Options/UAL

UALUnited Airlines Holdings, Inc. Common Stock

Options Analysis Report•AIR TRANSPORTATION, SCHEDULED

Market Cap $34.6B|NASDAQ

● 2026-09-11$106.49

NEUTRAL

Analysis: 2026-09-10 EOD data

1Y -2.6%YTD -5.8%7D -4.4%

Options Vol

17,579

30D

Implied Move

±12.6%

IV Rank

14%

UAL Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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UAL Gamma Walls

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UAL Hedge Radar

Neutral

Full Hedge Radar

Neither score is at an extreme today. Neither axis is a forecast — this is where UAL sits on protection cost vs. fragility today.

Protection is priced in the cheap band (2.92) — downside puts carry 1.3 IV points more than at-the-money, and near-dated vol is priced 3% below far-dated, measured against this name's own rolling 20-trading-day realized moves (484 overlapping windows). Fragility reads neutral (5.54): it is trading 3% below its hedge wall on a wall graded MEDIUM for reliability, and its realized-vol regime is stable.

Protection cost

2.92/ 10cheap

Basis: cross_sectional

Fragility

5.54/ 10neutral

Basis: per_ticker

Value

Is IV priced right?

4.7

ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed

IV Rank

≤35%

IV Rank 83.4% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.33x — IV premium over HV

Sector Relative≤50%

Sector percentile 93% — above sector median

Term Structure

<1.1x

Front/Back 0.97x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 46.1% — normal range

Spread-Adjusted Value

<80%

Effective IV 70.0% (ATM 46.1% + spread 12.0% + bias) — fair

Execution Efficiency

<3.0%

Total drag 16.44% (spread 11.97% + slippage 4.47%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 8.52 (vega 10.202 / spread 11.97%) — efficient

Sentiment

Bullish or bearish?

4.7

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBearish - Moderate signal (Conviction: -24%, Raw: -10%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -24% (bearish) — Raw: -10%

OI Skew Magnitude

≥15%

|OI skew| 13.3% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +25.6%, OI skew -13.3% — divergent (opposite)

Conviction Quality

≥2/3 conditions

0-DTE 20%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: -18%, ATM: +19%, OTM: -16% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 37% — bullish vs sector

Activity

Unusual activity?

4.9

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed

Volume Surge

≥1.5x

Volume 1.4x avg — normal

Turnover Rate

≥15%

Vol/OI 5.3% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +0.6% (5d) — stable

Sector Relative≥60%

Sector activity percentile 69% — active vs sector

Trade Quality

≥30%

Large trade volume 47% — institutional presence

Execution Urgency

≥60%

Aggressive execution 23% — patient

Flow Conviction

≥30

Conviction -24 (bearish) — mixed

Liquidity

Can I trade efficiently?

4.0

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 12.0% — wide

Adequate OI

≥10,000

OI 329,185 — deep

Active Volume

≥500

Volume 17,579/day — active

Reasonable Cost

≤$0.50

$0.60 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 93% — much wider than sector

Order Book Depth

≥100 contracts

Depth 154.2 contracts (bid:74.5 ask:79.7) — adequate

Execution Quality

<1.0%

Avg slippage 4.47% — poor

Timing

Is now a good time?

6.7

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -2.6% — flat/unclear

IV Percentile Clarity

<30 or >70

IV percentile 83% — seller opportunity

Event Detection

≥10pts kink

IV kink -1.1pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 95.08 — favors income trades

Expiration Distribution

≥3 expirations

5 liquid expirations — flexible

Event Risk

≥60% (safe)

caution advised: FOMC in 5d; CPI in 0d (HIGH)

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -24% @ 62% consistency — unclear

Smart Money Timing

≥40 composite score

Score 77 (ITM 20% + inst 47%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls4.9

bullishIV fair, mixed flow

Long Puts5.1

bearishIV fair, mixed flow

Premium Sellers

Cash-Secured Put5.0

bullishIV fair, mixed flow

Covered Call5.3

bearishIV fair, mixed flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Sep 7, 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.

More on UAL

UAL gamma walls UAL option chain UAL max pain UAL expected move UAL IV rank UAL put/call ratio UAL options flow