BTM Options History — July 2025

In July 2025, BTM traded between $33.95 and $42.28. ATM implied volatility averaged 104.6%. The 30-day expected move averaged 29.3%. IV traded above realized volatility by 2.9% (HV 20d: 101.7%). Max pain ranged from $35.00 to $42.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 3 of 22 days. Put/call ratio averaged 0.18.

Notable Days

  • 2025-07-02: Highest Volume — 432 contracts
  • 2025-07-09: Largest IV drop — 28.4% change
  • 2025-07-29: Largest Expected Move — 33.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$38.23$33.95$42.28$33.95$34.65
Max Pain$35.64$35.00$42.00$35.00$35.00
ATM IV104.6%82.8%120.1%105.5%105.7%
Expected Move29.3%23.7%33.5%30.2%30.3%
HV 20d101.7%76.4%128.8%122.8%76.4%
Term Structure-6.9%-20.7%6.1%5.1%-7.1%
VWIV108.3%85.9%118.3%116.1%106.5%
Skew 25d-17.2%-55.5%33.9%-43.5%-30.1%
Skew 10d1.2%-56.0%61.4%-55.6%-55.2%
Call IV 25d106.1%65.5%124.0%120.9%113.8%
Put IV 25d88.9%61.6%114.0%77.3%83.6%
Bid-Ask Spread %75.4849.7498.7666.6583.21
Gamma HHI0.180.160.240.200.18
Net GEX37.6K12.4K53.7K12.4K42.6K
Net DEX-2.9M-4.2M-1.1M-1.1M-2.3M
Net VEX-27.7K-34.3K-17.3K-17.3K-25.9K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.180.010.680.130.15
Total Volume151.09139432142159
Total OI2,842.0452,1333,2842,1332,996

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-07-01$33.95$35.00105.5%30.2%122.8%0.0%116.1%-43.5%5.1%12.4K-1.1M-17.3K0.1366.65N/AN/A126161,793340
2025-07-02$38.92$35.00114.2%32.7%128.8%0.0%107.6%-10.7%-4.9%21.7K-2.3M-21.9K0.0259.31N/AN/A42571,859350
2025-07-03$39.69$35.00115.7%24.0%125.4%0.0%108.5%33.9%-6.0%35.1K-3.2M-29.8K0.1598.76N/AN/A99142,239351
2025-07-07$42.28$35.00117.1%32.3%121.8%0.0%85.9%-4.6%-13.4%35.0K-3.2M-25.7K0.3457.25N/AN/A254852,259361
2025-07-08$42.00$35.00120.1%30.4%116.5%0.0%110.5%1.4%-2.3%38.8K-3.4M-27.6K0.0355.48N/AN/A20372,419419
2025-07-09$39.90$35.0086.1%24.7%92.9%0.0%94.0%29.4%-4.0%34.7K-3.5M-31.1K0.3689.35N/AN/A46172,449421
2025-07-10$39.90$35.0082.8%23.7%91.3%0.0%97.7%-10.6%0.9%36.9K-3.0M-29.3K0.0293.42N/AN/A9022,451435
2025-07-11$38.22$35.0082.9%23.8%91.2%0.0%108.3%-36.2%-1.8%31.6K-2.5M-27.0K0.6886.81N/AN/A69472,481436
2025-07-14$38.43$42.0083.4%23.9%91.3%0.0%111.2%-14.7%-6.6%32.7K-2.6M-27.3K0.0683.17N/AN/A14282,510455
2025-07-15$35.35$42.00105.7%30.3%95.3%0.0%100.8%-35.0%-0.8%17.3K-2.1M-26.1K0.2078.65N/AN/A106212,594461
2025-07-16$40.53$35.0087.0%24.9%107.5%0.0%102.6%-13.8%-7.2%41.4K-3.3M-28.0K0.0877.93N/AN/A326272,596464
2025-07-17$40.67$35.00111.1%31.9%105.2%0.0%112.8%-9.8%-11.8%53.7K-4.2M-34.3K0.0749.74N/AN/A8062,752479
2025-07-18$40.74$35.00107.2%30.7%103.7%0.0%108.4%-55.5%-6.7%49.5K-3.9M-33.9K0.0478.43N/AN/A281122,805479
2025-07-21$37.87$35.0097.2%27.9%106.2%0.0%107.7%-36.1%6.1%40.7K-3.1M-27.5K0.2152.04N/AN/A190392,441237
2025-07-22$38.50$35.00110.8%31.8%97.5%0.0%112.5%-7.9%-10.8%44.9K-3.0M-27.0K0.4070.60N/AN/A52212,504271
2025-07-23$38.57$35.00112.4%32.2%96.7%0.0%116.3%-6.3%-11.4%45.3K-3.2M-29.1K0.0173.43N/AN/A3912,534286
2025-07-24$37.59$35.00102.8%29.5%96.9%0.0%116.2%-10.3%-5.8%47.4K-3.3M-31.0K0.5276.95N/AN/A33172,552286
2025-07-25$37.24$35.00114.2%32.7%95.7%0.0%113.8%-22.3%-13.5%43.6K-3.6M-31.4K0.0474.12N/AN/A9442,570311
2025-07-28$36.82$35.00111.3%31.9%90.6%0.0%115.5%-23.4%-12.8%45.6K-3.3M-30.0K0.1578.36N/AN/A68102,620314
2025-07-29$34.72$35.00116.9%33.5%93.0%0.0%118.3%-44.1%-20.7%40.1K-2.6M-27.5K0.2380.49N/AN/A3272,643323
2025-07-30$34.44$35.00111.6%32.0%91.6%0.0%112.1%-27.6%-16.0%36.7K-1.8M-21.2K0.0596.36N/AN/A4022,650329
2025-07-31$34.65$35.00105.7%30.3%76.4%0.0%106.5%-30.1%-7.1%42.6K-2.3M-25.9K0.1583.21N/AN/A139202,667329