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HUMHumana Inc.

Options Analysis Report•HOSPITAL & MEDICAL SERVICE PLANS
Market Cap $46.3B|NYSE
● 2026-08-28$385.54
NEUTRAL
Analysis: 2026-08-27 EOD data
1Y +27.0%YTD +45.8%7D +1.8%
2,166
30D
±13.5%
17%

HUM Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

4.7VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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HUM Gamma Walls

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Value

Is IV priced right?

4.2
ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks5/9 checks passed
≤35%

IV Rank 90.1% — elevated vs history

<1.05x

IV/HV 1.53x — IV premium over HV

Sector Relative≤50%

Sector percentile 97% — above sector median

<1.1x

Front/Back 0.86x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 50.1% — normal range

<80%

Effective IV 73.6% (ATM 50.1% + spread 11.8% + bias) — fair

<3.0%

Total drag 15.68% (spread 11.75% + slippage 3.93%) — high friction

≥5.0

Vega efficiency 36.59 (vega 42.992 / spread 11.75%) — efficient

Sentiment

Bullish or bearish?

6.3
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: -0%, Raw: -2%)
|net sentiment| ≥25%

Conviction-weighted: -0% (neutral) — Raw: -2%

≥15%

|OI skew| 10.0% — balanced

Same sign, |vol skew| ≥10%

Vol skew +25.3%, OI skew +10.0% — aligned

≥2/3 conditions

0-DTE 7%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +11%, ATM: +2%, OTM: -7% — neutral (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 41% — bullish vs sector

Activity

Unusual activity?

2.0
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed
≥1.5x

Volume 0.5x avg — normal

≥15%

Vol/OI 1.7% — normal turnover

≥2 days

1 day(s) elevated — may be one-day event

≥5%

OI change -5.5% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 39% — below sector avg

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 17% — patient

≥30

Conviction -0 (bearish) — mixed

Liquidity

Can I trade efficiently?

3.3
IlliquidLiquid

Evaluates

, volume depth, and open interest for trade execution quality.

Risk Checks2/8 checks passed
≤5.0%

Spread 11.8% — wide

≥10,000

OI 125,105 — deep

≥500

Volume 2,166/day — adequate

≤$0.50

$0.59 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 97% — much wider than sector

≥100 contracts

Depth 21.6 contracts (bid:12.0 ask:9.6) — thin

<1.0%

Avg slippage 3.93% — poor

Timing

Is now a good time?

7.4
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed
|slope| ≥5%

Slope -13.9% — contango

<30 or >70

IV percentile 90% — seller opportunity

≥10pts kink

IV kink -8.7pts — no clear event

<0.5 or >2.0

θ/ν ratio 106.81 — favors income trades

≥3 expirations

5 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -0% @ 50% consistency — unclear

≥40 composite score

Score 30 (ITM 20% + inst 0%) — retail dominated

Directional Strategy Fit

Option Buyers
Long Calls5.3
bullishIV fair, bullish flow
Long Puts4.4
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put5.7
bullishIV fair, bullish flow
Covered Call4.8
bearishIV fair, bullish flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.