Elanco Animal Health (ELAN)

ELAN trades at $20.64, 72.0% above the near-term max pain of $12 expiring Oct 17, 2025 (13 days). Expect downward pressure as dealers benefit from price declining toward max pain. Max pain is falling across expirations ($10-$20), signaling increased put positioning or downside protection. High dispersion in max pain levels suggests competing forces and potential volatility.

Max pain for ELAN shows a downward trend from 20 to 10, indicating bearish sentiment or hedging activity. The 65% spread signals divergent expectations across timeframes. Most levels below 20.64 may cap rallies. Weekly expirations influence price 2-3 days before expiry; monthlies throughout their final week.