UNH Options History — January 2025

In January 2025, UNH traded between $504.29 and $544.40. ATM implied volatility averaged 26.6%, placing in the 41.5% IV rank vs the trailing year. The 30-day expected move averaged 7.5%. IV traded below realized volatility by 9.0% (HV 20d: 35.6%). Max pain ranged from $520.00 to $530.00. Net GEX was positive for 17 of 20 trading days. Term structure was in contango for 7 of 20 days. Put/call ratio averaged 0.60.

Notable Days

2025-01-16: Highest Volume — 103,573 contracts
2025-01-16: Largest IV drop — 19.4% change
2025-01-10: Highest IV Rank — 83.2%
2025-01-02: Largest Expected Move — 10.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$527.51	$504.29	$544.40	$504.29	$542.21
Max Pain	$522.25	$520.00	$530.00	$520.00	$525.00
ATM IV	26.6%	20.9%	36.7%	32.7%	21.5%
Expected Move	7.5%	6.0%	10.5%	10.5%	6.1%
HV 20d	35.6%	31.9%	45.9%	45.1%	31.9%
HV 60d	37.0%	34.2%	38.3%	38.1%	37.2%
IV Rank	41.5%	17.5%	83.2%	66.4%	20.1%
IV Percentile	64.6%	30.6%	98.8%	94.0%	37.3%
Term Structure	-0.7%	-4.2%	0.7%	-2.6%	0.0%
VWIV	26.5%	20.9%	36.1%	35.8%	21.9%
Skew 25d	1.6%	-2.2%	6.1%	2.3%	1.5%
Skew 10d	6.6%	-10.1%	23.6%	17.9%	3.4%
Call IV 25d	25.8%	20.2%	34.0%	31.6%	20.9%
Put IV 25d	27.5%	20.1%	38.3%	34.0%	22.4%
Bid-Ask Spread %	38.48	24.54	47.39	24.54	35.68
Gamma HHI	0.05	0.04	0.08	0.04	0.05
Net GEX	44.7M	-104.1M	116.7M	-11.6M	69.6M
Net DEX	-1.19B	-2.17B	344.2M	-38.6M	-1.92B
Net VEX	-16.6M	-17.7M	-15.0M	-16.8M	-16.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.60	0.25	1.06	0.65	0.48
Total Volume	35,213.2	14,393	103,573	18,791	23,215
Total OI	272,573.35	223,159	334,917	290,589	250,522

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
2025-01-02	$504.29	$520.00	32.7%	10.5%	45.1%	66.4%	35.8%	2.3%	-2.6%	-11.6M	-38.6M	-16.8M	0.65	24.54	11,385	7,406	171,854	118,735
2025-01-03	$513.75	$520.00	32.0%	10.2%	45.9%	63.5%	36.1%	1.6%	-0.6%	46.5M	-653.2M	-17.3M	0.65	24.88	15,919	10,314	175,130	119,289
2025-01-06	$510.56	$520.00	32.9%	8.8%	41.5%	67.4%	31.0%	6.1%	-0.6%	4.7M	-353.3M	-16.7M	0.39	37.51	19,880	7,675	166,121	114,684
2025-01-07	$513.58	$520.00	32.9%	8.8%	38.7%	67.4%	31.0%	2.9%	-0.8%	14.5M	-563.5M	-17.2M	0.44	40.23	9,965	4,428	173,281	117,860
2025-01-08	$523.86	$520.00	30.9%	8.7%	38.6%	59.1%	30.2%	2.6%	0.3%	50.6M	-1.17B	-17.7M	0.56	39.90	19,646	11,039	175,701	119,427
2025-01-10	$519.48	$520.00	36.7%	9.7%	38.4%	83.2%	33.7%	4.3%	-1.7%	38.1M	-903.7M	-17.4M	0.51	43.62	34,299	17,379	178,472	120,764
2025-01-13	$541.13	$520.00	32.0%	8.4%	36.6%	63.6%	29.8%	1.1%	-4.2%	74.5M	-2.04B	-17.2M	0.88	43.88	22,027	19,390	172,421	116,865
2025-01-14	$542.39	$530.00	32.1%	8.7%	33.7%	64.3%	31.1%	0.8%	-1.6%	75.2M	-2.07B	-17.3M	1.06	47.24	10,903	11,555	174,661	120,832
2025-01-15	$544.40	$530.00	30.5%	8.2%	33.4%	57.3%	28.6%	1.3%	-2.1%	80.9M	-2.17B	-16.9M	0.79	45.71	35,568	28,076	177,387	126,301
2025-01-16	$511.65	$530.00	24.6%	6.8%	36.9%	32.8%	23.8%	0.6%	-0.5%	-104.1M	344.2M	-15.0M	1.00	47.39	51,674	51,899	188,197	141,422
2025-01-17	$513.03	$520.00	22.6%	6.5%	34.3%	24.8%	22.4%	1.1%	-0.0%	-72.1M	-186.6M	-15.6M	0.92	47.12	27,525	25,213	196,581	138,336
2025-01-21	$524.58	$520.00	21.4%	6.1%	32.7%	19.9%	21.5%	1.4%	-0.4%	14.0M	-871.1M	-15.3M	0.39	35.65	25,319	9,798	131,281	91,878
2025-01-22	$518.83	$520.00	22.1%	6.3%	32.2%	22.6%	22.2%	1.3%	-0.2%	10.6M	-672.9M	-15.5M	0.36	35.99	18,338	6,594	139,252	92,446
2025-01-23	$528.62	$520.00	21.5%	6.2%	32.1%	20.2%	22.0%	1.6%	0.7%	70.9M	-1.29B	-16.4M	0.25	36.91	33,789	8,607	144,691	94,733
2025-01-24	$532.06	$520.00	21.3%	6.1%	31.9%	19.1%	21.5%	1.4%	0.4%	95.4M	-1.58B	-16.4M	0.29	31.58	27,131	7,860	152,216	96,660
2025-01-27	$542.26	$520.00	21.5%	6.2%	32.2%	20.1%	22.1%	2.1%	-0.1%	116.7M	-1.99B	-16.6M	0.66	32.69	20,269	13,295	141,842	89,307
2025-01-28	$542.05	$520.00	20.9%	6.0%	31.9%	17.5%	20.9%	1.7%	0.3%	107.1M	-1.93B	-16.4M	0.38	38.04	16,089	6,076	141,965	92,785
2025-01-29	$538.22	$525.00	21.5%	6.3%	32.0%	20.2%	22.3%	-2.2%	0.1%	101.4M	-1.69B	-16.6M	0.71	41.61	11,468	8,149	146,017	94,187
2025-01-30	$543.21	$525.00	21.4%	6.5%	32.0%	19.7%	22.5%	-0.8%	0.1%	110.6M	-2.00B	-16.7M	0.65	39.34	9,175	5,927	148,195	99,169
2025-01-31	$542.21	$525.00	21.5%	6.1%	31.9%	20.1%	21.9%	1.5%	0.0%	69.6M	-1.92B	-16.7M	0.48	35.68	15,692	7,523	149,231	101,291