UNH Options History — January 2026

In January 2026, UNH traded between $283.11 and $356.16. ATM implied volatility averaged 37.7%, placing in the 31.7% IV rank vs the trailing year. The 30-day expected move averaged 10.4%. IV traded above realized volatility by 3.2% (HV 20d: 34.5%). Max pain ranged from $310.00 to $340.00. Net GEX was positive for 17 of 20 trading days. Term structure was in contango for 4 of 20 days. Put/call ratio averaged 1.06.

Notable Days

2026-01-27: Highest Volume — 892,890 contracts
2026-01-28: Largest IV drop — 10.5% change
2026-01-15: Highest IV Rank — 38.2%
2026-01-26: Largest Expected Move — 11.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$332.28	$283.11	$356.16	$337.09	$287.68
Max Pain	$328.50	$310.00	$340.00	$310.00	$320.00
ATM IV	37.7%	29.0%	41.1%	37.3%	29.0%
Expected Move	10.4%	7.8%	11.4%	7.8%	8.2%
HV 20d	34.5%	20.7%	83.5%	21.5%	83.4%
HV 60d	33.6%	28.3%	53.1%	28.7%	53.0%
IV Rank	31.7%	14.6%	38.2%	31.0%	14.6%
IV Percentile	63.6%	6.7%	78.2%	69.4%	6.7%
Term Structure	-1.1%	-2.7%	1.0%	1.0%	0.2%
VWIV	36.6%	28.2%	40.0%	28.2%	30.2%
Skew 25d	1.0%	-3.3%	2.9%	1.3%	-0.1%
Skew 10d	1.6%	-7.3%	11.6%	2.5%	-2.0%
Call IV 25d	37.4%	29.2%	40.9%	35.8%	29.2%
Put IV 25d	38.4%	29.1%	42.2%	37.0%	29.1%
Bid-Ask Spread %	44.91	19.65	60.02	33.00	36.25
Gamma HHI	0.06	0.04	0.09	0.07	0.06
Net GEX	137.0M	-53.6M	262.6M	231.0M	-42.5M
Net DEX	-5.30B	-8.74B	2.15B	-6.75B	372.7M
Net VEX	-65.2M	-67.8M	-53.9M	-66.6M	-62.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.06	0.48	4.25	0.71	0.96
Total Volume	180,822.5	68,113	892,890	132,592	190,582
Total OI	1,406,891.2	1,152,763	1,556,310	1,489,474	1,516,648

Daily Data (20 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
2026-01-02	$337.09	$310.00	37.3%	7.8%	21.5%	31.0%	28.2%	1.3%	1.0%	231.0M	-6.75B	-66.6M	0.71	33.00	77,374	55,218	970,498	518,976
2026-01-05	$343.49	$330.00	38.3%	10.4%	20.7%	32.9%	36.2%	2.1%	-1.7%	205.1M	-7.46B	-67.1M	0.73	50.66	69,000	50,159	951,009	503,907
2026-01-06	$350.68	$330.00	39.3%	10.4%	21.5%	34.9%	36.5%	2.1%	-1.5%	262.2M	-8.74B	-67.8M	0.64	56.56	86,767	55,279	965,429	509,939
2026-01-07	$341.85	$330.00	40.0%	10.6%	22.0%	36.2%	37.3%	1.0%	-0.9%	187.8M	-7.01B	-67.3M	0.74	48.17	56,111	41,766	972,224	516,922
2026-01-08	$346.88	$330.00	39.9%	10.7%	22.4%	35.9%	37.4%	1.4%	-1.2%	251.9M	-7.99B	-67.8M	1.42	51.81	43,268	61,365	980,928	525,267
2026-01-09	$344.75	$330.00	39.9%	10.8%	22.3%	36.0%	37.5%	1.0%	-1.8%	255.3M	-7.55B	-66.6M	0.78	60.02	51,060	40,032	984,136	527,371
2026-01-12	$339.88	$330.00	39.8%	10.8%	21.1%	35.8%	38.1%	1.2%	-1.6%	147.5M	-6.54B	-66.5M	1.01	56.56	42,773	42,990	963,382	518,369
2026-01-13	$333.27	$330.00	40.0%	11.1%	21.7%	36.2%	38.7%	1.2%	-0.5%	89.0M	-5.42B	-64.9M	1.14	48.83	37,634	42,761	973,651	531,036
2026-01-14	$335.99	$330.00	40.3%	11.1%	22.0%	36.6%	38.7%	0.1%	-1.1%	103.9M	-5.94B	-65.2M	1.54	59.06	30,489	46,888	981,057	540,132
2026-01-15	$337.94	$330.00	41.1%	11.1%	20.7%	38.2%	39.2%	1.3%	-2.7%	129.3M	-6.23B	-66.2M	1.90	55.74	53,838	102,506	984,624	554,013
2026-01-16	$331.19	$330.00	39.9%	11.0%	21.9%	35.9%	38.5%	2.1%	-2.1%	-17.3M	-4.93B	-64.8M	0.83	57.09	52,576	43,443	993,877	562,433
2026-01-20	$337.80	$330.00	40.1%	11.4%	22.5%	36.3%	39.6%	2.9%	-1.9%	88.1M	-5.00B	-64.7M	0.48	41.08	45,971	22,142	706,025	446,738
2026-01-21	$346.82	$330.00	38.2%	11.0%	24.1%	32.7%	38.3%	1.8%	-1.0%	176.3M	-6.39B	-65.6M	0.50	39.07	54,271	27,278	718,476	450,832
2026-01-22	$354.20	$330.00	37.4%	10.8%	24.5%	31.2%	38.1%	2.3%	-2.0%	237.6M	-7.56B	-65.7M	0.59	36.14	55,902	32,717	727,038	450,539
2026-01-23	$356.16	$330.00	37.3%	10.8%	24.5%	31.0%	38.3%	2.0%	-1.7%	262.6M	-7.82B	-65.6M	0.72	41.56	71,451	51,154	731,579	455,889
2026-01-26	$351.71	$340.00	38.4%	11.4%	25.2%	33.1%	40.0%	1.3%	-1.8%	133.8M	-6.50B	-65.4M	0.74	34.74	63,907	47,491	725,823	458,922
2026-01-27	$283.11	$340.00	35.5%	10.5%	82.1%	27.6%	38.5%	-3.3%	0.4%	-53.6M	2.15B	-53.9M	0.70	19.65	526,416	366,474	747,398	481,758
2026-01-28	$293.14	$320.00	31.8%	9.2%	83.5%	20.6%	32.5%	-1.5%	-0.1%	60.3M	-534.8M	-64.5M	0.85	36.86	223,048	188,700	897,108	584,123
2026-01-29	$291.94	$320.00	30.6%	8.8%	83.3%	18.3%	29.6%	-1.1%	0.5%	32.3M	-150.7M	-64.1M	4.25	35.41	88,700	376,949	910,876	598,872
2026-01-30	$287.68	$320.00	29.0%	8.2%	83.4%	14.6%	30.2%	-0.1%	0.2%	-42.5M	372.7M	-62.8M	0.96	36.25	97,217	93,365	921,195	595,453