Health Care

UnitedHealth Group (UNH) options and signal

Figures as of 28 Sep 2026

UNH is UnitedHealth Group, a Health Care name the model ranks every trading day. The options figures are from the close on 28 Sep 2026. The model's figures are from 25 Sep 2026, one trading day behind the latest, as the Free plan shows them. Every model figure is paper trading.

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At a glance

Figure	Value	Date
Trade Card	Iron condor, 30 Oct	25 Sep
IV rank	98 of 100	28 Sep
At the money IV	41.2%	28 Sep
Priced move to 30 Oct	11.9% down, 12.2% up	28 Sep
Call wall and put wall	400 and 370	28 Sep
Signal and the desk's view	No signal, view neutral	25 Sep
Last close	377.83	28 Sep
Next report	13 Oct 2026	28 Sep

Trade Cards

On 25 Sep 2026 the Trade Card for UNH was an iron condor expiring 30 Oct 2026, paper trading.

Figure	Value
Signal	Neutral
Strategy	Iron condor, credit
Legs	Buy the 305 put, Sell the 335 put, Sell the 430 call, Buy the 465 call
Expiry	30 Oct 2026, 35 days to expiry
Limit	A credit of at least $5.23
Probability of profit	75%, the option market's odds at expiry, from delta
Max loss	$2,977 per contract
Max profit	$523 per contract
Breakeven	329.77 and 435.23
IV rank at that expiry	96 of 100

Probability of profit is the option market's own odds from delta, not the model's.

Priced on the option chain at the close on 25 Sep 2026.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Options Snapshot

UNH's IV rank is 98 of 100 on 28 Sep 2026.

Figure	Value
IV rank	98 of 100
At the money IV	41.2%, near month, 32 days
Put/call ratio, open interest	0.80
Call open interest, strikes captured near the price	268,000 contracts
Put open interest, strikes captured near the price	214,000 contracts
Cost to trade at the money	Tight, 6.3% of the option's mid price

IV rank is where the at the money IV sits among UNH's own weekly readings, 0 the lowest and 100 the highest.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Priced Range

On 28 Sep 2026, UNH options priced a move of 11.9 percent down and 12.2 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	3.9%	3.8%	363.03 to 392.13
9 Oct 2026	11	6.6%	6.5%	352.83 to 402.23
23 Oct 2026	25	11.2%	11.6%	335.33 to 421.53
30 Oct 2026	32	11.9%	12.2%	333.03 to 424.03
20 Nov 2026	53	13.6%	14.2%	326.63 to 431.53
18 Dec 2026	81	16.0%	16.5%	317.43 to 440.03
19 Mar 2027	172	22.0%	23.8%	294.83 to 467.63

The range is one standard deviation either side of the close of 377.83, as the option prices imply it.

A priced move restates option prices at the close and says nothing certain about where the price goes.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Gamma Map

On 28 Sep 2026, UNH's call wall is the 400 strike and its put wall is the 370 strike.

Figure	Value
Call wall, most open call gamma	400
Put wall, most open put gamma	370
Net dollar gamma, calls minus puts	minus $32.33 million
Total dollar gamma, both sides	$344.49 million
Close	377.83

Dollar gamma is stated for a one percent move in the price.

Net is calls minus puts under the standard convention, not a record of who holds the contracts.

Net gamma changes sign at 4 strikes, so no single flip strike is named.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility History

On 28 Sep 2026, UNH's at the money IV is 41.2 percent against 20 day realized volatility of 18.4 percent.

Figure	Value
At the money IV	41.2%
Realized volatility, 20 trading days	18.4%
Realized volatility, 60 trading days	21.6%
IV against its own weekly record	High, in the top fifth
Weekly readings on record	865, from 8 Jan 2010
Weeks the price moved more than the one week priced move	29.0% of 252 weeks

Realized volatility is worked out from the daily closes the desk holds, not from the option chain.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility History in RingMaster The Volatility History guide

Volatility Weather

On 28 Sep 2026, UNH's at the money IV runs from 36.5 percent at 4 days to 33.5 percent at 172 days.

Days to expiry	At the money IV
4	36.5%
11	39.5%
18	48.6%
25	44.3%
39	42.5%
53	36.6%
81	35.0%
172	33.5%

Near expiries price more volatility than far ones, an inverted term structure.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Smile

On 28 Sep 2026, at the 32 day expiry, UNH's IV ten percent below the price sits 2.8 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	44.1%	+2.8 points
At the money	41.2%	0.0 points
10% above the price	40.1%	-1.1 points

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Surface

On 28 Sep 2026, UNH's surface spans 10 expiries out to 172 days, with IV from 32.0 to 50.7 percent near the price.

Figure	Value
Expiries captured	10
Nearest expiry	2 Oct 2026, 4 days
Farthest expiry	19 Mar 2027, 172 days
Points within 10% of the price, 7 days out or more	122
Lowest IV among them	32.0%
Highest IV among them	50.7%

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Expiry Ladder

On 28 Sep 2026, UNH has 10 captured expiries, from 2 Oct 2026 to 19 Mar 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
2 Oct 2026	4	36.5%	9,664	10,694
9 Oct 2026	11	39.5%	6,610	22,929
16 Oct 2026	18	48.6%	26,776	35,812
23 Oct 2026	25	44.3%	2,294	2,176
30 Oct 2026	32	41.2%	3,252	2,512
6 Nov 2026	39	42.5%	73	137
20 Nov 2026	53	36.6%	19,652	27,665
18 Dec 2026	81	35.0%	31,817	22,694
15 Jan 2027	109	35.4%	150,760	74,349
19 Mar 2027	172	33.5%	16,873	15,430

Open interest is summed over the strikes captured near the price on each expiry.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Strike Table

On 28 Sep 2026, UNH's largest open interest sits at the 350 strike, with 35,805 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
350	13,841	21,964	35,805
400	23,304	9,786	33,090
300	11,020	19,085	30,105
370	3,986	21,452	25,438
500	23,545	53	23,598
380	8,026	11,741	19,767

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Since Yesterday

From 25 Sep 2026 to 28 Sep 2026, UNH's at the money IV moved from 42.5 percent to 41.2 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	42.5%	41.2%	-1.3 points
Open interest, strikes captured near the price	478,370	482,169	+3,799
Put/call ratio, open interest	0.82	0.80	-0.02

Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Changed Hands

On 28 Sep 2026, 36,902 UNH option contracts traded, 0.9 times its own recent average.

Figure	Value
Calls traded	23,918
Puts traded	12,984
Against its recent average	0.9 times
Busier than	5 of its last 20 trading days
Open interest, whole chain	717,977 contracts
Volume to open interest	0.05
Unusual volume flag	Yes, 4 contracts traded well above open interest
Largest flagged contract	The 400 call expiring 2 Oct, 3,234 traded against 963 open

Traded volume and open interest are shown side by side and never combined. Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Positioning Replay

The replay holds 33 trading days of UNH's option positioning, from 11 Aug 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
11 Aug 2026	402.19	$14.17 million	400	400
21 Sep 2026	377.56	minus $56.71 million	400	370
28 Sep 2026	377.83	minus $32.33 million	400	370

Each frame restates one nightly capture. Net is calls minus puts, a convention, not who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Read-out

On 25 Sep 2026 the desk's view of UNH was neutral, paper trading.

Figure	Value
Side	Neutral at 45 trading days, no signal
Level above the close	381.39, the swing high of 22 Sep 2026
Level below the close	366.00, the swing low of 23 Sep 2026
Strategy family	Iron condor (sell both sides, defined risk)
Price target	None. The desk has no price model.

The levels are prices the shares turned at on the chart, with the date of each.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Rank by Timeframe

On 25 Sep 2026 UNH sat at the 26th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	13 of 100	Bearish
20 trading days	27 of 100	Neutral
45 trading days	26 of 100	Neutral

100 is the top of the ranking. A name in the middle three fifths is neutral.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Timeframe Agreement

On 25 Sep 2026 UNH's near timeframes were bearish and its long timeframe was neutral, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Bearish	1 of 2
Long	45 day	Neutral	0 of 1

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Timeframe Agreement in RingMaster The Timeframe Agreement guide

Signal History

On 25 Sep 2026 UNH had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	26 of 100
24 Sep 2026	None	21 of 100
23 Sep 2026	None	21 of 100
22 Sep 2026	None	30 of 100
21 Sep 2026	None	84 of 100
18 Sep 2026	None	88 of 100
17 Sep 2026	None	87 of 100
16 Sep 2026	None	37 of 100

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Sector Split

On 25 Sep 2026, 32 of 120 Health Care names were bullish and 52 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Health Care	120	32	52	36

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Price Chart

UNH closed at 377.83 on 28 Sep 2026.

Figure	Value
Last close	377.83
Change over 5 trading days	+0.1%
Change over 21 trading days	-4.4%
Change over 63 trading days	-10.0%
Change over 252 trading days	+9.3%
52 week high	461.62
52 week low	255.97
20 day moving average	384.14
50 day moving average	398.41
200 day moving average	355.70
RSI, 14 days	41

Worked out from the desk's own daily bars, adjusted for share splits.

From the daily bars through 28 Sep 2026. Current on every plan.

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Earnings Radar

UNH reports next on 13 Oct 2026, and options priced an earnings move of 8.5 percent through 16 Oct 2026.

Figure	Value
Next report	13 Oct 2026, before the open
Date	Confirmed by the company
Priced earnings move	8.5%, a straddle of $31.97 at the 377.5 strike, expiring 16 Oct 2026
Move after the report of 16 Jul 2026	+1.2%
Move after the report of 21 Apr 2026	+7.0%
Move after the report of 27 Jan 2026	-19.6%
Move after the report of 28 Oct 2025	+0.5%

The priced earnings move is the straddle's cost over the share price. It restates option prices and says nothing certain about the report.

Earnings calendar as of 28 Sep 2026. Current on every plan.

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Short Volume

On 25 Sep 2026, 49.5 percent of UNH's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	49.5%
Five day average	43.4%
52 week median	35.2%

Short sale volume counts trades marked short at the covered venues, mostly off exchange. It is not the same as short interest.

Short volume as of 25 Sep 2026. Current on every plan.

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Seasonality

In the 36 Septembers on record, UNH's average change was plus 1.0 percent, and it rose in 47.2 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	+1.0%	-0.2%	47.2%	36
October	+3.7%	+2.2%	66.7%	36
November	+4.4%	+4.8%	75.0%	36

Each figure is a month end to month end change in past years. A past month says nothing certain about the next one.

Monthly history through 28 Sep 2026. Current on every plan.

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Headlines

The desk's news feeds carried 4 headlines naming UNH in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	4
Latest	28 Sep 2026

The titles are in the Headlines window, with the time each was published.

Headlines as of 28 Sep 2026. Current on every plan.

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Questions

What is UNH's IV rank?: UNH's IV rank is 98 of 100 on 28 Sep 2026.
What move are UNH options pricing?: On 28 Sep 2026, UNH options priced a move of 11.9 percent down and 12.2 percent up by 30 Oct 2026.
Where are UNH's call wall and put wall?: On 28 Sep 2026, UNH's call wall is the 400 strike and its put wall is the 370 strike.
What was the latest Trade Card for UNH on the Free plan?: On 25 Sep 2026 the Trade Card for UNH was an iron condor expiring 30 Oct 2026, paper trading.
When does UNH report earnings next?: UNH reports next on 13 Oct 2026, and options priced an earnings move of 8.5 percent through 16 Oct 2026.

More Health Care names

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