UNH Options History — October 2025

In October 2025, UNH traded between $341.06 and $371.01. ATM implied volatility averaged 41.7%, placing in the 41.3% IV rank vs the trailing year. The 30-day expected move averaged 11.4%. IV traded above realized volatility by 15.3% (HV 20d: 26.3%). Max pain ranged from $320.00 to $340.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 2 of 23 days. Put/call ratio averaged 0.41.

Notable Days

2025-10-03: Highest Volume — 461,684 contracts
2025-10-28: Largest IV drop — 14.6% change
2025-10-01: Highest IV Rank — 48.8%
2025-10-16: Largest Expected Move — 12.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$359.05	$341.06	$371.01	$348.07	$341.06
Max Pain	$323.91	$320.00	$340.00	$320.00	$340.00
ATM IV	41.7%	32.6%	45.8%	45.8%	33.3%
Expected Move	11.4%	9.7%	12.5%	11.0%	9.7%
HV 20d	26.3%	21.3%	36.3%	36.0%	27.8%
HV 60d	43.7%	38.2%	46.3%	45.8%	39.0%
IV Rank	41.3%	24.8%	48.8%	48.8%	26.0%
IV Percentile	76.5%	34.9%	87.7%	87.7%	41.3%
Term Structure	-1.3%	-2.7%	1.4%	-1.1%	-0.8%
VWIV	40.7%	34.3%	44.3%	40.3%	34.3%
Skew 25d	0.3%	-2.6%	2.6%	-0.3%	0.8%
Skew 10d	0.7%	-3.3%	4.1%	-0.5%	0.9%
Call IV 25d	42.0%	32.5%	46.7%	46.7%	32.5%
Put IV 25d	42.3%	33.2%	46.7%	46.4%	33.2%
Bid-Ask Spread %	24.05	15.50	31.32	28.20	31.32
Gamma HHI	0.06	0.05	0.18	0.06	0.08
Net GEX	347.2M	68.4M	677.7M	354.4M	68.4M
Net DEX	-12.81B	-17.10B	-7.30B	-12.15B	-7.30B
Net VEX	-94.6M	-98.3M	-86.6M	-94.5M	-86.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.41	0.24	0.67	0.32	0.50
Total Volume	181,966.478	82,020	461,684	148,793	191,288
Total OI	1,747,738.87	1,643,107	1,818,758	1,745,771	1,818,758

Daily Data (23 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
2025-10-01	$348.07	$320.00	45.8%	11.0%	36.0%	48.8%	40.3%	-0.3%	-1.1%	354.4M	-12.15B	-94.5M	0.32	28.20	113,016	35,777	1,169,479	576,292
2025-10-02	$352.94	$320.00	45.0%	10.3%	36.1%	47.3%	37.1%	-0.8%	-1.4%	457.1M	-13.41B	-97.0M	0.27	23.13	192,174	51,614	1,186,391	581,444
2025-10-03	$360.39	$320.00	44.9%	10.1%	36.3%	47.2%	36.1%	-0.4%	-2.1%	677.7M	-15.46B	-96.6M	0.24	15.50	370,955	90,729	1,194,970	587,630
2025-10-06	$358.84	$320.00	44.4%	11.8%	36.2%	46.4%	42.4%	-1.0%	-1.5%	391.9M	-13.95B	-95.5M	0.39	27.11	96,717	38,115	1,150,718	566,342
2025-10-07	$364.33	$320.00	44.7%	11.9%	21.8%	46.8%	42.9%	-1.3%	-1.6%	440.8M	-15.37B	-96.4M	0.27	21.30	110,036	29,816	1,170,917	577,975
2025-10-08	$371.01	$320.00	44.0%	11.7%	22.4%	45.5%	42.3%	-2.6%	-1.8%	520.1M	-17.10B	-98.0M	0.28	23.75	234,120	64,835	1,182,494	583,932
2025-10-09	$368.04	$320.00	43.3%	11.6%	21.3%	44.2%	41.4%	1.0%	-1.4%	480.8M	-15.89B	-97.0M	0.33	22.15	159,996	53,500	1,186,832	596,232
2025-10-10	$353.71	$320.00	43.9%	11.9%	25.8%	45.3%	42.1%	0.0%	-0.9%	276.3M	-12.12B	-95.1M	0.32	24.39	205,176	65,199	1,202,240	604,878
2025-10-13	$358.18	$320.00	44.2%	12.0%	25.5%	45.9%	43.0%	-0.5%	-1.2%	342.4M	-13.05B	-95.1M	0.42	28.55	83,537	34,959	1,169,266	574,704
2025-10-14	$359.67	$320.00	43.8%	12.2%	23.8%	45.1%	43.6%	0.2%	-0.9%	375.3M	-13.46B	-98.0M	0.37	28.21	60,038	21,982	1,189,598	588,795
2025-10-15	$360.42	$320.00	44.7%	12.1%	23.8%	46.9%	43.2%	1.4%	-2.1%	383.6M	-13.53B	-98.3M	0.33	26.31	72,438	24,187	1,194,976	593,355
2025-10-16	$355.57	$320.00	45.6%	12.5%	23.6%	48.5%	44.3%	2.6%	-2.2%	326.7M	-12.33B	-96.3M	0.67	30.76	64,052	42,595	1,201,145	597,655
2025-10-17	$356.90	$320.00	44.0%	12.2%	23.5%	45.6%	43.1%	1.1%	-2.7%	287.8M	-12.46B	-96.0M	0.48	27.33	104,868	49,885	1,201,144	607,854
2025-10-20	$364.44	$320.00	42.4%	12.0%	24.2%	42.7%	42.9%	1.4%	-0.5%	320.8M	-12.86B	-96.7M	0.58	25.88	63,157	36,362	1,105,950	541,395
2025-10-21	$367.15	$320.00	41.7%	11.9%	23.6%	41.4%	41.8%	0.1%	-2.4%	367.4M	-13.64B	-95.8M	0.48	17.67	72,032	34,916	1,121,170	546,330
2025-10-22	$359.86	$320.00	42.4%	12.2%	24.6%	42.6%	43.3%	1.1%	-1.1%	291.2M	-11.96B	-94.8M	0.41	19.11	65,647	27,175	1,130,033	553,315
2025-10-23	$360.32	$320.00	41.9%	12.1%	23.5%	41.8%	42.7%	0.7%	-2.5%	296.4M	-11.89B	-94.8M	0.60	20.44	69,719	42,040	1,137,254	559,479
2025-10-24	$363.40	$330.00	38.9%	11.3%	23.5%	36.2%	40.4%	1.7%	-2.3%	342.3M	-12.57B	-92.8M	0.48	19.16	77,161	37,078	1,141,832	570,620
2025-10-27	$364.89	$330.00	39.5%	11.9%	23.4%	37.4%	42.2%	-0.6%	-1.9%	293.2M	-12.55B	-92.4M	0.55	19.17	137,218	75,958	1,097,610	545,497
2025-10-28	$368.22	$330.00	33.8%	10.1%	23.5%	26.9%	35.9%	0.8%	-0.4%	368.1M	-13.37B	-91.8M	0.41	23.89	272,109	110,816	1,153,772	572,001
2025-10-29	$356.24	$340.00	33.9%	10.1%	26.7%	27.2%	35.9%	0.9%	1.4%	218.5M	-10.45B	-89.1M	0.37	27.06	152,110	55,826	1,176,444	588,130
2025-10-30	$344.60	$340.00	32.6%	9.7%	28.8%	24.8%	34.5%	0.9%	0.9%	103.4M	-7.87B	-87.5M	0.46	22.73	132,763	61,538	1,199,364	601,782
2025-10-31	$341.06	$340.00	33.3%	9.7%	27.8%	26.0%	34.3%	0.8%	-0.8%	68.4M	-7.30B	-86.6M	0.50	31.32	127,752	63,536	1,216,286	602,472