GOVT Options History — March 2025

In March 2025, GOVT traded between $22.79 and $22.99. ATM implied volatility averaged 7.6%, placing in the 8.4% IV rank vs the trailing year. The 30-day expected move averaged 2.0%. IV traded above realized volatility by 2.5% (HV 20d: 5.1%). Max pain ranged from $23.00 to $23.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 0.14.

Notable Days

2025-03-24: Highest Volume — 117 contracts
2025-03-26: Largest IV spike — 288.9% change
2025-03-26: Highest IV Rank — 42.7%
2025-03-06: Largest Expected Move — 3.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$22.87	$22.79	$22.99	$22.99	$22.98
Max Pain	$23.00	$23.00	$23.00	$23.00	$23.00
ATM IV	7.6%	5.3%	24.4%	7.1%	6.2%
Expected Move	2.0%	1.5%	3.5%	2.0%	1.7%
HV 20d	5.1%	4.4%	5.7%	5.2%	4.7%
HV 60d	4.8%	4.5%	5.0%	4.8%	4.7%
IV Rank	8.4%	3.7%	42.7%	7.4%	5.4%
IV Percentile	30.7%	9.1%	94.0%	36.5%	21.0%
Term Structure	1.1%	-0.7%	17.9%	-0.7%	-0.1%
VWIV	7.1%	5.5%	12.7%	7.1%	6.1%
Skew 25d	1.6%	-0.9%	6.9%	0.3%	6.8%
Skew 10d	1.6%	-1.2%	9.9%	0.7%	9.9%
Call IV 25d	6.4%	5.2%	7.7%	7.5%	7.3%
Put IV 25d	8.0%	5.5%	14.1%	7.9%	14.1%
Bid-Ask Spread %	106.61	61.30	175.00	61.30	128.17
Gamma HHI	0.69	0.33	0.89	0.83	0.45
Net GEX	74.8K	26.1K	150.6K	72.5K	54.3K
Net DEX	-93.2K	-260.6K	23.1K	-158.6K	-260.6K
Net VEX	-1.2K	-1.9K	-877	-1.1K	-1.5K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.14	0.00	0.81	0.81	0.00
Total Volume	21.429	0	117	56	6
Total OI	683.286	528	737	651	683

Daily Data (21 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
2025-03-03	$22.99	$23.00	7.1%	2.0%	5.2%	7.4%	7.1%	0.3%	-0.7%	72.5K	-158.6K	-1.1K	0.81	61.30	31	25	508	143
2025-03-04	$22.93	$23.00	8.9%	2.6%	5.3%	11.1%	6.9%	2.1%	-0.3%	80.3K	-96.6K	-1.2K	0.00	112.36	93	0	538	154
2025-03-05	$22.84	$23.00	9.0%	2.6%	5.6%	11.3%	12.7%	-0.4%	0.1%	51.3K	-31.7K	-1.1K	0.67	100.39	3	2	512	154
2025-03-06	$22.84	$23.00	12.0%	3.5%	5.3%	17.4%	0.0%	-0.4%	0.5%	47.9K	-50.7K	-1.2K	0.00	93.75	2	0	515	152
2025-03-07	$22.80	$23.00	6.7%	1.9%	5.3%	6.5%	0.0%	0.1%	0.1%	58.6K	-19.8K	-1.1K	0.00	106.24	13	0	515	152
2025-03-10	$22.93	$23.00	6.1%	1.7%	5.5%	5.3%	6.1%	-0.2%	-0.0%	83.6K	-62.5K	-1.1K	0.00	81.57	39	0	523	152
2025-03-11	$22.86	$23.00	6.6%	2.1%	5.6%	6.4%	7.5%	-0.4%	0.1%	75.5K	-52.9K	-1.1K	0.33	81.16	6	2	552	152
2025-03-12	$22.80	$23.00	6.9%	2.9%	5.7%	7.0%	0.0%	-0.9%	17.9%	60.4K	-143.7K	-1.9K	0.00	102.94	1	0	557	153
2025-03-13	$22.88	$23.00	6.4%	1.5%	5.4%	6.0%	0.0%	-0.2%	-0.2%	102.0K	-40.6K	-1.1K	0.00	66.28	17	0	557	153
2025-03-14	$22.82	$23.00	6.3%	1.5%	5.3%	5.7%	0.0%	-0.5%	-0.1%	87.2K	-16.9K	-1.0K	0.00	106.46	2	0	569	153
2025-03-17	$22.84	$23.00	6.1%	1.7%	5.2%	5.3%	6.2%	-0.4%	-0.1%	92.7K	-9.2K	-996	0.25	88.74	12	3	569	153
2025-03-18	$22.87	$23.00	5.9%	2.1%	5.0%	4.9%	9.6%	-0.2%	2.1%	104.4K	-22.4K	-1.1K	0.00	85.23	10	0	571	155
2025-03-19	$22.91	$23.00	5.3%	1.8%	5.0%	3.7%	5.9%	1.7%	1.4%	100.4K	-75.1K	-1.0K	0.00	129.75	16	0	581	155
2025-03-20	$22.94	$0.00	5.9%	1.9%	5.0%	4.8%	0.0%	0.0%	0.1%	150.6K	-67.5K	-1.0K	0.00	175.00	0	0	582	155
2025-03-21	$22.93	$0.00	5.4%	1.6%	4.7%	3.8%	5.5%	5.6%	0.2%	144.3K	-53.7K	-992	0.40	122.02	5	2	582	155
2025-03-24	$22.82	$23.00	6.2%	1.7%	5.1%	5.4%	5.8%	-0.2%	-0.4%	26.1K	23.1K	-877	0.02	95.25	115	2	391	137
2025-03-25	$22.84	$23.00	6.3%	1.7%	4.5%	5.7%	0.0%	6.5%	-0.3%	45.0K	-228.1K	-1.6K	0.00	148.41	0	1	505	139
2025-03-26	$22.80	$23.00	24.4%	2.2%	4.5%	42.7%	5.9%	4.7%	0.6%	36.6K	-182.2K	-1.4K	0.00	145.61	20	0	505	139
2025-03-27	$22.79	$23.00	6.0%	1.8%	4.4%	5.2%	0.0%	1.9%	1.9%	45.3K	-180.8K	-1.4K	0.00	103.90	0	0	525	139
2025-03-28	$22.93	$23.00	5.8%	1.8%	4.7%	4.7%	6.3%	6.9%	0.4%	51.1K	-226.3K	-1.5K	0.00	104.17	22	0	525	139
2025-03-31	$22.98	$23.00	6.2%	1.7%	4.7%	5.4%	6.1%	6.8%	-0.1%	54.3K	-260.6K	-1.5K	0.00	128.17	6	0	544	139