APD Options History — November 2025

In November 2025, APD traded between $235.72 and $263.52. ATM implied volatility averaged 27.2%, placing in the 15.0% IV rank vs the trailing year. The 30-day expected move averaged 7.7%. IV traded below realized volatility by 11.3% (HV 20d: 38.5%). Max pain ranged from $260.00 to $270.00. Net GEX was positive for 16 of 19 trading days. Term structure was in contango for 7 of 19 days. Put/call ratio averaged 0.39.

Notable Days

2025-11-20: Highest Volume — 5,331 contracts
2025-11-06: Largest IV drop — 27.9% change
2025-11-05: Highest IV Rank — 32.5%
2025-11-05: Largest Expected Move — 11.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$254.89	$235.72	$263.52	$238.43	$260.56
Max Pain	$265.79	$260.00	$270.00	$260.00	$260.00
ATM IV	27.2%	22.8%	38.8%	37.5%	23.0%
Expected Move	7.7%	6.5%	11.1%	10.7%	6.6%
HV 20d	38.5%	18.0%	43.2%	18.0%	41.6%
HV 60d	28.0%	19.9%	29.8%	20.2%	29.8%
IV Rank	15.0%	8.4%	32.5%	30.5%	8.8%
IV Percentile	59.9%	36.5%	94.0%	91.3%	39.7%
Term Structure	-0.8%	-5.9%	1.9%	-5.7%	1.6%
VWIV	26.8%	22.0%	39.5%	36.5%	22.0%
Skew 25d	3.8%	1.4%	5.7%	5.7%	3.0%
Skew 10d	7.2%	-8.0%	12.5%	-8.0%	5.6%
Call IV 25d	25.4%	21.4%	39.9%	33.6%	21.5%
Put IV 25d	29.2%	24.2%	41.4%	39.3%	24.5%
Bid-Ask Spread %	81.37	77.12	88.39	84.30	88.39
Gamma HHI	0.15	0.11	0.18	0.12	0.18
Net GEX	1.1M	-733.9K	2.9M	-733.9K	2.9M
Net DEX	14.5M	-17.1M	64.9M	64.9M	-1.5M
Net VEX	-438.2K	-520.3K	-388.9K	-397.6K	-419.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.39	0.02	1.10	0.47	0.19
Total Volume	774.211	175	5,331	471	314
Total OI	23,988.211	19,572	26,473	23,682	19,871

Daily Data (19 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 Vol	Put Vol	Call OI	Put OI
2025-11-03	$238.43	$260.00	37.5%	10.7%	18.0%	30.5%	36.5%	5.7%	-5.7%	-733.9K	64.9M	-397.6K	0.47	84.30	321	150	16,990	6,692
2025-11-04	$239.78	$260.00	37.6%	10.8%	18.5%	30.7%	37.3%	4.4%	-5.6%	-705.8K	63.8M	-402.5K	0.14	81.66	729	104	17,121	6,768
2025-11-05	$235.72	$260.00	38.8%	11.1%	18.9%	32.5%	39.5%	1.4%	-5.9%	-98.6K	62.8M	-388.9K	1.10	80.86	254	279	17,735	6,777
2025-11-06	$261.08	$270.00	28.0%	7.8%	42.4%	16.2%	27.0%	4.2%	-0.4%	1.3M	-8.0M	-520.3K	0.53	77.12	644	341	17,854	6,897
2025-11-07	$258.71	$270.00	26.2%	7.4%	42.2%	13.5%	25.1%	4.2%	-0.3%	675.2K	3.0M	-500.5K	0.15	80.72	614	90	17,835	6,885
2025-11-10	$258.13	$270.00	26.7%	7.0%	42.1%	14.3%	25.9%	3.3%	-0.3%	713.6K	6.0M	-476.2K	0.41	78.65	153	62	17,976	6,875
2025-11-11	$262.47	$270.00	25.8%	7.0%	42.4%	12.9%	23.5%	3.7%	-0.2%	1.3M	-14.2M	-485.9K	0.18	78.74	332	59	18,153	6,879
2025-11-12	$262.10	$270.00	23.7%	6.8%	41.6%	9.8%	22.7%	4.4%	1.9%	1.1M	-12.1M	-469.8K	0.11	79.89	680	78	18,211	6,878
2025-11-13	$263.52	$270.00	25.6%	7.4%	41.1%	12.7%	24.0%	4.3%	-0.2%	1.6M	-17.1M	-482.8K	0.20	80.15	199	39	18,681	6,879
2025-11-14	$259.65	$270.00	23.6%	6.8%	41.6%	9.6%	23.4%	4.1%	0.0%	878.9K	-3.5M	-463.1K	0.09	81.22	689	60	18,834	6,876
2025-11-17	$253.18	$270.00	26.0%	7.4%	42.6%	13.2%	25.8%	3.5%	-0.4%	951.4K	21.8M	-429.6K	0.85	81.90	155	132	19,452	6,866
2025-11-18	$252.45	$270.00	26.8%	7.7%	42.6%	14.5%	27.2%	2.5%	-0.6%	981.7K	26.2M	-422.6K	0.96	82.35	102	98	19,454	6,870
2025-11-19	$253.19	$270.00	27.6%	7.9%	42.4%	15.7%	26.4%	4.4%	-3.2%	900.4K	26.4M	-406.0K	0.56	83.26	256	143	19,496	6,853
2025-11-20	$251.89	$270.00	26.7%	7.7%	42.2%	14.4%	26.1%	4.9%	-0.5%	1.4M	30.0M	-393.4K	0.02	80.14	5,250	81	19,567	6,906
2025-11-21	$257.42	$260.00	24.0%	6.9%	43.0%	10.2%	24.2%	4.6%	0.9%	1.4M	14.8M	-419.8K	0.07	81.13	1,272	94	16,802	6,788
2025-11-24	$255.90	$260.00	22.9%	6.6%	43.0%	8.6%	23.4%	4.0%	1.5%	1.9M	12.9M	-393.5K	0.28	77.51	246	70	14,474	5,098
2025-11-25	$259.44	$260.00	22.9%	6.6%	43.2%	8.5%	23.3%	3.3%	0.9%	2.8M	-872.1K	-431.6K	0.97	83.15	89	86	14,622	5,113
2025-11-26	$259.21	$260.00	22.8%	6.5%	42.1%	8.4%	25.0%	1.7%	1.4%	2.6M	803.8K	-422.1K	0.16	84.91	382	63	14,604	5,144
2025-11-28	$260.56	$260.00	23.0%	6.6%	41.6%	8.8%	22.0%	3.0%	1.6%	2.9M	-1.5M	-419.3K	0.19	88.39	263	51	14,717	5,154