BTM Options History — August 2025

In August 2025, BTM traded between $25.41 and $35.49. ATM implied volatility averaged 98.3%. The 30-day expected move averaged 25.6%. IV traded above realized volatility by 26.0% (HV 20d: 72.3%). Max pain ranged from $35.00 to $35.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 6 of 21 days. Put/call ratio averaged 0.37.

Notable Days

  • 2025-08-11: Highest Volume — 157 contracts
  • 2025-08-11: Largest IV spike — 41.3% change
  • 2025-08-01: Largest Expected Move — 31.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$29.71$25.41$35.49$32.76$25.41
Max Pain$35.00$35.00$35.00$35.00$35.00
ATM IV98.3%70.4%166.9%108.5%84.2%
Expected Move25.6%20.0%31.1%31.1%24.1%
HV 20d72.3%67.4%83.9%77.8%69.2%
HV 60d98.5%94.0%102.4%99.7%94.0%
Term Structure-3.8%-35.4%32.3%-12.8%5.3%
VWIV92.6%76.8%122.7%122.7%79.5%
Skew 25d-16.3%-40.7%26.6%26.6%-16.1%
Skew 10d-8.6%-48.4%38.5%1.0%23.8%
Call IV 25d88.7%54.7%101.1%83.4%80.9%
Put IV 25d72.4%53.9%110.0%110.0%64.8%
Bid-Ask Spread %79.5761.1198.7298.7281.98
Gamma HHI0.200.160.220.180.22
Net GEX23.6K12.8K45.4K34.8K13.5K
Net DEX-1.2M-2.6M-451.0K-1.6M-871.0K
Net VEX-19.2K-29.0K-13.5K-22.3K-16.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.370.061.600.130.22
Total Volume60.9522015715132
Total OI2,961.812,6293,3042,9952,812

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-08-01$32.76$35.00108.5%31.1%77.8%0.0%122.7%26.6%-12.8%34.8K-1.6M-22.3K0.1398.72N/AN/A133182,652343
2025-08-04$34.79$35.00112.3%27.1%77.4%0.0%97.2%-29.8%-6.8%36.8K-1.8M-21.5K0.6678.76N/AN/A51342,636356
2025-08-05$35.49$35.00101.3%27.7%78.1%0.0%100.1%-27.8%-5.8%45.4K-2.6M-29.0K1.2074.79N/AN/A30362,676386
2025-08-06$34.65$35.00112.2%27.8%76.7%0.0%93.9%-31.1%-8.2%37.9K-2.2M-26.7K1.6083.97N/AN/A15242,696422
2025-08-07$34.44$35.00118.8%26.0%76.7%0.0%93.7%-30.0%-2.9%36.7K-1.9M-24.8K0.0686.89N/AN/A1912,706446
2025-08-08$33.81$35.00118.1%28.1%75.6%0.0%97.1%-31.2%9.6%34.5K-1.7M-24.1K0.0976.27N/AN/A3232,714447
2025-08-11$33.60$35.00166.9%29.2%75.5%0.0%102.4%4.6%-14.1%34.5K-1.7M-23.9K0.0872.14N/AN/A145122,722447
2025-08-12$29.40$35.00108.3%20.0%83.9%0.0%80.7%-40.7%-6.6%17.5K-451.0K-15.8K0.2578.33N/AN/A109272,812452
2025-08-13$31.01$35.0071.7%20.6%68.4%0.0%93.8%-37.3%-1.9%23.0K-1.2M-21.9K0.2380.29N/AN/A54122,831450
2025-08-14$28.91$35.0093.6%26.8%71.0%0.0%88.9%-10.4%-35.4%15.5K-541.2K-16.8K0.1671.55N/AN/A4062,844449
2025-08-15$28.56$35.0093.0%26.6%70.6%0.0%100.3%-25.4%-10.4%20.2K-639.5K-17.6K0.3478.50N/AN/A40142,853451
2025-08-18$28.21$35.0087.5%25.1%67.6%0.0%90.4%-14.4%2.6%19.0K-951.0K-16.3K0.2964.67N/AN/A79232,381248
2025-08-19$26.74$35.0092.4%26.5%67.8%0.0%88.2%8.4%-2.9%16.8K-889.1K-16.4K0.2487.90N/AN/A1952,412269
2025-08-20$26.11$35.0070.4%20.2%67.4%0.0%90.0%-35.3%2.1%15.5K-685.4K-15.0K0.0984.98N/AN/A5852,419270
2025-08-21$26.88$35.0095.7%27.4%69.5%0.0%95.6%-23.3%-6.5%17.2K-774.3K-15.6K0.8581.96N/AN/A25212,446270
2025-08-22$26.67$35.0088.5%25.4%69.6%0.0%89.4%-32.5%-15.0%16.1K-717.8K-14.6K0.0781.32N/AN/A2722,460291
2025-08-25$26.32$35.0071.2%20.4%69.5%0.0%76.8%13.4%32.3%16.0K-896.0K-16.2K0.0985.28N/AN/A4242,467293
2025-08-26$26.67$35.0085.7%24.6%68.5%0.0%86.9%3.3%3.3%15.6K-777.0K-15.3K0.6681.84N/AN/A1392,474300
2025-08-27$26.53$35.0087.5%25.1%68.5%0.0%80.3%4.6%-1.8%12.8K-659.5K-13.5K0.2361.11N/AN/A1942,484307
2025-08-28$26.95$35.0096.6%27.7%68.9%0.0%96.7%-18.9%-5.0%16.8K-1.1M-17.9K0.2779.70N/AN/A3082,493311
2025-08-29$25.41$35.0084.2%24.1%69.2%0.0%79.5%-16.1%5.3%13.5K-871.0K-16.7K0.2281.98N/AN/A2662,495317