QQQ Options History — May 2025

In May 2025, QQQ traded between $483.74 and $520.78. ATM implied volatility averaged 21.5%, placing in the 21.5% IV rank vs the trailing year. The 30-day expected move averaged 6.2%. IV traded below realized volatility by 9.2% (HV 20d: 30.7%). Max pain ranged from $460.00 to $490.00. Net GEX was positive for 17 of 21 trading days. Term structure was in contango for 8 of 21 days. Put/call ratio averaged 1.16.

Notable Days

  • 2025-05-21: Highest Volume — 5,190,315 contracts
  • 2025-05-12: Largest IV drop — 13.9% change
  • 2025-05-06: Highest IV Rank — 29.7%
  • 2025-05-01: Largest Expected Move — 7.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$506.82$483.74$520.78$483.87$518.91
Max Pain$480.68$460.00$490.00$460.00$490.00
ATM IV21.5%19.0%24.5%24.5%19.5%
Expected Move6.2%5.5%7.2%7.2%5.7%
HV 20d30.7%17.5%61.2%61.2%17.7%
HV 60d40.2%39.8%40.7%39.8%40.0%
IV Rank21.5%14.9%29.7%29.6%16.1%
IV Percentile65.9%47.6%86.5%86.5%47.6%
Term Structure-0.1%-0.5%0.6%0.1%0.6%
VWIV23.0%20.9%27.7%27.7%21.2%
Skew 25d5.7%3.9%7.2%7.0%5.9%
Skew 10d11.5%8.5%13.9%13.8%11.9%
Call IV 25d19.0%16.9%21.1%21.1%16.9%
Put IV 25d24.7%21.5%28.3%28.1%22.8%
Bid-Ask Spread %3.572.656.274.042.95
Gamma HHI0.030.020.040.030.02
Net GEX1.40B-2.60B3.90B3.14B992.6M
Net DEX-47.86B-85.13B-15.98B-32.26B-48.01B
Net VEX-491.3M-521.5M-459.5M-489.0M-489.1M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.160.941.341.071.25
Total Volume3,810,850.8572,463,4555,190,3154,369,2054,224,450
Total OI9,399,402.7148,781,51710,609,9159,366,8949,143,812

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-05-01$483.87$460.0024.5%7.2%61.2%29.6%27.7%7.0%0.1%3.14B-32.26B-489.0M1.074.04N/AN/A2,111,3182,257,8873,761,2775,605,617
2025-05-02$488.78$460.0023.2%6.5%57.8%26.1%25.2%6.7%0.3%3.02B-39.46B-490.7M1.144.67N/AN/A1,920,9072,183,9073,834,6825,778,776
2025-05-05$486.84$480.0023.8%6.9%54.5%27.8%25.9%7.2%0.1%647.1M-25.17B-486.0M1.263.87N/AN/A1,441,7961,823,8873,643,2445,380,350
2025-05-06$483.74$480.0024.5%7.0%53.9%29.7%25.7%7.1%0.1%-359.3M-15.98B-494.9M1.203.74N/AN/A1,681,9722,015,5823,690,1435,449,182
2025-05-07$484.75$480.0024.3%7.0%52.6%29.1%25.7%7.0%0.1%1.11B-20.08B-494.9M1.056.27N/AN/A1,828,3421,925,2423,737,2645,476,730
2025-05-08$490.20$480.0023.6%6.7%33.2%27.4%25.0%6.4%0.0%2.57B-35.25B-492.6M1.144.35N/AN/A1,968,7212,253,2903,819,3785,505,798
2025-05-09$488.17$480.0023.5%6.6%27.7%27.1%24.3%6.2%-0.0%1.41B-29.21B-494.8M0.984.17N/AN/A1,698,7881,667,4733,986,5535,689,425
2025-05-12$505.82$480.0020.3%5.7%28.7%18.2%21.2%4.7%-0.2%3.81B-69.35B-462.7M1.214.33N/AN/A1,989,6592,411,9073,907,9675,643,366
2025-05-13$516.61$480.0019.7%5.6%29.1%16.8%21.4%3.9%-0.3%3.90B-85.13B-459.5M1.283.32N/AN/A2,033,0152,608,8683,958,6145,816,629
2025-05-14$517.38$480.0020.4%5.8%28.8%18.6%21.3%4.1%-0.3%2.50B-80.32B-479.5M1.233.35N/AN/A1,744,4782,147,1004,061,7016,166,067
2025-05-15$517.91$480.0019.5%5.5%24.1%16.1%21.1%4.0%-0.4%2.15B-77.60B-493.4M1.273.37N/AN/A1,730,5222,204,2814,144,6396,321,357
2025-05-16$520.62$480.0019.0%5.5%24.1%14.9%20.9%4.0%0.0%2.66B-83.01B-492.7M1.213.28N/AN/A1,404,9641,698,2444,157,7386,452,177
2025-05-19$520.78$480.0019.9%5.7%19.9%17.1%21.3%4.7%-0.1%1.11B-54.70B-492.4M1.222.99N/AN/A1,626,5261,988,0083,503,8545,277,663
2025-05-20$519.03$484.7819.9%5.7%19.1%17.3%21.1%5.1%-0.1%63.3M-49.14B-495.7M1.033.17N/AN/A1,655,1691,707,7923,547,5585,399,967
2025-05-21$514.01$484.7821.6%6.2%19.2%22.0%22.4%6.2%-0.3%-1.57B-35.05B-512.4M1.203.14N/AN/A2,354,7022,835,6133,578,2555,472,672
2025-05-22$515.42$485.0021.3%6.1%17.5%21.1%23.0%6.1%-0.2%-215.7M-40.21B-512.1M1.012.72N/AN/A1,832,4511,842,4003,692,2795,588,335
2025-05-23$510.53$485.0022.6%6.5%18.1%24.5%24.8%6.8%-0.2%-2.60B-27.98B-521.5M1.342.87N/AN/A1,533,6812,057,5983,756,9925,562,940
2025-05-27$520.37$485.0020.1%5.8%18.9%17.9%21.2%5.6%-0.4%2.31B-55.00B-488.8M1.242.65N/AN/A1,456,2791,807,7533,604,5625,208,816
2025-05-28$519.83$489.7820.3%5.8%19.0%18.3%22.0%5.6%-0.5%1.51B-51.73B-489.0M0.943.10N/AN/A1,267,4271,196,0283,684,1335,297,963
2025-05-29$519.64$490.0019.6%5.7%18.8%16.3%21.3%5.6%-0.5%1.15B-50.35B-484.9M0.982.69N/AN/A1,963,6601,926,1813,707,2255,371,757
2025-05-30$518.91$490.0019.5%5.7%17.7%16.1%21.2%5.9%0.6%992.6M-48.01B-489.1M1.252.95N/AN/A1,875,9242,348,5263,761,4875,382,325