UNH Options History — March 2023

In March 2023, UNH traded between $458.59 and $481.75. ATM implied volatility averaged 24.3%, placing in the 29.1% IV rank vs the trailing year. The 30-day expected move averaged 7.1%. IV traded above realized volatility by 6.8% (HV 20d: 17.5%). Max pain ranged from $470.00 to $492.50. Net GEX was positive for 10 of 23 trading days. Term structure was in contango for 14 of 23 days. Put/call ratio averaged 1.05.

Notable Days

2023-03-30: Highest Volume — 36,163 contracts
2023-03-23: Largest IV spike — 10.6% change
2023-03-23: Highest IV Rank — 49.1%
2023-03-29: Largest Expected Move — 7.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$471.91	$458.59	$481.75	$475.08	$472.56
Max Pain	$479.13	$470.00	$492.50	$492.50	$470.00
ATM IV	24.3%	20.5%	27.1%	22.3%	25.3%
Expected Move	7.1%	5.5%	7.9%	6.5%	7.4%
HV 20d	17.5%	14.3%	25.9%	25.8%	20.1%
HV 60d	21.1%	20.3%	22.3%	20.3%	21.4%
IV Rank	29.1%	2.0%	49.1%	14.7%	36.2%
IV Percentile	37.4%	0.8%	68.7%	11.5%	52.8%
Term Structure	0.3%	-0.7%	2.4%	0.8%	0.4%
VWIV	24.5%	19.7%	27.2%	22.4%	26.0%
Skew 25d	5.4%	3.5%	6.8%	4.0%	5.7%
Skew 10d	10.1%	7.1%	13.2%	7.2%	9.8%
Call IV 25d	21.9%	19.1%	24.3%	21.3%	22.7%
Put IV 25d	27.3%	22.8%	31.1%	25.2%	28.4%
Bid-Ask Spread %	44.06	15.61	64.75	33.17	44.28
Gamma HHI	0.07	0.05	0.14	0.06	0.08
Net GEX	-3.3M	-65.0M	61.9M	-16.5M	47.6M
Net DEX	267.3M	-366.0M	1.18B	343.1M	-121.8M
Net VEX	-10.3M	-10.9M	-9.8M	-10.5M	-10.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.05	0.57	2.74	0.80	0.77
Total Volume	15,304.87	8,669	36,163	19,811	19,841
Total OI	197,367.957	159,312	228,153	197,500	199,632

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
2023-03-01	$475.08	$492.50	22.3%	6.5%	25.8%	14.7%	22.4%	4.0%	0.8%	-16.5M	343.1M	-10.5M	0.80	33.17	11,005	8,806	116,976	80,524
2023-03-02	$479.07	$492.50	22.0%	6.0%	25.9%	12.5%	21.2%	3.5%	0.9%	4.2M	90.0M	-10.9M	1.61	30.44	5,906	9,512	122,168	86,776
2023-03-03	$477.00	$490.00	21.0%	5.5%	14.3%	5.4%	19.7%	4.0%	0.4%	-9.0M	286.5M	-10.7M	1.07	18.25	11,368	12,188	124,406	91,636
2023-03-06	$480.79	$480.00	20.5%	6.4%	14.5%	2.0%	22.9%	3.7%	1.4%	10.9M	55.2M	-10.7M	0.69	35.05	6,815	4,732	119,222	91,303
2023-03-07	$473.88	$480.00	21.6%	6.7%	15.4%	9.6%	23.4%	3.9%	1.1%	-21.2M	405.9M	-10.4M	1.03	45.99	5,426	5,613	121,765	93,428
2023-03-08	$471.64	$480.00	22.1%	6.6%	15.4%	13.0%	22.0%	4.1%	0.7%	-42.8M	561.4M	-10.3M	0.57	56.10	8,721	4,959	123,299	96,330
2023-03-09	$465.02	$480.00	23.4%	6.9%	15.2%	22.7%	24.7%	4.1%	0.4%	-62.3M	853.0M	-10.1M	0.63	60.20	10,633	6,709	124,839	98,181
2023-03-10	$458.59	$480.00	25.1%	7.3%	15.4%	35.2%	24.8%	5.3%	-0.1%	-65.0M	1.18B	-10.0M	1.87	36.36	7,053	13,224	127,486	100,667
2023-03-13	$464.39	$480.00	24.9%	7.5%	14.7%	33.6%	24.8%	6.3%	0.5%	-36.6M	716.1M	-10.0M	0.95	64.75	4,445	4,224	122,767	92,551
2023-03-14	$461.76	$480.00	25.2%	7.3%	14.7%	35.6%	24.3%	6.7%	0.4%	-47.4M	823.8M	-9.8M	0.90	57.66	5,738	5,186	123,487	92,816
2023-03-15	$464.53	$480.00	24.8%	7.6%	15.0%	32.5%	26.2%	5.1%	2.4%	-36.5M	659.3M	-10.0M	2.74	61.74	4,651	12,725	125,480	91,259
2023-03-16	$472.42	$480.00	24.3%	7.0%	16.6%	28.9%	23.7%	6.7%	-0.1%	-7.6M	271.8M	-10.3M	0.96	63.40	5,539	5,310	127,165	92,604
2023-03-17	$468.83	$480.00	25.2%	7.4%	16.7%	36.0%	26.4%	5.8%	0.4%	-40.0M	487.6M	-10.0M	0.94	63.98	6,198	5,843	128,470	93,549
2023-03-20	$476.25	$470.00	24.8%	7.1%	16.6%	32.8%	25.7%	5.3%	-0.3%	36.2M	-164.2M	-10.3M	0.69	41.18	7,699	5,317	89,626	69,686
2023-03-21	$480.27	$477.50	24.1%	6.9%	16.6%	27.7%	24.1%	5.6%	-0.2%	56.7M	-327.4M	-10.5M	0.99	20.93	4,552	4,503	93,110	71,779
2023-03-22	$478.92	$477.50	24.5%	7.0%	16.5%	30.3%	24.1%	5.8%	-0.6%	54.6M	-302.9M	-10.3M	0.74	52.07	4,992	3,716	94,441	73,014
2023-03-23	$469.54	$477.50	27.1%	7.8%	17.7%	49.1%	27.2%	6.8%	-0.7%	1.8M	162.8M	-10.1M	0.78	45.50	6,318	4,944	95,899	74,891
2023-03-24	$475.80	$477.50	26.3%	7.6%	18.3%	44.0%	26.2%	6.5%	-0.5%	57.9M	-158.4M	-10.4M	0.69	40.77	7,454	5,173	97,296	75,742
2023-03-27	$481.75	$477.50	24.8%	7.1%	18.7%	32.5%	25.0%	5.6%	0.1%	61.9M	-366.0M	-10.4M	0.83	42.04	5,542	4,579	93,382	71,592
2023-03-28	$471.07	$475.00	26.5%	7.7%	19.6%	45.1%	25.8%	6.2%	-0.4%	15.7M	108.2M	-10.1M	1.54	44.29	5,631	8,648	95,400	73,955
2023-03-29	$465.59	$472.50	26.9%	7.9%	20.0%	48.2%	26.6%	6.3%	-0.2%	-24.5M	388.4M	-9.8M	1.60	39.61	9,402	15,009	97,755	77,206
2023-03-30	$469.26	$470.00	26.1%	7.6%	20.0%	41.9%	25.8%	6.3%	0.7%	-13.4M	200.2M	-10.4M	0.69	15.61	21,411	14,752	101,055	84,848
2023-03-31	$472.56	$470.00	25.3%	7.4%	20.1%	36.2%	26.0%	5.7%	0.4%	47.6M	-121.8M	-10.9M	0.77	44.28	11,214	8,627	109,514	90,118