IWM Options History — July 2025

In July 2025, IWM traded between $218.12 and $226.26. ATM implied volatility averaged 21.9%, placing in the 13.2% IV rank vs the trailing year. The 30-day expected move averaged 6.3%. IV traded above realized volatility by 5.6% (HV 20d: 16.3%). Max pain ranged from $210.00 to $218.00. Net GEX was positive for 11 of 22 trading days. Term structure was in contango for 4 of 22 days. Put/call ratio averaged 1.32.

Notable Days

2025-07-01: Highest Volume — 1,771,424 contracts
2025-07-07: Largest IV spike — 8.1% change
2025-07-07: Highest IV Rank — 18.1%
2025-07-31: Largest Expected Move — 6.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$222.23	$218.12	$226.26	$218.12	$219.59
Max Pain	$215.36	$210.00	$218.00	$210.00	$218.00
ATM IV	21.9%	20.9%	22.9%	21.9%	22.5%
Expected Move	6.3%	6.0%	6.7%	6.3%	6.7%
HV 20d	16.3%	15.0%	17.5%	15.5%	15.9%
HV 60d	20.9%	17.5%	32.4%	32.4%	17.5%
IV Rank	13.2%	9.0%	18.1%	15.6%	13.8%
IV Percentile	43.9%	28.2%	59.1%	46.0%	55.2%
Term Structure	-0.2%	-0.6%	0.1%	-0.3%	-0.6%
VWIV	23.8%	21.9%	26.1%	22.3%	26.1%
Skew 25d	3.5%	2.4%	5.1%	2.4%	5.1%
Skew 10d	7.3%	5.4%	9.6%	5.9%	9.5%
Call IV 25d	20.6%	19.5%	21.4%	21.2%	20.6%
Put IV 25d	24.1%	22.5%	25.7%	23.6%	25.7%
Bid-Ask Spread %	1.90	1.52	2.63	2.61	1.93
Gamma HHI	0.04	0.03	0.06	0.04	0.04
Net GEX	-87.8M	-2.79B	1.51B	371.1M	-2.79B
Net DEX	-9.73B	-23.25B	8.31B	-8.32B	8.31B
Net VEX	-324.5M	-337.3M	-314.2M	-325.8M	-334.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.32	0.76	2.48	0.86	2.48
Total Volume	1,221,876.273	892,831	1,771,424	1,771,424	1,626,622
Total OI	11,545,445.591	10,569,353	12,777,657	10,569,353	11,922,761

Daily Data (22 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
2025-07-01	$218.12	$210.00	21.9%	6.3%	15.5%	15.6%	22.3%	2.4%	-0.3%	371.1M	-8.32B	-325.8M	0.86	2.61	953,127	818,297	3,516,824	7,052,529
2025-07-02	$220.57	$210.00	21.9%	6.2%	15.0%	15.6%	23.1%	2.6%	-0.3%	681.2M	-14.32B	-321.7M	0.88	2.26	704,619	622,225	3,653,887	7,240,968
2025-07-03	$222.95	$210.00	21.1%	6.1%	15.2%	13.2%	22.4%	2.6%	-0.1%	1.51B	-18.48B	-321.1M	0.76	1.52	525,014	401,091	3,720,296	7,339,684
2025-07-07	$219.44	$212.00	22.8%	6.5%	16.6%	18.1%	24.5%	3.3%	-0.1%	-343.9M	-7.69B	-323.9M	1.68	1.60	602,666	1,014,355	3,619,501	7,399,512
2025-07-08	$221.48	$214.00	22.2%	6.4%	16.2%	16.5%	23.5%	3.0%	0.0%	435.4M	-12.51B	-321.0M	0.81	1.55	566,393	458,817	3,657,945	7,499,532
2025-07-09	$223.44	$215.00	21.2%	6.1%	16.2%	13.6%	23.2%	2.4%	0.1%	896.4M	-18.54B	-315.7M	1.27	1.56	404,283	515,470	3,768,698	7,641,498
2025-07-10	$225.34	$215.00	20.9%	6.0%	16.4%	12.4%	22.5%	2.5%	0.1%	1.22B	-23.25B	-315.3M	0.90	1.81	699,226	632,493	3,803,512	7,787,097
2025-07-11	$221.82	$215.00	21.6%	6.2%	17.5%	13.1%	23.4%	3.3%	0.1%	235.5M	-12.59B	-327.5M	1.60	1.84	459,460	736,356	3,891,839	7,944,065
2025-07-14	$222.95	$216.00	22.6%	6.5%	17.3%	15.6%	23.1%	3.7%	-0.1%	477.8M	-14.94B	-323.4M	0.86	1.66	527,506	452,159	3,900,493	8,107,052
2025-07-15	$219.50	$215.00	22.9%	6.6%	16.6%	15.0%	24.5%	3.7%	-0.2%	-624.4M	-4.60B	-337.3M	1.35	1.78	674,622	909,284	4,038,965	8,160,266
2025-07-16	$221.20	$217.00	22.6%	6.5%	16.4%	14.2%	25.3%	4.0%	-0.1%	471.1M	-9.93B	-334.1M	1.45	1.95	561,183	816,279	4,088,718	8,332,331
2025-07-17	$223.88	$216.00	21.8%	6.3%	16.2%	11.8%	24.6%	3.4%	-0.1%	1.10B	-17.73B	-329.3M	1.47	2.11	481,981	708,013	4,077,435	8,516,559
2025-07-18	$222.19	$216.00	22.4%	6.4%	16.6%	13.5%	24.3%	3.8%	-0.1%	-267.8M	-12.05B	-334.2M	1.58	2.04	436,131	688,497	4,085,434	8,692,223
2025-07-21	$221.39	$217.00	22.9%	6.6%	16.7%	15.0%	25.0%	4.5%	-0.4%	-979.2M	-1.30B	-335.6M	1.29	2.02	467,898	604,901	3,589,956	7,332,698
2025-07-22	$223.74	$217.00	22.2%	6.4%	16.7%	12.8%	25.7%	4.2%	-0.3%	-214.0M	-7.63B	-325.8M	1.41	2.24	470,568	665,125	3,636,896	7,408,643
2025-07-23	$226.26	$218.00	21.4%	6.2%	16.3%	10.5%	24.7%	3.4%	-0.3%	361.3M	-14.45B	-317.1M	1.76	1.73	462,715	814,620	3,644,936	7,490,523
2025-07-24	$223.75	$217.00	21.1%	6.1%	16.3%	9.5%	23.3%	3.4%	-0.2%	-631.6M	-7.93B	-317.5M	1.47	1.81	443,660	652,001	3,705,266	7,614,276
2025-07-25	$224.44	$217.00	20.9%	6.0%	15.9%	9.0%	21.9%	3.3%	-0.2%	-35.8M	-9.50B	-317.2M	0.82	1.79	512,858	421,015	3,764,472	7,707,677
2025-07-28	$223.97	$217.00	21.0%	6.1%	16.0%	9.2%	22.7%	3.8%	-0.5%	-426.0M	-7.40B	-314.2M	1.08	1.67	429,593	463,238	3,747,549	7,669,963
2025-07-29	$222.57	$218.00	21.5%	6.2%	16.2%	10.6%	23.5%	4.3%	-0.4%	-1.29B	-3.17B	-322.6M	1.40	1.76	451,334	629,703	3,747,522	7,787,860
2025-07-30	$220.56	$218.00	22.1%	6.5%	16.3%	12.5%	24.8%	5.0%	-0.4%	-2.09B	4.04B	-324.9M	1.95	2.63	472,986	922,894	3,800,660	7,891,282
2025-07-31	$219.59	$218.00	22.5%	6.7%	15.9%	13.8%	26.1%	5.1%	-0.6%	-2.79B	8.31B	-334.5M	2.48	1.93	468,021	1,158,601	3,757,794	8,164,967