IWM Options History — October 2025

In October 2025, IWM traded between $238.63 and $250.19. ATM implied volatility averaged 21.9%, placing in the 11.9% IV rank vs the trailing year. The 30-day expected move averaged 6.3%. IV traded above realized volatility by 3.7% (HV 20d: 18.2%). Max pain ranged from $235.00 to $244.00. Net GEX was positive for 7 of 23 trading days. Term structure was in contango for 12 of 23 days. Put/call ratio averaged 1.48.

Notable Days

2025-10-16: Highest Volume — 2,584,409 contracts
2025-10-10: Largest IV spike — 20.2% change
2025-10-16: Highest IV Rank — 24.9%
2025-10-16: Largest Expected Move — 7.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$245.88	$238.63	$250.19	$242.82	$246.51
Max Pain	$240.00	$235.00	$244.00	$235.00	$244.00
ATM IV	21.9%	20.0%	26.2%	20.0%	21.5%
Expected Move	6.3%	5.3%	7.4%	5.6%	6.3%
HV 20d	18.2%	13.4%	21.4%	14.2%	21.3%
HV 60d	18.3%	16.9%	19.5%	17.5%	18.7%
IV Rank	11.9%	6.3%	24.9%	6.3%	10.8%
IV Percentile	45.9%	12.7%	88.1%	12.7%	48.8%
Term Structure	-0.1%	-0.7%	0.4%	0.2%	0.4%
VWIV	23.7%	19.4%	28.3%	20.3%	25.3%
Skew 25d	3.8%	2.5%	7.2%	2.6%	3.2%
Skew 10d	8.0%	5.9%	13.8%	6.6%	6.6%
Call IV 25d	20.3%	19.0%	23.1%	19.1%	20.2%
Put IV 25d	24.1%	21.7%	30.3%	21.7%	23.4%
Bid-Ask Spread %	2.09	1.42	3.29	2.11	1.96
Gamma HHI	0.04	0.03	0.09	0.03	0.04
Net GEX	-644.0M	-3.25B	982.7M	-300.9M	-1.63B
Net DEX	-14.96B	-27.08B	542.9M	-15.50B	-9.88B
Net VEX	-283.8M	-304.7M	-262.1M	-276.9M	-302.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.48	1.05	2.54	1.05	1.60
Total Volume	1,541,207.522	927,365	2,584,409	927,365	1,371,559
Total OI	11,062,879.087	10,293,418	12,251,334	10,609,016	11,397,501

Daily Data (23 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
2025-10-01	$242.82	$235.00	20.0%	5.6%	14.2%	6.3%	20.3%	2.6%	0.2%	-300.9M	-15.50B	-276.9M	1.05	2.11	452,588	474,777	3,078,967	7,530,049
2025-10-02	$243.88	$235.00	20.3%	5.5%	13.7%	7.2%	20.3%	2.9%	0.2%	610.9M	-18.59B	-275.4M	1.06	2.02	455,160	480,341	3,120,622	7,583,015
2025-10-03	$246.11	$235.00	20.1%	5.3%	13.8%	6.5%	19.4%	2.7%	0.3%	982.7M	-22.51B	-268.9M	1.28	1.65	663,211	850,773	3,106,781	7,657,119
2025-10-06	$246.87	$238.00	20.1%	5.9%	13.9%	6.7%	21.8%	2.6%	0.3%	444.5M	-23.78B	-262.1M	1.37	1.86	498,839	683,757	3,078,736	7,653,730
2025-10-07	$244.29	$240.00	20.8%	6.0%	14.3%	8.7%	22.6%	3.2%	0.2%	-971.0M	-14.42B	-281.6M	1.52	1.92	522,397	792,732	3,173,593	7,803,694
2025-10-08	$246.47	$240.00	20.3%	5.9%	14.5%	7.2%	22.3%	2.8%	0.3%	162.6M	-21.45B	-269.9M	1.35	2.13	473,689	640,574	3,207,452	7,876,698
2025-10-09	$245.22	$240.00	20.3%	5.9%	13.4%	7.3%	21.4%	3.1%	0.3%	-623.7M	-17.89B	-274.2M	1.09	2.85	522,670	569,637	3,213,268	8,011,883
2025-10-10	$238.63	$240.00	24.4%	6.9%	16.5%	19.6%	25.7%	5.8%	-0.3%	-3.25B	542.9M	-292.2M	2.54	2.61	624,775	1,588,207	3,256,502	8,031,673
2025-10-13	$244.33	$240.00	22.4%	6.3%	18.5%	13.6%	24.8%	4.4%	-0.3%	-459.1M	-16.53B	-274.4M	1.89	2.86	383,949	724,577	3,236,115	8,072,250
2025-10-14	$247.53	$240.00	23.8%	6.7%	18.9%	17.7%	26.0%	4.8%	-0.5%	352.3M	-23.20B	-269.1M	1.41	3.29	869,010	1,221,999	3,210,395	8,140,470
2025-10-15	$250.19	$240.00	23.6%	6.7%	19.1%	17.1%	25.2%	4.7%	-0.3%	944.8M	-27.08B	-271.5M	1.25	2.07	1,038,101	1,292,758	3,242,298	8,293,191
2025-10-16	$244.57	$240.00	26.2%	7.4%	19.6%	24.9%	28.3%	7.2%	-0.6%	-1.15B	-10.53B	-303.1M	1.75	1.62	938,822	1,645,587	3,319,562	8,490,981
2025-10-17	$243.43	$240.00	25.0%	7.1%	19.5%	21.1%	26.9%	6.0%	-0.5%	-1.11B	-9.01B	-293.8M	1.47	1.42	796,261	1,167,509	3,411,865	8,839,469
2025-10-20	$247.98	$240.00	22.4%	6.4%	20.5%	13.4%	24.5%	4.2%	-0.6%	-326.1M	-15.93B	-284.3M	1.37	1.61	539,534	737,254	3,042,736	7,250,682
2025-10-21	$246.97	$240.00	21.7%	6.2%	20.5%	11.3%	24.2%	4.0%	-0.5%	-971.3M	-13.00B	-290.2M	1.64	1.75	584,548	957,326	3,051,405	7,403,698
2025-10-22	$243.69	$240.00	22.6%	6.5%	20.7%	14.1%	24.9%	4.4%	-0.7%	-1.68B	-4.54B	-304.7M	1.71	1.85	704,814	1,207,040	3,084,290	7,541,335
2025-10-23	$246.44	$240.00	21.9%	6.3%	20.6%	11.9%	24.5%	3.7%	-0.5%	-834.3M	-13.19B	-288.3M	1.60	1.94	582,050	933,446	3,134,846	7,643,259
2025-10-24	$249.71	$240.00	20.4%	5.9%	20.9%	7.4%	23.3%	3.1%	-0.4%	657.8M	-19.36B	-282.9M	2.05	2.03	507,329	1,042,394	3,151,308	7,745,505
2025-10-27	$250.18	$242.00	20.8%	6.1%	20.9%	8.6%	23.1%	2.5%	0.3%	-445.4M	-19.79B	-275.2M	1.18	1.86	612,753	725,363	3,083,399	7,753,148
2025-10-28	$248.66	$243.00	21.0%	6.2%	21.0%	9.3%	23.6%	2.5%	0.3%	-1.18B	-14.84B	-287.5M	1.20	2.15	659,696	794,152	3,175,732	7,887,476
2025-10-29	$245.93	$244.00	21.7%	6.5%	21.4%	11.5%	23.8%	3.1%	0.2%	-1.78B	-8.43B	-294.0M	1.26	2.52	807,749	1,020,632	3,228,239	7,945,715
2025-10-30	$244.88	$244.00	21.5%	6.3%	21.4%	10.8%	23.7%	3.3%	0.3%	-2.25B	-5.17B	-304.7M	1.42	2.09	532,407	755,027	3,246,781	8,038,786
2025-10-31	$246.51	$244.00	21.5%	6.3%	21.3%	10.8%	25.3%	3.2%	0.4%	-1.63B	-9.88B	-302.6M	1.60	1.96	527,821	843,738	3,283,221	8,114,280