UNH Options Profit Calculator
Calculate profit, loss, breakeven, and max gain/loss for UnitedHealth Group (UNH) call and put options at expiration.
Regulatory changes to Medicare/Medicaid and healthcare policy shifts drive periodic IV expansion in UNH options.
Over the last three months UNH has been on the calmer end for individual stocks: 21.9% annualized realized volatility (under 25% band). Options priced off a similar IV are relatively cheap in dollar terms, but a long option needs the stock to break out of its recent quiet range to pay off.
Quote refreshes every 6h. Use as context — not a real-time price.
IV typically expands into earnings and crushes on the report. Plan your position size and expiration accordingly.
Select option type and position, enter your trade details, then click Calculate P/L to see potential profit/loss at expiration.
For educational purposes only. Not financial advice. Read full disclaimer
Worked Example: Buying a UNH $370.00 Call
UNH last quoted at $371.90 (as of October 2, 2026). Take one near-the-money $370.00 call expiring in 30 days, priced with Black-Scholes using UNH's own 3-month realized volatility of 21.9% (rates and dividends set to zero): a theoretical premium of $10.27 per share, or $1,027.00 per contract. Real premiums are priced off implied volatility, which usually runs higher — check your broker's quote.
Cost = max loss
$1,027.00
Breakeven at expiration
$380.27
+2.3% from today
30-day 1σ move at this volatility
±6.3%
| If UNH at expiration… | Price | P/L (1 contract) | Return |
|---|---|---|---|
| Falls by the 1σ move | $348.55 | −$1,027.00 | −100.0% |
| Unchanged | $371.90 | −$837.00 | −81.5% |
| Rises by the 1σ move | $395.25 | +$1,497.99 | +145.9% |
| Rises by the 2σ move | $418.60 | +$3,832.97 | +373.2% |
Breakeven = $370.00 strike + $10.27 premium = $380.27
- To break even, UNH needs +2.3% by expiration — about 0.36× the ±6.3% one-standard-deviation move the same volatility implies. The premium is the price of that move; direction alone doesn't pay.
- This expiration spans UNH's earnings on October 13, 2026. Real premiums carry an event premium, so this call would likely cost more than $10.27 — pushing breakeven higher.
Options P/L for Similar Tickers
Compare UNH Head-to-Head
Trading UNH Options: Strategies & P/L Patterns
UnitedHealth's high share price produces large absolute option premiums, which favors spread structures over outright long premium for most retail traders. Put and call verticals fill cleanly in monthly chains. Cash-secured puts require substantial buying power, so put credit spreads at prior support are the capital-efficient substitute. Covered call writers on existing stock collect meaningful credit at the thirty-delta strike. The main risk to short premium here is regulatory: Medicare Advantage rate notices have produced multi-percent gaps that overran typical short strikes, so defining risk around those announcement windows matters. Liquidity is good in monthlies but weeklies can be thinner than the largest mega-caps. Earnings short condors work but require wings beyond the standard implied range to weather guidance surprises.
Recent UNH Earnings History
Last 4 quarters of EPS estimate vs actual.
| Quarter | Estimate | Actual | Surprise |
|---|---|---|---|
| Q2 2026 | $4.95 | $6.38 | Beat +28.80% |
| Q1 2026 | $6.64 | $7.23 | Beat +8.88% |
| Q4 2025 | $2.12 | $2.11 | Miss -0.57% |
| Q3 2025 | $2.82 | $2.92 | Beat +3.48% |
EPS values from Finnhub. Refreshes daily.
Options P/L Formulas (at expiration)
Long Call: P/L = max(0, UNH − Strike) − Premium
Long Put: P/L = max(0, Strike − UNH) − Premium
Short Call/Put: P/L = Premium − Intrinsic Value
How to Use This Calculator for UNH
- Select call or put — choose based on which UNH contract you're analyzing.
- Choose buy or sell — buying UNH options means you pay the premium; selling means you receive it as credit.
- Enter the strike price — pull this from UNH's option chain on your broker.
- Enter the premium — the per-share cost. Multiply by 100 to get the total dollar cost or credit per contract.
- Enter the number of contracts — each UNH options contract covers 100 shares.
- Click Calculate — see breakeven, max profit, max loss, and P/L at various UNH expiration prices.
Frequently Asked Questions
- How do I calculate P/L on a UNH call option?
- For a long UNH call, P/L at expiration = max(0, UNH price − strike) × 100 − total premium paid. Enter the strike, premium, and number of contracts above to compute it. For short calls, P/L = premium received − max(0, UNH price − strike) × 100.
- What is the breakeven for a UNH put?
- For a long UNH put, breakeven = strike price − premium paid. The position becomes profitable when UNH closes below this level at expiration. For a short put, the same level applies, but you profit when UNH stays above it.
- What's the maximum loss when buying UNH options?
- When you buy UNH calls or puts, the maximum loss is the premium you paid (per contract × 100 shares). This is the most attractive feature of long options — your downside is capped regardless of how far UNH moves against you.
- Why are UNH option premiums so different across strikes?
- UNH's premiums vary with strike based on implied volatility, time to expiration, and how far the strike is from the current price. At-the-money strikes carry the most time value; out-of-the-money strikes are cheaper but have lower probability of finishing in-the-money.
- Does this calculator show P/L before expiration?
- No — this calculator shows P/L at expiration only. Before expiration, UnitedHealth Group option prices include time value (extrinsic premium) that depends on remaining DTE, implied volatility, and the Greeks. For pre-expiration analysis, use a Black-Scholes or Options Greeks calculator.