A Options History — May 2025

In May 2025, A traded between $105.43 and $115.56. ATM implied volatility averaged 37.5%, placing in the 30.5% IV rank vs the trailing year. The 30-day expected move averaged 10.8%. IV traded below realized volatility by 2.5% (HV 20d: 40.0%). Max pain ranged from $105.00 to $115.00. Net GEX was positive for 10 of 21 trading days. Term structure was in contango for 4 of 21 days. Put/call ratio averaged 1.18.

Notable Days

  • 2025-05-28: Highest Volume — 5,402 contracts
  • 2025-05-29: Largest IV drop — 27.6% change
  • 2025-05-28: Highest IV Rank — 39.9%
  • 2025-05-28: Largest Expected Move — 12.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$110.60$105.43$115.56$107.05$111.80
Max Pain$108.57$105.00$115.00$115.00$110.00
ATM IV37.5%30.6%43.0%37.6%30.6%
Expected Move10.8%8.8%12.3%10.8%8.8%
HV 20d40.0%30.2%56.4%56.4%38.3%
HV 60d41.3%38.7%43.3%38.7%41.7%
IV Rank30.5%18.5%39.9%30.7%18.5%
IV Percentile90.6%66.3%98.0%94.4%66.3%
Term Structure-1.8%-5.6%2.9%0.7%0.6%
VWIV37.9%29.9%44.7%34.8%29.9%
Skew 25d5.0%2.4%9.3%5.3%2.9%
Skew 10d8.6%-7.8%12.7%9.2%5.6%
Call IV 25d35.2%28.9%40.0%33.5%28.9%
Put IV 25d40.2%31.8%44.1%38.8%31.8%
Bid-Ask Spread %72.0854.6183.6877.7375.18
Gamma HHI0.110.090.150.110.12
Net GEX93.0K-610.1K1.2M-539.5K513.1K
Net DEX6.2M-17.3M37.2M30.0M-3.8M
Net VEX-366.6K-404.8K-327.9K-338.9K-391.9K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.180.094.954.510.37
Total Volume1,571.3813345,4028321,017
Total OI29,669.38123,77735,63329,57830,949

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-05-01$107.05$115.0037.6%10.8%56.4%30.7%34.8%5.3%0.7%-539.5K30.0M-338.9K4.5177.73N/AN/A15168115,46014,118
2025-05-02$108.71$115.0034.3%9.8%53.8%24.9%34.9%4.5%2.2%-530.7K23.2M-343.9K0.6375.09N/AN/A20512915,51114,228
2025-05-05$108.70$115.0036.4%10.8%49.8%28.5%37.4%6.2%-1.6%-478.5K23.1M-332.1K0.1967.77N/AN/A63512015,57314,308
2025-05-06$105.43$110.0035.7%11.0%51.0%27.3%38.1%6.7%-1.7%-165.1K37.2M-327.9K0.5076.93N/AN/A68133816,03714,397
2025-05-07$107.34$110.0033.3%10.2%47.2%23.1%35.7%4.6%2.9%-217.2K28.2M-330.2K3.0779.25N/AN/A18958015,94114,549
2025-05-08$108.95$110.0034.8%10.9%38.7%25.7%38.4%9.3%-1.3%-157.7K19.0M-340.9K1.1071.70N/AN/A43647916,06614,532
2025-05-09$107.24$110.0035.3%11.4%30.2%26.6%40.5%6.1%-1.5%-43.5K27.6M-332.7K3.0068.02N/AN/A30792216,36214,697
2025-05-12$115.10$110.0038.7%10.4%37.0%32.5%34.7%5.3%-1.6%-610.1K-12.3M-347.7K1.0172.27N/AN/A1,3011,31816,55214,867
2025-05-13$115.56$110.0042.3%10.5%35.8%38.7%35.5%4.8%-2.0%-395.6K-17.3M-364.4K4.9571.63N/AN/A3951,95717,51815,706
2025-05-14$111.63$110.0038.3%11.0%36.8%31.8%44.7%5.0%-1.9%-33.0K5.3M-378.5K0.7674.28N/AN/A96172617,63917,151
2025-05-15$111.95$105.0038.3%11.0%36.6%31.8%37.9%5.8%-1.9%-62.3K-214.5K-382.0K0.9083.68N/AN/A29726618,09417,497
2025-05-16$113.54$105.0037.9%10.9%36.8%31.1%39.4%5.1%-2.8%347.0K-6.4M-382.4K0.2370.71N/AN/A1,47734518,11717,516
2025-05-19$113.00$105.0038.4%11.0%35.2%32.0%38.3%4.1%-3.1%257.6K-3.6M-379.5K0.5771.96N/AN/A21412312,00411,773
2025-05-20$113.27$105.0038.5%11.0%34.0%32.2%38.2%4.3%-3.8%286.4K-4.4M-378.9K0.7067.46N/AN/A1,26188912,10511,862
2025-05-21$109.06$105.0041.4%11.9%36.8%37.2%41.7%5.2%-4.1%172.0K5.6M-384.6K0.2270.28N/AN/A71115313,12712,048
2025-05-22$109.84$105.0041.8%12.0%36.4%37.9%42.6%4.9%-4.3%419.2K1.3M-385.8K0.3971.96N/AN/A38915013,63512,129
2025-05-23$108.66$105.0040.2%11.5%36.6%35.0%40.2%5.8%-3.4%330.8K5.1M-385.2K0.3572.37N/AN/A82028913,86912,145
2025-05-27$111.06$105.0040.2%11.5%37.3%35.1%40.2%2.8%-3.7%795.5K-7.1M-389.1K0.0971.44N/AN/A2,35922014,44212,208
2025-05-28$111.18$105.0043.0%12.3%37.3%39.9%41.8%3.9%-5.6%888.9K-6.9M-396.5K0.8554.61N/AN/A2,9132,48914,77412,339
2025-05-29$113.47$110.0031.1%8.9%37.7%19.3%30.9%2.4%-0.2%1.2M-14.2M-404.8K0.3669.36N/AN/A3,0181,08816,65414,558
2025-05-30$111.80$110.0030.6%8.8%38.3%18.5%29.9%2.9%0.6%513.1K-3.8M-391.9K0.3775.18N/AN/A74227516,25214,697