PPI Options History — October 2025

In October 2025, PPI traded between $18.38 and $19.13. ATM implied volatility averaged 44.4%, placing in the 3.5% IV rank vs the trailing year. The 30-day expected move averaged 10.1%. IV traded above realized volatility by 27.8% (HV 20d: 16.6%). Max pain ranged from $16.00 to $22.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 0 of 23 days. Put/call ratio averaged 0.00.

Notable Days

  • 2025-10-02: Highest Volume — 4 contracts
  • 2025-10-24: Largest IV spike — 69.6% change
  • 2025-10-14: Highest IV Rank — 13.3%
  • 2025-10-24: Largest Expected Move — 16.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$18.81$18.38$19.13$18.54$18.84
Max Pain$20.00$16.00$22.00$16.00$22.00
ATM IV44.4%31.4%81.8%42.7%37.2%
Expected Move10.1%8.1%16.6%12.2%10.7%
HV 20d16.6%9.6%21.7%9.6%21.5%
HV 60d13.0%10.3%15.1%10.5%15.1%
IV Rank3.5%0.1%13.3%3.0%1.6%
IV Percentile25.0%0.4%82.1%25.0%16.7%
Term Structure-8.0%-15.8%-2.4%-15.2%-8.8%
VWIV62.3%50.8%73.9%73.9%50.8%
Skew 25d2.4%0.6%4.4%3.4%1.7%
Skew 10d5.5%2.9%27.4%7.0%3.9%
Call IV 25d42.2%33.7%74.4%51.9%46.2%
Put IV 25d44.7%36.2%77.1%55.4%48.0%
Bid-Ask Spread %144.54138.05157.23157.23142.38
Gamma HHI0.570.490.690.610.54
Net GEX7711651.5K1.4K243
Net DEX-27.4K-50.2K-3.0K-40.9K-4.0K
Net VEX-26-42-18-42-20
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.000.000.000.000.00
Total Volume0.3480400
Total OI19.348531296

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-10-01$18.54$16.0042.7%12.2%9.6%3.0%0.0%3.4%-15.2%1.4K-40.9K-420.00157.2300290
2025-10-02$18.56$16.0042.4%12.2%9.7%3.0%73.9%1.8%-14.3%1.3K-41.2K-410.00154.6440290
2025-10-03$18.64$16.0043.1%12.4%9.7%3.1%0.0%2.1%-15.8%1.3K-43.7K-390.00155.4700300
2025-10-06$18.78$0.0047.7%8.4%9.7%4.3%0.0%2.8%-6.6%1.4K-44.8K-330.00143.9020300
2025-10-07$18.71$0.0049.0%8.1%10.1%4.7%0.0%2.5%-6.3%1.3K-44.8K-360.00142.3300300
2025-10-08$18.94$0.0050.5%8.6%10.1%5.1%0.0%2.9%-6.8%1.2K-46.9K-320.00144.1500300
2025-10-09$18.88$0.0051.3%8.4%10.3%5.3%0.0%2.1%-7.5%1.2K-46.8K-310.00141.4200300
2025-10-10$18.38$0.0066.7%9.4%14.8%9.3%0.0%0.6%-10.8%1.5K-40.9K-310.00138.9300300
2025-10-13$18.92$0.0075.7%8.8%17.5%11.7%0.0%4.4%-5.0%1.2K-46.4K-260.00142.9700300
2025-10-14$18.96$0.0081.8%9.0%17.5%13.3%0.0%3.8%-2.4%1.1K-47.2K-230.00138.0500300
2025-10-15$19.13$0.0031.4%9.0%17.1%0.1%0.0%2.8%-2.4%1.0K-48.6K-220.00140.8200300
2025-10-16$19.09$0.0032.5%9.3%17.0%0.3%0.0%2.5%-4.7%1.1K-48.3K-190.00141.3110300
2025-10-17$18.77$0.0034.3%9.8%18.3%0.8%0.0%3.5%-7.4%243-50.2K-180.00141.9000310
2025-10-20$19.05$0.0034.5%9.9%18.7%0.9%0.0%2.6%-7.2%269-3.6K-190.00144.120050
2025-10-21$18.62$0.0032.5%9.3%20.3%0.3%0.0%2.2%-6.2%240-3.0K-180.00143.190050
2025-10-22$18.51$0.0034.1%9.8%20.5%0.8%0.0%2.3%-6.2%188-4.1K-200.00142.920050
2025-10-23$18.71$0.0034.1%9.8%20.7%0.8%50.8%1.8%-6.9%240-3.2K-180.00142.371050
2025-10-24$19.05$22.0057.9%16.6%21.5%7.0%0.0%2.8%-12.0%165-5.6K-230.00150.570060
2025-10-27$18.93$22.0033.4%9.6%21.6%0.6%0.0%1.8%-6.4%291-3.6K-190.00144.230060
2025-10-28$18.82$22.0034.8%10.0%21.7%1.0%0.0%1.6%-7.7%270-3.9K-200.00144.360060
2025-10-29$18.91$22.0036.9%10.6%21.5%1.5%0.0%1.8%-8.3%281-3.7K-190.00143.370060
2025-10-30$18.84$22.0036.4%10.4%21.5%1.4%0.0%1.7%-9.6%218-4.7K-210.00143.740060
2025-10-31$18.84$22.0037.2%10.7%21.5%1.6%0.0%1.7%-8.8%243-4.0K-200.00142.380060