BMAX Options History — November 2025 In November 2025, BMAX traded between $23.05 and $29.40. ATM implied volatility averaged 68.6%, placing in the 54.4% IV rank vs the trailing year. The 30-day expected move averaged 18.1%. IV traded below realized volatility by 25.1% (HV 20d: 93.6%). Max pain ranged from $29.00 to $29.00. Net GEX was positive for 0 of 19 trading days. Term structure was in contango for 1 of 19 days.
Notable Days 2025-11-21 : Highest Volume — 23 contracts2025-11-07 : Largest IV spike — 93.2% change2025-11-26 : Highest IV Rank — 100.0%2025-11-26 : Largest Expected Move — 33.7%Monthly Statistics Metric Avg Min Max Open Close Price $25.17 $23.05 $29.40 $25.70 $23.67 Max Pain $29.00 $29.00 $29.00 $29.00 $29.00 ATM IV 68.6% 47.1% 117.5% 49.1% 78.1% Expected Move 18.1% 10.2% 33.7% 14.1% 22.4% HV 20d 93.6% 74.9% 156.1% 81.6% 156.1% HV 60d 68.9% 57.9% 101.4% 61.7% 101.4% IV Rank 54.4% 24.6% 100.0% 27.6% 54.6% IV Percentile 87.7% 62.5% 100.0% 70.4% 94.8% Term Structure -9.3% -15.4% 2.0% -15.4% -12.9% Skew 25d 35.1% -3.4% 83.2% -3.4% 31.2% Skew 10d 67.3% 3.0% 154.1% 3.0% 108.2% Call IV 25d 52.3% 37.6% 92.7% 53.0% 59.1% Put IV 25d 87.4% 40.6% 147.2% 49.6% 90.3% Bid-Ask Spread % 150.35 138.23 156.07 138.23 155.70 Gamma HHI 0.53 0.44 0.78 0.50 0.44 Net GEX -875 -1.9K -251 -512 -1.9K Net DEX 72.8K 18.2K 102.0K 62.7K 102.0K Net VEX -282 -502 -140 -271 -321 Div Yield 0.0% 0.0% 0.0% 0.0% 0.0% Total Volume 2.158 0 23 0 0 Total OI 71 66 77 66 77
Daily Data (19 trading days) Date Price Max Pain ATM IV Exp Move HV 20d IV Rank VWIV Skew 25d Term Str GEX DEX VEX P/C Spread % Call Wall Put Wall Call Vol Put Vol Call OI Put OI 2025-11-03 $25.70 $29.00 49.1% 14.1% 81.6% 27.6% 0.0% -3.4% -15.4% -512 62.7K -271 0.00 138.23 N/A N/A 0 0 26 40 2025-11-04 $26.30 $29.00 47.1% 13.5% 82.3% 24.6% 0.0% 4.8% -9.6% -277 56.8K -304 0.00 139.39 N/A N/A 0 1 26 40 2025-11-05 $26.27 $29.00 49.2% 14.1% 82.3% 27.7% 0.0% 5.1% -11.7% -251 58.3K -304 0.00 139.49 N/A N/A 0 0 26 41 2025-11-06 $25.69 $0.00 48.4% 10.2% 81.1% 26.5% 0.0% 3.0% -5.4% -578 65.9K -269 0.00 140.20 N/A N/A 0 0 26 41 2025-11-07 $26.30 $0.00 93.5% 12.3% 81.2% 94.4% 0.0% 5.7% -7.2% -426 42.5K -330 0.00 155.22 N/A N/A 0 4 26 41 2025-11-10 $25.63 $0.00 57.2% 10.9% 80.5% 39.8% 0.0% 3.5% -6.6% -807 75.3K -285 0.00 142.10 N/A N/A 0 0 26 45 2025-11-11 $25.50 $0.00 62.0% 11.3% 78.2% 47.0% 0.0% 4.1% -5.7% -817 75.9K -281 0.00 144.46 N/A N/A 0 0 26 45 2025-11-12 $24.80 $0.00 59.8% 17.1% 77.2% 43.6% 0.0% 64.0% -7.3% -809 76.5K -253 0.00 154.61 N/A N/A 0 0 26 45 2025-11-13 $24.71 $0.00 58.6% 16.8% 77.2% 41.9% 0.0% 64.0% -8.0% -813 76.8K -250 0.00 155.25 N/A N/A 0 0 26 45 2025-11-14 $24.30 $0.00 65.1% 18.7% 76.5% 51.6% 0.0% 67.4% -9.9% -777 74.0K -266 0.00 153.39 N/A N/A 0 0 26 45 2025-11-17 $24.02 $0.00 67.6% 19.4% 74.9% 55.5% 0.0% 68.8% -10.0% -458 86.2K -179 0.00 154.65 N/A N/A 0 0 26 45 2025-11-18 $29.00 $0.00 82.2% 23.6% 96.3% 77.3% 0.0% 66.4% -13.0% -791 18.2K -379 0.00 154.85 N/A N/A 0 0 26 45 2025-11-19 $24.05 $0.00 67.0% 19.2% 105.0% 54.6% 0.0% 39.2% -9.3% -336 90.9K -140 0.00 153.90 N/A N/A 0 0 26 45 2025-11-20 $23.20 $0.00 76.8% 22.0% 103.5% 69.2% 0.0% 46.7% -13.0% -957 79.2K -198 0.00 155.74 N/A N/A 0 3 26 45 2025-11-21 $23.05 $0.00 72.0% 20.6% 103.0% 62.0% 0.0% 44.3% -11.0% -1.1K 83.0K -207 0.00 154.88 N/A N/A 0 23 26 48 2025-11-24 $23.53 $0.00 71.0% 20.4% 103.4% 60.5% 0.0% 23.2% -10.1% -1.7K 96.0K -302 0.00 154.30 N/A N/A 0 10 6 66 2025-11-25 $23.18 $0.00 80.7% 23.1% 103.4% 75.1% 0.0% 45.8% -13.3% -1.8K 101.9K -313 0.00 154.20 N/A N/A 0 0 6 71 2025-11-26 $29.40 $0.00 117.5% 33.7% 135.5% 100.0% 0.0% 83.2% 2.0% -1.5K 61.2K -502 0.00 156.07 N/A N/A 0 0 6 71 2025-11-28 $23.67 $0.00 78.1% 22.4% 156.1% 54.6% 0.0% 31.2% -12.9% -1.9K 102.0K -321 0.00 155.70 N/A N/A 0 0 6 71
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