UNH Options History — January 2014

In January 2014, UNH traded between $71.26 and $76.51. ATM implied volatility averaged 21.0%, placing in the 24.9% IV rank vs the trailing year. The 30-day expected move averaged 7.0%. IV traded above realized volatility by 0.5% (HV 20d: 20.4%). Max pain ranged from $72.50 to $75.00. Net GEX was positive for 10 of 21 trading days. Term structure was in contango for 15 of 21 days. Put/call ratio averaged 0.91.

Notable Days

2014-01-16: Highest Volume — 31,555 contracts
2014-01-16: Largest IV drop — 20.0% change
2014-01-02: Highest IV Rank — 30.1%
2014-01-09: Largest Expected Move — 7.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$73.62	$71.26	$76.51	$74.57	$72.28
Max Pain	$73.81	$72.50	$75.00	$75.00	$72.50
ATM IV	21.0%	17.3%	23.1%	23.1%	21.8%
Expected Move	7.0%	6.9%	7.1%	7.1%	7.1%
HV 20d	20.4%	18.2%	22.3%	18.2%	22.2%
HV 60d	19.1%	16.7%	21.5%	21.4%	18.2%
IV Rank	24.9%	16.3%	30.1%	30.1%	26.9%
IV Percentile	61.1%	11.5%	89.7%	89.7%	72.6%
Term Structure	0.4%	-1.0%	1.4%	-0.3%	0.3%
VWIV	25.1%	22.6%	27.9%	25.5%	24.7%
Skew 25d	1.5%	0.8%	2.5%	2.5%	1.0%
Skew 10d	3.3%	1.8%	4.6%	4.6%	3.2%
Call IV 25d	20.7%	16.9%	23.0%	22.5%	22.1%
Put IV 25d	22.2%	18.2%	24.9%	24.9%	23.0%
Bid-Ask Spread %	6.72	3.79	11.99	6.71	6.43
Gamma HHI	0.18	0.14	0.36	0.21	0.20
Net GEX	-1.6M	-14.6M	12.9M	5.4M	-7.7M
Net DEX	-102.7M	-316.6M	85.0M	-221.2M	4.5M
Net VEX	-1.3M	-1.6M	-1.2M	-1.3M	-1.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.91	0.20	1.98	0.77	1.16
Total Volume	12,468.19	3,948	31,555	11,228	8,830
Total OI	182,749.714	133,113	224,449	187,679	171,693

Daily Data (21 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
2014-01-02	$74.57	$75.00	23.1%	7.1%	18.2%	30.1%	25.5%	2.5%	-0.3%	5.4M	-221.2M	-1.3M	0.77	6.71	6,347	4,881	81,521	106,158
2014-01-03	$75.10	$75.00	22.4%	7.1%	18.3%	28.4%	27.2%	2.4%	-1.0%	12.9M	-271.1M	-1.3M	1.84	7.32	5,361	9,840	86,336	110,136
2014-01-06	$74.24	$75.00	22.8%	7.1%	18.3%	29.2%	24.7%	2.3%	0.6%	1.8M	-182.1M	-1.3M	0.48	8.17	3,031	1,444	84,157	110,087
2014-01-07	$76.51	$75.00	22.8%	7.0%	20.8%	29.2%	26.6%	1.7%	0.4%	9.4M	-316.6M	-1.3M	0.59	4.87	11,357	6,713	85,599	110,599
2014-01-08	$75.62	$75.00	23.0%	7.1%	21.3%	29.6%	25.0%	1.3%	0.7%	9.8M	-267.2M	-1.3M	1.70	8.25	3,058	5,197	90,674	113,195
2014-01-09	$76.08	$75.00	22.7%	7.1%	21.4%	29.1%	26.8%	1.6%	1.2%	11.9M	-303.7M	-1.3M	0.41	5.82	3,120	1,283	91,196	116,381
2014-01-10	$74.70	$75.00	21.6%	7.0%	20.2%	26.3%	27.0%	0.8%	0.7%	8.1M	-222.0M	-1.3M	1.98	6.85	8,200	16,198	92,520	116,970
2014-01-13	$73.94	$75.00	22.3%	7.1%	19.6%	28.0%	26.2%	0.9%	0.1%	3.4M	-142.5M	-1.3M	1.80	6.05	3,994	7,180	92,057	111,443
2014-01-14	$74.02	$75.00	21.9%	7.0%	19.3%	27.2%	27.9%	1.1%	-0.2%	2.7M	-144.8M	-1.3M	0.98	6.60	3,996	3,909	92,392	114,851
2014-01-15	$74.84	$75.00	22.4%	7.1%	19.5%	28.2%	24.7%	1.1%	0.0%	4.6M	-203.1M	-1.3M	0.69	4.02	9,883	6,817	91,811	115,415
2014-01-16	$72.76	$75.00	17.9%	7.0%	22.2%	17.6%	25.2%	1.2%	1.0%	-12.5M	-23.6M	-1.2M	0.80	11.99	17,540	14,015	96,232	119,138
2014-01-17	$72.52	$72.50	17.3%	7.0%	20.7%	16.3%	24.0%	1.4%	0.8%	-14.6M	-6.2M	-1.3M	0.47	5.17	9,216	4,339	101,992	122,457
2014-01-21	$73.16	$72.50	17.7%	6.9%	21.0%	17.2%	25.6%	1.4%	1.4%	-8.0M	-14.9M	-1.2M	0.20	7.77	9,505	1,936	64,776	68,337
2014-01-22	$73.40	$72.50	17.3%	6.9%	20.5%	16.3%	23.9%	1.4%	1.4%	-6.1M	-41.6M	-1.2M	1.03	4.88	2,335	2,412	69,760	69,153
2014-01-23	$73.20	$72.50	18.1%	6.9%	19.8%	18.0%	23.4%	1.1%	0.6%	-6.9M	-27.3M	-1.3M	0.48	7.27	7,213	3,479	70,653	70,707
2014-01-24	$71.60	$72.50	20.4%	7.0%	21.2%	23.6%	25.0%	1.9%	1.4%	-8.3M	70.2M	-1.3M	1.58	3.79	6,613	10,434	75,257	72,667
2014-01-27	$71.65	$72.50	20.4%	6.9%	20.8%	23.5%	24.1%	1.6%	-0.4%	-10.3M	54.6M	-1.3M	0.78	7.63	11,807	9,167	74,173	76,119
2014-01-28	$71.71	$72.50	20.6%	6.9%	20.8%	24.1%	23.0%	1.6%	-0.5%	-10.4M	50.3M	-1.4M	0.34	7.98	2,948	1,000	81,654	83,070
2014-01-29	$71.26	$72.50	22.0%	7.0%	20.9%	27.4%	24.3%	1.9%	-0.7%	-11.3M	85.0M	-1.4M	0.46	8.08	7,930	3,613	81,623	83,548
2014-01-30	$72.80	$72.50	21.6%	7.0%	22.3%	26.3%	22.6%	1.4%	0.6%	-6.8M	-34.1M	-1.6M	0.52	5.45	3,742	1,949	86,202	85,035
2014-01-31	$72.28	$72.50	21.8%	7.1%	22.2%	26.9%	24.7%	1.0%	0.3%	-7.7M	4.5M	-1.6M	1.16	6.43	4,088	4,742	86,408	85,285