1. Home
  2. Options
  3. LLY Options

Healthcare · Healthcare

LLY Implied Volatility, IV Rank & Options Chain

Eli Lilly and Company (LLY) options data: IV rank, options chain, GEX and Greeks. Comprehensive options market data for Eli Lilly and Company (LLY).

Updated Reference data
Open LLY in the Terminal LLY GEX levels IV Intelligence Positioning

Visitors can open the Terminal on AAPL. LLY itself opens with the 7-day free trial, offered inside the Terminal.

ApexVol Terminal

Options analytics, live.

Chains, IV rank, expected move and dealer positioning for 5,500+ US stocks and ETFs.

Start 7-day free trial Open the Terminal

Free on AAPL, no account. Trial: no charge if you cancel before it ends.

On this page
  1. Key facts
  2. Company overview
  3. Options market
  4. Volatility profile
  5. GEX analysis
  6. Common strategies
  7. FAQ

LLY options trade with implied volatility typically in the 20% - 55% range, averaging 30K+ contracts in daily volume with good liquidity. Next earnings: Check earnings calendar. Weekly options and LEAPS are available.

LLY implied volatility

As of 2026-10-26

As of 2026-10-26, LLY's 30-day implied volatility is 40.1%, placing its 1-year IV percentile at 17.0 — above 17.0% of the past year's daily IV readings, a low-IV, premium-buying regime favoring long calls/puts and debit spreads.

40.1%30-day IV
17.01-year IV rank

LLY live chain, Greeks and GEX

Terminal

Every figure above is reference data. The live LLY chain, its Greeks, the gamma profile and the flow tape update through the session inside the Terminal.

Start a trial on LLY 7 days free, card required. Or try the Terminal on AAPL with a free account, no card.

LLY options at a glance

Daily volume
30K+ contracts
IV range
20% - 55%
Bid-ask spread
Varies by strike
Expirations
Weekly, monthly, LEAPS
Open interest
400K+ contracts
Next earnings
Check earnings calendar
30K+ contractsAvg Volume
400K+ contractsOpen Interest
20% - 55%IV Range
GoodLiquidity
YesWeeklies
YesLEAPS

About Eli Lilly and Company (LLY)

Eli Lilly and Company trades on NYSE. Options on LLY are actively traded by retail and institutional investors.

Company profile

Sector
Healthcare
Industry
Pharmaceuticals
Market cap
Large Cap
Exchange
NYSE

Key dates

Next earnings
Check earnings calendar
Earnings frequency
Quarterly
Dividend schedule
Varies
Fiscal year end
December

LLY is an actively traded options name in the Pharmaceuticals space.

ApexVol Terminal

Options analytics, live.

Chains, IV rank, expected move and dealer positioning for 5,500+ US stocks and ETFs.

  • Live chains and Greeks
  • IV rank and percentile
  • Expected move and GEX
  • Screener and strategy P&L
Start 7-day free trial Open the Terminal

Free on AAPL, no account. Trial: no charge if you cancel before it ends.

LLY options market overview

LLY options offer good liquidity for traders seeking exposure to Pharmaceuticals.

Average daily volume
30K+ contracts
Total open interest
400K+ contracts
Put/call ratio
0.6 - 1.0 typical
Typical ATM spread
Varies by strike
Weekly options
Available
LEAPS available
Yes

Liquidity assessment: Good

LLY options provide good liquidity for most trading strategies.

LLY implied volatility and IV rank

LLY implied volatility reflects market expectations for Eli Lilly and Company price movement.

20% - 28%Low IV, below average
28% - 40%Typical, normal conditions
40% - 55%Elevated, above average

Earnings impact

IV typically increases before earnings and contracts afterward (IV crush).

The move options are pricing for the next report, and how the last 12 went: LLY earnings expected move.

The post-earnings volatility drop is known as IV crush. Holders of short LLY options should also understand early assignment risk around dividends and expiration.

Historical volatility vs IV

Compare IV to historical volatility to assess option pricing relative to realized moves.

Term structure

Term structure varies with market conditions and upcoming events.

The smile, the term structure and the cone for LLY, on today's chain.

Open LLY in IV Intelligence

LLY gamma exposure (GEX)

Gamma Exposure (GEX) analysis for LLY shows how dealer hedging may impact price behavior.

  • Typical GEX profile. GEX profile varies based on market conditions and option positioning.
  • Key levels. Major put and call walls at round number strikes may act as support/resistance.
  • Dealer hedging. Dealer hedging activity can influence price behavior at key gamma levels.

Where the gamma sits on LLY right now, strike by strike.

See live LLY GEX

Common LLY options strategies

These are strategies commonly used by traders on LLY options, based on typical market characteristics. This is not investment advice.

Covered CallsIncome. Used by LLY traders for income exposure. Good liquidity supports efficient execution. Vertical SpreadsDirectional. Used by LLY traders for directional exposure. Good liquidity supports efficient execution. StraddlesVolatility. Used by LLY traders for volatility exposure. Good liquidity supports efficient execution. Iron CondorsNeutral. Used by LLY traders for neutral exposure. Good liquidity supports efficient execution. Calendar SpreadsTime-Based. Used by LLY traders for time-based exposure. Good liquidity supports efficient execution.

Every options strategy, ranked by what it is for

Key considerations for LLY options

  • LLY options liquidity: Good - affects execution quality
  • IV range: 20% - 55% - important for premium selling strategies
  • Earnings events can significantly impact IV and option prices
  • Consider position sizing based on underlying volatility
  • Weekly options available for short-term strategies
  • LEAPS available for longer-term positioning

LLY key events

Earnings months. Q1, Q2, Q3, Q4

  • Industry conferences
  • Product announcements
  • Regulatory updates

LLY options data by API, or in Claude

Every number on this page is one request away. The implied volatility API returns LLY's IV rank and percentile, the gamma exposure API its dealer positioning by strike, and the chain API every strike with Greeks. Connected to the ApexVol MCP server, Claude, Cursor or ChatGPT can ask for them in plain English.

GET /api/mcp/data/iv-rank/LLYBearer token, JSON back
curl -H "Authorization: Bearer avmcp_YOUR_TOKEN" \
     "https://apexvol.com/api/mcp/data/iv-rank/LLY"
In Claudethrough the MCP server
You

What is LLY's IV rank right now, and where is its gamma flip?

Claude calls get_iv_rank and get_gex

Try GEX on LLY in the console, more prompts for LLY, or set the server up in Claude Desktop, Claude Code, Cursor or ChatGPT.

Written by
ApexVol Research Team
Quantitative options research. All calculations use live institutional-grade data — the same source professional volatility desks use.
Reviewed by
Ryan Silk, ApexVol Founder
Reviewed for technical accuracy. 10+ years trading options; built ApexVol's pricing engine, Greeks model and IV-rank methodology.

Revised as market conditions and institutional data change. Last revised 2026-10-26. How we research →

Track this name's volatility weekly. The week's biggest IV movers and the expected earnings moves, straight from the data.

No account needed. Unsubscribe any time.

Questions

Frequently asked
about LLY options.

What are LLY options?

LLY options are derivative contracts that give you the right to buy (call) or sell (put) Eli Lilly and Company shares at a specific price before expiration.

How do I analyze LLY implied volatility?

LLY IV typically ranges from 20% - 28% during quiet periods to 40% - 55% around earnings and major events. Compare current IV to historical ranges to assess relative value.

What is the typical bid-ask spread for LLY options?

LLY options have good liquidity with typical spreads varying by strike and expiration. ATM options generally have tighter spreads.

When does LLY report earnings?

Eli Lilly and Company typically reports earnings quarterly. Check the earnings calendar for exact dates as IV tends to increase before announcements.

What strategies work best for LLY options?

Popular LLY strategies include covered calls, vertical spreads, and straddles. Strategy selection depends on market outlook and risk tolerance.

What is the best time to trade LLY options?

The most liquid trading hours for LLY options are typically during regular market hours (9:30 AM - 4:00 PM ET), with highest volume around market open and close.

How do I calculate LLY option Greeks?

Use our free Options Calculator or Greeks Heatmap tool to calculate delta, gamma, theta, vega and other Greeks for LLY options across all strikes and expirations.

What happens to LLY options at expiration?

In-the-money LLY options are typically auto-exercised at expiration. Out-of-the-money options expire worthless. Consider closing positions before expiration to avoid assignment risk.

What is LLY's gamma exposure (GEX)?

Gamma exposure (GEX) measures how options dealers' hedging of their net gamma position can influence LLY's intraday price action. GEX profile varies based on market conditions and option positioning. Dealer hedging activity can influence price behavior at key gamma levels. Positive GEX tends to dampen volatility and create mean-reverting moves, while negative GEX can amplify swings. View live LLY GEX levels and the gamma-flip point on ApexVol.

What is LLY's IV rank?

LLY's IV rank shows where LLY's current implied volatility sits within its trailing 1-year range, scored 0–100. A reading near 100 means IV is near its yearly high — options are relatively expensive, which favors premium-selling strategies like credit spreads and iron condors. A reading near 0 means IV is near its yearly low, favoring premium-buying. LLY implied volatility typically ranges from 20% - 55%. Check LLY's live IV rank and percentile on ApexVol's IV analytics.

Keep reading

Where LLY
gets priced.

LLY analytics

Options CalculatorCalculate option prices and Greeks IV CalculatorAnalyze implied volatility Strategy BuilderBuild and analyze options strategies

Run it, do not just read it

Options profit calculatorPayoff, breakeven and Greeks. Greeks calculatorDelta, gamma, theta, vega. IV rank calculatorImplied volatility and IV rank. Options chainReal-time Greeks on a live chain. Greeks heatmapWhere the exposure actually sits. Volatility labIV analysis across the surface. Strategy simulatorTest the structure before you place it. IV intelligenceThe surface in three dimensions. Options screenerFind the setups worth a look. Historical dataPast snapshots, back to 2007. EarningsHistorical moves and the IV around them. 0DTE analyticsSame-day expiration, same-day risk.

Related tickers

PFE optionsPfizer. Related ticker. JNJ optionsJohnson & Johnson. Related ticker. UNH optionsUnitedHealth Group. Related ticker. MRK optionsMerck &. Related ticker. ABBV optionsAbbVie. Related ticker.

Reference data reads well.
Live data trades better.

Everything on this page is the shape of LLY options. The Terminal shows you today's chain, its Greeks, the gamma profile and the flow tape as they move. Try the Terminal on AAPL without an account.

Start free trial Create a free account

Real market data, not a sandbox. See it live on AAPL.