GOVT Options History — January 2025

In January 2025, GOVT traded between $22.24 and $22.59. ATM implied volatility averaged 14.8%, placing in the 23.1% IV rank vs the trailing year. The 30-day expected move averaged 3.0%. IV traded above realized volatility by 10.4% (HV 20d: 4.4%). Max pain ranged from $22.00 to $23.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 11 of 20 days. Put/call ratio averaged 0.39.

Notable Days

2025-01-27: Highest Volume — 203 contracts
2025-01-03: Largest IV spike — 215.5% change
2025-01-03: Highest IV Rank — 71.1%
2025-01-03: Largest Expected Move — 11.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$22.45	$22.24	$22.59	$22.48	$22.55
Max Pain	$22.10	$22.00	$23.00	$23.00	$22.00
ATM IV	14.8%	4.4%	38.4%	12.2%	25.5%
Expected Move	3.0%	1.3%	11.0%	3.5%	7.3%
HV 20d	4.4%	4.0%	5.2%	4.6%	4.2%
HV 60d	4.9%	4.8%	5.0%	4.9%	4.8%
IV Rank	23.1%	1.8%	71.1%	17.6%	44.8%
IV Percentile	58.2%	2.0%	98.8%	77.0%	94.4%
Term Structure	-2.7%	-63.3%	5.2%	-10.7%	5.2%
VWIV	6.3%	4.5%	7.8%	7.8%	6.4%
Skew 25d	1.6%	-0.2%	3.6%	1.8%	0.2%
Skew 10d	1.1%	-1.2%	2.6%	0.4%	1.9%
Call IV 25d	5.1%	3.9%	10.2%	5.9%	7.4%
Put IV 25d	6.7%	4.4%	10.2%	7.7%	7.6%
Bid-Ask Spread %	84.76	46.14	122.05	88.60	112.81
Gamma HHI	0.83	0.78	0.87	0.83	0.83
Net GEX	68.6K	47.9K	88.4K	75.1K	69.0K
Net DEX	-77.4K	-216.8K	7.3K	-91.8K	-216.8K
Net VEX	-914	-1.2K	-634	-1.1K	-1.2K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.39	0.00	2.00	0.00	0.00
Total Volume	25.4	0	203	102	1
Total OI	706.45	600	773	600	773

Daily Data (20 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 Vol	Put Vol	Call OI	Put OI
2025-01-02	$22.48	$23.00	12.2%	3.5%	4.6%	17.6%	0.0%	1.8%	-10.7%	75.1K	-91.8K	-1.1K	0.00	88.60	102	0	517	83
2025-01-03	$22.44	$23.00	38.4%	11.0%	4.4%	71.1%	0.0%	-0.0%	-63.3%	71.2K	-96.8K	-1.1K	1.00	106.91	2	2	619	83
2025-01-06	$22.41	$22.00	14.7%	2.2%	4.3%	22.8%	0.0%	2.6%	-0.6%	72.3K	-69.3K	-1.0K	0.00	46.14	3	0	620	85
2025-01-07	$22.36	$22.00	32.1%	2.0%	4.2%	58.3%	0.0%	3.6%	-0.2%	65.3K	-54.0K	-934	0.00	85.46	5	0	621	85
2025-01-08	$22.38	$22.00	12.8%	2.1%	4.3%	18.8%	0.0%	3.5%	-0.3%	66.8K	-40.6K	-876	0.00	74.25	0	0	621	85
2025-01-10	$22.27	$22.00	16.3%	1.8%	4.5%	26.0%	0.0%	1.8%	0.2%	52.0K	2.3K	-707	1.00	67.67	11	11	621	85
2025-01-13	$22.24	$22.00	23.2%	1.8%	4.4%	40.1%	0.0%	1.5%	0.2%	48.1K	7.3K	-634	0.71	80.25	7	5	621	80
2025-01-14	$22.26	$22.00	28.2%	1.9%	4.4%	50.3%	0.0%	1.5%	0.2%	47.9K	6.9K	-669	0.00	79.90	0	0	625	85
2025-01-15	$22.41	$22.00	5.7%	1.6%	5.1%	4.5%	0.0%	1.8%	-0.1%	65.6K	-42.5K	-773	0.00	69.66	0	35	625	85
2025-01-16	$22.46	$22.00	5.7%	1.6%	5.2%	4.3%	0.0%	2.0%	-0.4%	72.8K	-77.3K	-837	0.00	68.69	0	0	625	82
2025-01-17	$22.46	$22.00	5.8%	1.7%	5.2%	4.6%	7.8%	0.0%	-0.8%	65.9K	-51.8K	-801	0.00	76.00	3	0	625	82
2025-01-21	$22.52	$22.00	10.4%	3.0%	4.4%	14.1%	0.0%	2.5%	2.6%	73.5K	-62.5K	-818	0.00	122.05	3	0	592	82
2025-01-22	$22.48	$22.00	6.0%	1.7%	4.2%	5.0%	0.0%	1.3%	-1.0%	68.3K	-50.9K	-740	0.02	69.04	50	1	594	82
2025-01-23	$22.45	$22.00	4.6%	1.3%	4.1%	2.1%	0.0%	1.1%	1.6%	68.4K	-55.3K	-875	0.33	82.14	3	1	638	83
2025-01-24	$22.48	$22.00	4.4%	1.3%	4.0%	1.8%	4.5%	2.1%	2.2%	73.5K	-66.7K	-909	0.33	71.84	3	1	641	83
2025-01-27	$22.59	$22.00	5.2%	1.5%	4.3%	3.4%	6.4%	0.5%	3.8%	88.4K	-125.9K	-1.0K	0.01	92.62	202	1	643	84
2025-01-28	$22.57	$22.00	10.3%	3.0%	4.3%	13.8%	0.0%	2.5%	2.5%	82.7K	-135.6K	-1.1K	0.00	93.37	0	0	638	85
2025-01-29	$22.56	$22.00	9.9%	2.8%	4.3%	13.1%	0.0%	2.0%	2.3%	80.0K	-141.5K	-1.1K	2.00	90.67	2	4	638	85
2025-01-30	$22.59	$22.00	25.6%	7.3%	4.1%	45.0%	0.0%	-0.2%	2.5%	65.3K	-186.3K	-1.1K	0.00	117.04	50	0	639	89
2025-01-31	$22.55	$22.00	25.5%	7.3%	4.2%	44.8%	0.0%	0.2%	5.2%	69.0K	-216.8K	-1.2K	0.00	112.81	0	1	684	89