MUB Options History — November 2025

In November 2025, MUB traded between $106.97 and $107.54. ATM implied volatility averaged 5.0%, placing in the 7.5% IV rank vs the trailing year. The 30-day expected move averaged 1.5%. IV traded above realized volatility by 2.5% (HV 20d: 2.5%). Max pain ranged from $106.00 to $109.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 14 of 19 days. Put/call ratio averaged 1.96.

Notable Days

2025-11-18: Highest Volume — 17,037 contracts
2025-11-26: Largest IV spike — 45.3% change
2025-11-18: Highest IV Rank — 9.5%
2025-11-18: Largest Expected Move — 1.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$107.21	$106.97	$107.54	$107.05	$107.45
Max Pain	$107.47	$106.00	$109.00	$106.00	$107.00
ATM IV	5.0%	3.4%	5.7%	4.8%	5.3%
Expected Move	1.5%	1.0%	1.6%	1.4%	1.5%
HV 20d	2.5%	2.3%	2.7%	2.3%	2.6%
HV 60d	3.1%	2.9%	3.2%	3.1%	2.9%
IV Rank	7.5%	2.6%	9.5%	6.8%	8.4%
IV Percentile	34.6%	1.2%	64.7%	22.6%	46.4%
Term Structure	0.2%	-1.9%	3.2%	0.4%	-0.3%
VWIV	5.0%	3.4%	6.6%	4.9%	5.0%
Skew 25d	1.3%	-0.6%	7.6%	1.0%	-0.5%
Skew 10d	2.4%	0.6%	7.5%	0.6%	1.6%
Call IV 25d	4.6%	4.0%	5.3%	4.4%	4.6%
Put IV 25d	5.8%	3.8%	11.9%	5.4%	4.1%
Bid-Ask Spread %	23.53	9.46	52.41	9.46	18.39
Gamma HHI	0.28	0.23	0.38	0.23	0.33
Net GEX	38.9M	20.8M	71.6M	23.6M	56.1M
Net DEX	-148.1M	-182.9M	-111.9M	-122.6M	-178.1M
Net VEX	-1.0M	-1.1M	-917.5K	-1.1M	-940.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.96	0.00	16.00	0.72	0.05
Total Volume	2,049.211	21	17,037	279	21
Total OI	83,354.421	74,535	94,755	80,198	74,776

Daily Data (19 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
2025-11-03	$107.05	$106.00	4.8%	1.4%	2.3%	6.8%	4.9%	1.0%	0.4%	23.6M	-122.6M	-1.1M	0.72	9.46	162	117	48,131	32,067
2025-11-04	$107.20	$106.00	5.1%	1.5%	2.3%	7.8%	4.9%	1.2%	0.2%	26.8M	-136.1M	-1.1M	2.02	11.22	48	97	48,268	32,068
2025-11-05	$106.97	$106.00	5.0%	1.4%	2.5%	7.3%	5.0%	1.5%	0.3%	20.8M	-111.9M	-1.1M	0.94	11.33	1,142	1,073	48,284	32,161
2025-11-06	$107.22	$109.00	4.3%	1.5%	2.6%	5.3%	5.2%	0.3%	3.2%	32.3M	-136.1M	-1.1M	0.00	19.63	0	72	49,369	33,163
2025-11-07	$107.22	$109.00	4.9%	1.6%	2.4%	7.0%	4.8%	0.9%	0.2%	23.1M	-132.7M	-1.1M	0.95	17.09	21	20	49,369	33,228
2025-11-10	$107.25	$109.00	5.7%	1.6%	2.4%	9.4%	0.0%	0.9%	-1.9%	27.8M	-114.9M	-1.0M	1.43	21.95	44	63	49,388	33,248
2025-11-11	$107.54	$109.00	5.1%	1.4%	2.5%	7.6%	0.0%	0.8%	0.0%	38.4M	-164.3M	-976.0K	3.46	20.63	13	45	49,411	33,309
2025-11-12	$107.35	$109.00	5.2%	1.5%	2.6%	7.9%	6.6%	2.3%	-0.3%	28.6M	-155.4M	-993.3K	0.45	22.83	55	25	49,412	33,336
2025-11-13	$107.20	$109.00	5.3%	1.5%	2.4%	8.4%	5.4%	1.2%	0.1%	24.5M	-137.4M	-1.0M	0.01	20.75	5,075	60	49,463	33,331
2025-11-14	$106.97	$107.00	5.2%	1.5%	2.5%	8.0%	5.3%	1.0%	0.3%	35.1M	-135.4M	-1.1M	0.00	33.24	8,254	34	54,520	33,372
2025-11-17	$107.06	$107.00	5.3%	1.5%	2.5%	8.4%	5.9%	1.2%	0.1%	48.6M	-175.5M	-1.1M	4.68	28.03	408	1,908	60,397	33,390
2025-11-18	$107.22	$107.00	5.7%	1.6%	2.6%	9.5%	0.0%	-0.6%	-0.2%	34.4M	-164.7M	-1.0M	1.62	28.33	6,500	10,537	55,781	33,840
2025-11-19	$107.06	$107.00	5.3%	1.5%	2.6%	8.3%	5.3%	1.3%	0.1%	35.9M	-132.4M	-1.0M	0.01	39.64	2,573	21	55,781	33,875
2025-11-20	$107.10	$107.00	5.0%	1.4%	2.6%	7.5%	4.4%	7.6%	0.4%	46.2M	-131.3M	-1.1M	0.02	52.41	51	1	58,345	33,891
2025-11-21	$107.15	$107.00	5.0%	1.4%	2.6%	7.5%	5.3%	0.6%	0.3%	55.8M	-169.4M	-1.0M	1.88	15.43	78	147	60,866	33,889
2025-11-24	$107.22	$107.00	5.0%	1.4%	2.6%	7.3%	4.1%	1.0%	-0.1%	52.6M	-162.3M	-958.5K	0.26	32.41	154	40	44,402	30,133
2025-11-25	$107.27	$107.00	3.4%	1.0%	2.7%	2.6%	0.0%	2.7%	1.8%	71.6M	-169.9M	-917.5K	0.68	25.51	25	17	44,552	30,168
2025-11-26	$107.41	$107.00	4.9%	1.4%	2.6%	7.1%	3.4%	-0.4%	0.2%	56.4M	-182.9M	-917.8K	16.00	18.82	2	32	44,577	30,173
2025-11-28	$107.45	$107.00	5.3%	1.5%	2.6%	8.4%	5.0%	-0.5%	-0.3%	56.1M	-178.1M	-940.3K	0.05	18.39	20	1	44,577	30,199