UNH Options History — March 2020

In March 2020, UNH traded between $191.44 and $290.04. ATM implied volatility averaged 64.1%, placing in the 76.6% IV rank vs the trailing year. The 30-day expected move averaged 18.8%. IV traded below realized volatility by 25.0% (HV 20d: 89.1%). Max pain ranged from $260.00 to $280.00. Net GEX was positive for 6 of 22 trading days. Term structure was in contango for 4 of 22 days. Put/call ratio averaged 0.93.

Notable Days

2020-03-04: Highest Volume — 79,421 contracts
2020-03-12: Largest IV spike — 37.9% change
2020-03-12: Highest IV Rank — 100.0%
2020-03-18: Largest Expected Move — 28.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$250.27	$191.44	$290.04	$270.71	$249.52
Max Pain	$262.39	$260.00	$280.00	$280.00	$260.00
ATM IV	64.1%	35.7%	99.6%	43.5%	60.6%
Expected Move	18.8%	10.7%	28.6%	13.5%	17.9%
HV 20d	89.1%	55.7%	125.3%	55.7%	120.9%
HV 60d	56.5%	36.0%	77.3%	36.0%	77.3%
IV Rank	76.6%	47.8%	100.0%	69.5%	51.9%
IV Percentile	98.6%	94.8%	100.0%	99.6%	94.8%
Term Structure	-1.7%	-4.8%	2.4%	-1.4%	-3.8%
VWIV	63.9%	37.5%	93.9%	49.8%	63.7%
Skew 25d	22.3%	12.2%	30.2%	12.2%	19.1%
Skew 10d	42.2%	23.5%	65.0%	25.1%	38.4%
Call IV 25d	52.4%	29.8%	82.4%	37.0%	48.0%
Put IV 25d	74.7%	42.3%	112.6%	49.2%	67.2%
Bid-Ask Spread %	30.63	7.17	55.31	15.96	28.42
Gamma HHI	0.07	0.05	0.09	0.07	0.06
Net GEX	-3.4M	-18.8M	27.1M	-10.0M	-1.8M
Net DEX	319.6M	-994.2M	1.44B	64.2M	148.1M
Net VEX	-7.1M	-8.8M	-3.9M	-7.8M	-6.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.93	0.34	1.70	0.73	1.50
Total Volume	23,466.318	8,684	79,421	24,072	8,684
Total OI	225,041.818	170,378	272,007	220,843	182,951

Daily Data (22 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
2020-03-02	$270.71	$280.00	43.5%	13.5%	55.7%	69.5%	49.8%	12.2%	-1.4%	-10.0M	64.2M	-7.8M	0.73	15.96	13,898	10,174	100,029	120,814
2020-03-03	$263.16	$277.50	47.6%	14.8%	56.5%	80.8%	47.4%	15.9%	-0.3%	-13.1M	345.9M	-7.8M	0.62	17.29	20,179	12,554	104,587	124,447
2020-03-04	$290.04	$275.00	35.7%	10.7%	66.0%	47.8%	37.5%	12.5%	-0.7%	27.1M	-994.2M	-7.9M	0.56	22.94	50,934	28,487	114,256	128,777
2020-03-05	$281.51	$260.00	46.2%	13.5%	64.3%	76.9%	44.6%	16.3%	-0.6%	9.6M	-443.8M	-8.7M	0.77	7.17	21,042	16,121	125,969	139,941
2020-03-06	$282.68	$260.00	47.2%	13.5%	64.2%	79.8%	53.0%	19.8%	-0.5%	12.6M	-533.5M	-8.8M	1.70	21.44	13,356	22,689	131,220	140,787
2020-03-09	$276.90	$260.00	52.3%	14.5%	64.5%	93.7%	54.3%	21.2%	-2.0%	6.1M	-228.1M	-8.7M	0.70	12.54	17,260	12,013	116,748	127,696
2020-03-10	$280.77	$260.00	51.8%	14.7%	64.7%	92.4%	53.1%	21.9%	-1.4%	10.2M	-398.6M	-8.4M	0.85	10.83	11,600	9,835	113,320	129,307
2020-03-11	$278.82	$260.00	53.6%	15.5%	64.5%	97.4%	52.1%	19.8%	0.1%	9.3M	-317.3M	-8.5M	0.34	25.05	20,898	7,093	116,611	132,328
2020-03-12	$253.88	$260.00	73.9%	21.0%	69.7%	100.0%	68.6%	24.1%	-0.7%	-14.3M	597.7M	-8.0M	1.11	22.99	11,075	12,285	121,007	133,165
2020-03-13	$262.60	$260.00	68.6%	19.2%	71.3%	90.3%	64.4%	27.5%	-3.9%	-13.8M	356.3M	-8.1M	0.99	52.78	12,564	12,492	121,779	131,478
2020-03-16	$231.91	$260.00	84.8%	23.9%	82.6%	100.0%	79.9%	26.6%	-0.1%	-14.9M	1.04B	-6.8M	0.88	27.69	6,439	5,681	113,854	125,263
2020-03-17	$245.11	$260.00	74.0%	21.0%	85.7%	83.7%	72.4%	26.1%	0.2%	-18.8M	825.6M	-7.1M	0.76	23.49	6,894	5,242	115,792	125,835
2020-03-18	$209.23	$260.00	99.6%	28.6%	99.9%	100.0%	93.9%	30.2%	0.9%	-11.8M	1.34B	-5.8M	0.95	36.37	13,947	13,282	116,571	125,486
2020-03-19	$219.94	$260.00	77.7%	22.5%	102.9%	73.0%	72.2%	29.0%	-4.6%	-13.4M	1.33B	-5.8M	1.13	55.31	7,206	8,171	121,686	128,342
2020-03-20	$216.68	$260.00	67.9%	19.4%	102.7%	61.0%	64.4%	21.4%	2.4%	-14.5M	1.44B	-5.3M	0.70	50.36	9,806	6,875	122,366	127,897
2020-03-23	$191.44	$260.00	79.2%	23.7%	107.7%	74.8%	75.9%	28.5%	-3.6%	-9.5M	1.04B	-3.9M	0.84	40.81	7,844	6,621	79,640	90,738
2020-03-24	$218.78	$260.00	69.0%	19.2%	119.5%	62.3%	62.7%	25.6%	-2.3%	-8.4M	761.7M	-5.1M	0.68	52.80	11,068	7,485	83,364	90,880
2020-03-25	$240.65	$260.00	72.4%	21.9%	125.2%	66.4%	72.5%	22.6%	-3.5%	-1.1M	237.9M	-6.5M	0.70	33.41	11,831	8,302	86,817	91,941
2020-03-26	$246.33	$260.00	64.8%	20.2%	125.3%	57.1%	71.8%	25.0%	-3.3%	-1.2M	145.8M	-6.6M	0.83	44.44	5,827	4,833	87,568	94,985
2020-03-27	$245.39	$260.00	70.2%	23.0%	124.9%	63.7%	80.0%	22.5%	-4.3%	-609.1K	154.2M	-6.6M	1.67	48.22	4,983	8,325	88,777	96,524
2020-03-30	$249.90	$260.00	68.7%	21.2%	121.2%	61.9%	72.0%	23.2%	-4.8%	-1.6M	126.3M	-6.6M	1.44	23.55	4,243	6,121	83,854	95,523
2020-03-31	$249.52	$260.00	60.6%	17.9%	120.9%	51.9%	63.7%	19.1%	-3.8%	-1.8M	148.1M	-6.5M	1.50	28.42	3,471	5,213	85,664	97,287