UNH Options History — August 2025

In August 2025, UNH traded between $235.47 and $310.49. ATM implied volatility averaged 35.8%, placing in the 30.7% IV rank vs the trailing year. The 30-day expected move averaged 10.5%. IV traded below realized volatility by 20.2% (HV 20d: 56.0%). Max pain ranged from $280.00 to $300.00. Net GEX was positive for 18 of 21 trading days. Term structure was in contango for 13 of 21 days. Put/call ratio averaged 0.62.

Notable Days

2025-08-15: Highest Volume — 1,449,584 contracts
2025-08-27: Largest IV drop — 10.6% change
2025-08-01: Highest IV Rank — 37.8%
2025-08-01: Largest Expected Move — 11.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$280.00	$235.47	$310.49	$235.47	$309.04
Max Pain	$298.10	$280.00	$300.00	$280.00	$300.00
ATM IV	35.8%	32.0%	39.7%	39.7%	32.4%
Expected Move	10.5%	9.0%	11.5%	11.5%	9.4%
HV 20d	56.0%	41.4%	68.8%	41.4%	50.2%
HV 60d	49.5%	39.8%	62.2%	61.1%	45.8%
IV Rank	30.7%	23.7%	37.8%	37.8%	24.5%
IV Percentile	71.2%	45.2%	84.5%	84.5%	48.4%
Term Structure	0.3%	-1.6%	2.3%	0.2%	-1.1%
VWIV	38.0%	32.9%	41.1%	41.1%	34.0%
Skew 25d	0.6%	-3.1%	4.3%	2.0%	2.3%
Skew 10d	0.3%	-5.6%	7.9%	1.5%	4.4%
Call IV 25d	36.1%	32.0%	41.2%	39.3%	32.3%
Put IV 25d	36.7%	33.5%	41.3%	41.3%	34.6%
Bid-Ask Spread %	36.10	23.74	48.56	35.00	25.12
Gamma HHI	0.07	0.04	0.31	0.07	0.15
Net GEX	164.4M	-72.4M	405.4M	-72.4M	405.4M
Net DEX	-3.93B	-11.68B	4.41B	4.41B	-8.08B
Net VEX	-78.0M	-90.7M	-52.0M	-52.0M	-89.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.62	0.34	2.15	0.82	0.40
Total Volume	374,714.381	138,467	1,449,584	701,048	239,032
Total OI	1,901,511.952	1,768,191	2,017,532	1,828,457	1,949,560

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
2025-08-01	$235.47	$280.00	39.7%	11.5%	41.4%	37.8%	41.1%	2.0%	0.2%	-72.4M	4.41B	-52.0M	0.82	35.00	385,834	315,214	1,291,105	537,352
2025-08-04	$241.41	$300.00	37.3%	11.2%	43.4%	33.4%	40.6%	1.4%	-1.4%	-24.5M	2.58B	-60.0M	0.56	42.64	202,801	113,866	1,231,494	536,697
2025-08-05	$250.65	$300.00	37.5%	11.3%	46.0%	33.6%	40.9%	-0.0%	0.3%	37.3M	719.2M	-66.2M	0.45	48.56	325,879	145,763	1,292,791	553,876
2025-08-06	$246.45	$300.00	36.4%	11.0%	46.1%	31.7%	40.2%	-0.5%	-0.5%	22.7M	1.46B	-64.8M	0.65	46.34	141,150	91,923	1,340,427	563,698
2025-08-07	$243.67	$300.00	34.7%	10.7%	46.1%	28.7%	39.1%	0.3%	1.3%	-3.5M	1.95B	-63.0M	2.15	42.21	144,721	311,350	1,365,401	567,406
2025-08-08	$250.25	$300.00	33.9%	10.4%	47.5%	27.1%	37.8%	0.5%	0.7%	259.1M	360.1M	-66.6M	0.79	44.37	178,046	140,698	1,387,490	570,817
2025-08-11	$252.69	$300.00	34.0%	10.5%	48.0%	27.3%	38.1%	1.1%	2.3%	43.9M	219.4M	-68.3M	0.59	44.88	145,266	86,276	1,318,307	542,652
2025-08-12	$260.83	$300.00	34.4%	10.4%	49.6%	28.1%	37.1%	0.8%	1.9%	120.1M	-1.40B	-72.1M	0.75	46.21	168,777	126,223	1,344,875	549,236
2025-08-13	$271.86	$300.00	36.7%	11.0%	52.3%	32.3%	38.9%	0.4%	1.1%	224.3M	-3.87B	-75.7M	0.62	34.32	252,875	155,904	1,366,555	553,486
2025-08-14	$270.97	$290.00	38.1%	11.3%	52.0%	34.8%	40.2%	0.1%	1.2%	224.4M	-3.50B	-77.0M	0.77	35.99	202,016	154,650	1,385,346	566,163
2025-08-15	$306.42	$290.00	39.1%	11.4%	68.2%	36.6%	40.9%	-3.1%	0.7%	267.6M	-11.68B	-87.2M	0.43	41.02	1,014,101	435,483	1,417,090	600,442
2025-08-18	$310.49	$300.00	38.3%	11.0%	68.2%	35.2%	39.8%	-1.7%	-0.6%	269.9M	-9.49B	-90.7M	0.43	28.02	366,851	156,595	1,241,458	552,082
2025-08-19	$303.69	$300.00	37.3%	10.7%	68.8%	33.3%	38.6%	-0.4%	-1.1%	199.5M	-7.55B	-88.8M	0.42	32.59	231,653	97,419	1,287,184	594,449
2025-08-20	$299.65	$300.00	36.9%	10.6%	68.6%	32.6%	37.8%	0.3%	-0.1%	173.6M	-6.45B	-88.1M	0.34	30.82	200,034	67,885	1,317,342	615,740
2025-08-21	$303.81	$300.00	36.3%	10.4%	66.6%	31.6%	37.0%	0.6%	-0.3%	251.6M	-7.53B	-88.7M	0.34	30.62	194,648	66,723	1,346,943	628,576
2025-08-22	$307.10	$300.00	34.6%	9.8%	66.7%	28.5%	35.5%	2.1%	0.1%	283.4M	-8.23B	-89.6M	0.40	29.62	256,998	102,615	1,351,780	636,789
2025-08-25	$304.80	$300.00	33.3%	9.6%	66.8%	26.0%	34.9%	0.3%	1.0%	209.1M	-6.94B	-87.6M	0.48	23.74	93,628	44,839	1,253,623	577,136
2025-08-26	$302.31	$300.00	36.7%	10.7%	61.6%	32.2%	38.1%	4.3%	-1.6%	179.6M	-6.29B	-87.5M	0.56	37.14	125,505	70,689	1,274,419	593,561
2025-08-27	$304.54	$300.00	32.8%	9.5%	61.6%	25.1%	34.1%	1.2%	0.5%	198.4M	-6.76B	-87.7M	0.62	29.59	94,702	58,494	1,287,760	616,342
2025-08-28	$303.94	$300.00	32.0%	9.0%	55.9%	23.7%	32.9%	1.4%	1.0%	182.6M	-6.52B	-87.2M	0.52	29.20	106,718	55,158	1,299,221	625,080
2025-08-29	$309.04	$300.00	32.4%	9.4%	50.2%	24.5%	34.0%	2.3%	-1.1%	405.4M	-8.08B	-89.7M	0.40	25.12	171,094	67,938	1,315,923	633,637