UNH Options History — November 2025

In November 2025, UNH traded between $307.99 and $341.32. ATM implied volatility averaged 34.5%, placing in the 28.2% IV rank vs the trailing year. The 30-day expected move averaged 10.1%. IV traded above realized volatility by 4.7% (HV 20d: 29.8%). Max pain ranged from $320.00 to $340.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 8 of 19 days. Put/call ratio averaged 0.49.

Notable Days

2025-11-21: Highest Volume — 226,638 contracts
2025-11-26: Largest IV drop — 7.2% change
2025-11-20: Highest IV Rank — 31.8%
2025-11-20: Largest Expected Move — 10.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$324.02	$307.99	$341.32	$333.25	$330.00
Max Pain	$322.89	$320.00	$340.00	$340.00	$320.00
ATM IV	34.5%	30.1%	36.5%	34.4%	30.1%
Expected Move	10.1%	9.0%	10.5%	10.3%	9.0%
HV 20d	29.8%	22.8%	34.6%	28.7%	31.8%
HV 60d	33.3%	29.1%	39.3%	39.2%	32.4%
IV Rank	28.2%	20.3%	31.8%	28.1%	20.3%
IV Percentile	49.3%	14.7%	64.7%	52.0%	14.7%
Term Structure	-0.2%	-2.2%	1.6%	0.9%	-0.3%
VWIV	36.0%	32.1%	37.4%	36.6%	32.1%
Skew 25d	1.0%	-0.4%	3.2%	1.5%	1.7%
Skew 10d	0.4%	-2.4%	3.6%	0.0%	1.1%
Call IV 25d	34.5%	30.2%	36.6%	34.5%	30.2%
Put IV 25d	35.5%	31.9%	38.0%	36.0%	31.9%
Bid-Ask Spread %	46.60	24.89	57.78	24.89	40.68
Gamma HHI	0.05	0.04	0.10	0.05	0.10
Net GEX	131.1M	22.4M	303.4M	128.3M	261.1M
Net DEX	-5.15B	-9.11B	-2.22B	-6.33B	-6.45B
Net VEX	-80.3M	-86.5M	-75.0M	-85.0M	-77.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.49	0.29	1.26	0.40	0.46
Total Volume	133,984.263	52,505	226,638	200,277	52,505
Total OI	1,755,625.105	1,609,463	1,829,197	1,707,908	1,654,178

Daily Data (19 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
2025-11-03	$333.25	$340.00	34.4%	10.3%	28.7%	28.1%	36.6%	1.5%	0.9%	128.3M	-6.33B	-85.0M	0.40	24.89	142,613	57,664	1,145,880	562,028
2025-11-04	$330.27	$340.00	34.5%	10.4%	27.9%	28.2%	36.8%	0.0%	1.3%	143.7M	-5.90B	-84.2M	0.29	27.15	110,849	32,301	1,178,847	576,412
2025-11-05	$326.99	$335.00	33.7%	10.0%	26.5%	26.8%	35.7%	0.1%	-0.3%	110.8M	-5.22B	-82.7M	0.36	26.17	98,145	35,418	1,196,885	576,592
2025-11-06	$322.88	$320.00	33.7%	10.0%	26.6%	26.8%	35.6%	0.1%	1.1%	73.0M	-4.43B	-82.1M	0.79	53.07	80,974	64,024	1,215,496	580,118
2025-11-07	$322.50	$320.00	34.6%	10.1%	23.6%	28.4%	36.4%	0.1%	0.8%	57.1M	-4.57B	-81.7M	0.57	55.42	107,259	60,732	1,228,646	575,578
2025-11-10	$319.42	$320.00	34.8%	10.2%	22.8%	28.7%	36.6%	0.3%	1.1%	90.6M	-4.21B	-80.0M	0.40	50.47	86,181	34,893	1,186,985	565,958
2025-11-11	$327.06	$320.00	35.4%	10.0%	24.8%	30.0%	36.0%	0.4%	-0.7%	152.8M	-5.79B	-82.3M	0.43	57.78	71,205	30,824	1,202,493	575,826
2025-11-12	$341.32	$320.00	34.6%	9.9%	30.0%	28.4%	35.5%	0.9%	-0.3%	303.4M	-9.11B	-86.5M	0.38	53.42	150,225	57,171	1,222,198	582,424
2025-11-13	$332.77	$320.00	36.3%	10.4%	30.8%	31.5%	37.3%	0.7%	0.2%	215.4M	-7.08B	-84.7M	0.40	57.55	78,040	30,874	1,230,607	585,234
2025-11-14	$321.32	$320.00	35.8%	10.2%	32.7%	30.6%	37.4%	-0.4%	-0.3%	66.5M	-4.45B	-80.9M	0.52	54.51	100,860	52,172	1,237,657	591,540
2025-11-17	$320.67	$320.00	35.7%	10.2%	31.2%	30.5%	36.7%	0.7%	-1.3%	94.0M	-4.37B	-78.5M	0.33	54.92	84,606	27,584	1,205,215	571,176
2025-11-18	$313.68	$320.00	36.4%	10.5%	31.2%	31.7%	37.4%	1.2%	-2.2%	58.0M	-3.26B	-77.3M	0.50	53.67	91,393	45,646	1,213,041	573,098
2025-11-19	$307.99	$320.00	36.3%	10.4%	31.1%	31.6%	37.2%	1.6%	-1.3%	22.4M	-2.22B	-75.0M	0.69	50.21	67,918	46,904	1,220,515	577,844
2025-11-20	$311.14	$320.00	36.5%	10.5%	31.6%	31.8%	36.3%	2.4%	-2.2%	63.1M	-2.91B	-76.1M	1.26	50.97	71,081	89,553	1,232,604	584,250
2025-11-21	$319.69	$320.00	34.5%	10.0%	33.5%	28.3%	36.8%	2.3%	-1.5%	154.3M	-4.75B	-77.5M	0.39	45.72	163,319	63,319	1,237,602	583,138
2025-11-24	$318.71	$320.00	32.7%	9.8%	33.3%	24.9%	35.2%	3.2%	1.6%	99.8M	-4.38B	-76.0M	0.35	43.25	64,627	22,701	1,089,483	519,980
2025-11-25	$326.33	$320.00	33.7%	9.7%	34.6%	26.8%	34.8%	1.1%	-0.2%	173.0M	-5.82B	-78.7M	0.34	41.95	63,807	21,507	1,104,778	528,681
2025-11-26	$330.36	$320.00	31.3%	9.1%	33.6%	22.4%	32.9%	0.8%	0.2%	222.8M	-6.62B	-79.4M	0.47	43.59	58,878	27,929	1,111,828	532,062
2025-11-28	$330.00	$320.00	30.1%	9.0%	31.8%	20.3%	32.1%	1.7%	-0.3%	261.1M	-6.45B	-77.8M	0.46	40.68	35,946	16,559	1,119,047	535,131