BTM Options History — November 2025 In November 2025, BTM traded between $9.94 and $19.25. ATM implied volatility averaged 117.9%. The 30-day expected move averaged 32.1%. IV traded above realized volatility by 24.9% (HV 20d: 93.0%). Max pain ranged from $21.00 to $21.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 5 of 19 days. Put/call ratio averaged 0.09.
Notable Days 2025-11-26 : Highest Volume — 328 contracts2025-11-21 : Largest IV spike — 179.0% change2025-11-28 : Largest Expected Move — 57.6%Monthly Statistics Metric Avg Min Max Open Close Price $14.50 $9.94 $19.25 $17.85 $10.50 Max Pain $21.00 $21.00 $21.00 $21.00 $21.00 ATM IV 117.9% 47.0% 200.7% 120.4% 200.7% Expected Move 32.1% 13.5% 57.6% 34.5% 57.6% HV 20d 93.0% 71.7% 104.5% 101.2% 104.5% HV 60d 90.5% 82.6% 97.2% 85.0% 97.2% Term Structure -7.0% -69.2% 104.0% -25.6% -69.2% VWIV 109.7% 80.2% 203.8% 121.5% 203.8% Skew 25d 29.0% -104.3% 151.0% 78.7% -104.3% Skew 10d 67.1% -104.3% 296.8% 176.6% -104.3% Call IV 25d 111.2% 61.2% 252.9% 110.3% 252.9% Put IV 25d 140.2% 78.7% 226.3% 188.9% 148.6% Bid-Ask Spread % 79.27 57.41 99.58 83.31 61.17 Gamma HHI 0.18 0.16 0.23 0.18 0.20 Net GEX 15.5K 5.3K 26.7K 25.4K 6.6K Net DEX -788.0K -1.4M -430.3K -1.4M -547.6K Net VEX -9.6K -14.8K -5.9K -14.8K -6.9K Div Yield 0.0% 0.0% 0.0% 0.0% 0.0% P/C Ratio 0.09 0.00 0.37 0.00 0.00 Total Volume 100.158 11 328 233 51 Total OI 4,916.474 3,706 5,353 5,149 3,850
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 Wall Put Wall Call Vol Put Vol Call OI Put OI 2025-11-03 $17.85 $21.00 120.4% 34.5% 101.2% 0.0% 121.5% 78.7% -25.6% 25.4K -1.4M -14.8K 0.00 83.31 N/A N/A 232 1 4,892 257 2025-11-04 $17.36 $21.00 102.3% 29.3% 71.7% 0.0% 112.3% -13.6% 31.3% 21.6K -994.8K -11.9K 0.01 75.39 N/A N/A 143 1 4,835 257 2025-11-05 $19.25 $21.00 110.9% 31.8% 82.7% 0.0% 84.0% 108.3% 23.3% 25.5K -1.3M -11.9K 0.01 95.17 N/A N/A 46 0 4,840 253 2025-11-06 $18.69 $21.00 124.7% 29.1% 82.9% 0.0% 103.2% 56.4% -7.7% 26.7K -1.3M -13.4K 0.00 89.65 N/A N/A 84 0 4,864 253 2025-11-07 $18.90 $21.00 128.5% 26.8% 78.7% 0.0% 84.2% 8.8% -1.5% 25.5K -1.0M -11.7K 0.36 94.59 N/A N/A 125 45 4,883 253 2025-11-10 $18.97 $21.00 125.3% 27.3% 76.7% 0.0% 100.6% 61.0% -15.2% 25.6K -1.2M -11.7K 0.01 88.41 N/A N/A 76 1 4,870 245 2025-11-11 $18.90 $21.00 106.5% 24.1% 74.9% 0.0% 0.0% 69.7% -15.4% 26.0K -1.2M -12.8K 0.20 99.58 N/A N/A 23 5 4,932 245 2025-11-12 $17.78 $21.00 95.5% 27.4% 77.4% 0.0% 96.3% 34.0% -12.8% 19.0K -953.3K -11.1K 0.37 88.48 N/A N/A 82 30 4,934 245 2025-11-13 $14.28 $21.00 83.5% 23.9% 100.5% 0.0% 82.3% 151.0% -2.8% 13.6K -619.2K -9.9K 0.17 79.14 N/A N/A 211 35 4,988 261 2025-11-14 $13.86 $21.00 126.0% 36.1% 100.6% 0.0% 97.3% 23.6% -9.3% 13.4K -625.1K -9.5K 0.23 91.54 N/A N/A 76 18 5,056 253 2025-11-17 $13.16 $21.00 80.2% 23.0% 99.3% 0.0% 80.2% 92.2% 16.1% 12.7K -450.5K -8.1K 0.11 87.33 N/A N/A 10 1 5,105 240 2025-11-18 $13.09 $21.00 124.6% 35.7% 98.8% 0.0% 106.6% 42.0% -12.5% 12.5K -605.1K -8.7K 0.08 80.73 N/A N/A 39 3 5,109 211 2025-11-19 $11.69 $21.00 91.1% 26.1% 103.9% 0.0% 107.2% 10.9% -19.8% 8.5K -461.1K -7.5K 0.05 72.81 N/A N/A 18 1 5,130 202 2025-11-20 $10.64 $21.00 47.0% 13.5% 102.8% 0.0% 107.7% -16.2% 26.2% 7.1K -508.0K -7.4K 0.06 68.49 N/A N/A 56 3 5,143 192 2025-11-21 $10.36 $21.00 131.0% 37.6% 102.5% 0.0% 152.8% -20.9% -30.6% 6.6K -451.9K -7.0K 0.02 70.00 N/A N/A 32 1 5,173 180 2025-11-24 $10.08 $21.00 108.2% 31.0% 102.1% 0.0% 115.1% 42.3% 104.0% 6.0K -467.5K -6.6K 0.01 57.41 N/A N/A 66 0 3,641 123 2025-11-25 $9.94 $21.00 162.1% 46.5% 102.1% 0.0% 0.0% -8.8% -61.1% 6.0K -430.3K -5.9K 0.02 60.55 N/A N/A 59 1 3,683 109 2025-11-26 $10.29 $21.00 171.8% 49.2% 104.4% 0.0% 203.8% -64.1% -50.3% 5.3K -472.8K -5.9K 0.01 62.32 N/A N/A 325 3 3,598 108 2025-11-28 $10.50 $21.00 200.7% 57.6% 104.5% 0.0% 0.0% -104.3% -69.2% 6.6K -547.6K -6.9K 0.00 61.17 N/A N/A 51 0 3,739 111
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