GOVT Options History — November 2025

In November 2025, GOVT traded between $23.05 and $23.30. ATM implied volatility averaged 9.5%, placing in the 9.6% IV rank vs the trailing year. The 30-day expected move averaged 2.1%. IV traded above realized volatility by 6.1% (HV 20d: 3.4%). 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 11 of 19 days. Put/call ratio averaged 0.73.

Notable Days

2025-11-28: Highest Volume — 218 contracts
2025-11-10: Largest IV spike — 1777.7% change
2025-11-10: Highest IV Rank — 95.5%
2025-11-20: Largest Expected Move — 7.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$23.16	$23.05	$23.30	$23.11	$23.27
Max Pain	$22.16	$22.00	$23.00	$23.00	$22.00
ATM IV	9.5%	3.3%	68.2%	3.3%	4.6%
Expected Move	2.1%	0.9%	7.3%	0.9%	1.3%
HV 20d	3.4%	3.0%	4.1%	3.8%	3.0%
HV 60d	3.6%	3.3%	3.7%	3.6%	3.3%
IV Rank	9.6%	0.5%	95.5%	0.5%	2.4%
IV Percentile	33.3%	1.2%	99.6%	1.2%	20.2%
Term Structure	2.9%	-18.8%	21.6%	1.0%	-0.6%
VWIV	11.0%	5.1%	39.2%	5.4%	5.1%
Skew 25d	0.4%	-19.9%	30.2%	-1.9%	-1.0%
Skew 10d	4.8%	-1.8%	18.4%	0.5%	-1.8%
Call IV 25d	9.3%	4.6%	48.9%	6.0%	6.1%
Put IV 25d	9.7%	3.9%	36.2%	4.1%	5.1%
Bid-Ask Spread %	110.32	11.84	172.45	153.45	14.38
Gamma HHI	0.46	0.36	0.52	0.45	0.46
Net GEX	90.0K	43.6K	134.3K	76.9K	122.4K
Net DEX	-523.5K	-702.9K	-403.1K	-428.4K	-651.2K
Net VEX	-2.1K	-3.6K	-1.7K	-1.8K	-1.9K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.73	0.00	10.00	0.00	0.00
Total Volume	34.842	0	218	2	218
Total OI	941.684	823	1,078	823	1,077

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
2025-11-03	$23.11	$23.00	3.3%	0.9%	3.8%	0.5%	0.0%	-1.9%	1.0%	76.9K	-428.4K	-1.8K	0.00	153.45	2	0	742	81
2025-11-04	$23.13	$23.00	3.3%	0.9%	3.7%	0.5%	0.0%	-2.1%	1.6%	81.9K	-455.2K	-1.9K	0.00	153.50	40	0	743	81
2025-11-05	$23.05	$23.00	3.6%	1.0%	3.9%	0.9%	0.0%	-2.5%	0.1%	73.6K	-403.1K	-1.8K	10.00	145.44	1	10	783	81
2025-11-06	$23.13	$22.00	3.5%	1.6%	4.1%	0.8%	5.4%	0.7%	-0.4%	88.5K	-472.2K	-2.0K	0.50	126.35	2	1	783	81
2025-11-07	$23.14	$22.00	3.6%	1.4%	3.6%	1.0%	0.0%	0.5%	0.3%	85.7K	-471.8K	-2.0K	0.00	139.90	0	0	784	82
2025-11-10	$23.12	$22.00	68.2%	6.6%	3.6%	95.5%	39.2%	-19.9%	18.4%	43.6K	-702.9K	-3.6K	0.00	172.45	0	1	784	82
2025-11-11	$23.18	$22.00	5.9%	1.4%	3.6%	4.3%	0.0%	1.4%	-0.6%	89.0K	-468.7K	-2.0K	0.00	136.30	0	1	784	83
2025-11-12	$23.18	$22.00	5.3%	1.5%	3.5%	3.4%	0.0%	0.4%	1.1%	83.7K	-483.3K	-2.0K	0.00	122.95	3	0	784	84
2025-11-13	$23.13	$22.00	4.6%	1.3%	3.3%	2.3%	0.0%	2.0%	-0.5%	81.2K	-446.5K	-1.8K	0.50	129.51	2	1	786	84
2025-11-14	$23.09	$22.00	5.6%	1.6%	3.3%	3.8%	0.0%	3.8%	-0.6%	71.3K	-421.0K	-1.7K	0.00	116.31	5	0	788	85
2025-11-17	$23.12	$22.00	5.7%	1.6%	3.3%	3.9%	0.0%	0.5%	21.1%	67.0K	-436.7K	-1.8K	0.02	126.83	100	2	789	85
2025-11-18	$23.13	$22.00	5.3%	1.5%	3.3%	3.4%	5.3%	3.1%	21.6%	59.3K	-672.8K	-3.6K	0.00	128.00	103	0	889	87
2025-11-19	$23.12	$22.00	4.7%	1.3%	3.2%	2.5%	0.0%	3.2%	-1.0%	102.2K	-531.0K	-2.2K	0.00	128.09	0	1	990	87
2025-11-20	$23.16	$22.00	25.4%	7.3%	3.2%	32.8%	6.1%	30.2%	-1.1%	114.5K	-539.2K	-2.3K	0.00	133.72	96	0	990	88
2025-11-21	$23.20	$22.00	5.4%	1.6%	3.3%	3.6%	5.2%	1.9%	0.1%	118.2K	-543.8K	-1.9K	0.00	11.84	42	0	987	88
2025-11-24	$23.24	$22.00	5.0%	1.4%	3.4%	3.0%	0.0%	-1.8%	13.3%	131.1K	-570.1K	-2.0K	0.00	73.01	1	0	980	67
2025-11-25	$23.27	$22.00	14.0%	4.0%	3.4%	16.2%	0.0%	-4.6%	-18.8%	134.3K	-594.6K	-2.2K	0.00	57.78	9	0	980	67
2025-11-26	$23.30	$22.00	4.2%	1.2%	3.0%	1.8%	0.0%	-7.1%	1.1%	84.9K	-653.8K	-1.9K	0.00	26.25	21	0	989	67
2025-11-28	$23.27	$22.00	4.6%	1.3%	3.0%	2.4%	5.1%	-1.0%	-0.6%	122.4K	-651.2K	-1.9K	0.00	14.38	218	0	1,010	67