MUB Options History — January 2025

In January 2025, MUB traded between $105.35 and $106.82. ATM implied volatility averaged 5.0%, placing in the 22.5% IV rank vs the trailing year. The 30-day expected move averaged 1.4%. IV traded above realized volatility by 0.5% (HV 20d: 4.5%). Max pain ranged from $107.00 to $109.00. Net GEX was positive for 0 of 20 trading days. Term structure was in contango for 10 of 20 days. Put/call ratio averaged 80.05.

Notable Days

2025-01-15: Highest Volume — 5,136 contracts
2025-01-15: Largest IV drop — 36.1% change
2025-01-14: Highest IV Rank — 47.1%
2025-01-03: Largest Expected Move — 1.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$106.28	$105.35	$106.82	$106.75	$106.48
Max Pain	$108.00	$107.00	$109.00	$107.00	$107.00
ATM IV	5.0%	2.9%	7.0%	5.5%	2.9%
Expected Move	1.4%	0.8%	1.7%	1.6%	0.8%
HV 20d	4.5%	3.8%	5.3%	4.8%	4.1%
HV 60d	5.1%	5.0%	5.2%	5.0%	5.1%
IV Rank	22.5%	0.0%	47.1%	28.6%	0.0%
IV Percentile	57.2%	0.0%	96.8%	84.9%	0.0%
Term Structure	0.1%	-0.9%	2.2%	0.2%	2.2%
VWIV	4.9%	4.1%	5.8%	5.4%	4.5%
Skew 25d	0.5%	-0.7%	1.8%	-0.1%	0.8%
Skew 10d	1.7%	-1.3%	15.7%	-0.8%	0.1%
Call IV 25d	4.7%	3.7%	6.2%	5.8%	4.7%
Put IV 25d	5.2%	4.3%	5.9%	5.7%	5.5%
Bid-Ask Spread %	16.50	10.12	47.22	47.22	11.37
Gamma HHI	0.72	0.30	0.97	0.70	0.83
Net GEX	-34.4M	-60.9M	-10.5M	-50.1M	-30.0M
Net DEX	86.7M	16.9M	173.8M	91.9M	47.0M
Net VEX	-86.1K	-164.5K	-24.2K	-164.5K	-122.7K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	80.05	0.00	836.50	0.00	59.27
Total Volume	728.1	0	5,136	53	663
Total OI	18,582.85	8,473	29,904	24,999	14,869

Daily Data (20 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
2025-01-02	$106.75	$107.00	5.5%	1.6%	4.8%	28.6%	5.4%	-0.1%	0.2%	-50.1M	91.9M	-164.5K	0.00	47.22	53	0	7,403	17,596
2025-01-03	$106.60	$107.00	5.9%	1.7%	4.7%	33.1%	5.8%	-0.7%	-0.1%	-50.1M	94.8M	-158.7K	0.00	13.34	50	0	7,456	17,596
2025-01-06	$106.63	$109.00	5.6%	1.6%	4.7%	29.7%	0.0%	0.1%	-0.2%	-60.9M	98.9M	-136.7K	7.00	15.99	3	21	7,506	17,596
2025-01-07	$106.48	$109.00	6.4%	1.7%	4.6%	39.4%	0.0%	0.5%	-0.6%	-57.1M	108.2M	-125.7K	32.00	15.53	4	128	7,509	17,594
2025-01-08	$106.13	$109.00	6.9%	1.6%	4.7%	44.8%	5.7%	0.2%	-0.1%	-49.0M	126.6M	-107.3K	94.00	14.43	3	282	7,513	17,667
2025-01-10	$105.66	$109.00	5.3%	1.6%	4.9%	26.1%	5.4%	-0.4%	-0.6%	-27.7M	158.8M	-51.0K	11.20	14.31	10	112	7,514	17,874
2025-01-13	$105.41	$109.00	6.6%	1.4%	4.8%	41.8%	5.4%	0.3%	0.1%	-14.0M	152.9M	-29.8K	33.33	13.41	3	100	7,525	16,720
2025-01-14	$105.35	$109.00	7.0%	1.5%	4.8%	47.1%	5.2%	0.6%	-0.2%	-10.5M	154.1M	-24.2K	0.00	16.73	0	816	7,527	16,798
2025-01-15	$105.97	$109.00	4.5%	1.3%	5.3%	16.1%	4.5%	0.3%	0.2%	-23.4M	145.3M	-26.1K	130.69	12.85	39	5,097	7,527	16,769
2025-01-16	$106.07	$108.00	4.9%	1.4%	5.2%	21.1%	5.1%	0.8%	0.3%	-33.1M	173.8M	-89.0K	28.45	12.05	22	626	7,553	21,811
2025-01-17	$106.22	$108.00	4.8%	1.4%	5.2%	20.3%	0.0%	0.8%	-0.1%	-29.0M	170.5M	-86.9K	0.05	12.89	40	2	7,572	22,332
2025-01-21	$106.40	$108.00	4.8%	1.4%	4.5%	19.7%	5.2%	1.8%	0.4%	-22.1M	28.4M	-84.0K	0.00	14.54	0	32	204	8,269
2025-01-22	$106.37	$108.00	4.8%	1.4%	3.9%	19.4%	4.4%	0.7%	-0.2%	-22.9M	29.0M	-80.0K	0.07	41.97	14	1	204	8,291
2025-01-23	$106.09	$108.00	4.6%	1.3%	3.8%	17.8%	4.6%	0.3%	0.1%	-24.6M	36.0M	-87.8K	0.00	12.11	0	50	204	8,292
2025-01-24	$106.27	$108.00	4.3%	1.2%	3.8%	13.7%	4.5%	0.4%	0.0%	-26.5M	32.5M	-86.4K	2.26	10.87	50	113	204	8,333
2025-01-27	$106.82	$107.00	4.1%	1.2%	4.2%	11.7%	4.6%	1.0%	-0.9%	-29.7M	16.9M	-56.0K	0.47	11.41	60	28	246	8,445
2025-01-28	$106.65	$107.00	3.5%	1.0%	4.3%	4.1%	0.0%	0.7%	-0.2%	-29.3M	18.9M	-58.0K	0.00	14.77	0	0	302	8,413
2025-01-29	$106.53	$107.00	3.5%	1.0%	4.3%	4.2%	4.1%	0.9%	0.4%	-38.5M	21.1M	-62.2K	836.50	14.15	6	5,019	297	8,413
2025-01-30	$106.69	$107.00	4.2%	1.2%	4.1%	12.2%	4.2%	0.5%	0.5%	-59.6M	29.3M	-85.5K	45.46	10.12	24	1,091	301	13,412
2025-01-31	$106.48	$107.00	2.9%	0.8%	4.1%	0.0%	4.5%	0.8%	2.2%	-30.0M	47.0M	-122.7K	59.27	11.37	11	652	322	14,547