Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
UNH options intelligence
UnitedHealth Group Incorporated options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
42
Market data through 13 Aug 2026
Checked 14 Aug 2026 03:04 · partial chain
Options-market disagreement
Mixed pressure
UNH currently carries mixed options pressure with a 42/100 conviction score. The nearest-chain expected move is 2.1%, with volume/open-interest participation at 0.05.
Expected move
2.1%
Near-term move context
Activity / OI
0.05
Current volume is quieter versus prior open interest
Put-call
0.78
Balanced tape
Trend fit
93
Options agree with trend context
Weekly backdrop
-1.8%
RS 7.0
Expected move
2.1%
Put-call volume
0.78
Volume / OI
0.05
Reference IV
0.25
Max pain
407.50
Underlying
407.08
Nearest expiry
14 Aug 2026
Contracts
2000
Research Brief
UNH has a mixed chain read with 42/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 398.52–415.64; The largest call open-interest concentration is 420.00; the largest put concentration is 295.00. The most active strike by current volume is 400.00.
Priced range398.52–415.64
Call concentration420.00
Put concentration295.00
Max pain reference407.50
- A clear directional pressure reading develops and price begins to agree.
- The current chain read already agrees with the stored weekly trend context.
- Volatility falls and the chain remains directionally mixed.
Priced Move
Where the chain says movement becomes exceptional
Options imply 398.52 to 415.64. Max pain at 407.50 sits inside that range, 0.1% above spot.
Spot
Max pain
398.52407.08 ± 8.56415.64
Confirmation level
A close beyond 415.64 or below 398.52 at the 14 Aug expiry would exceed the move currently priced by this chain.
Important limitation
The range is a pricing reference, not a forecast; volatility can reprice sharply after news or as expiry approaches.
Score Construction
Why conviction is 42/100
Pressure is 14/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure14 × 42%
+5.9
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.1
Volume relative to existing open interest and contract-level activity.
Trend agreement93 × 26%
+24.1
How closely the chain read agrees with the underlying trend backdrop.
Volatility26 × 10%
+2.6
The intensity of implied volatility and the priced move.
Positioning by Strike
Where open interest and current activity concentrate
The largest call open-interest concentration is 420.00; the largest put concentration is 295.00. The most active strike by current volume is 400.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
1162
270.00-33.7%
2
1402
290.00-28.8%
0
1561
295.00-27.5%
0
1475
380.00-6.7%
32
1125
387.50-4.8%
15
1168
395.00-3.0%
42
1216
400.00-1.7%
237
310
402.50-1.1%
150
744
405.00-0.5%
293
243
407.500.1%
260
356
410.000.7%
943
134
412.501.3%
1171
75
415.001.9%
1246
22
417.502.6%
1085
300
420.003.2%
2689
421
425.004.4%
1591
0
440.008.1%
2003
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Balanced gamma proxy
Call- and put-side gamma sensitivity is broadly balanced across the retained chain. Individual strike concentrations may still matter more than the chain-wide net.
Net profile+$30.5MDelta change / 1% move
Positive peak450.00+$15.8M
Negative peak407.50-$20.2M
Nearest balance409.37Interpolated sign change
StrikeNegativePositiveNet / 1% move
382.50-6.0%
-$21,188
385.00-5.4%
-$3.3M
387.50-4.8%
-$4.3M
390.00-4.2%
-$14.6M
392.50-3.6%
-$3.1M
395.00-3.0%
-$13.2M
397.50-2.4%
-$5.3M
400.00-1.7%
+$13.7M
402.50-1.1%
-$2.8M
405.00-0.5%
-$5.5M
407.500.1%
-$20.2M
410.000.7%
+$6.8M
412.501.3%
+$389,456
415.001.9%
+$748,851
417.502.6%
+$938,926
420.003.2%
+$7.5M
422.503.8%
+$435,762
425.004.4%
+$2.1M
427.505.0%
+$353,984
430.005.6%
+$9.0M
432.506.2%
+$402,042
Positive call-side proxy Negative put-side proxyHighlighted row is nearest spot strike
Scenario proxy = gamma × open interest × 100 shares × spot² × 1%. Calls are positive and puts negative by convention. Missing Greeks use a Black-Scholes estimate from stored IV with zero rate and dividend assumptions. Open interest does not reveal who is long or short, so this is not observed dealer positioning or a forecast.
Volatility Curve
Back-loaded volatility
Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.
0.25
14 Aug
1d
0.25
21 Aug
8d
0.25
28 Aug
15d
0.26
4 Sep
22d
0.26
11 Sep
29d
0.27
18 Sep
36d
0.28
25 Sep
43d
0.28
2 Oct
50d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
330
345
355
368
375
383
388
395
403
408
415
423
428
435
443
448
455
463
470
475
485
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 2 stored directional transitions, the next stored price moved in the labelled direction 0% of the time.
Directional follow-through0%
Moves contained by pricing83%
Average expiry move1.7%
6 Aug
Bullish · 47
-1.8% through expiry
2.3% priced · v2.0
5 Aug
Bullish · 44
-1.8% through expiry
2.0% priced · v2.0
4 Aug
Mixed · 36
-1.8% through expiry
2.5% priced · v2.0
3 Aug
Mixed · 38
-1.8% through expiry
2.6% priced · v2.0
31 Jul
Mixed · 38
-1.8% through expiry
2.9% priced · v2.0
30 Jul
Mixed · 37
-1.5% through expiry
1.3% priced · v2.0
Eligible snapshots must have a dated market session, stored signal, and point-in-time market reference. Each observation uses one read per market session and the first stored weekly close on or immediately after expiry; its original calculation version is retained. It is an evidence audit, not an executable strategy or evidence of future performance.
Evidence Quality
Good
Retained chain94%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Retained chain subset
- Market date
- 13 Aug 2026
- Calculation
- v2.0
- Contracts
- 2000 / 2138
- 94% of provider contracts were retained for this snapshot.
Aggregate chain data supports concentration, participation and pricing analysis. It does not identify trade aggressor, opening versus closing activity, multi-leg intent or dealer inventory.
Options Intent Radar
Multi-expiry position-maintenance candidate
Activity is spread across expirations with heavier open interest than current volume, which can be consistent with position maintenance.
The options read is mixed, so divergence is not strong enough to classify.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $43.9M of estimated gross traded notional, calls · 46-90 days · atm, and a no clean flow/price divergence backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+14
1W price-1.8%
Call premium60%
Put premium40%
Notional split
C 60% / P 40%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.05
Volume divided by open interest across the visible chain.
Trend fit
93/100
Agreement between options pressure and Sharemaestro market context.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Roll detection is conservative because opening and closing legs are not directly observable in this snapshot.
Calls · 46-90 days · ATM
calls cluster with 4200 contracts traded, $6.6M estimated gross traded notional, and 15% of visible notional.
$6.6M
Puts · 0-7 days · ITM
puts cluster with 1640 contracts traded, $5.2M estimated gross traded notional, and 12% of visible notional.
$5.2M
Calls · 46-90 days · OTM
calls cluster with 4282 contracts traded, $4.7M estimated gross traded notional, and 11% of visible notional.
$4.7M
Calls · 0-7 days · ITM
calls cluster with 536 contracts traded, $3.8M estimated gross traded notional, and 9% of visible notional.
$3.8M
Calls · 91+ days · ITM
calls cluster with 488 contracts traded, $3.6M estimated gross traded notional, and 8% of visible notional.
$3.6M
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
Underlying price is close to the max-pain zone.
Activity Anomaly
Normal range
Activity is broadly in line with recent stored snapshots.
Baseline: 12 completed sessions
Volume rank75th
Volume/OI rank67th
IV rank8th
Market Context
Underlying confirmation
Close407.08
1W-1.8%
RS7.0
Fair value-4.9%
Options pressure14
Speculation41
Volatility26
Trend fit93
Today Versus Normal
Stored-options context
30d avg 2.4% · 12 sessions
25th
90d avg - · 12/30 sessions
-
180d avg - · 12/60 sessions
-
30d avg 0.29 · 12 sessions
8th
90d avg - · 12/30 sessions
-
180d avg - · 12/60 sessions
-
30d avg 0.83 · 12 sessions
50th
90d avg - · 12/30 sessions
-
180d avg - · 12/60 sessions
-
30d avg 0.05 · 12 sessions
67th
90d avg - · 12/30 sessions
-
180d avg - · 12/60 sessions
-
Pressure Trail
Recent pressure and volatility
6 Aug 17:10
Bullish
Pressure 39
Move 2.5%
6 Aug 18:40
Bullish
Pressure 39
Move 2.3%
7 Aug 13:50
Mixed
Pressure 8
Move 3.4%
7 Aug 15:20
Bullish
Pressure 24
Move 1.2%
7 Aug 16:50
Bullish
Pressure 24
Move 1.9%
7 Aug 18:20
Bullish
Pressure 34
Move 1.5%
7 Aug 19:40
Bullish
Pressure 36
Move 1.4%
8 Aug 06:58
Bullish
Pressure 32
Move 3.2%
Strike Map
Where activity is clustering
Strike215.00
Calls · V 48 · OI 63
Puts · V 0 · OI 0
Strike220.00
Calls · V 61 · OI 51
Puts · V 0 · OI 0
Strike225.00
Calls · V 16 · OI 25
Puts · V 0 · OI 0
Strike230.00
Calls · V 6 · OI 25
Puts · V 0 · OI 1
Strike235.00
Calls · V 15 · OI 15
Puts · V 0 · OI 0
Strike240.00
Calls · V 18 · OI 11
Puts · V 0 · OI 3
Strike245.00
Calls · V 8 · OI 2
Puts · V 0 · OI 0
Strike250.00
Calls · V 6 · OI 5
Puts · V 0 · OI 1
Term Structure
Expiration activity
Expiry14 Aug 2026
Contracts174
Avg IV0.25
Put-call0.58
Expiry21 Aug 2026
Contracts170
Avg IV0.25
Put-call2.38
Expiry28 Aug 2026
Contracts152
Avg IV0.25
Put-call0.48
Expiry4 Sep 2026
Contracts130
Avg IV0.26
Put-call1.25
Expiry11 Sep 2026
Contracts130
Avg IV0.26
Put-call1.93
Skew
Call/put IV balance
14 Aug 2026Balanced skew
Call IV0.30
Put IV0.27
Skew-0.03
21 Aug 2026Balanced skew
Call IV0.26
Put IV0.25
Skew-0.01
28 Aug 2026Balanced skew
Call IV0.26
Put IV0.26
Skew-
4 Sep 2026Balanced skew
Call IV0.26
Put IV0.26
Skew-
11 Sep 2026Balanced skew
Call IV0.26
Put IV0.27
Skew0.01
Contract Tape
Most active contracts
ContractUNH261016C00410000
SideCall
Expiry16 Oct 2026
Strike410.00
Volume4088
OI718
IV0.29
ContractUNH261016C00420000
SideCall
Expiry16 Oct 2026
Strike420.00
Volume3887
OI417
IV0.29
ContractUNH260821P00390000
SidePut
Expiry21 Aug 2026
Strike390.00
Volume2162
OI4180
IV0.25
ContractUNH260821P00400000
SidePut
Expiry21 Aug 2026
Strike400.00
Volume1983
OI2778
IV0.25
ContractUNH260821P00385000
SidePut
Expiry21 Aug 2026
Strike385.00
Volume1972
OI736
IV0.26
ContractUNH260821P00387500
SidePut
Expiry21 Aug 2026
Strike387.50
Volume1678
OI561
IV0.25
ContractUNH260814C00405000
SideCall
Expiry14 Aug 2026
Strike405.00
Volume1149
OI293
IV0.29
ContractUNH260814P00400000
SidePut
Expiry14 Aug 2026
Strike400.00
Volume1001
OI1216
IV0.27
Research Graph
Related research and context
Sharemaestro research
Related News
Market Watch
Earnings
Plain English Guide
Options context
What usually looks constructive
What usually looks cautious
Options can move quickly and can lose value fast. Treat this as research context, not a buy or sell instruction.