QQQ Options History — January 2025

In January 2025, QQQ traded between $503.06 and $531.98. ATM implied volatility averaged 18.9%, placing in the 22.6% IV rank vs the trailing year. The 30-day expected move averaged 5.3%. IV traded below realized volatility by 2.5% (HV 20d: 21.3%). Max pain ranged from $504.78 to $520.00. Net GEX was positive for 9 of 20 trading days. Term structure was in contango for 6 of 20 days. Put/call ratio averaged 1.04.

Notable Days

2025-01-27: Highest Volume — 5,408,394 contracts
2025-01-27: Largest IV spike — 21.8% change
2025-01-14: Highest IV Rank — 33.5%
2025-01-10: Largest Expected Move — 5.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$518.30	$503.06	$531.98	$509.63	$521.77
Max Pain	$516.98	$504.78	$520.00	$504.78	$520.00
ATM IV	18.9%	16.3%	21.4%	20.1%	19.0%
Expected Move	5.3%	4.6%	5.9%	5.8%	5.4%
HV 20d	21.3%	19.2%	23.3%	20.4%	21.3%
HV 60d	18.8%	17.7%	20.2%	17.7%	19.5%
IV Rank	22.6%	11.5%	33.5%	27.8%	23.3%
IV Percentile	64.2%	35.7%	85.7%	77.4%	66.7%
Term Structure	-0.1%	-1.0%	0.5%	-0.1%	-0.0%
VWIV	19.2%	17.3%	21.3%	20.6%	19.8%
Skew 25d	4.6%	3.2%	5.9%	5.1%	4.7%
Skew 10d	9.5%	6.9%	11.7%	10.7%	9.4%
Call IV 25d	16.6%	14.7%	18.7%	17.5%	16.9%
Put IV 25d	21.3%	18.2%	23.8%	22.7%	21.5%
Bid-Ask Spread %	2.54	1.75	5.45	2.06	3.64
Gamma HHI	0.03	0.03	0.04	0.04	0.03
Net GEX	-529.8M	-4.07B	3.85B	-3.00B	-1.51B
Net DEX	-14.92B	-48.42B	17.16B	1.81B	-9.97B
Net VEX	-387.7M	-405.6M	-364.1M	-393.6M	-405.3M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.04	0.76	1.26	0.89	1.26
Total Volume	4,115,094.65	3,107,966	5,408,394	4,414,188	4,750,417
Total OI	7,539,146.5	6,349,398	8,536,760	7,612,737	7,390,352

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	P/C	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-01-02	$509.63	$504.78	20.1%	5.8%	20.4%	27.8%	20.6%	5.1%	-0.1%	-3.00B	1.81B	-393.6M	0.89	2.06	N/A	N/A	2,338,018	2,076,170	2,853,753	4,758,984
2025-01-03	$518.38	$504.78	18.3%	5.1%	20.7%	20.4%	18.5%	4.5%	0.1%	1.12B	-27.12B	-388.5M	1.11	1.75	N/A	N/A	1,647,287	1,825,312	2,920,474	4,823,959
2025-01-06	$523.64	$520.00	18.3%	5.2%	21.1%	20.0%	18.4%	4.8%	0.0%	2.39B	-37.02B	-380.0M	1.01	2.00	N/A	N/A	2,018,071	2,037,862	2,779,616	4,802,519
2025-01-07	$514.13	$520.00	20.3%	5.6%	21.8%	28.7%	20.0%	5.4%	-0.2%	-3.74B	-4.48B	-395.8M	0.99	1.84	N/A	N/A	2,533,805	2,498,837	2,865,785	4,970,181
2025-01-08	$514.88	$520.00	19.8%	5.5%	21.6%	26.8%	20.1%	5.2%	-0.1%	-2.33B	-9.16B	-396.9M	1.11	1.92	N/A	N/A	1,925,515	2,135,284	2,997,964	5,075,281
2025-01-10	$507.05	$520.00	21.1%	5.9%	22.3%	32.3%	20.5%	5.2%	-0.2%	-4.07B	11.13B	-394.0M	1.15	2.02	N/A	N/A	2,195,059	2,516,278	2,967,303	5,077,968
2025-01-13	$504.55	$520.00	21.3%	5.9%	20.9%	33.2%	21.0%	5.1%	-0.7%	-3.86B	10.75B	-388.1M	1.16	1.87	N/A	N/A	1,991,139	2,307,658	2,960,894	4,996,547
2025-01-14	$503.06	$515.00	21.4%	5.8%	20.9%	33.5%	20.1%	5.1%	-1.0%	-3.04B	10.60B	-388.7M	0.76	2.03	N/A	N/A	2,727,259	2,082,411	3,042,080	5,053,939
2025-01-15	$517.35	$515.00	18.2%	5.1%	23.3%	19.9%	18.5%	4.3%	-0.3%	1.63B	-33.09B	-382.6M	1.05	2.55	N/A	N/A	1,987,057	2,095,298	3,140,222	5,185,873
2025-01-16	$515.04	$515.00	18.1%	5.0%	22.6%	19.2%	18.2%	4.4%	-0.6%	-700.1M	-22.31B	-378.0M	0.89	2.51	N/A	N/A	1,910,589	1,691,368	3,188,258	5,274,068
2025-01-17	$522.27	$515.00	17.6%	5.0%	23.2%	17.2%	18.2%	4.3%	-0.3%	3.18B	-48.42B	-378.3M	1.14	2.88	N/A	N/A	1,799,102	2,051,409	3,279,722	5,257,038
2025-01-21	$524.64	$515.00	16.8%	4.8%	19.2%	13.8%	18.0%	3.9%	0.4%	2.64B	-25.88B	-368.2M	1.10	2.18	N/A	N/A	1,792,615	1,973,033	2,340,870	4,008,528
2025-01-22	$531.98	$515.00	16.4%	4.7%	19.8%	12.1%	17.9%	3.2%	0.5%	3.85B	-40.46B	-364.1M	1.16	1.94	N/A	N/A	1,862,758	2,158,734	2,345,752	4,145,150
2025-01-23	$530.73	$520.00	16.3%	4.6%	19.6%	11.5%	17.3%	3.5%	0.5%	780.1M	-30.86B	-375.9M	0.98	2.12	N/A	N/A	1,683,597	1,657,683	2,463,297	4,328,737
2025-01-24	$528.83	$520.00	16.5%	4.7%	19.6%	12.6%	18.1%	3.7%	0.5%	28.7M	-25.32B	-376.9M	1.00	2.15	N/A	N/A	1,842,492	1,848,551	2,521,369	4,415,044
2025-01-27	$513.51	$520.00	20.1%	5.8%	21.9%	27.9%	21.3%	5.9%	-0.2%	-3.59B	17.16B	-395.6M	1.12	3.65	N/A	N/A	2,549,268	2,859,126	2,457,114	4,308,811
2025-01-28	$522.47	$520.00	18.8%	5.4%	22.8%	22.6%	18.7%	5.1%	-0.2%	515.6M	-16.00B	-397.9M	1.05	2.46	N/A	N/A	2,018,005	2,110,074	2,670,325	4,504,779
2025-01-29	$520.63	$520.00	19.5%	5.6%	21.8%	25.2%	20.1%	5.0%	-0.3%	-831.2M	-8.64B	-405.6M	0.95	3.68	N/A	N/A	1,594,119	1,513,847	2,641,064	4,608,727
2025-01-30	$521.48	$520.00	19.1%	5.4%	21.6%	23.6%	19.7%	4.6%	-0.1%	-58.3M	-11.19B	-400.9M	0.93	5.45	N/A	N/A	1,917,120	1,779,666	2,677,732	4,682,851
2025-01-31	$521.77	$520.00	19.0%	5.4%	21.3%	23.3%	19.8%	4.7%	-0.0%	-1.51B	-9.97B	-405.3M	1.26	3.64	N/A	N/A	2,105,803	2,644,614	2,636,576	4,753,776