A Options History — February 2025

In February 2025, A traded between $127.24 and $148.88. ATM implied volatility averaged 29.4%, placing in the 50.4% IV rank vs the trailing year. The 30-day expected move averaged 8.7%. IV traded above realized volatility by 5.9% (HV 20d: 23.5%). Max pain ranged from $135.00 to $145.00. Net GEX was positive for 10 of 19 trading days. Term structure was in contango for 4 of 19 days. Put/call ratio averaged 1.63.

Notable Days

  • 2025-02-25: Highest Volume — 8,005 contracts
  • 2025-02-27: Largest IV drop — 16.8% change
  • 2025-02-26: Highest IV Rank — 85.5%
  • 2025-02-26: Largest Expected Move — 10.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$138.67$127.24$148.88$148.88$127.28
Max Pain$141.05$135.00$145.00$140.00$135.00
ATM IV29.4%23.1%36.0%25.2%26.0%
Expected Move8.7%6.7%10.3%7.2%7.5%
HV 20d23.5%20.8%28.0%23.5%25.8%
HV 60d23.7%22.4%24.8%24.7%24.5%
IV Rank50.4%16.7%85.5%27.6%32.1%
IV Percentile68.4%15.1%98.4%45.2%57.5%
Term Structure-1.9%-5.2%4.9%3.5%0.7%
VWIV30.2%23.9%35.1%26.0%26.3%
Skew 25d2.7%1.7%4.0%2.1%2.4%
Skew 10d5.5%2.9%7.9%4.3%4.4%
Call IV 25d29.0%23.1%34.3%24.3%24.4%
Put IV 25d31.7%24.9%37.3%26.4%26.8%
Bid-Ask Spread %70.5551.8782.1171.9779.00
Gamma HHI0.180.100.360.150.27
Net GEX-413.8K-5.1M1.9M1.9M-5.1M
Net DEX4.6M-43.2M67.6M-43.2M67.6M
Net VEX-328.3K-411.4K-290.7K-343.2K-352.8K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.630.423.810.823.00
Total Volume1,848.5261508,0053295,242
Total OI18,988.05314,53427,95316,19127,953

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-02-03$148.88$140.0025.2%7.2%23.5%27.6%26.0%2.1%3.5%1.9M-43.2M-343.2K0.8271.97N/AN/A1811488,9207,271
2025-02-04$146.87$140.0024.7%7.1%24.0%25.0%24.2%1.7%4.6%1.5M-33.5M-335.6K1.3282.11N/AN/A851128,9327,316
2025-02-05$147.93$140.0023.3%6.7%24.0%17.7%23.9%1.8%4.9%1.7M-37.2M-336.8K2.2474.28N/AN/A1443229,0147,433
2025-02-06$147.66$145.0023.1%8.3%24.1%16.7%28.8%3.0%-3.1%1.5M-34.7M-339.7K1.5970.46N/AN/A58929,0917,677
2025-02-07$145.40$145.0024.5%8.4%25.0%24.2%27.9%3.1%-2.1%1.0M-25.8M-343.3K3.8171.72N/AN/A1084119,1187,706
2025-02-10$143.65$145.0024.5%8.4%25.5%23.9%29.2%2.9%-2.0%308.3K-17.2M-331.0K1.4271.02N/AN/A1592269,1318,034
2025-02-11$141.89$145.0026.8%8.8%23.5%36.0%29.7%2.2%-2.7%-141.2K-10.0M-326.6K2.6870.26N/AN/A4291,1519,1698,033
2025-02-12$137.99$145.0030.8%8.8%25.0%57.3%32.3%2.4%-2.3%-2.1M15.3M-321.4K2.2572.09N/AN/A6351,4299,2859,077
2025-02-13$136.67$145.0031.3%9.0%25.2%60.0%29.6%2.7%-3.0%-1.7M20.8M-309.4K2.9764.05N/AN/A3099199,6469,220
2025-02-14$134.51$145.0031.2%8.9%24.9%59.5%30.5%2.9%-3.4%-1.2M27.3M-296.0K0.5770.01N/AN/A3121779,7298,954
2025-02-18$135.03$140.0032.9%9.4%22.8%68.8%32.0%2.9%-3.4%-1.1M25.7M-290.7K0.6571.07N/AN/A4773109,8228,977
2025-02-19$137.00$140.0033.7%9.7%21.0%73.2%33.1%3.1%-4.3%-1.4M15.7M-311.5K0.5871.83N/AN/A21512410,9139,047
2025-02-20$136.77$140.0032.8%9.4%21.0%68.1%33.4%2.8%-3.4%-1.1M15.2M-310.9K0.7974.56N/AN/A37829911,0238,985
2025-02-21$135.97$140.0033.6%9.6%20.8%72.5%32.6%3.5%-3.2%62.7K17.6M-314.6K1.2872.93N/AN/A50264111,2999,117
2025-02-24$135.28$140.0034.8%10.0%20.8%78.7%34.3%4.0%-3.4%163.1K5.9M-311.1K0.4270.58N/AN/A1,5746548,2176,317
2025-02-25$133.78$140.0034.4%9.9%20.8%76.9%34.4%2.8%-4.9%397.3K7.0M-323.0K1.1363.60N/AN/A3,7554,2509,5076,826
2025-02-26$135.00$135.0036.0%10.3%21.5%85.5%35.1%3.0%-5.2%111.8K10.6M-411.4K0.4851.87N/AN/A1,97695613,14210,947
2025-02-27$127.24$135.0030.0%8.6%28.0%53.1%29.6%2.3%-2.5%-2.8M59.6M-329.0K3.0466.98N/AN/A1,5744,78814,25411,671
2025-02-28$127.28$135.0026.0%7.5%25.8%32.1%26.3%2.4%0.7%-5.1M67.6M-352.8K3.0079.00N/AN/A1,3113,93114,22813,725