UNH Options History — March 2025

In March 2025, UNH traded between $467.39 and $527.31. ATM implied volatility averaged 34.1%, placing in the 72.2% IV rank vs the trailing year. The 30-day expected move averaged 9.3%. IV traded above realized volatility by 4.5% (HV 20d: 29.6%). Max pain ranged from $490.00 to $510.00. Net GEX was positive for 19 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 0.78.

Notable Days

2025-03-07: Highest Volume — 51,863 contracts
2025-03-10: Largest IV spike — 9.0% change
2025-03-18: Highest IV Rank — 84.1%
2025-03-10: Largest Expected Move — 10.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$497.92	$467.39	$527.31	$467.39	$527.31
Max Pain	$498.81	$490.00	$510.00	$510.00	$500.00
ATM IV	34.1%	30.8%	36.9%	31.4%	35.4%
Expected Move	9.3%	8.8%	10.4%	9.2%	9.2%
HV 20d	29.6%	16.2%	37.6%	35.2%	16.4%
HV 60d	33.0%	29.8%	38.5%	38.3%	30.0%
IV Rank	72.2%	58.7%	84.1%	61.0%	77.8%
IV Percentile	93.2%	84.5%	98.8%	88.1%	94.4%
Term Structure	0.3%	-2.3%	4.0%	0.9%	-1.7%
VWIV	33.0%	30.7%	38.1%	33.0%	32.4%
Skew 25d	3.7%	1.5%	5.8%	3.9%	5.8%
Skew 10d	9.9%	-10.5%	21.6%	20.8%	18.9%
Call IV 25d	32.5%	29.7%	35.0%	30.3%	31.4%
Put IV 25d	36.2%	32.3%	39.1%	34.2%	37.1%
Bid-Ask Spread %	44.86	39.47	49.78	40.77	49.07
Gamma HHI	0.05	0.04	0.07	0.04	0.04
Net GEX	47.8M	-15.2M	99.7M	-15.2M	66.6M
Net DEX	-1.09B	-2.23B	521.7M	521.7M	-2.13B
Net VEX	-18.6M	-19.2M	-17.9M	-17.9M	-18.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.78	0.27	1.08	0.65	0.84
Total Volume	20,183.619	8,816	51,863	14,616	19,857
Total OI	293,826.714	244,228	322,622	305,516	244,228

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
2025-03-03	$467.39	$510.00	31.4%	9.2%	35.2%	61.0%	33.0%	3.9%	0.9%	-15.2M	521.7M	-17.9M	0.65	40.77	8,837	5,779	180,800	124,716
2025-03-04	$475.60	$500.00	31.4%	9.4%	35.3%	61.0%	33.1%	3.3%	1.2%	-1.0M	146.3M	-18.5M	0.27	49.78	30,510	8,383	182,084	125,978
2025-03-05	$476.38	$500.00	30.8%	8.9%	35.4%	58.7%	31.6%	1.5%	-0.8%	3.8M	99.0M	-18.3M	0.74	42.45	7,412	5,518	189,499	127,377
2025-03-06	$486.26	$500.00	32.6%	9.4%	36.7%	66.1%	32.9%	3.3%	2.3%	34.3M	-503.5M	-19.1M	0.62	40.18	13,361	8,250	190,954	127,965
2025-03-07	$491.93	$500.00	30.8%	9.0%	36.7%	58.8%	32.0%	3.0%	-0.2%	61.4M	-804.9M	-19.2M	0.42	43.57	36,589	15,274	192,832	129,790
2025-03-10	$482.69	$505.00	33.6%	10.4%	37.1%	70.2%	38.1%	4.1%	4.0%	14.0M	-185.0M	-19.0M	1.08	39.47	9,795	10,544	181,369	120,754
2025-03-11	$484.01	$500.00	34.0%	10.3%	36.7%	71.9%	36.7%	3.5%	3.8%	16.7M	-436.3M	-19.2M	0.97	42.25	6,772	6,542	184,538	119,622
2025-03-12	$484.53	$500.00	34.3%	9.9%	36.7%	73.3%	34.6%	3.6%	1.9%	17.0M	-431.1M	-18.7M	0.84	43.97	6,843	5,715	186,389	120,662
2025-03-13	$481.56	$500.00	36.8%	10.1%	36.6%	83.5%	36.4%	3.9%	2.5%	8.8M	-299.0M	-18.9M	0.96	46.62	6,996	6,714	188,531	122,086
2025-03-14	$487.42	$500.00	35.3%	8.9%	36.6%	77.3%	31.9%	3.9%	2.8%	33.8M	-631.9M	-18.8M	1.08	41.59	11,733	12,635	188,958	122,150
2025-03-17	$499.31	$490.00	35.7%	9.2%	37.6%	79.1%	32.3%	3.7%	-1.1%	38.3M	-1.22B	-18.7M	0.75	44.69	9,647	7,191	181,935	121,008
2025-03-18	$503.77	$490.00	36.9%	9.5%	34.5%	84.1%	32.1%	4.7%	-2.1%	49.6M	-1.50B	-18.8M	0.93	45.72	10,522	9,817	184,553	121,591
2025-03-19	$505.18	$490.00	35.4%	9.1%	34.0%	77.6%	32.1%	3.9%	-1.0%	60.4M	-1.60B	-18.6M	0.69	45.55	5,206	3,610	186,595	123,432
2025-03-20	$509.02	$490.00	35.6%	9.1%	33.7%	78.4%	32.2%	4.5%	-2.0%	79.5M	-1.89B	-18.4M	0.60	43.50	18,127	10,945	187,850	124,240
2025-03-21	$513.35	$500.00	35.5%	9.2%	18.6%	78.1%	34.1%	3.9%	-2.3%	94.8M	-2.23B	-18.5M	0.72	45.25	17,223	12,470	192,414	128,431
2025-03-24	$515.93	$500.00	33.8%	8.8%	17.6%	71.2%	31.7%	3.7%	0.0%	80.9M	-1.95B	-18.2M	1.00	45.78	8,131	8,131	146,672	99,448
2025-03-25	$513.66	$500.00	33.1%	8.9%	17.3%	68.3%	30.7%	3.2%	-0.2%	81.1M	-1.83B	-18.2M	0.93	48.27	6,495	6,034	148,278	100,765
2025-03-26	$518.21	$500.00	33.9%	8.9%	16.2%	71.6%	31.9%	3.6%	-1.3%	94.3M	-2.05B	-18.4M	0.65	47.18	9,015	5,869	150,661	103,833
2025-03-27	$515.76	$500.00	33.5%	8.9%	16.2%	69.8%	31.8%	3.7%	0.4%	85.4M	-1.91B	-18.2M	1.01	48.51	6,488	6,521	151,452	105,057
2025-03-28	$517.05	$500.00	35.7%	9.4%	16.2%	79.1%	32.5%	3.3%	-1.0%	99.7M	-1.96B	-18.3M	0.62	47.78	11,319	7,036	152,758	108,106
2025-03-31	$527.31	$500.00	35.4%	9.2%	16.4%	77.8%	32.4%	5.8%	-1.7%	66.6M	-2.13B	-18.2M	0.84	49.07	10,799	9,058	143,939	100,289