HYG Options History — March 2025

In March 2025, HYG traded between $78.56 and $79.62. ATM implied volatility averaged 6.3%, placing in the 30.6% IV rank vs the trailing year. The 30-day expected move averaged 1.9%. IV traded above realized volatility by 1.9% (HV 20d: 4.4%). Max pain ranged from $79.00 to $80.00. Net GEX was positive for 0 of 21 trading days. Term structure was in contango for 7 of 21 days. Put/call ratio averaged 8.42.

Notable Days

  • 2025-03-13: Highest Volume — 1,764,829 contracts
  • 2025-03-10: Largest IV spike — 25.4% change
  • 2025-03-13: Highest IV Rank — 46.6%
  • 2025-03-10: Largest Expected Move — 2.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$79.18$78.56$79.62$79.53$78.87
Max Pain$79.43$79.00$80.00$80.00$79.00
ATM IV6.3%5.0%8.4%5.8%5.9%
Expected Move1.9%1.6%2.6%1.7%1.8%
HV 20d4.4%3.7%5.1%4.2%4.6%
HV 60d4.8%4.3%5.4%5.1%4.3%
IV Rank30.6%20.3%46.6%27.0%27.2%
IV Percentile75.4%44.4%93.7%71.0%70.2%
Term Structure-0.2%-2.0%0.8%-0.3%-2.0%
VWIV7.5%5.8%9.8%6.6%7.4%
Skew 25d2.9%1.4%5.2%2.7%1.4%
Skew 10d4.9%1.4%10.4%7.0%3.6%
Call IV 25d5.2%4.4%7.1%5.1%6.5%
Put IV 25d8.1%6.4%10.7%7.8%7.8%
Bid-Ask Spread %7.144.0618.0812.765.39
Gamma HHI0.170.130.250.140.23
Net GEX-2.86B-4.71B-1.01B-1.27B-4.03B
Net DEX4.60B961.2M10.23B2.58B5.30B
Net VEX-30.1M-42.9M-21.9M-24.8M-27.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio8.421.2325.682.047.43
Total Volume651,567257,2551,764,829377,568503,268
Total OI7,496,632.9055,248,6129,741,2425,248,6127,641,260

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-03-03$79.53$80.005.8%1.7%4.2%27.0%6.6%2.7%-0.3%-1.27B2.58B-24.8M2.0412.76124,098253,4701,084,5504,164,062
2025-03-04$79.59$80.006.0%1.7%3.8%28.5%8.2%3.5%-0.1%-1.01B2.17B-23.8M12.479.4048,270601,7731,149,6334,294,233
2025-03-05$79.62$80.006.2%1.8%3.7%30.1%7.3%3.4%-0.1%-1.38B2.90B-26.9M4.808.9966,544319,5061,145,7284,529,137
2025-03-06$79.34$80.006.6%1.9%3.7%32.9%8.5%3.8%-0.0%-1.96B4.64B-30.0M18.828.3623,554443,3211,149,5014,625,950
2025-03-07$79.44$80.006.4%1.8%3.7%31.3%7.3%3.5%-0.1%-2.14B4.15B-29.1M9.648.9453,087511,7371,170,7484,826,189
2025-03-10$79.22$80.008.0%2.6%3.7%43.8%9.8%4.5%-0.2%-2.07B5.50B-32.0M9.246.59114,1011,054,8021,198,2364,975,669
2025-03-11$78.94$80.007.3%2.4%3.8%38.4%9.7%5.2%0.8%-2.73B7.49B-38.1M14.4811.9661,691893,0841,313,2215,627,829
2025-03-12$78.97$80.006.8%2.0%3.9%34.3%7.8%3.0%-0.1%-3.64B6.74B-32.5M4.794.06152,435730,4061,368,9786,099,825
2025-03-13$78.56$79.508.4%2.5%4.2%46.6%9.7%3.4%-0.7%-4.08B10.23B-42.9M9.394.80169,9111,594,9181,463,0526,387,694
2025-03-14$78.88$79.506.4%1.9%4.2%31.1%6.8%2.7%-0.3%-4.71B7.90B-37.9M1.424.12238,356338,0511,576,5807,034,999
2025-03-17$79.09$79.006.4%1.8%4.3%31.6%8.2%2.3%-0.1%-3.34B5.69B-36.6M19.2018.0838,222734,0481,707,0577,017,994
2025-03-18$79.00$79.006.2%1.8%4.3%29.8%8.7%3.1%0.1%-4.25B7.00B-37.7M2.885.47137,734396,9341,729,1957,291,572
2025-03-19$79.47$79.006.2%1.8%4.8%29.8%7.1%2.5%-0.9%-2.31B2.49B-29.0M5.725.7886,004492,1221,725,6057,404,679
2025-03-20$79.34$79.005.8%1.7%4.8%26.6%6.5%2.3%-0.9%-3.30B2.55B-25.9M2.414.53123,250296,6791,794,3187,859,997
2025-03-21$79.20$79.006.0%1.7%4.9%28.2%6.5%2.3%0.0%-3.38B3.50B-29.5M1.234.84170,322210,0731,819,5617,921,681
2025-03-24$79.47$79.005.1%1.7%5.0%21.2%5.8%1.9%0.2%-1.53B1.06B-23.9M3.764.7597,980368,7141,228,8536,280,830
2025-03-25$79.41$79.005.0%1.6%5.0%20.3%6.0%1.9%0.2%-1.65B961.2M-21.9M25.684.5019,912511,3801,293,7076,296,009
2025-03-26$79.06$79.005.8%1.6%5.1%26.7%7.0%2.2%0.0%-3.13B3.97B-27.6M4.044.9771,618289,3071,292,5456,348,548
2025-03-27$78.97$79.005.7%1.6%5.1%25.7%6.4%2.2%0.1%-3.77B4.22B-25.1M6.785.2733,057224,1981,322,9166,427,732
2025-03-28$78.84$79.006.3%1.8%5.0%30.5%6.8%2.2%-0.1%-4.29B5.65B-29.3M10.576.3693,774991,1961,318,9136,520,505
2025-03-31$78.87$79.005.9%1.8%4.6%27.2%7.4%1.4%-2.0%-4.03B5.30B-27.7M7.435.3959,711443,5571,344,6696,296,591