UNH Options History — October 2008

In October 2008, UNH traded between $17.35 and $25.51. ATM implied volatility averaged 76.0%, placing in the 71.1% IV rank vs the trailing year. The 30-day expected move averaged 21.7%. IV traded below realized volatility by 66.9% (HV 20d: 142.9%). Max pain ranged from $24.00 to $27.00. Net GEX was positive for 15 of 23 trading days. Term structure was in contango for 5 of 23 days. Put/call ratio averaged 1.17.

Notable Days

2008-10-22: Highest Volume — 29,465 contracts
2008-10-06: Largest IV spike — 28.9% change
2008-10-15: Highest IV Rank — 100.0%
2008-10-10: Largest Expected Move — 28.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$22.53	$17.35	$25.51	$25.08	$23.73
Max Pain	$25.00	$24.00	$27.00	$27.00	$24.00
ATM IV	76.0%	47.8%	101.6%	57.9%	78.0%
Expected Move	21.7%	13.7%	28.6%	16.6%	22.4%
HV 20d	142.9%	111.8%	166.6%	113.2%	146.1%
HV 60d	94.6%	75.4%	107.6%	75.4%	107.6%
IV Rank	71.1%	39.0%	100.0%	50.6%	73.0%
IV Percentile	97.7%	91.3%	100.0%	99.2%	95.6%
Term Structure	-2.8%	-8.7%	8.8%	-0.9%	1.1%
VWIV	75.8%	47.0%	98.6%	59.5%	85.5%
Skew 25d	9.2%	-8.5%	21.2%	-7.0%	16.7%
Skew 10d	19.1%	-11.9%	41.3%	-11.7%	37.6%
Call IV 25d	71.5%	55.2%	100.1%	63.8%	69.9%
Put IV 25d	80.6%	48.9%	102.1%	56.7%	86.6%
Bid-Ask Spread %	23.29	15.90	55.40	22.39	20.10
Gamma HHI	0.12	0.10	0.22	0.13	0.11
Net GEX	444.3K	-1.8M	2.1M	1.3M	1.1M
Net DEX	112.3M	4.4M	226.3M	61.3M	69.9M
Net VEX	-1.4M	-1.6M	-824.4K	-1.6M	-1.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.17	0.13	5.05	0.53	0.44
Total Volume	15,061.957	3,148	29,465	8,461	11,567
Total OI	504,472.609	470,487	547,563	472,403	505,015

Daily Data (23 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2008-10-01	$25.08	$27.00	57.9%	16.6%	113.2%	50.6%	59.5%	-7.0%	-0.9%	1.3M	61.3M	-1.6M	0.53	22.39	5,513	2,948	312,048	160,355
2008-10-02	$24.76	$27.00	54.6%	15.6%	111.8%	46.8%	54.6%	-7.4%	2.9%	1.1M	69.7M	-1.6M	2.16	29.18	3,678	7,962	315,439	162,536
2008-10-03	$24.11	$27.00	47.8%	13.7%	112.0%	39.0%	47.0%	-8.5%	8.8%	339.3K	107.4M	-1.5M	0.58	29.10	5,800	3,384	318,093	169,545
2008-10-06	$22.26	$26.00	61.7%	17.8%	112.6%	55.0%	62.3%	0.4%	-0.4%	-10.5K	157.4M	-1.3M	1.72	20.87	7,318	12,608	319,378	171,567
2008-10-07	$20.52	$26.00	64.2%	19.6%	115.2%	57.9%	69.9%	-1.6%	-2.4%	-380.1K	218.3M	-1.0M	2.14	21.12	5,246	11,246	320,238	180,832
2008-10-08	$19.20	$25.00	75.2%	24.6%	115.2%	70.6%	86.1%	-2.2%	-7.2%	-621.9K	226.3M	-892.5K	0.54	20.54	16,787	9,124	322,875	186,952
2008-10-09	$17.80	$24.00	83.2%	27.1%	115.5%	79.9%	95.1%	4.0%	-6.6%	-192.8K	224.2M	-824.4K	1.14	32.69	12,934	14,788	332,331	190,482
2008-10-10	$17.35	$24.00	95.7%	28.6%	115.4%	94.3%	98.6%	1.0%	-7.1%	-43.0K	202.6M	-860.5K	0.72	55.40	8,923	6,427	339,584	189,064
2008-10-13	$23.38	$24.00	98.5%	23.6%	162.5%	97.5%	81.6%	16.7%	-2.4%	269.2K	104.7M	-1.5M	1.05	18.01	11,187	11,763	342,262	188,608
2008-10-14	$22.99	$24.00	94.8%	23.9%	161.9%	93.4%	81.9%	9.1%	-4.8%	122.5K	92.4M	-1.6M	0.49	16.71	12,027	5,941	343,476	194,019
2008-10-15	$21.67	$24.00	101.6%	25.2%	162.3%	100.0%	85.9%	7.3%	-8.7%	-198.8K	142.4M	-1.4M	1.58	18.90	7,195	11,345	343,307	195,640
2008-10-16	$22.63	$24.00	76.8%	22.0%	162.4%	71.5%	71.0%	18.0%	-4.4%	-451.6K	139.8M	-1.4M	0.75	17.28	11,589	8,718	346,832	196,619
2008-10-17	$24.39	$24.00	70.1%	20.1%	165.0%	63.9%	67.1%	15.4%	-4.5%	-1.8M	57.3M	-1.6M	1.28	15.90	10,289	13,201	351,860	195,703
2008-10-20	$25.51	$25.00	60.0%	17.2%	165.9%	52.4%	63.2%	13.2%	4.8%	2.1M	4.4M	-1.6M	0.25	22.71	4,991	1,231	311,605	158,882
2008-10-21	$25.25	$25.00	60.9%	17.5%	165.8%	53.5%	68.9%	13.5%	0.9%	2.1M	4.8M	-1.6M	5.05	20.86	1,399	7,070	312,148	159,720
2008-10-22	$24.06	$25.00	74.8%	21.5%	166.3%	69.4%	78.1%	16.9%	-7.8%	1.5M	46.3M	-1.5M	2.16	28.58	9,315	20,150	311,953	160,938
2008-10-23	$23.93	$25.00	72.2%	20.7%	166.1%	66.3%	76.8%	15.2%	-2.6%	1.2M	60.3M	-1.6M	1.61	20.08	3,513	5,657	318,219	175,085
2008-10-24	$22.91	$25.00	78.6%	22.5%	166.6%	73.6%	81.2%	14.9%	-3.7%	945.9K	83.0M	-1.5M	0.42	18.91	6,549	2,741	319,203	173,625
2008-10-27	$20.43	$25.00	91.0%	26.1%	154.8%	87.8%	84.9%	21.2%	-5.6%	219.8K	152.5M	-1.1M	1.04	23.40	6,722	6,977	324,764	175,202
2008-10-28	$22.45	$25.00	83.4%	23.9%	142.3%	79.2%	79.8%	21.2%	-5.1%	756.8K	109.6M	-1.3M	0.38	20.47	6,765	2,575	325,121	177,783
2008-10-29	$21.32	$25.00	85.4%	24.5%	143.2%	81.4%	82.3%	15.8%	-3.7%	338.8K	135.5M	-1.2M	0.67	21.95	1,881	1,267	323,663	178,199
2008-10-30	$22.39	$25.00	82.4%	23.6%	144.6%	78.0%	81.9%	17.0%	-4.3%	577.1K	112.3M	-1.3M	0.13	20.50	7,183	931	323,568	178,532
2008-10-31	$23.73	$24.00	78.0%	22.4%	146.1%	73.0%	85.5%	16.7%	1.1%	1.1M	69.9M	-1.4M	0.44	20.10	8,010	3,557	326,078	178,937