GOVT Options History — July 2025

In July 2025, GOVT traded between $22.63 and $22.88. ATM implied volatility averaged 7.1%, placing in the 5.3% IV rank vs the trailing year. The 30-day expected move averaged 1.7%. IV traded above realized volatility by 2.8% (HV 20d: 4.3%). Max pain ranged from $22.00 to $23.00. Net GEX was positive for 16 of 22 trading days. Term structure was in contango for 19 of 22 days. Put/call ratio averaged 4.01.

Notable Days

2025-07-10: Highest Volume — 106 contracts
2025-07-16: Largest IV spike — 282.2% change
2025-07-08: Highest IV Rank — 34.1%
2025-07-17: Largest Expected Move — 5.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$22.76	$22.63	$22.88	$22.88	$22.82
Max Pain	$22.68	$22.00	$23.00	$23.00	$23.00
ATM IV	7.1%	3.7%	26.6%	4.6%	4.8%
Expected Move	1.7%	1.1%	5.9%	1.3%	1.4%
HV 20d	4.3%	4.0%	4.7%	4.6%	4.3%
HV 60d	4.8%	4.5%	5.5%	5.5%	4.5%
IV Rank	5.3%	0.3%	34.1%	1.7%	1.9%
IV Percentile	20.4%	1.2%	91.7%	4.0%	8.7%
Term Structure	1.8%	-1.7%	3.9%	-1.7%	1.7%
VWIV	15.7%	3.6%	37.8%	5.7%	37.8%
Skew 25d	1.7%	-21.8%	12.7%	-0.1%	12.7%
Skew 10d	2.1%	-1.7%	11.7%	-0.3%	11.7%
Call IV 25d	5.9%	3.3%	27.0%	6.6%	3.5%
Put IV 25d	7.6%	4.6%	16.2%	6.5%	16.2%
Bid-Ask Spread %	110.51	81.68	142.88	107.37	110.48
Gamma HHI	0.52	0.47	0.70	0.70	0.48
Net GEX	6.1K	-13.5K	36.6K	36.6K	4.1K
Net DEX	3.2K	-70.3K	72.7K	-30.3K	-39.6K
Net VEX	-1.9K	-2.7K	-1.6K	-1.9K	-1.6K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	4.01	0.00	60.00	0.00	5.00
Total Volume	14.318	0	106	5	12
Total OI	790.455	724	897	724	741

Daily Data (22 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
2025-07-01	$22.88	$23.00	4.6%	1.3%	4.6%	1.7%	0.0%	-0.1%	-1.7%	36.6K	-30.3K	-1.9K	0.00	107.37	5	0	340	384
2025-07-02	$22.84	$23.00	4.7%	1.3%	4.7%	1.8%	5.7%	-0.4%	-0.1%	33.5K	-29.2K	-1.9K	60.00	89.55	1	60	344	384
2025-07-03	$22.77	$23.00	4.9%	1.2%	4.5%	2.0%	0.0%	-0.0%	1.2%	24.7K	32.3K	-1.8K	0.00	127.75	4	0	345	444
2025-07-07	$22.73	$23.00	10.5%	1.2%	4.5%	10.3%	0.0%	0.7%	1.8%	899	45.4K	-1.8K	0.22	120.70	23	5	345	444
2025-07-08	$22.70	$23.00	26.6%	1.6%	4.0%	34.1%	0.0%	-0.7%	-0.4%	-13.5K	63.0K	-1.7K	0.50	113.70	2	1	362	439
2025-07-09	$22.79	$22.00	4.2%	1.2%	4.2%	1.0%	0.0%	-0.6%	0.9%	1.2K	1.6K	-1.8K	0.27	123.36	22	6	363	440
2025-07-10	$22.79	$22.00	7.3%	2.1%	4.2%	5.6%	0.0%	1.8%	1.6%	-8.5K	11.5K	-1.8K	0.00	133.51	106	0	376	444
2025-07-11	$22.70	$22.00	4.6%	1.3%	4.3%	1.6%	3.6%	1.5%	2.0%	2.2K	24.5K	-2.2K	0.00	122.30	6	0	429	444
2025-07-14	$22.70	$22.00	4.9%	1.4%	4.2%	2.1%	0.0%	1.5%	1.9%	1.2K	6.7K	-2.0K	0.00	109.34	2	0	433	444
2025-07-15	$22.63	$22.00	3.8%	1.1%	4.2%	0.5%	0.0%	1.0%	2.0%	4.9K	72.7K	-2.0K	0.20	108.56	5	1	435	444
2025-07-16	$22.68	$22.00	14.6%	4.2%	4.2%	16.3%	0.0%	-21.8%	3.7%	27.5K	-15.6K	-2.7K	0.00	142.88	0	2	437	445
2025-07-17	$22.66	$22.00	20.5%	5.9%	4.0%	25.1%	37.8%	1.5%	3.9%	16.0K	35.3K	-2.1K	0.07	104.78	14	1	437	447
2025-07-18	$22.70	$23.00	4.5%	1.3%	4.1%	1.5%	0.0%	2.4%	2.4%	-2.7K	59.3K	-1.9K	5.00	83.11	1	5	449	448
2025-07-21	$22.79	$23.00	4.5%	1.3%	4.3%	1.5%	0.0%	2.7%	3.0%	-1.2K	-1.2K	-1.9K	0.00	108.21	23	0	362	364
2025-07-22	$22.82	$23.00	4.3%	1.2%	4.3%	1.2%	0.0%	2.7%	2.7%	1.7K	-57.4K	-1.8K	0.00	108.28	3	0	373	364
2025-07-23	$22.77	$23.00	4.9%	1.4%	4.2%	2.1%	0.0%	2.9%	2.8%	605	-24.7K	-1.8K	1.00	86.24	1	1	375	364
2025-07-24	$22.73	$23.00	3.7%	1.1%	4.2%	0.3%	0.0%	1.5%	2.2%	-356	22.6K	-1.9K	0.00	95.02	0	0	375	364
2025-07-25	$22.79	$23.00	4.1%	1.2%	4.3%	0.9%	0.0%	9.1%	2.1%	173	-9.9K	-1.8K	0.00	113.13	2	0	375	364
2025-07-28	$22.74	$23.00	4.1%	1.2%	4.3%	0.9%	0.0%	7.5%	1.5%	-424	6.6K	-1.6K	0.00	109.25	0	0	377	364
2025-07-29	$22.86	$23.00	4.8%	1.4%	4.5%	1.9%	0.0%	3.1%	2.4%	3.0K	-70.3K	-1.7K	0.00	81.68	1	0	377	364
2025-07-30	$22.80	$23.00	4.7%	1.3%	4.3%	1.7%	0.0%	9.1%	1.9%	2.9K	-31.8K	-1.6K	0.00	131.98	0	0	377	364
2025-07-31	$22.82	$23.00	4.8%	1.4%	4.3%	1.9%	0.0%	12.7%	1.7%	4.1K	-39.6K	-1.6K	5.00	110.48	2	10	377	364