QQQ Options History — March 2025

In March 2025, QQQ traded between $467.44 and $502.22. ATM implied volatility averaged 24.5%, placing in the 46.5% IV rank vs the trailing year. The 30-day expected move averaged 7.5%. IV traded below realized volatility by 0.2% (HV 20d: 24.7%). Max pain ranged from $490.00 to $514.00. Net GEX was positive for 2 of 21 trading days. Term structure was in contango for 2 of 21 days. Put/call ratio averaged 1.00.

Notable Days

2025-03-10: Highest Volume — 6,276,820 contracts
2025-03-10: Largest IV spike — 19.8% change
2025-03-10: Highest IV Rank — 72.9%
2025-03-10: Largest Expected Move — 10.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$482.48	$467.44	$502.22	$494.70	$468.84
Max Pain	$503.19	$490.00	$514.00	$514.00	$490.00
ATM IV	24.5%	19.7%	30.6%	25.5%	24.0%
Expected Move	7.5%	5.7%	10.7%	8.0%	6.8%
HV 20d	24.7%	17.4%	29.6%	17.4%	29.1%
HV 60d	21.6%	19.5%	22.9%	19.6%	22.9%
IV Rank	46.5%	26.1%	72.9%	51.1%	44.7%
IV Percentile	90.2%	63.5%	99.6%	98.0%	91.7%
Term Structure	-0.5%	-1.1%	0.4%	0.1%	0.4%
VWIV	26.4%	21.4%	36.1%	26.8%	23.1%
Skew 25d	6.4%	5.1%	7.9%	7.5%	6.3%
Skew 10d	12.3%	9.8%	15.6%	14.1%	11.6%
Call IV 25d	21.1%	17.0%	25.8%	21.6%	20.7%
Put IV 25d	27.5%	22.1%	33.7%	29.1%	27.1%
Bid-Ask Spread %	3.44	1.51	4.72	3.97	4.13
Gamma HHI	0.04	0.03	0.05	0.04	0.03
Net GEX	-2.78B	-4.90B	1.13B	-4.72B	-3.72B
Net DEX	40.29B	44.6M	78.09B	46.65B	46.51B
Net VEX	-429.6M	-438.6M	-414.7M	-418.2M	-430.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.00	0.76	1.25	1.07	1.24
Total Volume	4,769,002.905	3,447,426	6,276,820	5,440,311	4,948,421
Total OI	8,651,632.286	7,511,607	9,677,171	7,511,607	8,578,085

Daily Data (21 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
2025-03-03	$494.70	$514.00	25.5%	8.0%	17.4%	51.1%	26.8%	7.5%	0.1%	-4.72B	46.65B	-418.2M	1.07	3.97	N/A	N/A	2,633,910	2,806,401	2,814,342	4,697,265
2025-03-04	$498.54	$513.00	24.7%	7.8%	17.8%	47.6%	27.6%	7.6%	-0.5%	-3.56B	35.83B	-424.1M	1.03	4.33	N/A	N/A	2,942,284	3,023,945	2,928,171	4,785,503
2025-03-05	$502.22	$511.00	23.9%	7.6%	17.5%	44.0%	26.8%	7.0%	-0.5%	-1.90B	21.93B	-432.9M	0.91	4.18	N/A	N/A	2,563,588	2,333,607	3,060,523	4,894,228
2025-03-06	$487.46	$510.00	27.5%	9.0%	20.0%	59.5%	30.1%	7.5%	-0.9%	-4.58B	54.71B	-431.6M	0.86	4.72	N/A	N/A	2,901,282	2,504,102	3,144,235	4,938,674
2025-03-07	$490.72	$510.00	25.6%	8.2%	20.1%	51.3%	28.7%	6.9%	-0.7%	-3.13B	43.07B	-430.4M	0.90	3.71	N/A	N/A	2,831,354	2,536,245	3,295,519	4,973,249
2025-03-10	$472.11	$510.00	30.6%	10.7%	23.5%	72.9%	36.1%	7.9%	-1.1%	-4.90B	78.09B	-414.7M	0.78	4.19	N/A	N/A	3,527,799	2,749,021	3,259,971	5,088,065
2025-03-11	$474.58	$505.00	29.4%	10.0%	23.0%	67.7%	34.6%	7.7%	-1.0%	-3.09B	62.48B	-433.3M	0.80	2.92	N/A	N/A	2,918,672	2,340,134	3,618,968	5,167,280
2025-03-12	$476.92	$500.00	27.6%	9.1%	23.3%	60.1%	31.8%	6.7%	-0.8%	-2.39B	53.70B	-432.7M	1.02	2.77	N/A	N/A	2,613,601	2,656,105	3,743,738	5,235,753
2025-03-13	$467.44	$500.00	28.8%	9.5%	23.8%	65.1%	31.6%	6.7%	-0.6%	-4.80B	73.40B	-428.8M	0.92	2.08	N/A	N/A	2,701,342	2,493,825	3,695,407	5,662,141
2025-03-14	$478.60	$499.00	24.7%	7.7%	25.1%	47.6%	27.1%	5.9%	-0.7%	-2.06B	40.41B	-438.6M	1.25	1.51	N/A	N/A	1,848,031	2,308,816	3,782,215	5,636,940
2025-03-17	$484.86	$504.00	23.4%	6.5%	25.7%	41.9%	23.7%	5.9%	-0.6%	-746.8M	26.69B	-435.9M	1.04	2.31	N/A	N/A	2,151,514	2,232,723	3,583,102	5,601,565
2025-03-18	$474.53	$503.00	24.7%	6.8%	26.3%	47.6%	23.4%	5.9%	-0.7%	-3.99B	53.20B	-424.6M	0.76	3.29	N/A	N/A	2,323,889	1,772,027	3,616,104	5,609,822
2025-03-19	$483.01	$503.00	22.0%	6.2%	27.5%	35.9%	22.6%	5.8%	-0.2%	-1.42B	27.74B	-430.0M	1.11	3.60	N/A	N/A	1,967,313	2,175,809	3,739,460	5,636,183
2025-03-20	$479.69	$500.00	22.2%	6.3%	27.5%	36.9%	22.8%	5.6%	-0.6%	-3.06B	37.29B	-429.8M	1.05	3.75	N/A	N/A	2,279,205	2,402,541	3,767,329	5,909,842
2025-03-21	$478.68	$500.00	22.0%	6.2%	27.0%	36.2%	23.4%	5.4%	-0.4%	-3.49B	38.34B	-424.7M	0.96	3.66	N/A	N/A	1,962,847	1,890,326	3,806,791	5,861,662
2025-03-24	$490.56	$500.00	20.1%	5.8%	28.8%	27.9%	25.9%	5.3%	-0.2%	644.0M	4.23B	-425.6M	1.19	3.61	N/A	N/A	1,628,201	1,932,600	2,909,906	4,928,818
2025-03-25	$492.96	$500.00	19.7%	5.7%	28.5%	26.1%	21.4%	5.1%	-0.1%	1.13B	44.6M	-432.1M	1.09	1.83	N/A	N/A	1,651,363	1,796,063	2,994,513	5,190,593
2025-03-26	$483.89	$500.00	21.5%	6.1%	29.1%	33.7%	22.1%	5.9%	-0.3%	-2.18B	25.05B	-436.1M	0.86	3.38	N/A	N/A	2,644,548	2,284,581	3,076,020	5,260,028
2025-03-27	$483.41	$500.00	21.3%	6.0%	27.8%	32.8%	22.1%	5.7%	-0.3%	-1.63B	22.02B	-437.8M	1.19	4.04	N/A	N/A	1,865,542	2,221,197	3,262,694	5,332,202
2025-03-28	$468.30	$495.00	24.4%	6.8%	29.6%	46.3%	22.7%	6.3%	-0.4%	-4.76B	54.82B	-429.7M	0.95	4.20	N/A	N/A	2,450,118	2,334,169	3,254,678	5,342,694
2025-03-31	$468.84	$490.00	24.0%	6.8%	29.1%	44.7%	23.1%	6.3%	0.4%	-3.72B	46.51B	-430.8M	1.24	4.13	N/A	N/A	2,208,149	2,740,272	3,241,655	5,336,430