IWM Options History — August 2025

In August 2025, IWM traded between $214.97 and $236.13. ATM implied volatility averaged 21.7%, placing in the 11.2% IV rank vs the trailing year. The 30-day expected move averaged 6.3%. IV traded above realized volatility by 2.1% (HV 20d: 19.5%). Max pain ranged from $218.00 to $225.00. Net GEX was positive for 8 of 21 trading days. Term structure was in contango for 7 of 21 days. Put/call ratio averaged 1.44.

Notable Days

2025-08-22: Highest Volume — 2,653,311 contracts
2025-08-12: Largest IV drop — 8.9% change
2025-08-01: Highest IV Rank — 22.0%
2025-08-01: Largest Expected Move — 7.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$226.80	$214.97	$236.13	$214.97	$234.63
Max Pain	$220.90	$218.00	$225.00	$218.00	$225.00
ATM IV	21.7%	20.3%	25.3%	25.3%	20.6%
Expected Move	6.3%	6.0%	7.7%	7.7%	6.2%
HV 20d	19.5%	16.2%	23.5%	17.0%	21.2%
HV 60d	17.6%	16.2%	18.4%	17.9%	18.2%
IV Rank	11.2%	7.2%	22.0%	22.0%	8.0%
IV Percentile	40.2%	18.3%	80.6%	80.6%	23.0%
Term Structure	-0.1%	-0.8%	0.7%	-0.8%	-0.4%
VWIV	23.9%	22.0%	29.4%	29.4%	23.0%
Skew 25d	3.4%	2.0%	6.3%	6.3%	2.6%
Skew 10d	7.1%	4.9%	11.7%	11.7%	6.1%
Call IV 25d	20.5%	19.6%	22.6%	22.6%	20.1%
Put IV 25d	23.9%	21.9%	28.9%	28.9%	22.8%
Bid-Ask Spread %	1.80	1.29	2.20	2.03	1.89
Gamma HHI	0.05	0.04	0.08	0.07	0.04
Net GEX	-595.3M	-3.88B	1.51B	-3.88B	-118.7M
Net DEX	-9.05B	-29.70B	24.60B	24.60B	-22.05B
Net VEX	-313.0M	-346.5M	-288.0M	-346.5M	-288.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.44	0.78	2.90	2.90	1.46
Total Volume	1,299,064.476	713,470	2,653,311	2,318,332	934,457
Total OI	12,086,712.857	10,985,845	13,347,392	12,122,650	12,134,680

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
2025-08-01	$214.97	$218.00	25.3%	7.7%	17.0%	22.0%	29.4%	6.3%	-0.8%	-3.88B	24.60B	-346.5M	2.90	2.03	595,121	1,723,211	3,800,350	8,322,300
2025-08-04	$219.37	$220.00	23.1%	6.6%	17.9%	15.6%	24.6%	5.1%	-0.1%	-2.23B	6.97B	-334.8M	1.93	1.76	425,566	819,764	3,689,001	8,372,421
2025-08-05	$220.93	$220.00	23.0%	6.6%	17.7%	15.4%	25.7%	5.0%	-0.1%	-1.72B	2.21B	-333.9M	2.33	1.68	411,471	958,017	3,722,941	8,507,114
2025-08-06	$220.64	$220.00	22.3%	6.4%	17.4%	13.0%	24.4%	4.5%	0.1%	-2.08B	3.21B	-336.2M	1.50	2.10	301,553	452,016	3,782,110	8,656,107
2025-08-07	$219.63	$220.00	22.6%	6.5%	17.1%	14.0%	24.9%	4.5%	-0.1%	-2.48B	6.26B	-335.9M	1.15	2.08	487,342	562,569	3,807,321	8,709,862
2025-08-08	$220.20	$220.00	21.9%	6.3%	16.3%	11.9%	23.7%	4.0%	0.0%	-1.74B	2.94B	-324.7M	1.03	2.04	379,279	390,159	3,843,028	8,754,659
2025-08-11	$220.13	$220.00	22.6%	6.5%	16.2%	14.1%	24.6%	3.9%	0.0%	-2.04B	3.15B	-319.7M	1.33	1.91	436,769	578,877	3,827,419	8,578,256
2025-08-12	$226.64	$220.00	20.6%	6.1%	18.3%	8.1%	23.3%	2.7%	0.4%	920.1M	-18.02B	-300.2M	1.15	2.20	1,008,941	1,164,861	3,896,699	8,649,008
2025-08-13	$231.31	$220.00	20.7%	6.1%	19.4%	8.2%	22.9%	2.1%	0.6%	1.51B	-29.70B	-294.6M	0.97	2.17	922,062	890,078	3,878,961	8,877,498
2025-08-14	$228.27	$220.00	20.6%	6.0%	19.8%	8.1%	23.0%	3.0%	0.5%	521.2M	-17.59B	-307.3M	1.39	2.19	811,418	1,129,124	3,957,624	9,110,594
2025-08-15	$227.36	$220.00	20.8%	6.1%	19.6%	8.7%	22.1%	2.6%	0.7%	-330.0M	-14.22B	-314.4M	1.19	1.47	569,043	676,773	4,066,217	9,281,175
2025-08-18	$227.87	$220.00	20.8%	6.0%	19.5%	8.7%	22.9%	2.9%	-0.4%	-91.6M	-9.51B	-306.3M	1.22	1.37	321,443	392,027	3,483,545	7,502,300
2025-08-19	$226.10	$220.00	21.7%	6.2%	19.5%	11.4%	23.8%	3.3%	-0.4%	-1.06B	-4.48B	-312.4M	1.55	1.51	399,284	618,827	3,488,549	7,548,164
2025-08-20	$225.59	$220.00	21.8%	6.3%	19.1%	11.7%	24.5%	3.3%	-0.4%	-1.14B	-2.51B	-317.0M	2.02	1.35	380,033	768,940	3,523,537	7,712,396
2025-08-21	$225.60	$220.00	22.7%	6.5%	18.6%	14.3%	24.8%	3.5%	-0.6%	-1.08B	-2.31B	-319.9M	1.26	1.29	468,334	588,787	3,561,253	7,824,403
2025-08-22	$234.66	$220.00	20.9%	6.0%	23.2%	9.0%	23.7%	2.2%	-0.4%	1.17B	-27.01B	-294.1M	1.65	1.66	1,002,261	1,651,050	3,647,567	7,832,115
2025-08-25	$232.72	$223.00	20.8%	6.0%	23.5%	8.6%	23.1%	2.5%	-0.4%	124.7M	-18.07B	-302.7M	1.52	1.66	421,820	642,971	3,696,796	7,991,301
2025-08-26	$234.05	$224.00	20.8%	6.1%	23.3%	8.8%	22.4%	2.6%	-0.4%	620.8M	-21.34B	-298.4M	0.86	1.83	547,998	473,606	3,708,489	8,086,383
2025-08-27	$235.95	$224.00	21.0%	6.2%	23.0%	9.2%	23.6%	2.2%	-0.4%	1.13B	-26.31B	-290.7M	1.01	1.97	504,125	508,327	3,773,302	8,146,219
2025-08-28	$236.13	$225.00	20.3%	6.0%	22.8%	7.2%	22.0%	2.0%	-0.3%	1.48B	-26.18B	-294.2M	0.78	1.60	541,880	420,170	3,816,656	8,252,650
2025-08-29	$234.63	$225.00	20.6%	6.2%	21.2%	8.0%	23.0%	2.6%	-0.4%	-118.7M	-22.05B	-288.0M	1.46	1.89	379,491	554,966	3,828,839	8,305,841