GOVT Options History — February 2025

In February 2025, GOVT traded between $22.44 and $22.98. ATM implied volatility averaged 10.6%, placing in the 14.4% IV rank vs the trailing year. The 30-day expected move averaged 2.2%. IV traded above realized volatility by 6.0% (HV 20d: 4.6%). Max pain ranged from $22.00 to $23.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 16 of 19 days. Put/call ratio averaged 3.53.

Notable Days

2025-02-25: Highest Volume — 42 contracts
2025-02-06: Largest IV spike — 325.1% change
2025-02-03: Highest IV Rank — 56.7%
2025-02-03: Largest Expected Move — 9.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$22.66	$22.44	$22.98	$22.52	$22.98
Max Pain	$22.05	$22.00	$23.00	$22.00	$23.00
ATM IV	10.6%	3.5%	31.3%	31.3%	6.7%
Expected Move	2.2%	1.0%	9.0%	9.0%	1.9%
HV 20d	4.6%	4.1%	5.3%	4.2%	5.3%
HV 60d	4.6%	4.4%	4.8%	4.7%	4.8%
IV Rank	14.4%	0.0%	56.7%	56.7%	6.6%
IV Percentile	44.4%	0.0%	96.8%	96.8%	29.0%
Term Structure	1.9%	-0.3%	7.1%	0.1%	1.2%
VWIV	7.7%	5.6%	16.8%	7.1%	6.7%
Skew 25d	2.3%	-2.6%	10.0%	0.4%	8.8%
Skew 10d	1.9%	-1.8%	13.2%	-1.0%	13.2%
Call IV 25d	5.2%	3.5%	8.0%	8.0%	7.2%
Put IV 25d	7.5%	4.2%	16.4%	8.4%	16.0%
Bid-Ask Spread %	68.80	45.46	129.22	96.18	75.55
Gamma HHI	0.88	0.77	0.94	0.77	0.87
Net GEX	89.1K	61.3K	133.4K	80.8K	69.8K
Net DEX	-214.0K	-311.7K	-108.6K	-231.8K	-118.5K
Net VEX	-1.0K	-1.3K	-703	-1.3K	-1.1K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	3.53	0.00	38.00	7.67	0.38
Total Volume	11.842	0	42	26	11
Total OI	740.211	581	794	773	652

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 Vol	Put Vol	Call OI	Put OI
2025-02-03	$22.52	$22.00	31.3%	9.0%	4.2%	56.7%	0.0%	0.4%	0.1%	80.8K	-231.8K	-1.3K	7.67	96.18	3	23	683	90
2025-02-04	$22.56	$22.00	12.3%	3.5%	4.2%	17.9%	0.0%	4.4%	7.1%	85.1K	-250.7K	-1.2K	0.00	129.22	22	0	684	80
2025-02-05	$22.68	$22.00	4.9%	1.4%	4.5%	2.9%	0.0%	2.7%	2.5%	133.4K	-284.0K	-1.3K	0.00	84.06	0	1	705	80
2025-02-06	$22.66	$22.00	21.0%	1.8%	4.4%	35.6%	0.0%	-1.6%	0.3%	97.4K	-311.7K	-1.2K	0.00	66.05	0	0	705	81
2025-02-07	$22.59	$22.00	23.6%	1.6%	4.6%	41.0%	0.0%	-2.6%	-0.1%	91.2K	-289.9K	-1.2K	0.00	45.46	0	1	705	81
2025-02-10	$22.59	$22.00	13.8%	1.5%	4.1%	20.9%	0.0%	0.4%	1.2%	103.7K	-251.1K	-1.1K	0.67	54.33	3	2	705	82
2025-02-11	$22.55	$22.00	15.9%	1.3%	4.2%	25.3%	0.0%	0.8%	2.7%	100.4K	-224.4K	-1.0K	0.10	46.17	10	1	706	84
2025-02-12	$22.44	$22.00	5.2%	1.5%	4.6%	3.3%	7.1%	0.7%	5.4%	73.9K	-219.8K	-1.0K	0.14	60.50	35	5	706	85
2025-02-13	$22.55	$22.00	9.3%	2.7%	4.3%	11.8%	16.8%	1.6%	2.6%	86.0K	-267.3K	-1.1K	0.20	62.43	5	1	703	85
2025-02-14	$22.63	$22.00	3.6%	1.0%	4.4%	0.1%	0.0%	0.9%	2.7%	101.3K	-263.0K	-1.0K	0.00	64.19	5	0	703	86
2025-02-18	$22.54	$22.00	8.5%	2.4%	4.7%	10.2%	0.0%	-0.2%	2.0%	95.8K	-224.5K	-963	0.00	71.68	1	0	706	86
2025-02-19	$22.56	$22.00	9.7%	2.8%	4.6%	12.6%	0.0%	2.2%	2.0%	98.2K	-222.2K	-865	0.00	77.09	1	0	707	86
2025-02-20	$22.59	$22.00	9.5%	2.7%	4.6%	12.1%	0.0%	1.9%	2.2%	103.1K	-237.9K	-890	0.00	77.83	0	0	708	86
2025-02-21	$22.70	$22.00	4.4%	1.3%	4.8%	1.7%	5.7%	1.8%	2.1%	61.3K	-128.0K	-749	0.29	53.72	7	2	708	86
2025-02-24	$22.73	$22.00	3.5%	1.0%	4.8%	0.0%	0.0%	0.9%	2.1%	67.8K	-108.6K	-703	0.00	46.87	2	0	506	75
2025-02-25	$22.88	$22.00	5.8%	1.7%	5.0%	4.7%	5.8%	9.6%	-0.1%	82.3K	-170.1K	-791	5.00	71.70	7	35	508	75
2025-02-26	$22.93	$22.00	6.4%	1.8%	5.0%	6.0%	6.4%	0.0%	-0.3%	77.8K	-147.1K	-969	0.50	58.67	2	1	508	110
2025-02-27	$22.88	$22.00	5.6%	1.6%	5.1%	4.4%	5.6%	10.0%	0.2%	82.9K	-115.9K	-934	38.00	65.42	1	38	509	109
2025-02-28	$22.98	$23.00	6.7%	1.9%	5.3%	6.6%	6.7%	8.8%	1.2%	69.8K	-118.5K	-1.1K	0.38	75.55	8	3	509	143