UNH Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $395.

Put/Call (OI)

0.87

448k P / 514k C

Put/Call (Volume)

0.74

19k P / 25k C today

30d ATM IV

27%

annualized implied move

Call wall

$500

36k contracts

Put wall

$200

55k contracts

Tail hedging

1.4×

deep-OTM puts vs calls

What the positioning says

●Call wall at $500 (36k contracts), 27% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $200 (55k contracts), 49% below spot — the hedge floor; often acts as support.

Open interest by strike

All expiries combined. Amber lines mark the call and put walls; the dashed line is spot.

IV term structure

At-the-money implied volatility per expiry.

Volatility smile

IV by strike — expiry 2026-09-18. A steep left side = expensive downside protection.

30-day implied volatility history

Daily ATM IV (~30 DTE bucket) collected since March 2026. Rising IV into an event = the market bracing; collapsing IV after = the crush.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	62k	75k	1.20	15k
2026-08-28	6k	6k	1.00	8k
2026-09-04	2k	3k	1.05	1k
2026-09-11	1k	1k	0.92	587
2026-09-18	50k	94k	1.87	6k
2026-09-25	673	384	0.57	642
2026-10-02	38	57	1.50	1k
2026-10-16	17k	14k	0.80	2k
2026-11-20	15k	15k	0.98	1k
2026-12-18	31k	32k	1.03	1k
2027-01-15	184k	119k	0.65	2k
2027-03-19	12k	11k	0.93	2k
2027-06-17	59k	27k	0.45	498
2027-09-17	6k	4k	0.63	187
2027-12-17	31k	22k	0.71	111
2028-01-21	24k	19k	0.77	2k
2028-12-15	11k	7k	0.66	269

Source: CBOE delayed quotes, refreshed daily after US market close. Open interest is exchange-reported and lags one session. Research, not investment advice.