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UNH

UnitedHealth Group IncorporatedClose $383.30EOD only

Max Pain

$380.00

Next expiry May 22, 2026

Expected Move

±$7.14

1.9% from close

Price Gap

-3.30

Distance to max pain

IV Rank

Low premium

P/C OI

0.70

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

This page reflects UNH options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 20, 2026 close

UNH Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 strong net premium & P/C ratio; +1 GEX/flow alignment; -0.5 spot below max pain; -0.5 gamma pinning regime

Watch next session: $270-$272.50 put activity for gamma pinning; Follow-through in $305+ calls for upside conviction

Flow Summary

Net premium: +$83.4M bullish

P/C volume ratio: 0.64 — strongly call-dominant

P/C OI ratio: 0.67 — moderate call lean in positioning

Aggressive call buying, particularly in far OTM strikes ($160-$180), drives a massive net bullish premium. This is a clear directional bet on significant upside, though current spot is pinned below near-term max pain, suggesting a short-term tug-of-war.

Notable Prints

UNH 4/17 $340 Put

Vol: 780

OI: 104

Vol/OI: 7.5x

IV: 73.0%

Notional: ~$26.5M (780 * 100 * $340)

Intent: Hedge or speculative put purchase

Dual read: Bought (bearish hedge) or sold (yield generation on a covered position)

Read-through: High IV (73%) suggests premium paid. Given the massive bullish call flow elsewhere, this is likely a large-scale hedge against a long equity or call position, not a standalone bearish bet.

UNH 4/17 $305 Call

Vol: 1,649

OI: 520

Vol/OI: 3.2x

IV: 43.8%

Notional: ~$50.3M (1649 * 100 * $305)

Intent: Fresh directional call buying

Dual read: Bought (bullish breakout bet) or sold (covered call writing)

Read-through: Large volume in a strike ~13% OTM. The 3.2x OI turnover and moderate IV suggest new long positioning. This is a high-conviction bet on a move toward the $300-$310 OI cluster within the April expiry.

UNH 4/2 $270 Put

Vol: 1,682

OI: 869

Vol/OI: 1.9x

IV: 37.1%

Notional: ~$45.4M (1682 * 100 * $270)

Intent: Short-term hedge or gamma trade

Dual read: Bought (protective put) or sold (put writing for premium)

Read-through: Strike is at-the-money. Volume nearly doubles OI. In a gamma pinning regime with spot at $270.59, this is likely a mix of dealer hedging and short-term protection around the pinning level, not a major directional signal.

UNH 4/10 $260 Put

Vol: 1,858

OI: 998

Vol/OI: 1.9x

IV: 55.9%

Notional: ~$48.3M (1858 * 100 * $260)

Intent: Defensive put buying

Dual read: Bought (downside protection) or sold (cash-secured put)

Read-through: Elevated IV (55.9%) and strike ~4% below spot. This is likely protective positioning defining a near-term risk zone. A break below $260 would invalidate the bullish flow thesis.

UNH 4/2 $262.50 Put

Vol: 1,333

OI: 532

Vol/OI: 2.5x

IV: 47.2%

Notional: ~$35.0M (1333 * 100 * $262.50)

Intent: Near-term hedge or speculative put

Dual read: Bought (bearish bet) or sold (premium sale)

Read-through: Another large, near-dated put print. Clusters of activity at $260 and $262.50 create a defined support zone for the next week, aligning with the expected move low of ~$264.

Institutional Positioning

Call additions: Massive additions in far OTM $160-$180 calls (net premium >$86M). Meaningful buying in $305 calls for April/May.

Put additions: Concentrated in near-term ($260-$272.5) and defensive OTM ($340) strikes. The $340P and $350P show significant net negative premium.

GEX/DEX consistency: Yes — Positive GEX (+$9.0M) aligns with bullish call flow, reinforcing the pinning/mean-reverting dynamic near current spot.

OI clusters: Major put wall at $200 (38K OI). Major call walls at $500 (22.6K), $600 (16K), $250 (15K), $900 (14.8K & 12.5K). These are extreme strikes acting as long-term magnets, not near-term barriers.

Hedging evidence: Clear. The large $340P purchase and concentrated put flow at $260-$272.5 against massive OTM call buying is textbook portfolio hedging—levered upside bets with defined downside protection.

Max pain context: Spot ($270.59) is below near-term max pain ($275 for 3/27, $267.50 for 4/2). This creates a short-term gravitational pull higher toward $275, supporting the bullish flow bias.

Signal vs Noise

~Far OTM $160-$180 call flow: This is almost certainly a structured trade (e.g., call spread financing, ratio trade) or leverage play. The notional size is enormous but the delta is minimal. It's a bullish signal but not a direct bet on a move to $160.

~Extreme OI at $500, $600, $900 calls: These are likely legacy positions, buy-writes, or speculative lottery tickets. They represent long-term optimism but provide no actionable near-term signal.

~4/2 $270 Put activity: High volume is partly due to gamma pinning and dealer hedging around the ATM strike. It exaggerates bearish intent.

~The $165 Put 7/17 expiry: Low delta, far OTM. Likely part of a complex multi-leg strategy (e.g., diagonal) and not a standalone directional view.

Key Conclusions

🚀Institutions are placing high-conviction, leveraged bullish bets (far OTM calls) while hedging near-term risk.

📌Gamma pinning (+$9M GEX) and spot below max pain create a short-term setup for a grind higher toward $275.

🛡️Key support zone established at $260-$262.50 via put flow. A break below invalidates the bullish thesis.

🎯Upside targets are being set in the $305-$310 zone for April/May, well above the current pinning range.

How to Use These Reports

This flow reflects the market close on March 31, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.