IWM Options History — November 2025

In November 2025, IWM traded between $229.42 and $248.46. ATM implied volatility averaged 23.5%, placing in the 16.9% IV rank vs the trailing year. The 30-day expected move averaged 6.9%. IV traded above realized volatility by 2.6% (HV 20d: 20.9%). Max pain ranged from $230.00 to $245.00. Net GEX was positive for 3 of 19 trading days. Term structure was in contango for 8 of 19 days. Put/call ratio averaged 1.70.

Notable Days

  • 2025-11-20: Highest Volume — 3,285,547 contracts
  • 2025-11-13: Largest IV spike — 12.0% change
  • 2025-11-20: Highest IV Rank — 28.8%
  • 2025-11-20: Largest Expected Move — 8.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$240.50$229.42$248.46$244.99$247.97
Max Pain$233.84$230.00$245.00$244.00$235.00
ATM IV23.5%20.0%27.5%22.3%20.0%
Expected Move6.9%6.1%8.0%6.6%6.1%
HV 20d20.9%18.1%24.4%21.3%24.4%
HV 60d18.8%18.0%20.1%18.8%20.0%
IV Rank16.9%6.4%28.8%13.2%6.4%
IV Percentile69.0%13.1%92.1%64.7%13.1%
Term Structure-0.2%-1.4%0.9%0.9%-0.2%
VWIV26.3%23.2%29.5%25.0%24.2%
Skew 25d4.9%3.2%8.4%4.0%3.3%
Skew 10d9.8%6.7%15.9%8.0%6.9%
Call IV 25d21.4%19.0%23.5%20.7%19.0%
Put IV 25d26.4%22.3%31.9%24.7%22.3%
Bid-Ask Spread %1.841.452.422.122.42
Gamma HHI0.040.030.090.040.04
Net GEX-2.46B-5.01B555.4M-1.83B346.8M
Net DEX2.06B-23.50B36.81B-6.72B-22.32B
Net VEX-300.6M-312.3M-269.5M-296.7M-269.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.700.943.071.691.57
Total Volume1,803,996.526768,2093,285,5471,565,845768,209
Total OI11,814,587.68411,128,19612,648,38111,128,19611,591,271

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-11-03$244.99$244.0022.3%6.6%21.3%13.2%25.0%4.0%0.9%-1.83B-6.72B-296.7M1.692.12582,017983,8283,201,7307,926,466
2025-11-04$242.02$245.0023.0%6.8%21.5%15.2%25.2%4.6%0.7%-2.84B2.15B-310.2M1.841.89619,0811,137,4893,226,6948,061,626
2025-11-05$245.25$244.0022.3%6.6%21.8%13.1%24.9%3.6%0.8%-1.57B-8.00B-301.1M1.191.53626,015747,7373,295,8948,216,403
2025-11-06$240.91$230.0023.5%6.9%22.6%16.9%26.4%4.4%0.7%-3.11B4.81B-309.6M1.491.45641,075958,1303,332,9938,278,660
2025-11-07$241.02$230.0024.0%7.0%20.3%18.1%27.0%4.4%0.7%-3.40B3.86B-311.1M2.201.87703,0771,544,1093,404,2038,339,460
2025-11-10$244.53$230.0022.5%6.5%19.2%13.7%25.3%3.5%0.1%-1.25B-8.95B-299.7M1.491.95690,5961,032,1853,412,0988,377,903
2025-11-11$244.42$231.0022.0%6.4%18.6%12.3%23.2%3.2%0.1%-1.51B-9.76B-287.3M0.941.84454,456426,2453,413,7398,353,075
2025-11-12$244.17$232.0022.4%6.4%18.1%13.5%24.0%3.3%0.0%-1.48B-9.17B-295.4M1.212.02628,069757,4123,457,0938,400,629
2025-11-13$236.81$232.0025.1%7.2%19.5%21.5%26.8%5.2%-0.2%-4.12B15.86B-311.1M2.021.74781,5351,581,4783,511,5698,472,760
2025-11-14$237.56$232.0024.1%6.9%19.5%18.6%26.8%5.4%-0.3%-3.65B11.83B-311.5M1.491.68664,314987,1913,589,9878,542,704
2025-11-17$232.57$232.0026.3%7.5%19.3%25.1%28.4%6.6%-1.1%-4.73B27.16B-308.0M2.001.68672,2081,344,2513,505,0618,540,228
2025-11-18$233.97$232.0026.5%7.6%19.6%25.6%29.0%6.8%-1.2%-4.39B21.39B-311.1M2.341.80670,0481,569,0783,534,8858,647,912
2025-11-19$233.86$232.0025.4%7.3%19.2%22.6%27.1%6.8%-1.2%-4.66B20.80B-308.5M1.281.63635,075815,3783,617,9649,030,417
2025-11-20$229.42$232.0027.5%8.0%19.4%28.8%29.5%8.4%-1.4%-5.01B36.81B-312.3M3.071.76808,1462,477,4013,649,1198,984,130
2025-11-21$236.09$232.0025.4%7.4%21.8%22.3%29.3%6.4%-1.2%-3.59B5.43B-306.6M1.812.41854,4711,545,5353,735,1008,864,968
2025-11-24$239.99$232.0023.2%6.9%22.8%15.9%27.9%5.4%-0.4%-728.2M-5.46B-293.5M1.381.61656,602907,5763,327,9447,839,366
2025-11-25$245.41$232.0021.6%6.5%24.3%11.2%26.7%4.5%-0.3%240.2M-17.04B-288.8M2.251.84706,1441,592,0953,368,4287,931,145
2025-11-26$248.46$234.0020.2%6.1%24.4%7.0%23.8%3.6%-0.1%555.4M-23.50B-279.0M1.051.75833,084874,5943,436,0148,057,528
2025-11-28$247.97$235.0020.0%6.1%24.4%6.4%24.2%3.3%-0.2%346.8M-22.32B-269.5M1.572.42299,273468,9363,478,5008,112,771