UNH Options History — July 2025

In July 2025, UNH traded between $248.95 and $325.59. ATM implied volatility averaged 47.3%, placing in the 51.5% IV rank vs the trailing year. The 30-day expected move averaged 13.2%. IV traded above realized volatility by 11.8% (HV 20d: 35.5%). Max pain ranged from $290.00 to $320.00. Net GEX was positive for 17 of 22 trading days. Term structure was in contango for 1 of 22 days. Put/call ratio averaged 0.66.

Notable Days

2025-07-31: Highest Volume — 715,575 contracts
2025-07-29: Largest IV drop — 27.9% change
2025-07-02: Highest IV Rank — 64.3%
2025-07-28: Largest Expected Move — 16.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$290.57	$248.95	$325.59	$325.59	$248.95
Max Pain	$308.18	$290.00	$320.00	$307.50	$290.00
ATM IV	47.3%	32.8%	54.3%	48.8%	37.2%
Expected Move	13.2%	9.3%	16.0%	9.3%	11.1%
HV 20d	35.5%	28.5%	42.3%	28.5%	39.0%
HV 60d	67.2%	57.3%	79.3%	78.7%	60.4%
IV Rank	51.5%	25.2%	64.3%	54.2%	33.2%
IV Percentile	91.5%	60.3%	98.4%	96.8%	81.7%
Term Structure	-1.9%	-3.6%	0.1%	-3.1%	-1.5%
VWIV	47.9%	33.7%	59.3%	33.9%	39.8%
Skew 25d	-1.1%	-7.0%	3.2%	0.5%	0.9%
Skew 10d	-2.2%	-5.9%	1.8%	-0.8%	0.8%
Call IV 25d	48.7%	33.6%	54.3%	51.3%	37.5%
Put IV 25d	47.6%	32.6%	54.2%	51.8%	38.5%
Bid-Ask Spread %	45.92	31.66	60.50	35.53	31.66
Gamma HHI	0.05	0.04	0.09	0.06	0.09
Net GEX	43.8M	-107.1M	264.1M	264.1M	-107.1M
Net DEX	-899.0M	-5.75B	3.35B	-5.75B	3.35B
Net VEX	-55.1M	-59.5M	-48.9M	-57.6M	-55.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.66	0.37	1.51	0.37	1.51
Total Volume	271,445.409	103,085	715,575	366,405	715,575
Total OI	1,382,351.091	1,196,160	1,723,625	1,196,160	1,723,625

Daily Data (22 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
2025-07-01	$325.59	$307.50	48.8%	9.3%	28.5%	54.2%	33.9%	0.5%	-3.1%	264.1M	-5.75B	-57.6M	0.37	35.53	266,858	99,547	836,123	360,037
2025-07-02	$307.31	$310.00	54.3%	10.0%	35.7%	64.3%	37.2%	0.0%	-0.7%	114.7M	-2.53B	-54.7M	0.51	33.04	182,177	93,354	859,631	375,725
2025-07-03	$309.80	$320.00	50.7%	13.4%	35.8%	57.7%	48.2%	-1.6%	-1.8%	123.9M	-2.69B	-55.0M	0.40	54.71	90,230	36,399	880,800	399,170
2025-07-07	$302.68	$320.00	50.8%	14.1%	36.2%	58.0%	50.5%	-7.0%	-1.4%	58.3M	-1.71B	-52.7M	0.45	44.88	109,464	49,607	839,479	374,428
2025-07-08	$306.78	$320.00	52.3%	13.8%	35.4%	60.7%	50.0%	-0.1%	-3.2%	93.7M	-2.32B	-53.8M	0.42	51.17	72,371	30,714	859,861	393,459
2025-07-09	$302.59	$320.00	48.7%	13.7%	35.7%	54.1%	49.6%	-1.0%	-2.6%	44.3M	-1.58B	-53.0M	0.47	51.82	135,371	64,071	871,703	402,381
2025-07-10	$300.82	$310.00	48.7%	13.3%	35.8%	54.1%	47.1%	-0.2%	-2.8%	22.8M	-1.49B	-54.0M	1.04	56.98	109,127	113,928	914,571	423,888
2025-07-11	$303.29	$310.00	47.5%	13.1%	35.0%	52.0%	47.2%	2.3%	-2.6%	116.6M	-2.16B	-55.4M	0.57	60.50	131,584	74,396	936,491	434,667
2025-07-14	$299.94	$310.00	47.8%	13.5%	33.4%	52.5%	48.2%	-0.8%	-2.2%	70.8M	-1.65B	-54.4M	0.63	53.56	82,775	52,301	915,249	413,650
2025-07-15	$292.35	$310.00	49.4%	14.0%	33.9%	55.4%	50.3%	-0.9%	-1.3%	13.2M	-572.6M	-54.6M	0.57	43.52	170,165	97,684	946,583	429,037
2025-07-16	$292.34	$310.00	47.8%	13.7%	33.4%	52.5%	50.1%	-1.7%	-1.3%	32.5M	-741.3M	-55.9M	0.51	51.73	102,717	52,689	987,893	450,810
2025-07-17	$287.28	$310.00	47.8%	13.8%	33.7%	52.4%	50.5%	-0.9%	-3.6%	-44.2M	134.3M	-54.4M	0.83	57.11	132,384	109,292	996,414	455,207
2025-07-18	$282.22	$310.00	47.9%	14.0%	34.0%	52.8%	51.4%	-1.3%	-1.9%	-41.1M	624.2M	-53.5M	0.57	50.54	172,522	97,617	1,012,494	457,979
2025-07-21	$281.30	$310.00	46.6%	13.9%	33.6%	50.3%	51.4%	3.2%	-1.7%	16.8M	-7.8M	-54.6M	0.57	41.30	108,198	61,557	889,563	420,521
2025-07-22	$285.10	$310.00	47.8%	14.5%	34.1%	52.4%	52.7%	-2.4%	-1.5%	56.1M	-815.7M	-57.0M	0.60	42.66	84,285	50,251	923,771	432,591
2025-07-23	$291.87	$310.00	48.7%	14.9%	34.7%	54.1%	53.8%	-1.8%	-2.0%	121.0M	-2.01B	-59.5M	0.49	40.44	92,381	45,093	937,666	440,726
2025-07-24	$279.58	$300.00	51.6%	15.9%	37.6%	59.4%	57.9%	-1.7%	-2.5%	7.8M	-33.7M	-56.6M	1.14	41.26	183,425	208,693	951,639	449,055
2025-07-25	$282.10	$300.00	48.1%	14.9%	37.9%	53.1%	53.7%	-2.1%	-1.5%	79.1M	-699.8M	-58.0M	0.80	39.35	132,610	106,558	995,584	464,812
2025-07-28	$281.72	$300.00	48.9%	16.0%	36.8%	54.6%	59.3%	-4.9%	0.1%	52.5M	-874.8M	-57.4M	0.69	46.52	181,761	126,123	940,619	438,144
2025-07-29	$263.58	$300.00	35.3%	10.3%	42.3%	29.7%	38.7%	-2.0%	-1.1%	-80.9M	2.41B	-48.9M	0.62	44.97	438,439	273,224	1,024,668	481,544
2025-07-30	$265.31	$292.50	32.8%	9.3%	38.0%	25.2%	33.7%	-1.0%	-1.3%	-51.5M	1.36B	-57.1M	0.79	36.90	242,866	191,416	1,153,115	516,351
2025-07-31	$248.95	$290.00	37.2%	11.1%	39.0%	33.2%	39.8%	0.9%	-1.5%	-107.1M	3.35B	-55.0M	1.51	31.66	285,171	430,404	1,198,887	524,738