GOVT Options History — April 2025

In April 2025, GOVT traded between $22.63 and $23.19. ATM implied volatility averaged 14.9%, placing in the 17.1% IV rank vs the trailing year. The 30-day expected move averaged 3.2%. IV traded above realized volatility by 8.6% (HV 20d: 6.3%). Max pain ranged from $22.00 to $23.00. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 1.66.

Notable Days

2025-04-10: Highest Volume — 1,121 contracts
2025-04-04: Largest IV spike — 850.1% change
2025-04-04: Highest IV Rank — 100.0%
2025-04-10: Largest Expected Move — 10.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$22.88	$22.63	$23.19	$22.98	$23.06
Max Pain	$22.90	$22.00	$23.00	$23.00	$23.00
ATM IV	14.9%	6.2%	71.3%	6.4%	6.4%
Expected Move	3.2%	1.7%	10.7%	1.7%	1.8%
HV 20d	6.3%	4.5%	7.0%	4.6%	6.7%
HV 60d	5.4%	4.7%	5.6%	4.7%	5.6%
IV Rank	17.1%	4.0%	100.0%	6.0%	4.3%
IV Percentile	56.9%	23.0%	100.0%	26.2%	26.6%
Term Structure	-3.1%	-36.5%	8.0%	-0.0%	1.2%
VWIV	16.9%	6.1%	45.0%	6.1%	37.3%
Skew 25d	-2.6%	-29.5%	6.7%	0.5%	5.3%
Skew 10d	-0.6%	-30.6%	10.2%	0.5%	10.2%
Call IV 25d	11.5%	5.4%	37.1%	7.4%	7.5%
Put IV 25d	8.9%	5.7%	19.0%	7.9%	12.8%
Bid-Ask Spread %	121.17	69.89	164.48	129.21	127.85
Gamma HHI	0.40	0.30	0.56	0.44	0.34
Net GEX	45.5K	-48.6K	107.3K	56.4K	36.4K
Net DEX	-105.5K	-640.7K	230.6K	-286.5K	81.4K
Net VEX	-3.1K	-4.0K	-1.6K	-1.6K	-3.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.66	0.00	10.17	0.00	0.33
Total Volume	171.619	0	1,121	1	6
Total OI	1,620.905	686	2,867	686	1,512

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
2025-04-01	$22.98	$23.00	6.4%	1.7%	4.6%	6.0%	6.1%	0.5%	-0.0%	56.4K	-286.5K	-1.6K	0.00	129.21	1	0	547	139
2025-04-02	$22.94	$23.00	7.3%	2.0%	4.5%	7.7%	8.0%	-0.9%	-0.4%	61.0K	-300.5K	-1.8K	0.00	145.09	183	0	548	139
2025-04-03	$23.11	$23.00	7.5%	1.9%	5.1%	8.2%	0.0%	0.9%	3.0%	107.3K	-640.7K	-2.2K	0.00	114.90	6	0	715	139
2025-04-04	$23.19	$23.00	71.3%	2.3%	5.1%	100.0%	8.1%	-29.5%	-0.2%	88.9K	-640.2K	-2.4K	1.13	127.39	121	137	715	139
2025-04-07	$22.96	$23.00	11.3%	2.4%	6.1%	11.6%	8.3%	-0.5%	8.0%	74.3K	-438.6K	-3.0K	0.00	100.61	93	0	671	274
2025-04-08	$22.89	$23.00	40.2%	7.7%	6.1%	54.2%	45.0%	-18.4%	-36.5%	76.4K	-386.8K	-2.5K	0.77	126.78	60	46	688	274
2025-04-09	$22.73	$23.00	6.2%	1.8%	6.5%	4.0%	0.0%	0.8%	1.5%	73.7K	-281.8K	-2.3K	7.93	118.29	83	658	686	288
2025-04-10	$22.71	$23.00	37.2%	10.7%	6.4%	49.8%	39.3%	-17.5%	-32.1%	-48.6K	-47.2K	-3.5K	0.00	164.48	1,118	3	739	876
2025-04-11	$22.63	$23.00	9.2%	2.6%	6.5%	8.4%	0.0%	-1.4%	-0.1%	4.6K	230.6K	-3.1K	10.17	100.89	6	61	1,824	878
2025-04-14	$22.74	$23.00	9.0%	2.6%	6.7%	8.1%	0.0%	-0.9%	-0.4%	17.9K	177.1K	-3.0K	2.40	90.22	15	36	1,830	933
2025-04-15	$22.79	$23.00	8.2%	2.4%	6.7%	7.0%	0.0%	-1.6%	0.3%	96.4K	-170.1K	-3.4K	0.13	108.94	38	5	1,845	969
2025-04-16	$22.86	$23.00	7.4%	2.1%	6.8%	5.7%	0.0%	-0.5%	0.3%	27.1K	-89.5K	-2.9K	2.00	109.26	5	10	1,883	969
2025-04-17	$22.80	$23.00	7.0%	2.0%	6.8%	5.2%	0.0%	-0.9%	0.2%	39.4K	519	-2.9K	0.00	118.91	0	430	1,888	979
2025-04-21	$22.71	$23.00	7.4%	2.1%	7.0%	5.7%	7.5%	-1.3%	0.5%	27.0K	104.5K	-4.0K	0.00	69.89	380	0	732	707
2025-04-22	$22.73	$22.00	29.3%	8.4%	6.8%	38.0%	9.9%	6.7%	-2.2%	26.6K	112.9K	-4.0K	3.37	134.56	19	64	878	707
2025-04-23	$22.77	$22.00	11.2%	3.2%	6.8%	11.4%	9.1%	-5.1%	-5.8%	28.8K	114.1K	-4.0K	0.00	126.40	0	1	881	751
2025-04-24	$22.86	$23.00	6.6%	1.9%	6.9%	4.6%	0.0%	5.5%	0.2%	47.5K	48.8K	-4.0K	0.00	136.57	10	0	881	752
2025-04-25	$22.91	$23.00	7.2%	2.1%	7.0%	5.5%	7.3%	-0.2%	0.4%	58.2K	-25.7K	-4.0K	0.00	119.28	5	0	891	752
2025-04-28	$22.98	$23.00	8.9%	2.6%	6.7%	8.0%	0.0%	4.8%	-3.1%	24.4K	140.4K	-3.4K	0.00	148.44	0	0	759	751
2025-04-29	$23.05	$23.00	7.5%	2.2%	6.7%	5.9%	37.3%	0.4%	-0.3%	31.0K	81.0K	-3.3K	0.33	126.67	3	1	759	751
2025-04-30	$23.06	$23.00	6.4%	1.8%	6.7%	4.3%	0.0%	5.3%	1.2%	36.4K	81.4K	-3.4K	0.00	127.85	0	6	760	752