Primary read
Bullish
Call-side pressure
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 13 Aug 2026 20:20 · complete available chain
Call-side pressure
Bullish pressure
UNH currently carries bullish 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
0.69
Call-side skew
Trend fit
87
Options agree with trend context
Weekly backdrop
-1.8%
RS 7.0
Expected move
2.1%
Put-call volume
0.69
Volume / OI
0.05
Reference IV
0.24
Max pain
410.00
Underlying
407.08
Nearest expiry
14 Aug 2026
Contracts
1619
Research Brief
UNH has a bullish 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 398.36–415.80; 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 range398.36–415.80
Call concentration420.00
Put concentration295.00
Max pain reference410.00
- Price holds or improves while call-side concentration remains elevated.
- The current chain read already agrees with the stored weekly trend context.
- Price weakens while call pressure fades or reverses toward puts.
Priced Move
Where the chain says movement becomes exceptional
Options imply 398.36 to 415.80. Max pain at 410.00 sits inside that range, 0.7% above spot.
Spot
Max pain
398.36407.08 ± 8.72415.80
Confirmation level
A close beyond 415.80 or below 398.36 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 20/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure20 × 42%
+8.3
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.0
Volume relative to existing open interest and contract-level activity.
Trend agreement87 × 26%
+22.6
How closely the chain read agrees with the underlying trend backdrop.
Volatility25 × 10%
+2.5
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%
0
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
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
0
460.0013.0%
947
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Positive gamma proxy
Call-side gamma sensitivity outweighs the put-side proxy across the retained chain. The largest bars mark levels where delta-hedging sensitivity may be most concentrated.
Net profile+$125.5MDelta change / 1% move
Positive peak400.00+$17.4M
Negative peak390.00-$8.5M
Nearest balance407.24Interpolated sign change
StrikeNegativePositiveNet / 1% move
382.50-6.0%
+$10,491
385.00-5.4%
-$1.8M
387.50-4.8%
-$28,404
390.00-4.2%
-$8.5M
392.50-3.6%
-$38,232
395.00-3.0%
-$2.9M
397.50-2.4%
-$1.9M
400.00-1.7%
+$17.4M
402.50-1.1%
-$2.3M
405.00-0.5%
-$7.4M
407.500.1%
+$846,462
410.000.7%
+$13.6M
412.501.3%
+$7.0M
415.001.9%
+$4.6M
417.502.6%
+$2.5M
420.003.2%
+$9.4M
422.503.8%
+$881,301
425.004.4%
+$2.5M
427.505.0%
+$2.7M
430.005.6%
+$11.6M
432.506.2%
+$243,440
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.
0.24
14 Aug
1d
0.25
21 Aug
8d
0.26
28 Aug
15d
0.26
4 Sep
22d
0.26
11 Sep
29d
0.27
18 Sep
36d
0.28
25 Sep
43d
0.30
16 Oct
64d
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
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 13 Aug 2026
- Calculation
- v2.0
- Contracts
- 1619 / 1619
- No material coverage gap was detected in the retained chain.
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
Short-dated OTM call concentration
Call activity is concentrated in upside and shorter-dated contracts; trade direction remains unconfirmed without aggressor data.
Options are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.
Short-dated OTM call concentration matters because it connects the options headline to the actual evidence: $116.1M of estimated gross traded notional, calls · 22-45 days · itm, and a bullish flow against weak price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+20
1W price-1.8%
Call premium80%
Put premium20%
Notional split
C 80% / P 20%
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
87/100
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.
Calls · 22-45 days · ITM
calls cluster with 1634 contracts traded, $39.9M estimated gross traded notional, and 34% of visible notional.
$39.9M
Calls · 91+ days · ITM
calls cluster with 1386 contracts traded, $23.9M estimated gross traded notional, and 21% of visible notional.
$23.9M
Calls · 8-21 days · ITM
calls cluster with 541 contracts traded, $11.1M estimated gross traded notional, and 10% of visible notional.
$11.1M
Puts · 91+ days · ITM
puts cluster with 750 contracts traded, $8.9M estimated gross traded notional, and 8% of visible notional.
$8.9M
Calls · 46-90 days · ATM
calls cluster with 3873 contracts traded, $6.0M estimated gross traded notional, and 5% of visible notional.
$6.0M
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 rank67th
Volume/OI rank58th
IV rank0th
Market Context
Underlying confirmation
Close407.08
1W-1.8%
RS7.0
Fair value-4.9%
Options pressure20
Speculation41
Volatility25
Trend fit87
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
0th
90d avg - · 12/30 sessions
-
180d avg - · 12/60 sessions
-
30d avg 0.83 · 12 sessions
42th
90d avg - · 12/30 sessions
-
180d avg - · 12/60 sessions
-
30d avg 0.05 · 12 sessions
58th
90d avg - · 12/30 sessions
-
180d avg - · 12/60 sessions
-
Pressure Trail
Recent pressure and volatility
5 Aug 22:25
Bullish
Pressure 22
Move 2.0%
6 Aug 15:40
Bullish
Pressure 22
Move 2.0%
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%
Strike Map
Where activity is clustering
Strike225.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike240.00
Calls · V 0 · OI 0
Puts · V 0 · OI 3
Strike245.00
Calls · V 0 · OI 0
Puts · V 2 · OI 0
Strike250.00
Calls · V 6 · OI 5
Puts · V 0 · OI 1
Strike255.00
Calls · V 0 · OI 0
Puts · V 48 · OI 46
Strike260.00
Calls · V 0 · OI 0
Puts · V 1 · OI 456
Strike265.00
Calls · V 0 · OI 0
Puts · V 1 · OI 372
Strike270.00
Calls · V 0 · OI 0
Puts · V 13 · OI 1162
Term Structure
Expiration activity
Expiry14 Aug 2026
Contracts128
Avg IV0.24
Put-call0.58
Expiry21 Aug 2026
Contracts150
Avg IV0.25
Put-call1.73
Expiry28 Aug 2026
Contracts83
Avg IV0.26
Put-call0.42
Expiry4 Sep 2026
Contracts61
Avg IV0.26
Put-call1.50
Expiry11 Sep 2026
Contracts52
Avg IV0.26
Put-call2.14
Skew
Call/put IV balance
14 Aug 2026Call IV premium
Call IV0.48
Put IV0.27
Skew-0.20
21 Aug 2026Balanced skew
Call IV0.28
Put IV0.25
Skew-0.03
28 Aug 2026Balanced skew
Call IV0.26
Put IV0.26
Skew0.00
4 Sep 2026Balanced skew
Call IV0.27
Put IV0.26
Skew-0.01
11 Sep 2026Balanced skew
Call IV0.26
Put IV0.26
Skew-0.01
Contract Tape
Most active contracts
ContractUNH260904P00295000
SidePut
Expiry4 Sep 2026
Strike295.00
Volume-
OI20
IV0.66
ContractUNH260911P00345000
SidePut
Expiry11 Sep 2026
Strike345.00
Volume-
OI9
IV0.37
ContractUNH260911P00440000
SidePut
Expiry11 Sep 2026
Strike440.00
Volume-
OI9
IV0.28
ContractUNH270319P00580000
SidePut
Expiry19 Mar 2027
Strike580.00
Volume-
OI8
IV0.29
ContractUNH270319P00520000
SidePut
Expiry19 Mar 2027
Strike520.00
Volume-
OI7
IV0.27
ContractUNH260904C00355000
SideCall
Expiry4 Sep 2026
Strike355.00
Volume-
OI4
IV0.53
ContractUNH260828P00265000
SidePut
Expiry28 Aug 2026
Strike265.00
Volume-
OI4
IV1.03
ContractUNH260814P00240000
SidePut
Expiry14 Aug 2026
Strike240.00
Volume-
OI3
IV2.06
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.