UNH Options History — January 2024

In January 2024, UNH traded between $490.39 and $545.63. ATM implied volatility averaged 19.1%, placing in the 34.1% IV rank vs the trailing year. The 30-day expected move averaged 5.5%. IV traded below realized volatility by 1.3% (HV 20d: 20.5%). Max pain ranged from $500.00 to $540.00. Net GEX was positive for 15 of 21 trading days. Term structure was in contango for 6 of 21 days. Put/call ratio averaged 0.64.

Notable Days

2024-01-25: Highest Volume — 90,223 contracts
2024-01-25: Largest IV spike — 22.5% change
2024-01-05: Highest IV Rank — 48.9%
2024-01-25: Largest Expected Move — 6.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$521.47	$490.39	$545.63	$538.50	$510.92
Max Pain	$520.95	$500.00	$540.00	$500.00	$500.00
ATM IV	19.1%	17.0%	21.1%	20.4%	18.7%
Expected Move	5.5%	4.9%	6.3%	6.1%	5.7%
HV 20d	20.5%	15.7%	28.9%	15.9%	27.9%
HV 60d	17.3%	15.0%	20.5%	15.6%	20.5%
IV Rank	34.1%	16.6%	48.9%	43.4%	30.8%
IV Percentile	32.3%	6.7%	56.0%	47.2%	29.0%
Term Structure	-0.4%	-1.3%	0.8%	-0.8%	0.6%
VWIV	19.6%	17.3%	22.0%	21.4%	20.2%
Skew 25d	2.0%	1.5%	2.5%	1.5%	2.1%
Skew 10d	4.2%	3.4%	4.7%	4.1%	4.2%
Call IV 25d	18.3%	16.0%	20.2%	19.9%	18.1%
Put IV 25d	20.3%	17.9%	22.2%	21.4%	20.2%
Bid-Ask Spread %	60.11	45.32	74.55	50.66	57.23
Gamma HHI	0.08	0.04	0.27	0.07	0.05
Net GEX	34.2M	-99.3M	154.5M	105.2M	82.5M
Net DEX	-576.9M	-1.81B	1.01B	-1.43B	-677.8M
Net VEX	-10.8M	-12.6M	-9.5M	-10.4M	-12.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.64	0.36	0.89	0.36	0.71
Total Volume	30,771.238	10,705	90,223	19,822	29,573
Total OI	195,248.714	149,928	235,398	194,330	195,592

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
2024-01-02	$538.50	$500.00	20.4%	6.1%	15.9%	43.4%	21.4%	1.5%	-0.8%	105.2M	-1.43B	-10.4M	0.36	50.66	14,523	5,299	104,186	90,144
2024-01-03	$541.52	$500.00	21.0%	6.1%	16.0%	48.2%	21.7%	2.1%	-1.2%	136.5M	-1.62B	-10.6M	0.37	45.32	13,542	4,944	107,390	90,801
2024-01-04	$545.63	$540.00	20.4%	5.8%	16.1%	43.4%	20.4%	2.1%	-1.2%	154.5M	-1.81B	-10.6M	0.60	60.81	10,850	6,495	108,644	92,216
2024-01-05	$538.03	$540.00	21.1%	5.9%	16.8%	48.9%	20.8%	2.0%	-1.3%	87.4M	-1.32B	-10.7M	0.78	61.23	11,427	8,942	110,088	94,095
2024-01-08	$535.90	$540.00	20.3%	5.6%	16.8%	42.3%	20.2%	2.5%	0.2%	57.1M	-1.10B	-10.4M	0.56	64.04	8,612	4,866	103,448	93,214
2024-01-09	$538.72	$540.00	20.3%	5.6%	16.7%	43.6%	20.0%	2.3%	-1.3%	75.5M	-1.26B	-10.3M	0.85	68.06	5,773	4,932	105,324	95,087
2024-01-10	$537.72	$540.00	19.4%	5.5%	15.8%	36.8%	19.3%	1.7%	-0.5%	71.0M	-1.21B	-10.3M	0.59	64.62	7,587	4,469	106,914	96,674
2024-01-11	$539.38	$540.00	19.8%	5.6%	15.7%	40.3%	19.5%	2.1%	-0.4%	77.6M	-1.28B	-10.3M	0.77	65.45	13,117	10,160	107,429	97,563
2024-01-12	$520.81	$540.00	17.5%	4.9%	19.7%	21.1%	17.5%	1.9%	-0.8%	-99.3M	-130.6M	-9.5M	0.81	64.44	43,689	35,184	113,477	102,988
2024-01-16	$518.07	$530.00	17.6%	5.0%	17.8%	22.2%	17.9%	1.9%	-0.6%	-33.2M	-229.8M	-9.9M	0.88	61.87	15,609	13,716	108,929	99,655
2024-01-17	$523.63	$530.00	18.2%	5.2%	18.1%	26.8%	18.8%	1.8%	-0.6%	19.0M	-637.8M	-10.3M	0.70	66.49	23,958	16,666	111,992	101,171
2024-01-18	$514.90	$520.00	19.3%	5.6%	18.9%	35.6%	19.6%	2.1%	-0.9%	-55.3M	-55.3M	-10.3M	0.89	68.51	33,112	29,332	116,459	104,720
2024-01-19	$503.44	$520.00	18.3%	5.3%	20.3%	27.8%	18.0%	2.1%	-0.7%	-47.3M	435.2M	-10.4M	0.65	74.55	18,186	11,765	125,472	109,926
2024-01-22	$512.22	$520.00	18.1%	5.2%	21.2%	25.9%	18.5%	2.1%	-0.5%	-4.5M	30.8M	-10.7M	0.50	55.38	18,804	9,430	75,143	74,785
2024-01-23	$516.01	$512.50	17.0%	5.0%	21.4%	17.1%	17.4%	2.1%	0.0%	18.6M	-196.1M	-11.0M	0.55	61.46	10,237	5,606	79,587	77,325
2024-01-24	$514.47	$515.00	17.0%	4.9%	21.4%	16.6%	17.3%	1.9%	0.8%	9.5M	-109.6M	-10.9M	0.67	63.20	10,324	6,872	81,296	78,852
2024-01-25	$490.39	$512.50	20.8%	6.3%	27.2%	48.1%	22.0%	2.0%	-0.9%	-59.5M	1.01B	-10.5M	0.59	56.91	56,897	33,326	83,845	80,620
2024-01-26	$502.96	$500.00	19.3%	5.7%	28.9%	35.7%	20.4%	1.8%	-0.1%	49.6M	-114.0M	-12.1M	0.57	47.65	30,682	17,547	104,546	90,823
2024-01-29	$503.66	$500.00	19.0%	5.8%	28.8%	33.3%	20.3%	2.2%	0.7%	30.5M	-218.4M	-12.3M	0.38	50.44	20,779	7,810	99,136	87,754
2024-01-30	$503.96	$500.00	18.3%	5.5%	28.8%	28.0%	19.7%	1.9%	0.6%	43.1M	-176.7M	-12.3M	0.66	54.07	6,951	4,603	102,903	90,010
2024-01-31	$510.92	$500.00	18.7%	5.7%	27.9%	30.8%	20.2%	2.1%	0.6%	82.5M	-677.8M	-12.6M	0.71	57.23	17,296	12,277	104,290	91,302