SPXS Options History — November 2025

In November 2025, SPXS traded between $35.36 and $40.47. ATM implied volatility averaged 51.2%, placing in the 19.1% IV rank vs the trailing year. The 30-day expected move averaged 14.3%. IV traded above realized volatility by 10.3% (HV 20d: 40.9%). Max pain ranged from $34.00 to $37.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 7 of 19 days. Put/call ratio averaged 0.29.

Notable Days

  • 2025-11-07: Highest Volume — 7,480 contracts
  • 2025-11-28: Largest IV spike — 18.6% change
  • 2025-11-20: Highest IV Rank — 33.2%
  • 2025-11-20: Largest Expected Move — 20.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$37.12$35.36$40.47$35.42$35.64
Max Pain$35.26$34.00$37.00$37.00$35.00
ATM IV51.2%39.5%69.0%53.0%46.8%
Expected Move14.3%10.3%20.2%12.7%11.9%
HV 20d40.9%35.1%45.9%39.3%45.1%
HV 60d33.1%29.2%36.0%29.2%35.7%
IV Rank19.1%9.8%33.2%20.5%15.6%
IV Percentile64.5%21.8%90.5%72.2%52.4%
Term Structure-1.0%-10.0%8.7%6.7%-5.5%
VWIV53.1%40.0%70.5%50.6%50.7%
Skew 25d-12.1%-27.0%4.3%1.3%-3.3%
Skew 10d-24.7%-54.0%3.7%-28.6%-17.8%
Call IV 25d60.9%42.6%76.3%57.3%42.6%
Put IV 25d48.8%30.8%60.4%58.5%39.3%
Bid-Ask Spread %71.2357.0881.8670.7179.93
Gamma HHI0.140.100.230.100.15
Net GEX1.0M306.1K1.8M923.1K1.4M
Net DEX-18.7M-39.9M-5.9M-10.9M-8.3M
Net VEX-125.9K-140.5K-95.4K-95.4K-135.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.290.070.910.910.07
Total Volume4,213.8421,5717,4803,7223,334
Total OI24,761.57918,65529,54918,65528,931

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-11-03$35.42$37.0053.0%12.7%39.3%20.5%50.6%1.3%6.7%923.1K-10.9M-95.4K0.9170.71N/AN/A1,9511,77114,2094,446
2025-11-04$36.45$37.0048.4%14.1%40.5%16.8%49.9%-11.5%6.8%1.0M-16.3M-114.3K0.1364.50N/AN/A3,48744915,1206,352
2025-11-05$35.98$37.0048.3%11.3%40.4%16.8%44.7%4.3%-1.9%1.2M-13.9M-115.6K0.2878.21N/AN/A3,26189815,8886,724
2025-11-06$37.33$35.0047.6%15.2%42.5%16.2%53.2%3.8%1.8%1.5M-23.5M-120.0K0.1957.08N/AN/A3,45665416,6157,200
2025-11-07$37.63$35.0050.0%15.4%35.1%18.1%52.9%-6.8%-3.0%1.8M-27.4M-121.5K0.1166.29N/AN/A6,74074016,7817,637
2025-11-10$35.64$35.0044.8%12.7%38.0%14.0%48.7%-25.0%-4.2%411.2K-8.8M-117.0K0.4171.75N/AN/A3,5351,44715,1447,379
2025-11-11$35.44$34.0048.0%11.3%37.6%16.6%40.0%-5.3%-6.2%306.1K-8.9M-117.8K0.5380.14N/AN/A1,02854316,8998,195
2025-11-12$35.36$35.0043.3%10.3%37.3%12.9%47.7%-15.2%-8.3%320.1K-7.1M-116.1K0.3781.62N/AN/A1,36851117,2468,464
2025-11-13$37.11$35.0050.5%15.9%40.6%18.6%57.6%-3.6%4.3%968.7K-18.9M-125.3K0.2666.38N/AN/A3,63593617,6658,845
2025-11-14$37.16$35.0049.0%15.6%40.1%17.3%55.5%-8.0%1.2%1.5M-21.1M-127.0K0.2381.86N/AN/A3,56081118,2019,200
2025-11-17$38.55$35.0057.6%16.2%40.5%24.1%55.0%-16.1%-3.3%881.8K-23.7M-131.2K0.4162.42N/AN/A3,0261,23415,5747,002
2025-11-18$39.00$35.0059.1%16.8%40.6%25.3%59.9%-24.1%-2.6%1.1M-30.4M-135.3K0.4061.67N/AN/A2,28591216,8407,966
2025-11-19$38.80$35.0059.1%16.9%40.1%25.3%65.4%-27.0%-0.1%1.1M-30.1M-138.4K0.2866.41N/AN/A1,46040817,5858,767
2025-11-20$40.47$35.0069.0%20.2%41.7%33.2%70.5%-16.7%-10.0%1.3M-39.9M-134.1K0.2764.36N/AN/A5,4081,43718,0069,110
2025-11-21$39.22$35.0057.0%16.6%42.4%23.7%63.2%-18.9%-4.4%1.6M-33.4M-140.5K0.1576.82N/AN/A6,18492819,14210,407
2025-11-24$37.63$35.0053.3%16.2%43.8%20.7%54.6%-25.0%2.3%689.1K-15.7M-136.4K0.1073.93N/AN/A3,92239914,7616,939
2025-11-25$36.66$35.0048.1%12.3%44.7%16.7%41.8%-15.6%-1.4%651.1K-11.7M-136.5K0.1472.22N/AN/A3,14442617,4497,172
2025-11-26$35.70$35.0039.5%10.7%45.9%9.8%47.6%-17.3%8.7%929.9K-5.9M-134.9K0.2677.04N/AN/A3,80497119,1717,438
2025-11-28$35.64$35.0046.8%11.9%45.1%15.6%50.7%-3.3%-5.5%1.4M-8.3M-135.7K0.0779.93N/AN/A3,10722721,5507,381