IWM Options History — May 2025

In May 2025, IWM traded between $197.31 and $209.86. ATM implied volatility averaged 22.2%, placing in the 16.9% IV rank vs the trailing year. The 30-day expected move averaged 6.4%. IV traded below realized volatility by 7.0% (HV 20d: 29.2%). Max pain ranged from $195.00 to $205.00. Net GEX was positive for 3 of 21 trading days. Term structure was in contango for 9 of 21 days. Put/call ratio averaged 1.68.

Notable Days

2025-05-21: Highest Volume — 1,831,183 contracts
2025-05-21: Largest IV spike — 14.8% change
2025-05-06: Highest IV Rank — 26.9%
2025-05-01: Largest Expected Move — 7.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$204.29	$197.31	$209.86	$197.31	$205.85
Max Pain	$203.43	$195.00	$205.00	$195.00	$205.00
ATM IV	22.2%	18.9%	25.7%	25.1%	20.6%
Expected Move	6.4%	5.5%	7.5%	7.5%	6.0%
HV 20d	29.2%	19.2%	55.9%	55.9%	21.5%
HV 60d	36.6%	35.8%	37.1%	35.8%	36.7%
IV Rank	16.9%	7.3%	26.9%	25.1%	11.7%
IV Percentile	50.6%	19.4%	83.7%	77.8%	33.7%
Term Structure	-0.0%	-0.5%	0.6%	0.1%	0.6%
VWIV	25.2%	21.6%	29.3%	29.3%	25.4%
Skew 25d	4.8%	2.8%	7.1%	6.4%	5.3%
Skew 10d	9.6%	5.5%	13.2%	11.7%	10.7%
Call IV 25d	20.3%	18.0%	22.9%	22.0%	18.6%
Put IV 25d	25.2%	20.8%	28.9%	28.4%	23.9%
Bid-Ask Spread %	2.57	1.63	3.80	1.86	2.78
Gamma HHI	0.04	0.03	0.18	0.04	0.03
Net GEX	-1.00B	-1.95B	1.08B	-1.35B	-1.83B
Net DEX	9.10B	-8.86B	20.52B	19.18B	13.99B
Net VEX	-345.0M	-359.0M	-329.4M	-351.1M	-347.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.68	1.02	3.01	1.90	2.73
Total Volume	1,075,288.381	752,299	1,831,183	1,311,069	1,054,812
Total OI	11,944,824.095	10,589,367	13,094,670	11,626,906	11,999,733

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
2025-05-01	$197.31	$195.00	25.1%	7.5%	55.9%	25.1%	29.3%	6.4%	0.1%	-1.35B	19.18B	-351.1M	1.90	1.86	452,858	858,211	3,673,432	7,953,474
2025-05-02	$200.52	$195.00	24.0%	7.0%	50.9%	22.1%	27.7%	5.4%	0.2%	-891.2M	11.90B	-354.5M	1.76	1.63	528,765	932,580	3,730,091	8,144,731
2025-05-05	$199.49	$203.00	25.1%	7.2%	48.5%	25.1%	26.4%	5.7%	-0.0%	-1.52B	15.19B	-347.7M	1.43	2.31	350,791	502,781	3,793,460	8,195,057
2025-05-06	$197.53	$203.00	25.7%	7.3%	47.9%	26.9%	27.7%	6.0%	-0.2%	-1.68B	19.45B	-348.3M	1.70	2.37	417,219	711,224	3,829,581	8,128,758
2025-05-07	$197.53	$203.00	25.2%	7.2%	45.6%	25.3%	27.6%	5.9%	-0.1%	-1.69B	19.50B	-347.5M	1.36	3.14	365,199	495,281	3,878,074	8,284,376
2025-05-08	$201.89	$203.00	24.4%	7.0%	31.5%	23.0%	26.6%	5.1%	0.0%	-789.2M	7.98B	-349.4M	1.29	2.37	606,852	783,229	3,913,876	8,327,455
2025-05-09	$200.66	$203.00	24.2%	6.9%	22.8%	22.5%	26.4%	4.8%	0.1%	-1.25B	11.04B	-345.8M	1.02	2.37	419,188	425,886	4,049,261	8,478,400
2025-05-12	$207.74	$203.00	20.9%	6.0%	24.3%	13.0%	22.9%	3.2%	-0.1%	455.6M	-6.82B	-331.4M	1.67	2.90	647,300	1,078,948	4,047,806	8,418,969
2025-05-13	$209.44	$204.00	20.1%	5.7%	23.9%	10.7%	22.8%	2.9%	-0.1%	132.1M	-8.86B	-329.4M	1.21	2.94	481,127	580,980	4,026,650	8,602,416
2025-05-14	$206.96	$205.00	20.3%	5.8%	24.4%	11.3%	22.6%	3.1%	-0.1%	-481.5M	-1.19B	-337.2M	1.41	2.60	353,716	498,661	4,050,272	8,737,615
2025-05-15	$207.78	$205.00	19.4%	5.6%	23.5%	8.8%	22.3%	3.0%	0.1%	-366.7M	-2.53B	-337.5M	1.88	2.40	329,924	619,463	4,070,242	8,888,762
2025-05-16	$209.86	$205.00	18.9%	5.5%	23.3%	7.3%	21.6%	2.8%	0.3%	1.08B	-7.44B	-335.1M	1.29	3.80	397,182	512,274	4,062,625	9,032,045
2025-05-19	$208.72	$205.00	20.0%	5.7%	21.0%	10.4%	23.0%	3.7%	0.1%	-667.5M	3.96B	-333.4M	1.85	2.44	302,458	558,167	3,442,779	7,146,588
2025-05-20	$208.86	$205.00	19.9%	5.7%	19.2%	10.3%	21.9%	3.7%	0.1%	-727.5M	4.15B	-336.9M	1.25	2.62	351,981	440,946	3,490,498	7,226,519
2025-05-21	$203.91	$205.00	22.9%	6.6%	21.6%	18.7%	26.1%	5.9%	-0.2%	-1.57B	16.58B	-349.9M	3.01	2.74	456,843	1,374,340	3,533,546	7,312,070
2025-05-22	$203.78	$205.00	22.4%	6.4%	20.8%	17.4%	26.3%	6.1%	-0.1%	-1.79B	18.21B	-356.8M	1.97	2.16	353,323	695,838	3,620,476	7,717,929
2025-05-23	$203.01	$205.00	24.3%	7.0%	20.8%	22.7%	28.0%	7.1%	-0.2%	-1.95B	20.52B	-359.0M	2.09	2.25	322,588	673,783	3,679,140	7,959,622
2025-05-27	$207.39	$205.00	21.3%	6.2%	21.9%	14.2%	24.7%	5.2%	-0.5%	-1.03B	9.26B	-348.6M	1.71	2.59	397,636	681,781	3,630,973	8,004,247
2025-05-28	$205.74	$205.00	21.4%	6.2%	22.2%	14.6%	24.6%	5.1%	-0.5%	-1.63B	13.81B	-348.9M	1.07	2.87	363,291	389,008	3,660,917	8,161,624
2025-05-29	$206.11	$205.00	21.3%	6.2%	21.9%	14.1%	25.0%	4.8%	-0.5%	-1.50B	13.26B	-350.1M	1.63	2.82	309,734	504,888	3,703,777	8,233,440
2025-05-30	$205.85	$205.00	20.6%	6.0%	21.5%	11.7%	25.4%	5.3%	0.6%	-1.83B	13.99B	-347.2M	2.73	2.78	282,558	772,254	3,735,114	8,264,619