UNH Options History — May 2025

In May 2025, UNH traded between $274.26 and $405.16. ATM implied volatility averaged 45.5%, placing in the 63.2% IV rank vs the trailing year. The 30-day expected move averaged 13.0%. IV traded below realized volatility by 48.6% (HV 20d: 94.1%). Max pain ranged from $320.00 to $460.00. Net GEX was positive for 12 of 21 trading days. Term structure was in contango for 7 of 21 days. Put/call ratio averaged 0.50.

Notable Days

2025-05-15: Highest Volume — 1,421,937 contracts
2025-05-13: Largest IV spike — 64.3% change
2025-05-13: Highest IV Rank — 100.0%
2025-05-15: Largest Expected Move — 20.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$335.49	$274.26	$405.16	$401.46	$301.23
Max Pain	$386.67	$320.00	$460.00	$430.00	$320.00
ATM IV	45.5%	33.1%	73.9%	33.1%	40.2%
Expected Move	13.0%	9.5%	20.8%	9.8%	11.4%
HV 20d	94.1%	81.2%	111.0%	99.4%	90.7%
HV 60d	71.1%	61.8%	78.3%	61.8%	78.2%
IV Rank	63.2%	39.5%	100.0%	54.1%	39.5%
IV Percentile	93.0%	83.7%	100.0%	83.7%	93.3%
Term Structure	-0.3%	-2.5%	3.6%	-0.3%	-1.1%
VWIV	47.5%	34.4%	74.0%	34.8%	41.2%
Skew 25d	1.9%	-1.7%	7.9%	3.1%	0.8%
Skew 10d	2.7%	-2.3%	14.7%	3.8%	3.7%
Call IV 25d	45.8%	31.8%	72.9%	31.8%	41.3%
Put IV 25d	47.7%	34.8%	79.6%	34.8%	42.1%
Bid-Ask Spread %	31.90	22.34	43.60	43.31	36.87
Gamma HHI	0.06	0.03	0.24	0.06	0.08
Net GEX	32.6M	-92.0M	191.6M	-35.4M	191.6M
Net DEX	556.5M	-3.36B	3.61B	1.41B	-1.40B
Net VEX	-35.3M	-52.8M	-17.4M	-20.8M	-52.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.50	0.27	1.08	0.45	0.40
Total Volume	368,029.333	71,851	1,421,937	85,614	310,246
Total OI	916,527.571	428,822	1,494,290	428,822	1,482,615

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
2025-05-01	$401.46	$430.00	33.1%	9.8%	99.4%	54.1%	34.8%	3.1%	-0.3%	-35.4M	1.41B	-20.8M	0.45	43.31	59,198	26,416	275,885	152,937
2025-05-02	$398.81	$430.00	33.5%	9.8%	97.7%	55.5%	35.6%	3.3%	-0.2%	-67.8M	1.39B	-21.0M	0.46	43.60	74,282	34,125	291,682	156,237
2025-05-05	$405.16	$460.00	33.2%	9.5%	98.3%	54.4%	34.4%	3.5%	-1.6%	5.3M	737.5M	-22.3M	0.27	39.04	56,515	15,336	275,482	154,337
2025-05-06	$395.54	$450.00	34.1%	9.9%	98.3%	57.5%	36.0%	1.4%	1.0%	-14.6M	1.25B	-21.8M	0.39	38.58	55,122	21,529	290,929	159,129
2025-05-07	$390.72	$450.00	34.0%	10.0%	95.5%	57.0%	36.7%	1.8%	1.4%	-27.6M	1.40B	-22.4M	0.38	39.04	62,844	23,957	305,121	163,529
2025-05-08	$386.64	$450.00	33.9%	9.7%	93.0%	56.8%	35.4%	1.8%	0.0%	-38.6M	1.55B	-22.8M	0.62	33.45	47,104	29,385	321,345	170,708
2025-05-09	$380.24	$450.00	34.6%	10.0%	90.5%	59.0%	36.6%	1.6%	1.6%	-92.0M	1.79B	-22.3M	0.42	30.10	88,446	36,905	332,641	170,943
2025-05-12	$378.43	$440.00	33.6%	9.8%	90.0%	55.7%	36.1%	1.4%	0.9%	-17.5M	1.56B	-22.7M	0.35	36.55	71,243	24,642	319,972	167,163
2025-05-13	$313.01	$420.00	55.2%	15.3%	107.7%	100.0%	56.2%	-1.7%	-1.0%	-8.7M	3.11B	-17.4M	0.65	31.57	352,653	227,818	346,649	174,202
2025-05-14	$308.63	$400.00	50.0%	14.8%	107.5%	86.5%	54.7%	3.1%	-1.0%	1.0M	2.69B	-26.1M	0.62	27.36	209,770	129,246	483,071	249,595
2025-05-15	$274.26	$390.00	73.9%	20.8%	111.0%	100.0%	74.0%	7.9%	-1.4%	-30.4M	3.61B	-26.7M	1.08	26.73	683,979	737,958	556,273	283,150
2025-05-16	$290.37	$350.00	71.7%	20.1%	81.2%	96.1%	72.4%	2.3%	-2.5%	76.8M	43.5M	-41.4M	0.45	27.34	827,187	370,951	781,857	412,273
2025-05-19	$314.46	$350.00	59.4%	17.0%	87.6%	74.7%	62.0%	-0.5%	-1.9%	131.1M	-2.51B	-48.4M	0.46	23.17	475,863	218,906	730,282	376,548
2025-05-20	$321.79	$350.00	51.6%	14.8%	88.6%	61.1%	54.4%	2.0%	-1.6%	177.0M	-3.36B	-50.4M	0.42	22.34	346,527	145,671	809,985	439,589
2025-05-21	$303.33	$340.00	52.8%	15.1%	89.7%	63.1%	54.7%	2.6%	-2.0%	89.6M	-693.2M	-49.1M	0.46	23.66	325,597	150,462	864,009	472,361
2025-05-22	$296.76	$340.00	52.4%	15.0%	89.6%	62.6%	55.4%	2.0%	3.6%	54.2M	-109.6M	-50.2M	0.57	26.10	228,716	130,942	929,245	504,014
2025-05-23	$294.67	$330.00	48.4%	13.9%	89.7%	55.5%	51.2%	1.1%	-0.1%	13.2M	176.6M	-50.4M	0.53	28.02	216,296	114,472	970,838	523,452
2025-05-27	$293.72	$330.00	46.2%	13.2%	89.4%	51.2%	49.6%	1.0%	-0.4%	56.2M	169.5M	-48.9M	0.39	31.69	217,512	85,891	874,330	431,558
2025-05-28	$298.22	$320.00	43.0%	12.4%	90.2%	45.3%	45.2%	0.7%	-0.1%	113.9M	-562.9M	-51.4M	0.40	31.15	183,175	73,093	938,023	463,409
2025-05-29	$297.82	$320.00	40.7%	11.5%	90.2%	41.2%	41.8%	0.5%	0.5%	107.0M	-559.8M	-51.6M	0.64	30.15	145,491	93,145	971,593	470,118
2025-05-30	$301.23	$320.00	40.2%	11.4%	90.7%	39.5%	41.2%	0.8%	-1.1%	191.6M	-1.40B	-52.8M	0.40	36.87	221,839	88,407	1,009,617	472,998