TQQQ Options History — May 2025

In May 2025, TQQQ traded between $28.77 and $35.56. ATM implied volatility averaged 62.3%, placing in the 22.7% IV rank vs the trailing year. The 30-day expected move averaged 17.9%. IV traded below realized volatility by 28.3% (HV 20d: 90.6%). Max pain ranged from $25.00 to $30.50. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 5 of 21 days. Put/call ratio averaged 0.68.

Notable Days

2025-05-02: Highest Volume — 967,156 contracts
2025-05-12: Largest IV drop — 14.0% change
2025-05-06: Highest IV Rank — 31.1%
2025-05-01: Largest Expected Move — 21.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$32.92	$28.77	$35.56	$28.86	$34.94
Max Pain	$29.19	$25.00	$30.50	$25.00	$30.50
ATM IV	62.3%	56.7%	71.2%	70.9%	58.4%
Expected Move	17.9%	15.9%	21.4%	21.4%	16.7%
HV 20d	90.6%	51.5%	181.3%	181.3%	52.1%
HV 60d	119.8%	118.6%	121.3%	118.8%	119.1%
IV Rank	22.7%	17.4%	31.1%	30.8%	18.9%
IV Percentile	65.7%	49.6%	85.7%	85.7%	53.6%
Term Structure	-0.6%	-5.5%	2.6%	-1.4%	-0.7%
VWIV	64.1%	58.1%	80.2%	80.2%	60.0%
Skew 25d	15.3%	10.0%	19.8%	19.1%	17.3%
Skew 10d	24.4%	0.9%	38.5%	38.5%	29.2%
Call IV 25d	55.6%	50.5%	62.5%	62.0%	50.5%
Put IV 25d	70.9%	62.5%	82.3%	81.1%	67.8%
Bid-Ask Spread %	23.87	10.16	41.71	22.35	29.61
Gamma HHI	0.07	0.04	0.22	0.05	0.07
Net GEX	37.3M	-1.5M	80.1M	38.2M	37.4M
Net DEX	-1.71B	-2.69B	-975.0M	-1.39B	-1.63B
Net VEX	-9.5M	-10.2M	-8.6M	-8.6M	-9.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.68	0.53	0.83	0.75	0.67
Total Volume	638,290.667	295,488	967,156	841,186	830,734
Total OI	2,272,037.333	1,986,688	2,536,446	2,353,538	2,284,312

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
2025-05-01	$28.86	$25.00	70.9%	21.4%	181.3%	30.8%	80.2%	19.1%	-1.4%	38.2M	-1.39B	-8.6M	0.75	22.35	N/A	N/A	481,358	359,828	1,520,910	832,628
2025-05-02	$29.71	$25.00	66.7%	19.7%	170.1%	26.9%	73.6%	18.9%	2.6%	55.2M	-1.62B	-8.9M	0.83	10.16	N/A	N/A	527,086	440,070	1,566,318	901,538
2025-05-05	$29.34	$29.00	69.5%	19.7%	159.1%	29.5%	69.4%	17.6%	-0.3%	25.3M	-1.14B	-8.8M	0.83	24.89	N/A	N/A	209,370	174,036	1,399,284	734,316
2025-05-06	$28.77	$29.00	71.2%	20.1%	156.9%	31.1%	72.1%	19.8%	1.8%	20.8M	-975.0M	-8.7M	0.80	23.86	N/A	N/A	255,958	204,914	1,443,858	790,108
2025-05-07	$28.90	$29.00	63.8%	20.0%	152.9%	24.0%	70.6%	15.0%	-5.5%	22.6M	-1.00B	-8.6M	0.56	41.71	N/A	N/A	346,434	195,174	1,469,404	820,842
2025-05-08	$29.91	$29.00	68.7%	19.5%	102.3%	28.7%	67.5%	16.7%	-0.2%	38.5M	-1.41B	-9.0M	0.69	27.43	N/A	N/A	493,336	340,252	1,515,332	846,926
2025-05-09	$29.52	$29.00	68.4%	19.4%	83.6%	28.4%	67.4%	17.1%	-0.4%	33.0M	-1.19B	-8.8M	0.63	27.53	N/A	N/A	432,200	272,510	1,574,708	907,092
2025-05-12	$32.70	$29.00	58.8%	16.7%	85.9%	19.4%	59.3%	14.5%	-1.0%	38.8M	-1.92B	-9.4M	0.61	23.96	N/A	N/A	569,302	348,026	1,405,860	774,828
2025-05-13	$34.78	$29.00	57.2%	16.2%	87.2%	17.8%	58.7%	10.9%	-0.6%	49.8M	-2.50B	-10.0M	0.63	19.83	N/A	N/A	568,250	359,710	1,469,398	841,620
2025-05-14	$34.92	$29.50	59.1%	16.6%	86.5%	19.7%	59.7%	11.4%	-0.7%	51.2M	-2.47B	-10.2M	0.59	20.45	N/A	N/A	330,360	195,140	1,508,874	902,758
2025-05-15	$35.00	$30.00	57.8%	16.2%	71.2%	18.4%	58.5%	10.0%	-2.0%	55.7M	-2.48B	-10.1M	0.69	18.39	N/A	N/A	377,284	260,318	1,542,760	946,496
2025-05-16	$35.55	$30.00	56.7%	15.9%	71.3%	17.4%	59.1%	10.6%	-0.9%	80.1M	-2.69B	-10.0M	0.68	21.09	N/A	N/A	418,380	286,068	1,564,670	971,776
2025-05-19	$35.56	$30.00	57.6%	16.5%	58.2%	18.3%	60.0%	11.7%	0.5%	32.5M	-1.95B	-10.0M	0.72	19.39	N/A	N/A	282,404	204,044	1,281,736	704,952
2025-05-20	$35.19	$30.00	58.4%	16.7%	56.1%	18.9%	59.5%	13.9%	0.1%	34.1M	-1.85B	-10.0M	0.70	22.71	N/A	N/A	206,972	144,742	1,346,526	760,392
2025-05-21	$34.15	$30.00	62.9%	18.0%	56.4%	23.2%	62.2%	16.1%	-1.5%	25.7M	-1.53B	-9.8M	0.73	25.32	N/A	N/A	394,030	288,726	1,390,928	788,402
2025-05-22	$34.42	$30.00	61.9%	17.7%	51.5%	22.3%	61.5%	16.7%	-0.6%	25.4M	-1.60B	-9.9M	0.55	28.07	N/A	N/A	321,328	177,266	1,422,048	820,524
2025-05-23	$33.42	$30.00	65.3%	18.8%	53.4%	25.5%	68.0%	18.6%	-1.1%	-1.5M	-1.21B	-9.7M	0.69	22.17	N/A	N/A	441,696	304,024	1,451,408	853,176
2025-05-27	$35.31	$30.00	58.0%	16.6%	55.6%	18.6%	60.5%	16.1%	-0.1%	36.4M	-1.82B	-9.7M	0.69	20.53	N/A	N/A	309,272	214,688	1,285,244	725,814
2025-05-28	$35.20	$30.00	59.6%	17.2%	55.9%	20.1%	60.6%	15.6%	0.1%	39.9M	-1.78B	-9.8M	0.70	23.46	N/A	N/A	173,542	121,946	1,365,736	776,242
2025-05-29	$35.13	$30.00	57.7%	16.7%	55.4%	18.3%	58.1%	14.1%	-1.3%	43.3M	-1.74B	-9.7M	0.53	28.33	N/A	N/A	355,646	187,680	1,402,106	800,934
2025-05-30	$34.94	$30.50	58.4%	16.7%	52.1%	18.9%	60.0%	17.3%	-0.7%	37.4M	-1.63B	-9.6M	0.67	29.61	N/A	N/A	497,316	333,418	1,448,408	835,904