thetaOwl

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
16
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 Theta Report
Analysis based on market close March 31, 2026

Historical consensus-supported lens with full content, report chain context, and metric rail.

Theta Verdict

Attractiveness8 / 10
Sizing: Moderate to Full
Primary: Sell put spreads and iron condors in the 30-45 DTE range to capture rich IV and pinning forces.
Invalidation: Close all credit positions if spot breaks and holds below the $250 major OI support level.
Confidence:
7 / 10
base 5; +2 high IV; +1 strong pinning regime; +1 liquid; -2 elevated VIX context

IV Environment

IV Regime
High
IV vs VIX
IV 47% — Elevated. (VIX not provided, but 47% IV for a large cap is high)
Favorable?
Yes

Term structure: Humped at 10 DTE (55.1%), elevated through 45 DTE, then gradually declining.

💰IV >45% provides excellent premium for sellers
📊Term structure hump at 10 DTE favors selling 30-45 DTE

Pin Risk Assessment

Spot vs MP: Spot $270.59 is below nearest max pain ($275) by 1.6%

GEX regime: Strong Pinning (GEX +$9.0M — mean-reverting)

Gamma flip: ~$200.00Gamma flip ~$200 is far below spot, indicating strong pinning support in the current range.

OI concentrations: Massive Put wall at $200 (38K OI). Call walls at $250 (15K), $260 (11K), $300 (12K).

Verdict: Highly Favorable — Strong positive GEX and massive OI concentrations create a powerful magnetic effect, supporting credit positions.

Premium Opportunities

#1
put spread
Sell $250/$245 Put Spread exp 2026-05-01 (31 DTE)
Sells into the 49.6% IV for May 1st. Short strike ($250) aligns with a major call OI wall (14,968), providing support. Position is 7.6% OTM relative to spot, outside the 31-day expected move ($240.11). Strong pinning regime reduces downside risk.
Credit: $0.85-$1.05
Max loss: $4.15
BE: $249.15
Mgmt: Close at 65% max profit. Roll down/out if $250 is breached. Exit entirely on a weekly close below $250.
#2
iron condor
Sell $250/$245 Put Spread & $290/$295 Call Spread exp 2026-04-24 (24 DTE)
Captures high IV (51.2%) in a defined-risk structure. Wings are placed at key OI levels ($250 call wall, $290 call wall from max pain). The range ($245-$295) encompasses the 24-day expected move ($241.91 - $299.26). Positive GEX supports range-bound price action.
Credit: $1.25-$1.55
Max loss: $3.75
BE: 248.75 / 291.25
Mgmt: Close at 50% max profit. Manage wings independently: roll tested side out 2-3 weeks for a credit. Close entire position if spot breaches either short strike.
#3
cash-secured put
Sell $240 Put exp 2026-05-15 (45 DTE)
For capital-secure sellers willing to own shares. Strikes below $250 are in the 'put desert' before the massive $200 wall, offering a wide buffer (11.3% below spot). Collects rich premium from 45.5% IV. The 45-day expected move low is $236.46, aligning with the breakeven.
Credit: $4.50-$5.50
Max loss: $23550.00
BE: $235.50
Mgmt: Roll down/out for a credit if tested. Accept assignment below $240 if comfortable with the cost basis. Close at 80% profit if assignment is not desired.
#4
call credit spread
Sell $290/$295 Call Spread exp 2026-04-17 (17 DTE)
Targets the $290 call OI wall and the 4/17 max pain level. Spot is $270.59, providing a 7.2% buffer to the short strike, which is outside the 17-day expected move high ($292.66). Sells 48.1% IV. Bullish flow (Net Prem +$83M) suggests upside may be capped as dealers hedge.
Credit: $0.60-$0.75
Max loss: $4.40
BE: $290.60
Mgmt: Close at 65% max profit. Roll up/out if $290 is breached. Exit on a weekly close above $290.

Risk Alerts

!Earnings estimated 2026-04-21 (~3 weeks). Close or roll out of all short premium positions before this date to avoid earnings IV crush and gap risk.
!Massive, far OTM put OI at $200 (38,091) and call OI at $500+ indicates potential for extreme tail-risk hedging flows which could amplify volatility.
!Unusual Put buying in April ($340P, $262.5P) and July ($165P) may signal institutional downside protection, warranting caution on overly aggressive put sales.
!Net premium flow is strongly bullish (+$83.4M), but P/C ratios are low (0.64 Vol, 0.67 OI). This divergence suggests call buying is driving price, which could accelerate a move upward and threaten call credit spreads.
!Gamma flip is estimated at ~$200, far below. However, a break below the $250 OI support could see acceleration toward the $200 zone where negative gamma would take over.
How to Use These Reports
This theta 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.

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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.