IWM Options History — April 2025

In April 2025, IWM traded between $172.62 and $202.51. ATM implied volatility averaged 32.8%, placing in the 52.5% IV rank vs the trailing year. The 30-day expected move averaged 9.3%. IV traded below realized volatility by 15.4% (HV 20d: 48.2%). Max pain ranged from $195.00 to $213.00. Net GEX was positive for 0 of 21 trading days. Term structure was in contango for 2 of 21 days. Put/call ratio averaged 2.03.

Notable Days

2025-04-04: Highest Volume — 3,057,727 contracts
2025-04-09: Largest IV drop — 35.2% change
2025-04-04: Highest IV Rank — 100.0%
2025-04-08: Largest Expected Move — 13.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$188.46	$172.62	$202.51	$199.43	$194.44
Max Pain	$199.57	$195.00	$213.00	$213.00	$195.00
ATM IV	32.8%	24.6%	51.2%	25.4%	26.5%
Expected Move	9.3%	6.9%	13.9%	7.1%	8.0%
HV 20d	48.2%	23.5%	56.4%	23.5%	55.9%
HV 60d	31.4%	19.3%	35.9%	19.4%	35.8%
IV Rank	52.5%	26.6%	100.0%	43.5%	29.2%
IV Percentile	94.1%	81.7%	100.0%	88.9%	87.7%
Term Structure	-0.8%	-2.3%	0.0%	-0.4%	0.0%
VWIV	35.3%	26.4%	47.8%	26.4%	32.3%
Skew 25d	8.8%	4.7%	17.3%	4.7%	6.8%
Skew 10d	17.0%	9.7%	33.9%	9.7%	12.2%
Call IV 25d	28.4%	22.2%	42.9%	22.9%	22.9%
Put IV 25d	37.3%	27.1%	60.3%	27.5%	29.7%
Bid-Ask Spread %	2.30	1.39	4.84	1.69	1.39
Gamma HHI	0.05	0.04	0.08	0.05	0.05
Net GEX	-2.05B	-3.03B	-1.22B	-2.69B	-1.80B
Net DEX	45.35B	21.26B	77.12B	39.03B	25.12B
Net VEX	-331.2M	-349.1M	-302.1M	-320.1M	-345.3M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	2.03	1.35	3.26	1.56	3.26
Total Volume	1,602,283.333	1,028,601	3,057,727	1,273,877	1,422,919
Total OI	11,418,737.619	10,173,208	12,456,656	10,173,208	11,457,014

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
2025-04-01	$199.43	$213.00	25.4%	7.1%	23.5%	43.5%	26.4%	4.7%	-0.4%	-2.69B	39.03B	-320.1M	1.56	1.69	497,170	776,707	3,126,391	7,046,817
2025-04-02	$202.51	$210.00	24.6%	6.9%	24.2%	39.6%	26.5%	4.9%	-0.3%	-2.20B	31.13B	-326.6M	2.61	1.91	361,691	944,413	3,231,942	7,218,955
2025-04-03	$189.81	$210.00	31.7%	8.8%	32.7%	73.7%	31.8%	6.8%	-0.7%	-3.03B	60.96B	-310.8M	2.97	2.10	664,757	1,971,733	3,291,907	7,333,732
2025-04-04	$182.52	$208.00	40.2%	10.9%	34.8%	100.0%	40.3%	11.5%	-1.5%	-2.40B	69.45B	-313.1M	2.33	4.84	917,192	2,140,535	3,485,250	7,533,581
2025-04-07	$178.65	$202.00	46.2%	12.5%	34.5%	100.0%	45.8%	13.7%	-2.0%	-2.13B	70.43B	-314.5M	1.73	4.03	683,187	1,180,328	3,627,712	7,850,278
2025-04-08	$172.62	$200.00	51.2%	13.9%	35.7%	100.0%	47.8%	17.3%	-2.3%	-1.84B	77.12B	-302.1M	2.22	3.42	593,755	1,321,060	3,723,347	8,054,977
2025-04-09	$190.20	$200.00	33.2%	9.3%	51.6%	48.4%	38.5%	9.6%	-0.8%	-2.29B	47.33B	-344.1M	1.67	3.06	841,268	1,402,326	3,818,122	8,077,451
2025-04-10	$179.77	$200.00	44.1%	12.2%	54.8%	79.6%	45.0%	16.9%	-1.7%	-2.16B	67.39B	-327.9M	2.11	2.86	808,194	1,708,689	3,933,311	8,214,486
2025-04-11	$184.10	$199.00	38.1%	10.7%	54.9%	62.2%	40.9%	12.3%	-0.9%	-2.30B	58.17B	-340.2M	1.35	2.46	694,204	940,314	4,081,790	8,360,345
2025-04-14	$187.33	$198.00	31.2%	8.9%	54.9%	42.6%	34.2%	9.4%	-0.4%	-2.57B	51.79B	-332.0M	1.56	1.69	529,901	827,753	4,102,958	8,294,220
2025-04-15	$186.47	$197.00	30.4%	8.7%	54.9%	40.4%	32.7%	8.9%	-0.3%	-2.71B	53.50B	-330.1M	1.51	2.12	410,322	618,279	4,151,421	8,305,235
2025-04-16	$184.01	$197.00	33.2%	9.5%	54.3%	48.2%	35.7%	8.7%	-0.6%	-2.42B	56.26B	-324.9M	2.15	1.93	416,127	896,557	4,148,901	8,234,552
2025-04-17	$186.85	$197.00	30.6%	8.8%	54.8%	40.8%	33.3%	7.7%	-0.3%	-2.42B	44.03B	-333.9M	1.78	2.25	398,143	707,918	4,226,512	8,021,599
2025-04-21	$182.45	$195.00	34.5%	10.1%	55.2%	52.0%	37.4%	7.4%	-1.3%	-1.85B	43.93B	-327.3M	2.10	1.59	393,366	824,903	3,455,826	7,107,491
2025-04-22	$187.94	$195.00	31.4%	9.2%	55.5%	43.2%	34.6%	6.6%	-1.1%	-1.44B	33.72B	-336.1M	1.53	2.38	474,500	727,244	3,519,103	7,138,200
2025-04-23	$190.25	$195.00	30.4%	8.9%	55.9%	40.2%	33.9%	6.5%	-0.9%	-1.37B	29.69B	-342.2M	2.51	2.07	550,402	1,381,623	3,567,002	7,281,364
2025-04-24	$194.06	$195.00	28.1%	8.3%	56.4%	33.7%	32.4%	6.4%	-0.8%	-1.32B	23.19B	-344.6M	1.72	1.62	445,279	765,797	3,590,174	7,440,902
2025-04-25	$193.69	$195.00	26.4%	7.7%	56.4%	29.0%	30.6%	6.7%	-0.5%	-1.40B	25.03B	-349.1M	2.03	1.84	361,278	732,467	3,669,916	7,566,306
2025-04-28	$194.71	$195.00	26.4%	7.9%	55.8%	28.8%	31.6%	6.6%	-0.1%	-1.56B	23.84B	-346.3M	1.98	1.50	426,699	844,966	3,593,309	7,555,199
2025-04-29	$195.91	$195.00	25.6%	7.7%	55.9%	26.6%	30.2%	6.5%	0.0%	-1.22B	21.26B	-343.7M	1.87	1.51	363,223	680,761	3,677,187	7,678,705
2025-04-30	$194.44	$195.00	26.5%	8.0%	55.9%	29.2%	32.3%	6.8%	0.0%	-1.80B	25.12B	-345.3M	3.26	1.39	334,011	1,088,908	3,658,831	7,798,183