PPI Options History — January 2026

In January 2026, PPI traded between $18.91 and $20.80. ATM implied volatility averaged 44.8%, placing in the 3.6% IV rank vs the trailing year. The 30-day expected move averaged 9.8%. IV traded above realized volatility by 29.6% (HV 20d: 15.2%). Max pain ranged from $18.00 to $18.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 0 of 20 days. Put/call ratio averaged 0.00.

Notable Days

2026-01-27: Highest Volume — 5 contracts
2026-01-14: Largest IV drop — 62.9% change
2026-01-13: Highest IV Rank — 14.5%
2026-01-02: Largest Expected Move — 12.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$19.85	$18.91	$20.80	$18.91	$19.95
Max Pain	$18.00	$18.00	$18.00	$18.00	$18.00
ATM IV	44.8%	32.0%	86.6%	43.9%	37.3%
Expected Move	9.8%	8.7%	12.6%	12.6%	10.7%
HV 20d	15.2%	13.2%	19.6%	13.2%	19.6%
HV 60d	16.8%	15.7%	18.4%	18.1%	17.5%
IV Rank	3.6%	0.2%	14.5%	3.3%	1.6%
IV Percentile	35.5%	1.6%	93.3%	44.0%	29.4%
Term Structure	-6.9%	-11.7%	-2.1%	-7.9%	-8.0%
Skew 25d	1.3%	-6.5%	3.7%	1.5%	1.6%
Skew 10d	5.3%	-4.6%	12.4%	3.9%	3.1%
Call IV 25d	41.1%	35.3%	56.8%	56.8%	46.2%
Put IV 25d	42.4%	33.3%	58.3%	58.3%	47.8%
Bid-Ask Spread %	147.56	137.74	162.23	162.23	137.74
Gamma HHI	0.69	0.47	0.84	0.61	0.49
Net GEX	353	295	509	305	504
Net DEX	-6.3K	-13.3K	-3.2K	-3.2K	-10.9K
Net VEX	-15	-39	-9	-11	-38
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.00	0.00	0.00	0.00	0.00
Total Volume	0.3	0	5	0	0
Total OI	5.75	5	10	5	10

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	Spread %	Call Vol	Put Vol	Call OI
2026-01-02	$18.91	$0.00	43.9%	12.6%	13.2%	3.3%	0.0%	1.5%	-7.9%	305	-3.2K	-11	162.23	0	0	5
2026-01-05	$19.30	$18.00	48.8%	9.0%	14.8%	4.6%	0.0%	-4.5%	-11.4%	370	-3.9K	-11	147.70	0	0	5
2026-01-06	$19.44	$18.00	50.7%	9.1%	14.8%	5.1%	0.0%	2.6%	-3.4%	312	-4.9K	-13	149.31	0	0	5
2026-01-07	$19.23	$18.00	52.0%	9.1%	15.4%	5.5%	0.0%	-6.5%	-11.7%	371	-3.7K	-10	147.40	0	0	5
2026-01-08	$19.01	$18.00	56.8%	9.3%	16.2%	6.7%	0.0%	-0.8%	-10.6%	295	-3.6K	-11	149.46	0	0	5
2026-01-09	$19.31	$18.00	63.5%	9.7%	16.7%	8.5%	0.0%	-0.1%	-11.4%	313	-4.1K	-11	149.48	0	0	5
2026-01-12	$19.52	$18.00	76.3%	8.7%	16.8%	11.8%	0.0%	0.7%	-10.8%	325	-4.5K	-11	148.23	0	0	5
2026-01-13	$19.72	$18.00	86.6%	9.2%	15.5%	14.5%	0.0%	2.0%	-5.9%	316	-5.4K	-12	149.29	0	0	5
2026-01-14	$19.88	$18.00	32.1%	9.2%	15.6%	0.2%	0.0%	3.5%	-5.5%	324	-5.7K	-12	148.15	0	0	5
2026-01-15	$20.02	$18.00	32.0%	9.2%	15.4%	0.2%	0.0%	3.7%	-2.1%	327	-6.0K	-11	147.94	0	1	5
2026-01-16	$20.03	$18.00	32.4%	9.3%	14.4%	0.3%	0.0%	3.7%	-3.1%	328	-6.0K	-11	148.50	0	0	5
2026-01-20	$19.86	$18.00	35.1%	10.1%	15.0%	1.0%	0.0%	3.3%	-4.9%	325	-5.7K	-11	148.03	0	0	5
2026-01-21	$20.06	$18.00	34.9%	10.0%	15.0%	1.0%	0.0%	2.7%	-4.3%	327	-6.1K	-10	147.08	0	0	5
2026-01-22	$20.08	$18.00	34.4%	9.9%	14.7%	0.8%	0.0%	0.6%	-5.4%	335	-6.1K	-10	146.87	0	0	5
2026-01-23	$20.20	$18.00	36.0%	10.3%	14.8%	1.3%	0.0%	3.3%	-4.8%	329	-6.4K	-10	148.08	0	0	5
2026-01-26	$20.40	$18.00	37.2%	10.7%	14.7%	1.6%	0.0%	3.1%	-5.9%	336	-6.8K	-9	145.74	0	0	5
2026-01-27	$20.63	$18.00	35.7%	10.2%	14.9%	1.2%	0.0%	3.0%	-6.5%	331	-7.2K	-9	144.67	5	0	5
2026-01-28	$20.80	$18.00	35.8%	10.3%	13.4%	1.2%	0.0%	2.7%	-5.9%	509	-13.3K	-39	145.49	0	0	10
2026-01-29	$20.64	$18.00	34.8%	10.0%	14.1%	1.0%	0.0%	0.3%	-8.7%	484	-13.0K	-39	139.78	0	0	10
2026-01-30	$19.95	$18.00	37.3%	10.7%	19.6%	1.6%	0.0%	1.6%	-8.0%	504	-10.9K	-38	137.74	0	0	10