UNH Options History — September 2025

In September 2025, UNH traded between $306.38 and $355.88. ATM implied volatility averaged 36.4%, placing in the 31.7% IV rank vs the trailing year. The 30-day expected move averaged 10.4%. IV traded below realized volatility by 6.1% (HV 20d: 42.5%). Max pain ranged from $290.00 to $320.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 19 of 21 days. Put/call ratio averaged 0.43.

Notable Days

2025-09-12: Highest Volume — 1,281,563 contracts
2025-09-09: Largest IV spike — 12.2% change
2025-09-30: Highest IV Rank — 46.5%
2025-09-09: Largest Expected Move — 11.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$337.75	$306.38	$355.88	$309.12	$345.25
Max Pain	$308.10	$290.00	$320.00	$300.00	$320.00
ATM IV	36.4%	32.9%	44.5%	33.7%	44.5%
Expected Move	10.4%	9.5%	11.7%	9.8%	10.4%
HV 20d	42.5%	35.2%	54.3%	50.2%	36.4%
HV 60d	47.3%	45.4%	48.4%	45.6%	45.8%
IV Rank	31.7%	25.4%	46.5%	26.8%	46.5%
IV Percentile	70.6%	52.8%	87.3%	57.9%	87.3%
Term Structure	2.3%	-1.8%	7.8%	0.7%	-1.8%
VWIV	37.6%	34.3%	41.7%	35.0%	37.8%
Skew 25d	-0.6%	-2.7%	1.6%	0.3%	-2.0%
Skew 10d	0.7%	-4.3%	15.1%	1.2%	15.1%
Call IV 25d	37.5%	33.5%	47.6%	34.7%	47.6%
Put IV 25d	36.9%	33.5%	45.6%	35.0%	45.6%
Bid-Ask Spread %	24.52	18.22	36.17	24.81	23.53
Gamma HHI	0.06	0.05	0.17	0.05	0.05
Net GEX	369.3M	235.8M	590.0M	235.8M	318.6M
Net DEX	-11.59B	-17.60B	-6.91B	-7.38B	-11.40B
Net VEX	-93.6M	-97.1M	-88.6M	-88.6M	-95.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.43	0.07	1.07	0.38	0.34
Total Volume	293,354.905	107,941	1,281,563	190,702	110,923
Total OI	1,841,920.571	1,670,226	1,993,846	1,843,883	1,720,724

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
2025-09-02	$309.12	$300.00	33.7%	9.8%	50.2%	26.8%	35.0%	0.3%	0.7%	235.8M	-7.38B	-88.6M	0.38	24.81	138,277	52,425	1,253,087	590,796
2025-09-03	$306.38	$300.00	33.9%	9.5%	49.9%	27.1%	34.3%	0.9%	1.1%	241.6M	-6.91B	-88.7M	0.39	23.59	93,935	36,533	1,287,552	600,329
2025-09-04	$310.23	$290.00	33.5%	10.8%	48.8%	26.3%	39.3%	1.6%	0.0%	327.2M	-7.91B	-89.2M	0.45	34.84	103,298	46,442	1,299,696	609,787
2025-09-05	$314.93	$290.00	32.9%	10.7%	48.1%	25.4%	38.4%	0.0%	0.6%	590.0M	-9.33B	-89.6M	0.30	30.37	273,263	82,773	1,309,690	617,274
2025-09-08	$320.76	$290.00	34.5%	11.0%	47.9%	28.2%	39.9%	-0.3%	3.5%	338.3M	-9.84B	-90.7M	0.35	27.37	181,362	63,773	1,277,502	593,684
2025-09-09	$348.90	$290.00	38.7%	11.7%	54.2%	35.9%	41.7%	-0.6%	2.2%	465.7M	-16.93B	-95.6M	0.35	23.84	641,806	223,711	1,294,263	608,882
2025-09-10	$347.38	$300.00	37.4%	11.1%	54.3%	33.6%	40.2%	-2.7%	1.4%	437.0M	-15.28B	-95.2M	0.38	22.14	185,830	70,497	1,292,498	645,150
2025-09-11	$355.88	$300.00	35.5%	10.7%	53.5%	30.1%	38.7%	0.3%	2.3%	534.9M	-17.60B	-97.1M	0.31	18.72	344,128	107,430	1,311,327	651,422
2025-09-12	$354.38	$300.00	35.2%	10.6%	53.5%	29.6%	38.1%	0.6%	2.9%	545.9M	-16.75B	-96.8M	0.07	21.54	1,199,051	82,512	1,328,780	665,066
2025-09-15	$348.67	$310.00	37.3%	10.9%	35.6%	33.3%	39.1%	-0.1%	2.3%	392.1M	-12.49B	-94.8M	0.47	19.27	120,057	56,438	1,212,718	616,132
2025-09-16	$340.81	$310.00	35.2%	10.1%	36.9%	29.5%	36.9%	0.0%	0.2%	331.5M	-10.55B	-93.1M	0.56	18.60	137,589	77,221	1,233,617	628,967
2025-09-17	$340.58	$310.00	33.9%	9.7%	35.6%	27.1%	35.2%	0.1%	0.4%	353.8M	-10.57B	-92.0M	0.77	29.54	87,962	67,529	1,253,941	642,058
2025-09-18	$335.25	$320.00	35.4%	10.1%	35.8%	29.8%	36.7%	-0.6%	0.1%	266.1M	-9.25B	-93.0M	1.07	30.64	140,092	149,923	1,261,695	646,631
2025-09-19	$337.89	$320.00	34.8%	10.0%	35.7%	28.8%	36.2%	-0.7%	0.3%	313.0M	-9.93B	-93.4M	0.44	36.17	159,896	69,571	1,284,374	656,686
2025-09-22	$341.85	$320.00	36.4%	10.4%	35.7%	31.8%	37.3%	-2.4%	6.7%	307.2M	-11.01B	-94.8M	0.37	21.87	118,768	44,458	1,124,144	546,082
2025-09-23	$348.23	$320.00	37.0%	10.8%	35.6%	32.7%	38.1%	-0.5%	6.3%	371.9M	-12.63B	-96.4M	0.30	21.05	232,088	69,257	1,149,894	558,409
2025-09-24	$352.39	$320.00	37.4%	10.6%	35.2%	33.5%	38.1%	-0.7%	6.7%	407.1M	-13.39B	-96.6M	0.26	21.24	140,320	36,562	1,160,958	568,489
2025-09-25	$345.94	$320.00	37.7%	10.3%	36.4%	34.1%	36.9%	-2.1%	7.3%	343.8M	-11.77B	-95.3M	0.40	18.22	96,654	38,829	1,168,004	572,814
2025-09-26	$344.69	$320.00	37.7%	9.8%	36.5%	34.1%	35.5%	-1.8%	7.8%	334.4M	-11.51B	-94.5M	0.41	23.61	121,886	49,443	1,176,818	575,905
2025-09-29	$343.25	$320.00	41.4%	10.0%	36.5%	40.7%	36.8%	-1.0%	-1.7%	298.7M	-11.04B	-94.3M	0.62	23.94	66,510	41,431	1,132,932	551,555
2025-09-30	$345.25	$320.00	44.5%	10.4%	36.4%	46.5%	37.8%	-2.0%	-1.8%	318.6M	-11.40B	-95.1M	0.34	23.53	82,478	28,445	1,152,229	568,495