UNH Options History — February 2025

In February 2025, UNH traded between $460.44 and $551.45. ATM implied volatility averaged 27.5%, placing in the 45.1% IV rank vs the trailing year. The 30-day expected move averaged 8.1%. IV traded below realized volatility by 3.6% (HV 20d: 31.1%). Max pain ranged from $510.00 to $540.00. Net GEX was positive for 7 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 0.74.

Notable Days

  • 2025-02-21: Highest Volume — 157,268 contracts
  • 2025-02-18: Largest IV spike — 23.1% change
  • 2025-02-21: Highest IV Rank — 73.8%
  • 2025-02-21: Largest Expected Move — 9.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$508.03$460.44$551.45$551.45$471.03
Max Pain$528.82$510.00$540.00$525.00$510.00
ATM IV27.5%22.4%34.4%22.5%30.1%
Expected Move8.1%6.3%9.9%6.7%9.0%
HV 20d31.1%20.6%35.6%32.2%35.3%
HV 60d36.7%35.3%38.4%37.3%38.4%
IV Rank45.1%24.1%73.8%24.2%55.6%
IV Percentile74.4%48.0%96.8%48.8%84.9%
Term Structure0.1%-3.6%2.4%0.7%0.0%
VWIV28.6%21.8%35.6%23.4%31.0%
Skew 25d3.0%0.1%6.7%1.9%3.1%
Skew 10d7.8%3.2%13.9%11.0%5.5%
Call IV 25d26.3%21.2%33.5%22.0%29.1%
Put IV 25d29.3%23.7%37.4%23.8%32.1%
Bid-Ask Spread %48.5934.6259.6036.2340.23
Gamma HHI0.050.040.080.050.04
Net GEX-7.3M-70.4M84.0M84.0M-13.3M
Net DEX-231.0M-2.08B1.88B-2.08B458.0M
Net VEX-16.5M-17.5M-15.0M-16.6M-17.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.740.351.470.460.44
Total Volume33,67812,245157,26820,73234,095
Total OI267,690.474232,385324,253232,385324,253

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-02-03$551.45$525.0022.5%6.7%32.2%24.2%23.4%1.9%0.7%84.0M-2.08B-16.6M0.4636.2314,1846,548137,42394,962
2025-02-04$546.58$525.0022.4%6.3%32.1%24.1%21.8%2.5%0.4%75.8M-1.84B-16.5M0.4440.958,5183,727140,55596,617
2025-02-05$540.02$527.5023.6%6.7%32.4%28.7%24.5%2.3%0.1%49.1M-1.45B-16.7M0.7043.4115,76911,057141,21197,958
2025-02-06$529.09$540.0025.6%7.5%33.4%37.3%26.1%2.9%-0.4%-7.2M-816.6M-16.8M0.7854.5517,94213,965144,531103,040
2025-02-07$526.92$540.0025.8%7.5%32.7%38.1%26.6%2.6%1.3%9.0M-750.4M-16.8M0.5854.5411,2706,550151,680107,072
2025-02-10$532.85$540.0025.1%7.4%32.8%34.9%26.6%1.5%0.5%22.4M-1.04B-16.5M0.6852.929,8386,733140,215101,392
2025-02-11$532.87$540.0024.2%7.4%29.2%31.3%25.7%3.7%1.2%27.7M-1.06B-16.9M0.8358.447,1315,922143,371103,846
2025-02-12$526.36$530.0025.2%7.8%29.5%35.5%27.2%3.4%1.4%-6.3M-690.1M-16.4M0.9057.718,1527,308144,810106,213
2025-02-13$532.83$540.0026.3%7.9%29.8%39.8%27.1%0.7%1.8%18.7M-1.03B-16.7M0.5954.828,7845,219146,142108,655
2025-02-14$523.32$540.0024.2%7.7%20.6%31.4%25.4%0.1%2.4%-47.6M-431.0M-16.6M0.4859.6013,5346,523149,043110,789
2025-02-18$501.03$540.0029.8%8.6%25.9%54.6%30.1%3.5%-1.9%-53.2M474.1M-15.3M1.1453.2424,15627,426147,252102,822
2025-02-19$508.72$530.0028.7%8.2%25.2%50.1%29.3%4.0%-1.0%-45.5M62.5M-16.4M0.8454.3813,01110,886157,227113,629
2025-02-20$501.81$530.0028.9%8.3%25.3%50.7%29.2%3.6%-0.6%-65.9M394.6M-16.4M1.4752.878,82313,010161,221116,350
2025-02-21$465.65$530.0034.4%9.9%35.2%73.8%35.6%3.9%-0.8%-70.4M1.88B-15.0M1.2247.2270,86786,401164,042119,478
2025-02-24$460.44$520.0032.0%9.4%34.9%63.8%33.3%3.2%-0.1%-43.2M1.27B-15.7M0.9240.3123,20021,433155,406120,647
2025-02-25$468.58$520.0032.0%9.9%34.8%63.6%35.0%4.1%-3.6%-32.7M779.0M-16.8M0.4948.6638,51618,961167,564129,266
2025-02-26$463.00$510.0031.1%9.1%34.7%59.7%32.0%6.7%-0.1%-34.8M963.7M-16.8M0.3534.6223,7968,368180,886134,294
2025-02-27$469.93$510.0031.3%9.6%35.6%60.6%33.4%4.2%1.1%-6.0M507.7M-17.5M0.7538.5716,18912,070187,140135,117
2025-02-28$471.03$510.0030.1%9.0%35.3%55.6%31.0%3.1%0.0%-13.3M458.0M-17.4M0.4440.2323,73710,358187,758136,495