HUMHumana Inc.
Options Analysis Report•HOSPITAL & MEDICAL SERVICE PLANS
Market Cap $36.2B|NYSE
● 2026-05-15$301.35
NEUTRAL
Analysis: 2026-05-14 EOD data
1Y +32.5%YTD +13.9%7D +9.6%
Options Vol
6,086
30D
Implied Move
±13.7%
IV Rank
27%
HUM Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
5.2
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks6/9 checks passed
IV Rank
≤35%IV Rank 82.6% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 0.98x — IV ≤ HV
Sector Relative≤50%
Sector percentile 88% — above sector median
Term Structure
<1.1xFront/Back 1.07x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 49.8% — normal range
Spread-Adjusted Value
<80%Effective IV 75.9% (ATM 49.8% + spread 13.0% + bias) — fair
Execution Efficiency
<3.0%Total drag 27.91% (spread 13.03% + slippage 14.88%) — high friction
Vega Efficiency
≥5.0Vega efficiency 18.59 (vega 24.226 / spread 13.03%) — efficient
Sentiment
Bullish or bearish?
4.4
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Weak signal (Conviction: +7%, Raw: +11%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +7% (neutral) — Raw: +11%
OI Skew Magnitude
≥15%|OI skew| 3.9% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew -25.4%, OI skew +3.9% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-DTE 47%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -20%, ATM: +1%, OTM: +21% — bearish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 69% — bearish vs sector
Activity
Unusual activity?
3.6
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 0.6x avg — normal
Turnover Rate
≥15%Vol/OI 4.4% — normal turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days1 day(s) elevated — may be one-day event
OI Build
≥5%OI change +8.6% (5d) — building
Sector Relative≥60%
Sector activity percentile 63% — active vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 29% — patient
Flow Conviction
≥30Conviction +7 (bullish) — mixed
Liquidity
Can I trade efficiently?
3.5
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 13.0% — wide
Adequate OI
≥10,000OI 139,007 — deep
Active Volume
≥500Volume 6,086/day — active
Reasonable Cost
≤$0.50$0.65 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 88% — much wider than sector
Order Book Depth
≥100 contractsDepth 102.1 contracts (bid:42.1 ask:60.0) — adequate
Execution Quality
<1.0%Avg slippage 14.88% — poor
Timing
Is now a good time?
7.3
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +6.5% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 83% — seller opportunity
Event Detection
≥10pts kinkIV kink 4.7pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 57.47 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No events detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +7% @ 53% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls5.0
bullishIV fair, mixed flow
Long Puts5.4
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put4.8
bullishIV fair, mixed flow
Covered Call5.2
bearishIV fair, mixed flow
For educational purposes only. Not investment advice.