UALUnited Airlines Holdings, Inc. Common Stock
Options Analysis Report•AIR TRANSPORTATION, SCHEDULED
Market Cap $33.0B|NASDAQ
● 2026-04-17$101.80
BULLISH
Analysis: 2026-04-16 EOD data
1Y +55.9%YTD -9.9%7D +5.6%
Options Vol
19,571
30D
Implied Move
±17.9%
IV Rank
53%
UAL Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
3.8
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 93.0% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.06x — IV premium over HV
Sector Relative≤50%
Sector percentile 93% — above sector median
Term Structure
<1.1xFront/Back 1.33x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 59.8% — normal range
Spread-Adjusted Value
<80%Effective IV 72.0% (ATM 59.8% + spread 6.1% + bias) — fair
Execution Efficiency
<3.0%Total drag 13.34% (spread 6.09% + slippage 7.25%) — high friction
Vega Efficiency
≥5.0Vega efficiency 19.43 (vega 11.832 / spread 6.09%) — efficient
Sentiment
Bullish or bearish?
7.2
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksVery Bullish - Strong signal (Conviction: +38%, Raw: +28%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +38% (strong bullish) — Raw: +28%
OI Skew Magnitude
≥15%|OI skew| 14.0% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +19.2%, OI skew +14.0% — aligned
Conviction Quality
≥2/3 conditions0-DTE 48%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +45%, ATM: +21%, OTM: +29% — strong bullish (ITM/ATM aligned)
Sector Relative≤40% or ≥60%
Sector P/C percentile 48% — neutral vs sector
Activity
Unusual activity?
4.2
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks3/9 checks passed
Volume Surge
≥1.5xVolume 0.3x avg — normal
Turnover Rate
≥15%Vol/OI 3.7% — 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 +6.2% (5d) — building
Sector Relative≥60%
Sector activity percentile 49% — neutral vs sector
Trade Quality
≥30%Large trade volume 34% — institutional presence
Execution Urgency
≥60%Aggressive execution 33% — patient
Flow Conviction
≥30Conviction +38 (bullish) — moderate
Liquidity
Can I trade efficiently?
5.7
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks4/8 checks passed
Tradeable Spread
≤5.0%Spread 6.1% — wide
Adequate OI
≥10,000OI 524,125 — deep
Active Volume
≥500Volume 19,571/day — active
Reasonable Cost
≤$0.50$0.30 to cross — cheap
Strike Coverage
≥5 strikes3 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 93% — much wider than sector
Order Book Depth
≥100 contractsDepth 406.3 contracts (bid:177.4 ask:228.9) — adequate
Execution Quality
<1.0%Avg slippage 7.25% — poor
Timing
Is now a good time?
7.8
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks8/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +32.6% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 93% — seller opportunity
Event Detection
≥10pts kinkIV kink 13.6pts — event priced
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 120.24 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)caution advised: Earnings in 4d (elevated risk)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +38% @ 69% consistency — moderate (bullish)
Smart Money Timing
≥40 composite scoreScore 64 (ITM 20% + inst 34%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls5.9
bullishIV expensive, bullish flow
Long Puts4.3
bearishIV expensive, bullish flow
Premium Sellers
Cash-Secured Put6.5
bullishIV rich premium, bullish flow
Covered Call5.1
bearishIV rich premium, bullish flow
For educational purposes only. Not investment advice.