PPI Options History — March 2026

In March 2026, PPI traded between $20.13 and $22.02. ATM implied volatility averaged 40.0%, placing in the 10.8% IV rank vs the trailing year. The 30-day expected move averaged 10.7%. IV traded above realized volatility by 20.3% (HV 20d: 19.8%). Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 3 of 20 days.

Notable Days

  • 2026-03-19: Largest IV spike — 52.7% change
  • 2026-03-19: Highest IV Rank — 26.6%
  • 2026-03-19: Largest Expected Move — 13.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$20.97$20.13$22.02$22.02$20.84
ATM IV40.0%28.5%58.8%28.5%31.8%
Expected Move10.7%8.2%13.9%8.2%9.1%
HV 20d19.8%15.8%23.9%19.4%23.9%
HV 60d19.6%17.5%21.3%17.5%21.3%
IV Rank10.8%0.6%26.6%0.6%4.6%
IV Percentile38.1%1.2%84.9%1.2%4.0%
Term Structure-4.1%-13.3%12.0%10.0%12.0%
Skew 25d4.9%2.8%10.2%8.7%2.8%
Skew 10d3.1%1.8%4.3%2.6%3.3%
Call IV 25d42.9%34.1%59.7%34.1%51.7%
Put IV 25d47.7%40.2%62.6%42.8%54.5%
Bid-Ask Spread %93.1747.47153.45151.4453.55
Gamma HHI1.001.001.001.001.00
Net GEX157149168162162
Net DEX-5.9K-7.0K-5.1K-7.0K-5.8K
Net VEX-27-28-25-28-26
Div Yield0.0%0.0%0.0%0.0%0.0%
Total Volume00000
Total OI55555

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2026-03-02$22.02$0.0028.5%8.2%19.4%0.6%0.0%8.7%10.0%162-7.0K-280.00151.440050
2026-03-03$21.37$0.0042.4%12.1%22.1%4.2%0.0%3.3%-8.5%158-6.4K-280.00153.400050
2026-03-04$21.38$0.0045.8%13.1%21.3%16.0%0.0%10.2%-13.3%158-6.4K-280.00153.450050
2026-03-05$21.27$0.0043.1%9.3%21.3%13.8%0.0%4.2%-2.3%158-6.2K-280.00136.630050
2026-03-06$20.91$0.0048.2%9.9%21.3%17.9%0.0%5.0%-3.2%153-5.9K-280.00138.150050
2026-03-09$21.05$0.0050.7%9.8%17.7%20.0%0.0%5.5%-3.1%158-6.0K-280.00133.990050
2026-03-10$21.25$0.0051.8%10.2%16.9%20.9%0.0%4.1%-3.7%157-6.2K-280.00136.950050
2026-03-11$21.12$0.0035.6%10.2%17.1%7.7%0.0%5.4%3.8%156-6.1K-270.00138.170050
2026-03-12$20.99$0.0036.8%0.0%16.9%8.6%0.0%5.4%-5.3%154-6.0K-270.0068.830050
2026-03-13$20.89$0.0036.4%0.0%16.6%8.3%0.0%3.3%-5.4%154-5.8K-270.0066.130050
2026-03-16$21.02$0.0039.3%10.3%15.8%10.7%0.0%5.3%-4.2%156-6.0K-270.0070.010050
2026-03-17$21.20$0.0038.5%10.2%16.0%10.0%0.0%4.3%-4.2%159-6.2K-270.0062.970050
2026-03-19$20.84$0.0058.8%13.9%16.9%26.6%0.0%2.9%-7.4%157-5.8K-270.0074.970050
2026-03-20$20.13$0.0033.3%12.5%20.5%5.8%0.0%3.0%-7.6%149-5.1K-260.0047.470050
2026-03-23$20.56$0.0033.0%11.0%21.9%5.6%0.0%5.0%-6.8%157-5.5K-260.0052.790050
2026-03-24$20.67$0.0036.0%10.8%22.1%8.0%0.0%5.5%-6.1%157-5.6K-260.0054.270050
2026-03-25$20.92$0.0039.6%11.4%22.1%10.9%0.0%4.3%-7.0%168-5.9K-260.0067.400050
2026-03-27$20.52$0.0039.0%11.2%22.8%10.5%0.0%3.5%-9.5%157-5.5K-260.0053.680050
2026-03-30$20.45$0.0032.5%9.3%22.6%5.2%0.0%5.5%-9.4%155-5.4K-250.0049.090050
2026-03-31$20.84$0.0031.8%9.1%23.9%4.6%0.0%2.8%12.0%162-5.8K-260.0053.550050