UNH Options History — December 2025

In December 2025, UNH traded between $323.31 and $341.10. ATM implied volatility averaged 31.2%, placing in the 20.3% IV rank vs the trailing year. The 30-day expected move averaged 9.2%. IV traded below realized volatility by 0.3% (HV 20d: 31.5%). Max pain ranged from $300.00 to $320.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 16 of 22 days. Put/call ratio averaged 1.10.

Notable Days

2025-12-05: Highest Volume — 451,638 contracts
2025-12-29: Largest IV spike — 11.5% change
2025-12-31: Highest IV Rank — 31.0%
2025-12-09: Largest Expected Move — 10.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$330.43	$323.31	$341.10	$325.54	$330.91
Max Pain	$310.45	$300.00	$320.00	$320.00	$310.00
ATM IV	31.2%	28.6%	37.3%	30.8%	37.3%
Expected Move	9.2%	8.0%	10.4%	9.3%	8.0%
HV 20d	31.5%	27.0%	37.1%	31.9%	27.0%
HV 60d	29.3%	28.6%	32.4%	32.4%	28.6%
IV Rank	20.3%	14.6%	31.0%	21.4%	31.0%
IV Percentile	21.9%	9.1%	70.2%	15.9%	70.2%
Term Structure	2.8%	-1.1%	8.1%	0.4%	1.1%
VWIV	32.6%	27.8%	39.7%	33.5%	27.8%
Skew 25d	1.1%	0.1%	2.4%	0.7%	1.5%
Skew 10d	1.1%	-4.5%	3.4%	-0.2%	2.2%
Call IV 25d	30.9%	28.6%	36.5%	30.9%	36.1%
Put IV 25d	32.1%	29.6%	38.0%	31.6%	37.6%
Bid-Ask Spread %	35.99	21.36	42.83	42.34	35.52
Gamma HHI	0.06	0.04	0.12	0.05	0.05
Net GEX	165.0M	76.2M	369.9M	148.1M	115.0M
Net DEX	-5.78B	-8.37B	-4.38B	-5.44B	-5.44B
Net VEX	-72.4M	-79.0M	-65.9M	-75.5M	-65.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.10	0.07	2.70	0.73	1.60
Total Volume	134,011.409	54,439	451,638	72,673	120,267
Total OI	1,578,586.091	1,444,157	1,666,301	1,601,605	1,479,868

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
2025-12-01	$325.54	$320.00	30.8%	9.3%	31.9%	21.4%	33.5%	0.7%	0.4%	148.1M	-5.44B	-75.5M	0.73	42.34	41,892	30,781	1,084,075	517,530
2025-12-02	$324.71	$320.00	29.9%	9.1%	31.0%	19.9%	33.1%	0.1%	0.6%	145.2M	-5.32B	-76.1M	0.47	42.83	37,023	17,416	1,093,837	529,565
2025-12-03	$340.88	$320.00	29.7%	8.8%	35.5%	19.5%	31.6%	1.2%	1.4%	272.4M	-8.37B	-79.0M	0.41	40.44	107,601	44,574	1,098,832	533,707
2025-12-04	$332.94	$300.00	29.7%	10.1%	36.4%	19.5%	36.3%	0.8%	1.2%	208.2M	-6.67B	-77.0M	0.52	40.59	68,953	35,653	1,108,774	539,397
2025-12-05	$330.61	$300.00	30.2%	10.2%	36.2%	20.3%	35.6%	1.1%	0.8%	201.2M	-6.29B	-76.5M	0.07	36.10	423,685	27,953	1,121,145	545,156
2025-12-08	$323.31	$310.00	29.6%	10.3%	37.1%	19.3%	37.9%	0.8%	6.1%	122.0M	-4.62B	-74.9M	1.21	42.16	43,420	52,441	1,074,257	532,868
2025-12-09	$323.36	$310.00	30.7%	10.4%	36.9%	18.5%	39.7%	0.5%	5.4%	119.4M	-4.66B	-74.9M	1.57	32.90	39,709	62,339	1,082,816	539,091
2025-12-10	$327.82	$310.00	28.6%	10.1%	36.3%	14.6%	36.7%	0.4%	6.3%	170.9M	-5.41B	-74.6M	0.88	39.23	66,837	58,753	1,089,545	544,606
2025-12-11	$336.77	$310.00	30.6%	10.0%	34.2%	18.4%	35.4%	0.8%	5.0%	288.4M	-7.24B	-76.2M	1.22	34.55	88,146	107,566	1,094,514	546,192
2025-12-12	$341.10	$310.00	31.5%	10.0%	33.2%	20.1%	35.5%	1.1%	5.4%	369.9M	-8.15B	-76.6M	0.52	34.10	105,088	54,238	1,097,905	546,559
2025-12-15	$340.48	$310.00	31.9%	9.3%	30.4%	20.8%	33.3%	1.3%	-0.8%	238.0M	-7.39B	-74.3M	0.83	33.44	60,665	50,558	1,074,090	529,639
2025-12-16	$333.44	$310.00	31.9%	9.2%	31.5%	20.8%	31.4%	1.3%	-1.1%	173.2M	-5.97B	-72.9M	1.27	40.51	47,159	59,896	1,082,521	537,431
2025-12-17	$331.81	$310.00	31.6%	9.1%	30.3%	20.3%	30.5%	1.9%	-0.2%	145.7M	-5.63B	-72.0M	1.30	39.80	37,788	49,056	1,086,857	542,257
2025-12-18	$327.64	$310.00	30.0%	8.6%	29.9%	17.3%	30.6%	1.6%	-0.7%	96.7M	-4.82B	-70.7M	2.70	38.28	58,680	158,353	1,089,263	544,231
2025-12-19	$327.53	$310.00	31.5%	9.1%	29.8%	20.0%	31.8%	2.4%	-0.9%	76.2M	-4.85B	-69.6M	1.16	39.88	75,783	87,962	1,098,787	545,986
2025-12-22	$324.68	$310.00	29.7%	8.7%	28.5%	16.6%	30.2%	1.6%	8.1%	80.3M	-4.38B	-67.7M	0.98	33.83	57,460	56,091	963,717	480,440
2025-12-23	$325.23	$310.00	29.2%	8.4%	28.5%	15.7%	29.8%	1.4%	7.7%	85.8M	-4.57B	-68.7M	1.62	34.03	34,930	56,734	976,603	487,851
2025-12-24	$328.12	$310.00	28.9%	8.5%	27.4%	15.1%	29.3%	1.0%	7.6%	126.6M	-5.14B	-70.0M	1.65	30.25	49,245	81,015	983,470	498,349
2025-12-26	$330.95	$310.00	32.1%	8.3%	27.2%	21.2%	29.6%	0.9%	7.6%	179.3M	-5.77B	-67.3M	0.87	32.43	46,151	40,022	981,518	507,290
2025-12-29	$329.36	$310.00	35.8%	8.6%	27.3%	28.1%	30.1%	1.5%	-0.1%	121.9M	-5.29B	-66.1M	1.15	27.31	38,000	43,700	959,122	493,324
2025-12-30	$332.19	$310.00	36.2%	8.4%	27.0%	28.9%	28.7%	1.2%	1.5%	146.1M	-5.80B	-66.8M	1.54	21.36	49,097	75,571	964,191	501,718
2025-12-31	$330.91	$310.00	37.3%	8.0%	27.0%	31.0%	27.8%	1.5%	1.1%	115.0M	-5.44B	-65.9M	1.60	35.52	46,290	73,977	969,508	510,360