BTM Options History — January 2026

In January 2026, BTM traded between $7.28 and $9.94. ATM implied volatility averaged 201.4%, placing in the 60.0% IV rank vs the trailing year. The 30-day expected move averaged 52.2%. IV traded above realized volatility by 131.4% (HV 20d: 70.0%). Max pain ranged from $3.50 to $10.50. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 10 of 20 days. Put/call ratio averaged 0.10.

Notable Days

  • 2026-01-20: Highest Volume — 239 contracts
  • 2026-01-29: Largest IV spike — 393.6% change
  • 2026-01-09: Highest IV Rank — 100.0%
  • 2026-01-30: Largest Expected Move — 133.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$8.83$7.28$9.94$9.17$7.28
Max Pain$6.13$3.50$10.50$7.00$10.50
ATM IV201.4%64.1%466.1%84.0%466.1%
Expected Move52.2%18.4%133.6%24.1%133.6%
HV 20d70.0%57.7%87.1%84.8%67.1%
HV 60d86.8%85.2%88.9%87.0%85.5%
IV Rank60.0%7.9%100.0%18.5%100.0%
IV Percentile67.4%1.3%100.0%11.6%100.0%
Term Structure-37.1%-362.0%103.6%40.3%-362.0%
VWIV143.3%62.6%345.0%117.8%215.2%
Skew 25d130.7%-98.1%253.2%38.2%66.4%
Skew 10d132.6%-134.5%282.1%4.1%104.5%
Call IV 25d120.5%54.3%253.3%57.7%253.3%
Put IV 25d251.2%59.5%356.7%95.9%319.7%
Bid-Ask Spread %133.2986.31152.8286.31146.14
Gamma HHI0.160.140.200.140.16
Net GEX7.3K5.2K8.9K7.6K5.2K
Net DEX-649.6K-1.2M-337.4K-1.0M-337.4K
Net VEX-6.0K-7.8K-4.2K-7.6K-4.2K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.100.001.440.010.01
Total Volume55.8423925109
Total OI3,746.13,1934,1533,8193,492

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2026-01-02$9.17$7.0084.0%24.1%84.8%18.5%117.8%38.2%40.3%7.6K-1.0M-7.6K0.0186.31N/AN/A2503,707112
2026-01-05$9.66$3.50222.8%35.0%87.1%88.1%62.6%143.5%39.6%8.5K-1.0M-7.6K0.00152.82N/AN/A6003,717113
2026-01-06$9.17$3.50235.4%59.7%85.2%94.4%0.0%162.3%-51.5%8.9K-620.5K-5.8K0.00152.18N/AN/A5003,751110
2026-01-07$9.31$3.50231.8%59.9%85.0%92.6%0.0%211.3%-51.7%8.2K-803.3K-7.1K0.00145.50N/AN/A403,794109
2026-01-08$9.94$3.50244.6%29.2%72.4%99.0%111.8%96.4%55.3%8.3K-1.2M-7.8K0.00147.61N/AN/A4003,800109
2026-01-09$9.31$3.50262.8%37.0%71.7%100.0%0.0%200.4%-16.6%7.9K-469.8K-5.1K0.01150.36N/AN/A1703,835109
2026-01-12$9.59$3.5085.1%20.9%65.6%17.7%90.6%188.1%18.7%5.9K-411.8K-4.8K0.00147.82N/AN/A2903,851109
2026-01-13$9.66$3.5094.5%42.2%63.0%22.0%125.2%208.0%103.6%8.0K-668.2K-6.8K0.01136.41N/AN/A1704,009109
2026-01-14$9.66$3.50185.8%53.3%58.3%64.3%161.5%250.0%17.7%8.6K-891.6K-7.6K0.01128.94N/AN/A2304,020109
2026-01-15$9.59$3.50167.9%48.1%58.3%56.0%0.0%234.7%-1.1%7.6K-504.1K-5.2K0.00147.28N/AN/A1404,039109
2026-01-16$9.66$3.5083.6%24.0%57.7%17.0%99.7%172.7%65.4%8.7K-974.7K-7.4K0.03134.97N/AN/A1504,044109
2026-01-20$8.89$3.5064.1%18.4%65.2%7.9%0.0%15.8%66.9%7.1K-541.9K-5.6K0.01136.41N/AN/A23723,088105
2026-01-21$8.75$3.50171.3%49.1%64.3%57.6%150.8%15.2%-88.9%7.3K-570.3K-6.1K0.02107.96N/AN/A11833,285106
2026-01-22$8.19$10.50328.2%94.1%67.9%100.0%345.0%253.2%-154.8%6.9K-516.8K-5.5K0.40135.09N/AN/A1873,390108
2026-01-23$8.33$10.5077.4%22.2%66.7%10.8%157.9%5.2%15.9%6.7K-387.2K-4.4K0.1088.40N/AN/A2323,39697
2026-01-26$7.70$10.50238.2%68.3%70.5%68.0%0.0%-98.1%-136.0%6.5K-710.4K-6.2K0.00125.28N/AN/A1103,41199
2026-01-27$7.70$10.50243.7%69.9%70.5%70.0%111.2%-4.5%-145.0%6.2K-460.8K-5.0K1.44132.24N/AN/A8123,41499
2026-01-28$7.70$10.5091.0%26.1%70.5%15.6%113.5%229.8%10.8%6.1K-445.2K-5.0K0.01131.90N/AN/A12613,417110
2026-01-29$7.42$10.50449.0%128.7%68.3%100.0%0.0%225.7%-168.5%5.9K-440.0K-4.8K0.00132.24N/AN/A14503,420111
2026-01-30$7.28$10.50466.1%133.6%67.1%100.0%215.2%66.4%-362.0%5.2K-337.4K-4.2K0.01146.14N/AN/A10813,381111