UNH Options History — May 2020

In May 2020, UNH traded between $278.21 and $306.68. ATM implied volatility averaged 33.5%, placing in the 18.5% IV rank vs the trailing year. The 30-day expected move averaged 9.7%. IV traded below realized volatility by 1.5% (HV 20d: 35.0%). Max pain ranged from $260.00 to $280.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 14 of 20 days. Put/call ratio averaged 0.74.

Notable Days

2020-05-15: Highest Volume — 27,908 contracts
2020-05-13: Largest IV spike — 19.7% change
2020-05-13: Highest IV Rank — 24.1%
2020-05-15: Largest Expected Move — 10.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$291.26	$278.21	$306.68	$283.55	$306.68
Max Pain	$271.75	$260.00	$280.00	$260.00	$272.50
ATM IV	33.5%	28.4%	38.0%	35.8%	28.4%
Expected Move	9.7%	7.9%	10.8%	10.7%	7.9%
HV 20d	35.0%	28.5%	51.2%	51.2%	29.5%
HV 60d	80.3%	74.8%	81.9%	81.5%	74.8%
IV Rank	18.5%	12.2%	24.1%	21.4%	12.2%
IV Percentile	78.9%	68.7%	83.3%	83.3%	68.7%
Term Structure	0.3%	-0.8%	1.5%	0.1%	-0.1%
VWIV	35.0%	28.9%	40.4%	37.0%	28.9%
Skew 25d	8.5%	6.4%	10.6%	10.4%	7.6%
Skew 10d	17.8%	13.6%	30.4%	23.2%	15.4%
Call IV 25d	29.8%	25.3%	34.3%	31.0%	25.3%
Put IV 25d	38.4%	32.9%	43.9%	41.4%	32.9%
Bid-Ask Spread %	47.96	34.07	65.07	37.02	48.56
Gamma HHI	0.10	0.07	0.13	0.09	0.10
Net GEX	31.5M	10.2M	58.3M	19.3M	56.1M
Net DEX	-632.8M	-1.06B	-248.6M	-506.1M	-1.06B
Net VEX	-7.0M	-7.4M	-6.6M	-7.3M	-6.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.74	0.31	2.72	0.60	0.56
Total Volume	11,781.7	5,376	27,908	7,791	9,738
Total OI	196,869.8	182,350	210,978	189,452	205,857

Daily Data (20 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
2020-05-01	$283.55	$260.00	35.8%	10.7%	51.2%	21.4%	37.0%	10.4%	0.1%	19.3M	-506.1M	-7.3M	0.60	37.02	4,861	2,930	97,982	91,470
2020-05-04	$287.56	$270.00	36.1%	10.4%	47.6%	21.8%	40.4%	10.6%	0.4%	25.5M	-607.5M	-7.2M	0.38	36.80	7,976	3,018	93,692	89,082
2020-05-05	$292.55	$270.00	33.2%	9.9%	42.4%	18.2%	36.3%	9.1%	0.7%	42.0M	-829.6M	-7.1M	0.40	52.40	7,380	2,944	100,095	90,082
2020-05-06	$290.00	$270.00	34.2%	10.0%	42.5%	19.3%	33.3%	9.4%	-0.5%	38.3M	-732.6M	-7.1M	0.51	35.90	5,893	2,990	101,434	90,860
2020-05-07	$285.76	$270.00	34.5%	9.9%	37.0%	19.7%	37.8%	9.3%	0.3%	25.7M	-552.7M	-7.0M	1.08	34.07	3,982	4,297	102,490	92,832
2020-05-08	$287.26	$270.00	32.3%	9.3%	36.5%	17.1%	35.4%	8.9%	0.1%	25.1M	-569.3M	-6.9M	1.20	55.88	3,680	4,406	103,063	95,275
2020-05-11	$289.30	$270.00	31.5%	9.2%	36.3%	16.1%	34.9%	9.3%	0.9%	31.4M	-649.0M	-6.9M	0.71	55.86	8,243	5,845	99,608	94,737
2020-05-12	$289.43	$270.00	31.7%	9.3%	35.4%	16.4%	32.3%	9.1%	0.8%	35.6M	-653.9M	-7.0M	0.31	60.88	8,453	2,643	103,921	98,518
2020-05-13	$278.21	$270.00	38.0%	10.8%	35.4%	24.1%	39.3%	9.6%	-0.2%	10.2M	-248.6M	-7.0M	0.62	54.02	8,830	5,516	106,645	99,488
2020-05-14	$291.17	$270.00	36.5%	10.6%	34.1%	22.3%	36.9%	9.9%	0.9%	39.7M	-751.7M	-7.3M	0.49	56.93	9,947	4,863	106,321	101,510
2020-05-15	$294.16	$270.00	37.0%	10.8%	33.4%	22.8%	36.5%	6.4%	0.9%	41.5M	-859.3M	-7.4M	0.33	65.07	20,949	6,959	107,581	103,397
2020-05-18	$293.99	$270.00	34.5%	9.9%	31.7%	19.8%	34.5%	7.5%	-0.8%	29.4M	-645.4M	-7.2M	0.60	45.12	9,763	5,892	87,904	94,446
2020-05-19	$290.82	$270.00	34.6%	9.9%	30.8%	19.9%	33.9%	7.6%	-0.3%	24.1M	-508.7M	-7.1M	0.66	46.81	4,904	3,226	92,515	97,787
2020-05-20	$287.48	$270.00	34.1%	9.8%	31.2%	19.3%	36.5%	6.8%	-0.0%	18.6M	-407.1M	-7.0M	2.72	42.29	3,343	9,101	93,909	98,914
2020-05-21	$287.58	$280.00	33.5%	9.6%	28.9%	18.6%	36.9%	7.7%	0.3%	15.5M	-311.9M	-7.0M	0.87	49.10	3,866	3,379	94,717	105,041
2020-05-22	$289.21	$280.00	32.5%	9.3%	28.5%	17.3%	33.7%	7.3%	0.6%	21.2M	-372.7M	-7.0M	0.53	44.19	3,506	1,870	95,966	105,615
2020-05-26	$293.76	$280.00	32.6%	9.2%	28.8%	17.4%	32.4%	8.3%	0.3%	30.6M	-540.9M	-6.7M	0.83	45.59	4,289	3,550	92,281	102,827
2020-05-27	$301.46	$280.00	30.0%	8.6%	29.4%	14.2%	31.3%	7.6%	0.1%	41.4M	-825.3M	-6.6M	0.87	49.75	6,714	5,825	93,528	103,707
2020-05-28	$305.26	$272.50	29.1%	8.4%	29.6%	13.1%	31.3%	8.2%	1.5%	58.3M	-1.02B	-6.7M	0.49	43.00	13,471	6,592	97,148	105,151
2020-05-29	$306.68	$272.50	28.4%	7.9%	29.5%	12.2%	28.9%	7.6%	-0.1%	56.1M	-1.06B	-6.6M	0.56	48.56	6,261	3,477	98,271	107,586