IWM Options History — March 2025

In March 2025, IWM traded between $198.06 and $209.02. ATM implied volatility averaged 25.3%, placing in the 42.9% IV rank vs the trailing year. The 30-day expected move averaged 7.7%. IV traded above realized volatility by 4.8% (HV 20d: 20.5%). Max pain ranged from $215.00 to $220.00. Net GEX was positive for 0 of 21 trading days. Term structure was in contango for 2 of 21 days. Put/call ratio averaged 1.70.

Notable Days

2025-03-04: Highest Volume — 2,681,958 contracts
2025-03-10: Largest IV spike — 15.0% change
2025-03-10: Highest IV Rank — 68.8%
2025-03-10: Largest Expected Move — 10.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$204.43	$198.06	$209.02	$207.80	$200.23
Max Pain	$218.38	$215.00	$220.00	$220.00	$215.00
ATM IV	25.3%	20.9%	30.7%	26.1%	24.4%
Expected Move	7.7%	6.0%	10.5%	8.2%	6.9%
HV 20d	20.5%	16.0%	25.1%	17.4%	23.5%
HV 60d	19.4%	18.4%	20.7%	19.1%	19.4%
IV Rank	42.9%	22.1%	68.8%	46.6%	38.9%
IV Percentile	82.3%	48.0%	99.6%	95.6%	81.0%
Term Structure	-0.5%	-1.0%	0.1%	0.1%	-0.3%
VWIV	28.2%	22.3%	37.6%	30.1%	26.0%
Skew 25d	4.4%	3.2%	5.8%	5.3%	4.3%
Skew 10d	8.9%	5.8%	12.4%	10.7%	7.9%
Call IV 25d	23.1%	19.4%	27.5%	23.5%	22.2%
Put IV 25d	27.5%	22.6%	33.3%	28.8%	26.5%
Bid-Ask Spread %	1.81	1.23	2.61	1.77	1.95
Gamma HHI	0.04	0.04	0.08	0.04	0.07
Net GEX	-3.01B	-3.64B	-986.9M	-3.41B	-3.09B
Net DEX	45.73B	16.44B	70.91B	48.29B	38.42B
Net VEX	-316.6M	-324.1M	-305.5M	-305.5M	-317.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.70	0.88	2.68	1.93	1.98
Total Volume	1,403,978.286	661,257	2,681,958	1,833,381	1,039,365
Total OI	11,453,342.429	9,810,337	12,796,056	10,424,163	10,283,961

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
2025-03-03	$207.80	$220.00	26.1%	8.2%	17.4%	46.6%	30.1%	5.3%	0.1%	-3.41B	48.29B	-305.5M	1.93	1.77	626,081	1,207,300	3,156,890	7,267,273
2025-03-04	$207.62	$220.00	26.5%	8.4%	17.2%	48.7%	32.0%	5.6%	-0.5%	-3.50B	49.00B	-313.4M	2.33	1.52	804,216	1,877,742	3,302,567	7,419,122
2025-03-05	$208.49	$220.00	26.2%	8.4%	16.1%	47.1%	31.1%	4.9%	-0.7%	-3.24B	45.67B	-320.8M	1.60	1.52	633,638	1,016,171	3,509,262	7,776,287
2025-03-06	$205.02	$220.00	29.0%	9.4%	16.0%	60.7%	34.3%	5.3%	-1.0%	-3.43B	54.22B	-323.4M	1.73	1.37	629,128	1,087,072	3,595,520	7,837,656
2025-03-07	$206.32	$220.00	26.7%	8.5%	16.5%	49.6%	31.9%	4.9%	-0.7%	-3.46B	50.36B	-318.7M	2.52	1.23	568,129	1,433,166	3,740,976	7,949,673
2025-03-10	$201.00	$219.00	30.7%	10.5%	18.0%	68.8%	37.6%	5.8%	-0.9%	-3.42B	63.30B	-319.4M	2.21	1.35	630,523	1,394,025	3,617,752	8,071,932
2025-03-11	$201.86	$218.00	30.0%	10.3%	18.0%	65.7%	36.4%	5.6%	-1.0%	-3.37B	60.91B	-324.1M	1.37	1.54	760,012	1,042,773	3,759,948	8,271,949
2025-03-12	$201.65	$218.00	27.8%	9.1%	18.0%	54.8%	32.0%	4.9%	-0.8%	-3.46B	62.12B	-324.0M	1.00	1.52	623,112	625,241	3,958,476	8,408,187
2025-03-13	$198.06	$218.00	28.5%	9.2%	18.6%	58.4%	32.4%	4.8%	-0.9%	-3.56B	70.91B	-315.0M	1.58	1.33	493,082	780,986	4,035,058	8,432,910
2025-03-14	$202.25	$218.00	25.7%	8.1%	20.2%	45.1%	28.4%	4.3%	-0.6%	-3.59B	59.47B	-321.1M	2.09	1.26	431,779	901,081	4,115,689	8,612,789
2025-03-17	$205.85	$220.00	24.3%	6.7%	21.8%	38.2%	23.4%	4.2%	-0.7%	-3.34B	49.09B	-316.3M	1.24	2.36	435,110	541,510	4,053,840	8,655,316
2025-03-18	$203.39	$220.00	25.5%	6.9%	21.6%	44.2%	25.3%	4.0%	-0.9%	-3.64B	56.32B	-322.5M	1.42	2.61	366,437	521,638	4,047,154	8,746,490
2025-03-19	$206.97	$220.00	23.4%	6.5%	23.1%	33.7%	24.9%	3.6%	-0.7%	-3.00B	38.45B	-320.7M	0.88	2.61	689,375	608,493	4,092,742	8,388,495
2025-03-20	$205.59	$220.00	22.8%	6.4%	23.0%	30.8%	24.7%	3.8%	-0.6%	-2.82B	42.77B	-313.8M	2.60	2.27	356,523	928,624	4,372,107	8,423,949
2025-03-21	$203.63	$220.00	22.8%	6.4%	21.4%	31.0%	24.3%	4.2%	-0.8%	-2.79B	41.71B	-312.5M	1.60	2.37	431,269	690,410	4,431,995	8,098,227
2025-03-24	$209.02	$220.00	21.6%	6.1%	23.8%	25.2%	23.0%	3.2%	-0.0%	-986.9M	16.44B	-313.1M	1.08	2.20	694,014	746,218	3,200,168	6,610,169
2025-03-25	$207.81	$215.00	20.9%	6.0%	23.8%	22.1%	22.8%	3.3%	0.1%	-1.54B	20.38B	-312.7M	0.96	1.79	337,158	324,099	3,161,159	6,748,808
2025-03-26	$205.22	$215.00	22.1%	6.3%	24.1%	27.7%	23.3%	3.6%	-0.1%	-2.21B	26.70B	-312.0M	1.77	1.85	336,356	595,446	3,189,439	6,821,053
2025-03-27	$205.19	$215.00	21.8%	6.2%	23.7%	26.1%	22.3%	3.6%	-0.0%	-2.17B	26.40B	-309.6M	1.13	1.76	354,937	402,652	3,220,003	6,899,030
2025-03-28	$199.98	$215.00	24.0%	6.8%	25.1%	37.0%	25.1%	4.2%	-0.1%	-3.28B	39.45B	-312.1M	2.68	1.83	412,866	1,105,787	3,292,543	6,943,627
2025-03-31	$200.23	$215.00	24.4%	6.9%	23.5%	38.9%	26.0%	4.3%	-0.3%	-3.09B	38.42B	-317.4M	1.98	1.95	349,210	690,155	3,208,416	7,075,545