BTM Options History — February 2026

In February 2026, BTM traded between $5.18 and $7.00. ATM implied volatility averaged 181.8%, placing in the 32.2% IV rank vs the trailing year. The 30-day expected move averaged 55.9%. IV traded above realized volatility by 83.5% (HV 20d: 98.3%). Max pain ranged from $1.00 to $10.50. Net GEX was positive for 18 of 19 trading days. Term structure was in contango for 9 of 19 days. Put/call ratio averaged 2.88.

Notable Days

2026-02-04: Highest Volume — 302 contracts
2026-02-18: Largest IV spike — 122.6% change
2026-02-18: Highest IV Rank — 59.1%
2026-02-05: Largest Expected Move — 91.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$6.05	$5.18	$7.00	$6.51	$5.18
Max Pain	$5.86	$1.00	$10.50	$10.50	$1.00
ATM IV	181.8%	89.3%	294.6%	100.4%	223.1%
Expected Move	55.9%	25.6%	91.9%	28.8%	64.0%
HV 20d	98.3%	71.2%	138.4%	74.3%	138.2%
HV 60d	88.4%	80.9%	99.9%	87.7%	99.7%
IV Rank	32.2%	10.1%	59.1%	12.7%	42.0%
IV Percentile	77.2%	22.2%	98.3%	34.9%	89.1%
Term Structure	30.6%	-165.9%	248.7%	248.7%	-41.0%
VWIV	167.8%	79.7%	279.1%	111.9%	163.2%
Skew 25d	102.5%	-45.3%	270.8%	21.7%	-2.1%
Skew 10d	119.9%	8.3%	242.0%	57.2%	117.9%
Call IV 25d	132.9%	44.5%	235.2%	103.1%	208.8%
Put IV 25d	235.4%	117.7%	381.5%	124.8%	206.8%
Bid-Ask Spread %	79.82	5.81	127.64	106.12	11.18
Gamma HHI	0.15	0.13	0.25	0.13	0.14
Net GEX	10.5K	0	35.8K	4.9K	35.6K
Net DEX	-2.2M	-9.9M	0	-514.1K	-9.1M
Net VEX	-8.1K	-26.4K	0	-4.6K	-25.8K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	2.88	0.00	38.94	0.00	0.28
Total Volume	45.211	0	302	5	0
Total OI	8,124.421	0	25,584	3,494	25,584

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
2026-02-02	$6.51	$10.50	100.4%	28.8%	74.3%	12.7%	111.9%	21.7%	248.7%	4.9K	-514.1K	-4.6K	0.00	106.12	N/A	N/A	5	0	3,382	112
2026-02-03	$6.65	$7.00	89.3%	25.6%	71.2%	10.1%	135.9%	219.1%	105.0%	4.2K	-420.0K	-4.7K	38.94	127.64	N/A	N/A	7	261	3,385	109
2026-02-04	$6.02	$7.00	111.8%	32.1%	76.0%	15.5%	0.0%	209.4%	-7.5%	3.8K	-198.7K	-3.5K	0.00	116.25	N/A	N/A	302	0	3,390	231
2026-02-05	$5.39	$7.00	137.4%	91.9%	81.0%	21.6%	0.0%	93.9%	-165.9%	4.2K	-398.7K	-4.2K	0.00	107.55	N/A	N/A	26	0	3,519	231
2026-02-06	$5.81	$7.00	121.5%	34.8%	82.5%	17.8%	121.5%	30.0%	170.6%	4.5K	-315.3K	-3.9K	0.00	103.25	N/A	N/A	29	0	3,511	226
2026-02-09	$6.09	$7.00	172.0%	38.6%	85.2%	29.8%	180.6%	101.6%	82.5%	4.7K	-474.8K	-3.6K	0.01	100.25	N/A	N/A	12	0	3,533	226
2026-02-10	$6.09	$7.00	127.4%	66.0%	83.4%	19.2%	229.9%	140.9%	27.4%	4.7K	-212.2K	-2.2K	0.01	97.18	N/A	N/A	41	0	3,545	226
2026-02-11	$5.60	$7.00	236.4%	67.8%	85.4%	45.2%	134.6%	-45.3%	150.3%	4.1K	-302.9K	-3.8K	0.01	98.18	N/A	N/A	44	0	3,523	226
2026-02-12	$5.88	$7.00	254.8%	73.0%	89.1%	49.6%	211.3%	150.0%	56.0%	4.7K	-335.9K	-4.1K	0.22	101.36	N/A	N/A	6	1	3,526	226
2026-02-13	$6.44	$7.00	272.0%	78.0%	98.0%	53.7%	233.5%	185.5%	-86.1%	2.3K	-303.4K	-3.7K	0.04	105.60	N/A	N/A	6	0	3,531	228
2026-02-17	$6.65	$7.00	132.3%	37.9%	99.3%	20.4%	132.3%	102.5%	-4.5%	5.3K	-356.9K	-3.3K	0.61	89.28	N/A	N/A	5	3	3,534	228
2026-02-18	$6.65	$7.00	294.6%	84.5%	96.5%	59.1%	279.1%	270.8%	-80.2%	4.9K	-313.6K	-4.0K	0.00	105.86	N/A	N/A	3	0	3,534	231
2026-02-19	$6.44	$7.00	117.8%	33.8%	96.7%	16.9%	79.7%	86.7%	166.3%	5.0K	-278.0K	-3.8K	0.18	90.91	N/A	N/A	83	15	3,537	231
2026-02-20	$6.30	$7.00	162.5%	46.6%	94.9%	27.6%	163.2%	66.1%	143.0%	5.2K	-279.7K	-3.6K	0.28	120.80	N/A	N/A	8	2	3,606	246
2026-02-23	$7.00	$0.00	224.5%	64.4%	103.4%	42.4%	0.0%	181.4%	-43.9%	0	0	0	0.00	5.81	N/A	N/A	0	0	0	0
2026-02-24	$5.37	$1.00	226.4%	64.9%	136.2%	42.8%	0.0%	45.8%	-49.6%	29.9K	-9.6M	-23.4K	0.00	10.36	N/A	N/A	0	0	24,788	795
2026-02-25	$5.60	$1.00	224.2%	64.3%	137.7%	42.3%	0.0%	86.1%	-45.7%	35.8K	-9.9M	-26.4K	0.00	9.31	N/A	N/A	0	0	24,787	795
2026-02-26	$5.28	$1.00	225.7%	64.7%	138.4%	42.6%	0.0%	3.6%	-44.8%	35.7K	-9.3M	-26.1K	0.00	9.67	N/A	N/A	0	0	24,787	795
2026-02-27	$5.18	$1.00	223.1%	64.0%	138.2%	42.0%	0.0%	-2.1%	-41.0%	35.6K	-9.1M	-25.8K	0.00	11.18	N/A	N/A	0	0	24,796	788