GOVT Options History — May 2025

In May 2025, GOVT traded between $22.51 and $22.91. ATM implied volatility averaged 16.3%, placing in the 18.9% IV rank vs the trailing year. The 30-day expected move averaged 2.5%. IV traded above realized volatility by 10.9% (HV 20d: 5.4%). Max pain ranged from $23.00 to $23.00. Net GEX was positive for 8 of 21 trading days. Term structure was in contango for 16 of 21 days. Put/call ratio averaged 2.58.

Notable Days

  • 2025-05-02: Highest Volume — 252 contracts
  • 2025-05-07: Largest IV spike — 278.5% change
  • 2025-05-12: Highest IV Rank — 87.4%
  • 2025-05-23: Largest Expected Move — 7.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$22.69$22.51$22.91$22.91$22.74
Max Pain$23.00$23.00$23.00$23.00$23.00
ATM IV16.3%3.9%62.7%6.4%5.1%
Expected Move2.5%1.1%7.4%1.8%1.5%
HV 20d5.4%4.7%7.1%7.1%4.7%
HV 60d5.6%5.5%5.8%5.7%5.5%
IV Rank18.9%0.6%87.4%4.3%2.5%
IV Percentile51.8%1.2%99.6%27.0%6.7%
Term Structure1.4%-6.3%4.8%0.1%1.5%
VWIV5.9%4.7%8.4%4.7%4.7%
Skew 25d0.9%-6.1%11.5%0.2%11.5%
Skew 10d-0.3%-5.7%13.8%-0.0%13.8%
Call IV 25d6.2%3.3%12.2%7.7%6.0%
Put IV 25d7.1%4.4%17.4%7.8%17.4%
Bid-Ask Spread %101.6366.86142.14124.9778.36
Gamma HHI0.490.330.840.340.59
Net GEX-2.4K-27.7K35.5K24.4K35.5K
Net DEX160.4K-57.0K279.0K161.1K128.7K
Net VEX-3.0K-3.9K-2.6K-3.1K-2.6K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.580.0020.500.008.00
Total Volume57.33312522225
Total OI1,743.0481,4591,8961,5171,896

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-05-01$22.91$23.006.4%1.8%7.1%4.3%0.0%0.2%0.1%24.4K161.1K-3.1K0.00124.9702759758
2025-05-02$22.80$23.005.2%1.5%6.7%2.5%0.0%2.1%1.7%14.0K122.4K-2.9K0.00128.232520759700
2025-05-05$22.77$23.006.6%1.9%6.6%4.5%0.0%-0.2%1.8%23.6K137.1K-3.0K0.31101.741341,000700
2025-05-06$22.80$23.005.2%2.2%5.7%2.5%0.0%-2.2%-2.0%28.8K93.2K-3.0K17.00120.871171,011689
2025-05-07$22.84$23.0019.7%1.8%5.6%24.0%0.0%-0.6%0.4%15.4K43.4K-3.0K4.00107.93141,011704
2025-05-08$22.73$23.0043.0%1.3%5.3%58.3%4.7%0.0%4.3%-4.5K131.7K-2.8K0.01107.0613521,011702
2025-05-09$22.73$23.0043.8%1.5%5.3%59.5%0.0%-1.4%0.6%82279.2K-3.1K0.00109.42101,061702
2025-05-12$22.63$23.0062.7%1.4%5.4%87.4%5.0%0.7%3.9%-9.6K179.3K-2.9K0.2168.9981171,061702
2025-05-13$22.59$23.0019.9%1.7%5.1%24.2%7.1%-2.7%-0.1%-13.4K208.2K-3.0K0.5082.65211,076715
2025-05-14$22.55$23.004.7%1.4%5.0%1.9%0.0%0.8%2.1%-22.7K258.6K-2.8K0.0092.17101,076714
2025-05-15$22.66$23.005.4%1.6%5.2%2.8%0.0%1.1%2.9%-16.9K146.5K-3.0K0.0084.73101,077714
2025-05-16$22.68$23.006.9%2.0%5.2%5.0%0.0%-1.7%-0.7%-18.9K177.7K-2.9K0.50136.19211,096714
2025-05-19$22.66$23.003.9%1.1%5.0%0.6%6.9%1.6%3.1%-17.5K214.5K-2.8K0.0089.33201,036697
2025-05-20$22.63$23.006.0%1.7%5.0%3.7%5.5%-0.3%-0.8%-22.9K211.2K-2.8K0.0866.865241,038697
2025-05-21$22.51$23.009.6%2.7%5.3%9.0%0.0%1.8%2.6%-27.7K279.0K-2.8K0.0093.12201,048701
2025-05-22$22.55$23.0022.2%6.4%5.1%27.6%5.7%-6.1%-6.3%-14.2K236.6K-3.2K0.40104.251041,049701
2025-05-23$22.59$23.0025.7%7.4%5.0%32.8%0.0%11.1%3.0%-18.7K246.5K-2.7K0.00100.3610101,050705
2025-05-27$22.68$23.0022.1%6.3%5.1%27.5%4.8%1.0%3.8%12.4K-57.0K-3.9K0.00142.1415101,151705
2025-05-28$22.64$23.0010.8%3.1%5.0%10.7%6.0%4.3%2.4%-7.1K190.3K-2.8K20.5095.182411,084705
2025-05-29$22.70$23.007.6%2.2%5.1%6.0%8.4%-0.9%4.8%-11.5K181.0K-2.7K0.0099.777201,083746
2025-05-30$22.74$23.005.1%1.5%4.7%2.5%4.7%11.5%1.5%35.5K128.7K-2.6K8.0078.36252001,150746