PPI Options History — April 2026

In April 2026, PPI traded between $20.87 and $21.92. ATM implied volatility averaged 38.3%, placing in the 13.0% IV rank vs the trailing year. The 30-day expected move averaged 11.0%. IV traded above realized volatility by 15.6% (HV 20d: 22.7%). Net GEX was positive for 13 of 13 trading days. Term structure was in contango for 6 of 13 days.

Notable Days

  • 2026-04-02: Largest IV drop — 11.3% change
  • 2026-04-20: Highest IV Rank — 24.4%
  • 2026-04-20: Largest Expected Move — 12.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$21.54$20.87$21.92$21.12$21.72
ATM IV38.3%31.5%42.5%35.5%42.5%
Expected Move11.0%9.0%12.2%10.2%12.2%
HV 20d22.7%21.5%24.4%24.4%21.5%
HV 60d21.2%20.9%21.6%21.4%20.9%
IV Rank13.0%4.3%24.4%7.6%24.4%
IV Percentile40.2%4.0%59.9%21.4%59.9%
Term Structure-1.7%-11.0%3.8%3.8%-11.0%
Skew 25d3.4%1.8%5.7%3.7%2.1%
Skew 10d4.9%1.7%7.8%1.7%3.4%
Call IV 25d39.4%36.8%50.8%50.8%41.5%
Put IV 25d42.7%40.2%54.6%54.6%43.6%
Bid-Ask Spread %82.6257.8893.4357.8886.03
Gamma HHI1.001.001.001.001.00
Net GEX179165198167187
Net DEX-6.5K-7.0K-5.8K-6.1K-6.7K
Net VEX-25-26-24-26-24
Div Yield0.0%0.0%0.0%0.0%0.0%
Total Volume00000
Total OI55555

Daily Data (13 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2026-04-01$21.12$0.0035.5%10.2%24.4%7.6%0.0%3.7%3.8%167-6.1K-260.0057.880050
2026-04-02$20.87$0.0031.5%9.0%22.5%4.3%0.0%3.9%1.2%165-5.8K-260.0091.720050
2026-04-06$21.00$0.0034.1%9.8%22.6%6.5%0.0%4.9%0.7%167-5.9K-250.0085.460050
2026-04-07$21.17$0.0037.7%10.8%22.8%9.4%0.0%5.7%0.4%171-6.1K-250.0093.430050
2026-04-08$21.49$0.0039.3%11.3%22.5%10.7%0.0%3.4%-0.1%180-6.5K-250.0084.190050
2026-04-09$21.80$0.0041.5%11.9%22.9%12.5%0.0%4.2%-1.9%180-6.8K-250.0069.790050
2026-04-10$21.73$0.0038.9%11.2%22.8%10.4%0.0%2.6%1.0%179-6.7K-250.0086.700050
2026-04-13$21.79$0.0039.9%11.4%22.6%11.2%0.0%3.9%-0.1%181-6.8K-250.0081.640050
2026-04-14$21.92$0.0038.7%11.1%22.5%12.5%0.0%3.2%0.3%185-7.0K-250.0092.180050
2026-04-15$21.75$0.0039.6%11.4%22.6%20.1%0.0%2.1%-0.2%184-6.8K-240.0081.900050
2026-04-16$21.84$0.0039.5%11.3%22.6%19.9%0.0%2.1%-8.4%186-6.9K-240.0083.680050
2026-04-17$21.82$0.0039.3%11.3%22.4%19.6%0.0%1.8%-7.5%198-6.9K-240.0079.430050
2026-04-20$21.72$0.0042.5%12.2%21.5%24.4%0.0%2.1%-11.0%187-6.7K-240.0086.030050