest	0.38
Call open interest, strikes captured near the price	8,680 contracts
Put open interest, strikes captured near the price	3,280 contracts
Cost to trade at the money	Wide, 40.3% of the option's mid price

IV rank is where the at the money IV sits among ELAN's own weekly readings, 0 the lowest and 100 the highest.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Priced Range

On 28 Sep 2026, ELAN options priced a move of 10.7 percent down and 11.0 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	10.7%	11.0%	20.04 to 24.92
20 Nov 2026	53	19.8%	19.2%	18.01 to 26.77
15 Jan 2027	109	25.3%	27.5%	16.76 to 28.62
16 Apr 2027	200	35.5%	38.7%	14.47 to 31.14

The range is one standard deviation either side of the close of 22.45, as the option prices imply it.

A priced move restates option prices at the close and says nothing certain about where the price goes.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Gamma Map

On 28 Sep 2026, ELAN's call wall is the 23 strike and its put wall is the 22 strike.

Figure	Value
Call wall, most open call gamma	23
Put wall, most open put gamma	22
Net dollar gamma, calls minus puts	$207,383
Total dollar gamma, both sides	$493,518
Close	22.45

Dollar gamma is stated for a one percent move in the price.

Net is calls minus puts under the standard convention, not a record of who holds the contracts.

Net gamma changes sign at 5 strikes, so no single flip strike is named.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility History

On 28 Sep 2026, ELAN's at the money IV is 47.4 percent against 20 day realized volatility of 23.0 percent.

Figure	Value
At the money IV	47.4%
Realized volatility, 20 trading days	23.0%
Realized volatility, 60 trading days	37.5%
IV against its own weekly record	In the middle
Weekly readings on record	383, from 30 Nov 2018
Weeks the price moved more than the one week priced move	20.1% of 234 weeks

Realized volatility is worked out from the daily closes the desk holds, not from the option chain.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Weather

On 28 Sep 2026, ELAN's at the money IV runs from 47.4 percent at 18 days to 48.9 percent at 200 days.

Days to expiry	At the money IV
18	47.4%
53	52.7%
109	49.4%
200	48.9%

Far expiries price more volatility than near ones, an upward sloping term structure.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Smile

On 28 Sep 2026, at the 53 day expiry, ELAN's IV ten percent below the price sits 1.5 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	54.2%	+1.5 points
At the money	52.7%	0.0 points
10% above the price	52.6%	-0.0 points

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Surface

On 28 Sep 2026, ELAN's surface spans 4 expiries out to 200 days, with IV from 46.0 to 62.5 percent near the price.

Figure	Value
Expiries captured	4
Nearest expiry	16 Oct 2026, 18 days
Farthest expiry	16 Apr 2027, 200 days
Points within 10% of the price, 7 days out or more	15
Lowest IV among them	46.0%
Highest IV among them	62.5%

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Expiry Ladder

On 28 Sep 2026, ELAN has 4 captured expiries, from 16 Oct 2026 to 16 Apr 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
16 Oct 2026	18	47.4%	4,055	1,263
20 Nov 2026	53	52.7%	82	9
15 Jan 2027	109	49.4%	4,068	1,952
16 Apr 2027	200	48.9%	477	59

Open interest is summed over the strikes captured near the price on each expiry.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Strike Table

On 28 Sep 2026, ELAN's largest open interest sits at the 23 strike, with 1,618 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
23	1,316	302	1,618
25	1,424	120	1,544
22	432	903	1,335
24	1,007	133	1,140
20	494	621	1,115
30	547	395	942

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Since Yesterday

From 25 Sep 2026 to 28 Sep 2026, ELAN's at the money IV moved from 45.6 percent to 47.4 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	45.6%	47.4%	+1.8 points
Open interest, strikes captured near the price	11,968	11,965	-3
Put/call ratio, open interest	0.38	0.38	-0.00

Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Changed Hands

On 28 Sep 2026, 2,194 ELAN option contracts traded, 1.1 times its own recent average.

Figure	Value
Calls traded	1,062
Puts traded	1,132
Against its recent average	1.1 times
Busier than	14 of its last 20 trading days
Open interest, whole chain	13,007 contracts
Volume to open interest	0.17
Unusual volume flag	No

Traded volume and open interest are shown side by side and never combined. Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Positioning Replay

The replay holds 33 trading days of ELAN's option positioning, from 11 Aug 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
11 Aug 2026	22.73	minus $194,999	25	23
21 Sep 2026	22.43	$183,751	23	20
28 Sep 2026	22.45	$207,383	23	22

Each frame restates one nightly capture. Net is calls minus puts, a convention, not who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Read-out

On 25 Sep 2026 the desk's view of ELAN was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	23.39, the swing high of 23 Sep 2026
Level below the close	22.17, the swing low of 21 Sep 2026, a close past it runs against the view
The chart	Sits against the view
Strategy family	Cash-secured put (sell a put below the price)
Price target	None. The desk has no price model.

The levels are prices the shares turned at on the chart, with the date of each.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Rank by Timeframe

On 25 Sep 2026 ELAN sat at the 66th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	56 of 100	Neutral
20 trading days	69 of 100	Neutral
45 trading days	66 of 100	Neutral

100 is the top of the ranking. A name in the middle three fifths is neutral.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Timeframe Agreement

On 25 Sep 2026 ELAN's near timeframes were neutral and its long timeframe was neutral, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Neutral	0 of 2
Long	45 day	Neutral	0 of 1

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Signal History

On 25 Sep 2026 ELAN had carried no signal for 3 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	66 of 100
24 Sep 2026	None	94 of 100
23 Sep 2026	None	93 of 100
22 Sep 2026	Bullish	96 of 100
21 Sep 2026	Bullish	96 of 100
18 Sep 2026	Bullish	95 of 100
17 Sep 2026	None	82 of 100
16 Sep 2026	None	78 of 100

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Sector Split

On 25 Sep 2026, 32 of 120 Health Care names were bullish and 52 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Health Care	120	32	52	36

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Price Chart

ELAN closed at 22.45 on 28 Sep 2026.

Figure	Value
Last close	22.45
Change over 5 trading days	+0.1%
Change over 21 trading days	-8.3%
Change over 63 trading days	-9.3%
Change over 252 trading days	+18.7%
52 week high	27.98
52 week low	18.93
20 day moving average	23.21
50 day moving average	23.99
200 day moving average	23.79
RSI, 14 days	40

Worked out from the desk's own daily bars, adjusted for share splits.

From the daily bars through 28 Sep 2026. Current on every plan.

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Earnings Radar

ELAN reports next on 6 Nov 2026, a date confirmed by the company.

Figure	Value
Next report	6 Nov 2026, before the open
Date	Confirmed by the company
Move after the report of 29 Jul 2026	+0.3%
Move after the report of 30 Apr 2026	+0.6%
Move after the report of 28 Jan 2026	+0.3%
Move after the report of 7 May 2025	+26.3%

Earnings calendar as of 28 Sep 2026. Current on every plan.

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Seasonality

In the 7 Septembers on record, ELAN's average change was minus 3.9 percent, and it rose in 28.6 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-3.9%	-4.5%	28.6%	7
October	-0.5%	+3.1%	71.4%	7
November	+4.9%	+3.5%	62.5%	8

Each figure is a month end to month end change in past years. A past month says nothing certain about the next one.

Monthly history through 28 Sep 2026. Current on every plan.

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Headlines

The desk's news feeds carried 1 headline naming ELAN in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	1
Latest	26 Sep 2026

The titles are in the Headlines window, with the time each was published.

Headlines as of 28 Sep 2026. Current on every plan.

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Questions

What is ELAN's IV rank?: ELAN's IV rank is 79 of 100 on 28 Sep 2026.
What move are ELAN options pricing?: On 28 Sep 2026, ELAN options priced a move of 10.7 percent down and 11.0 percent up by 16 Oct 2026.
Where are ELAN's call wall and put wall?: On 28 Sep 2026, ELAN's call wall is the 23 strike and its put wall is the 22 strike.
What was the desk's latest view of ELAN on the Free plan?: On 25 Sep 2026 the desk's view of ELAN was bullish, paper trading.
When does ELAN report earnings next?: ELAN reports next on 6 Nov 2026, a date confirmed by the company.

More Health Care names

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