HUMHumana Inc.
Options Analysis Report•HOSPITAL & MEDICAL SERVICE PLANS
Market Cap $24.6B|NYSE
● 2026-04-17$205.14
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y -16.6%YTD -22.4%7D +6.8%
Options Vol
4,297
30D
Implied Move
±17.2%
IV Rank
28%
HUM Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
4.7
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks4/9 checks passed
IV Rank
≤35%IV Rank 84.1% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.25x — IV premium over HV
Sector Relative≤50%
Sector percentile 86% — above sector median
Term Structure
<1.1xFront/Back 0.88x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 51.0% — normal range
Spread-Adjusted Value
<80%Effective IV 83.4% (ATM 51.0% + spread 16.2% + bias) — expensive
Execution Efficiency
<3.0%Total drag 24.07% (spread 16.21% + slippage 7.86%) — high friction
Vega Efficiency
≥5.0Vega efficiency 45.30 (vega 73.426 / spread 16.21%) — efficient
Sentiment
Bullish or bearish?
5.9
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: +4%, Raw: +6%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +4% (neutral) — Raw: +6%
OI Skew Magnitude
≥15%|OI skew| 9.6% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +13.2%, OI skew +9.6% — aligned
Conviction Quality
≥2/3 conditions0-DTE 22%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +15%, ATM: +15%, OTM: +3% — bullish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 49% — neutral vs sector
Activity
Unusual activity?
3.3
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 0.5x avg — normal
Turnover Rate
≥15%Vol/OI 3.4% — 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 +13.3% (5d) — building
Sector Relative≥60%
Sector activity percentile 56% — neutral vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 40% — patient
Flow Conviction
≥30Conviction +4 (bullish) — mixed
Liquidity
Can I trade efficiently?
3.2
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks2/8 checks passed
Tradeable Spread
≤5.0%Spread 16.2% — wide
Adequate OI
≥10,000OI 128,140 — deep
Active Volume
≥500Volume 4,297/day — adequate
Reasonable Cost
≤$0.50$0.81 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 86% — much wider than sector
Order Book Depth
≥100 contractsDepth 72.0 contracts (bid:38.6 ask:33.4) — thin
Execution Quality
<1.0%Avg slippage 7.86% — poor
Timing
Is now a good time?
7.2
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -12.1% — contango
IV Percentile Clarity
<30 or >70IV percentile 84% — seller opportunity
Event Detection
≥10pts kinkIV kink -9.8pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1253.01 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)acceptable: Earnings in 12d
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +4% @ 52% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls5.3
bullishIV fair, mixed flow
Long Puts4.6
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put5.4
bullishIV fair, mixed flow
Covered Call4.8
bearishIV fair, mixed flow
For educational purposes only. Not investment advice.