UNH Options History — February 2026

In February 2026, UNH traded between $268.71 and $293.87. ATM implied volatility averaged 31.9%, placing in the 13.3% IV rank vs the trailing year. The 30-day expected move averaged 9.2%. IV traded below realized volatility by 42.6% (HV 20d: 74.5%). Max pain ranged from $300.00 to $315.00. Net GEX was positive for 8 of 19 trading days. Term structure was in contango for 13 of 19 days. Put/call ratio averaged 0.94.

Notable Days

2026-02-05: Highest Volume — 204,928 contracts
2026-02-24: Largest IV spike — 7.5% change
2026-02-05: Highest IV Rank — 22.3%
2026-02-24: Largest Expected Move — 9.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$282.83	$268.71	$293.87	$286.16	$293.87
Max Pain	$301.84	$300.00	$315.00	$315.00	$300.00
ATM IV	31.9%	29.9%	34.3%	29.9%	30.9%
Expected Move	9.2%	8.6%	9.8%	8.6%	8.7%
HV 20d	74.5%	30.5%	84.0%	82.8%	31.6%
HV 60d	52.8%	52.0%	53.7%	53.0%	53.1%
IV Rank	13.3%	3.3%	22.3%	16.3%	4.9%
IV Percentile	19.4%	5.6%	39.3%	9.5%	9.1%
Term Structure	0.4%	-2.2%	1.9%	0.5%	1.2%
VWIV	32.7%	30.5%	35.5%	31.2%	31.3%
Skew 25d	1.8%	-0.3%	3.6%	0.0%	1.6%
Skew 10d	2.2%	-0.9%	6.0%	-0.0%	4.7%
Call IV 25d	31.4%	29.7%	34.0%	30.5%	30.0%
Put IV 25d	33.3%	30.5%	36.4%	30.5%	31.7%
Bid-Ask Spread %	41.43	26.16	55.72	37.81	28.81
Gamma HHI	0.06	0.04	0.07	0.06	0.06
Net GEX	-16.1M	-100.6M	110.4M	-20.0M	110.4M
Net DEX	267.8M	-1.89B	2.85B	399.8M	-1.89B
Net VEX	-61.9M	-65.6M	-59.0M	-62.8M	-63.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.94	0.45	3.51	1.14	0.51
Total Volume	95,486.211	58,192	204,928	123,243	102,307
Total OI	1,395,889.526	1,280,335	1,449,109	1,398,137	1,357,593

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
2026-02-02	$286.16	$315.00	29.9%	8.6%	82.8%	16.3%	31.2%	0.0%	0.5%	-20.0M	399.8M	-62.8M	1.14	37.81	57,638	65,605	837,417	560,720
2026-02-03	$283.17	$310.00	30.3%	8.6%	82.2%	16.9%	31.1%	-0.3%	1.3%	-42.8M	836.1M	-62.1M	0.80	36.79	52,033	41,399	849,921	565,875
2026-02-04	$276.77	$310.00	31.8%	8.9%	81.5%	18.1%	32.5%	1.1%	-0.3%	-81.4M	1.80B	-60.5M	1.13	36.33	52,950	60,040	855,492	568,178
2026-02-05	$268.71	$300.00	33.9%	9.7%	81.6%	22.3%	35.5%	2.9%	1.5%	-100.6M	2.85B	-59.0M	2.04	52.37	67,328	137,600	866,202	572,943
2026-02-06	$275.30	$300.00	32.1%	9.4%	82.1%	17.0%	34.0%	2.0%	0.7%	-71.0M	1.44B	-61.1M	0.78	55.49	60,288	46,851	877,580	567,652
2026-02-09	$276.13	$300.00	31.2%	9.1%	82.2%	14.2%	33.0%	3.6%	0.8%	-60.5M	1.32B	-60.5M	0.59	54.14	36,713	21,479	835,265	554,441
2026-02-10	$273.41	$300.00	31.5%	9.5%	82.2%	14.8%	33.2%	3.6%	1.9%	-72.0M	1.76B	-60.2M	0.70	53.37	38,323	26,780	843,611	561,313
2026-02-11	$278.14	$300.00	31.6%	9.1%	82.8%	14.8%	32.5%	2.0%	-0.2%	-49.4M	1.00B	-61.0M	0.51	43.51	44,609	22,552	852,261	567,175
2026-02-12	$283.57	$300.00	32.3%	9.5%	83.2%	16.3%	33.7%	1.3%	0.9%	935.8K	-245.0K	-63.7M	0.68	55.72	69,705	47,085	862,366	569,817
2026-02-13	$291.50	$300.00	33.0%	9.3%	84.0%	17.7%	32.9%	0.3%	-2.2%	73.3M	-1.49B	-65.6M	0.45	47.11	78,846	35,405	875,034	574,075
2026-02-17	$290.52	$300.00	33.3%	9.5%	83.9%	18.3%	33.9%	1.4%	0.2%	11.6M	-899.3M	-63.7M	0.96	49.27	31,494	30,351	851,434	558,337
2026-02-18	$289.07	$300.00	31.7%	9.1%	83.3%	15.0%	32.1%	1.8%	-0.7%	6.0M	-616.3M	-63.5M	0.68	47.81	38,932	26,425	858,096	563,595
2026-02-19	$289.08	$300.00	31.9%	9.2%	82.4%	7.3%	32.2%	2.2%	-0.9%	11.2M	-672.6M	-63.0M	3.51	34.56	29,232	102,654	864,342	561,558
2026-02-20	$290.71	$300.00	30.1%	8.6%	81.8%	3.3%	30.5%	1.3%	-0.2%	6.6M	-1.06B	-62.2M	0.73	43.23	44,095	32,089	868,131	561,329
2026-02-23	$282.72	$300.00	31.9%	9.1%	81.9%	7.2%	32.1%	1.7%	0.8%	-10.5M	56.9M	-60.0M	0.64	29.10	38,857	24,828	768,652	511,683
2026-02-24	$274.15	$300.00	34.3%	9.8%	82.1%	12.5%	34.8%	2.0%	0.7%	-49.8M	1.19B	-59.2M	0.72	26.16	58,073	41,591	780,410	520,993
2026-02-25	$283.84	$300.00	32.6%	9.4%	32.8%	8.9%	32.8%	3.4%	0.3%	-537.6K	-214.1M	-61.8M	0.68	28.72	42,367	28,818	798,010	533,530
2026-02-26	$287.03	$300.00	31.9%	9.1%	30.5%	7.3%	32.1%	3.0%	1.9%	31.5M	-735.5M	-62.8M	0.56	26.91	50,531	28,365	807,563	539,307
2026-02-27	$293.87	$300.00	30.9%	8.7%	31.6%	4.9%	31.3%	1.6%	1.2%	110.4M	-1.89B	-63.9M	0.51	28.81	67,631	34,676	814,093	543,500