BX Options History — February 2025

In February 2025, BX traded between $156.90 and $174.53. ATM implied volatility averaged 30.4%, placing in the 41.8% IV rank vs the trailing year. The 30-day expected move averaged 8.7%. IV traded below realized volatility by 2.1% (HV 20d: 32.6%). Max pain ranged from $165.00 to $175.00. Net GEX was positive for 1 of 19 trading days. Term structure was in contango for 7 of 19 days. Put/call ratio averaged 0.77.

Notable Days

2025-02-07: Highest Volume — 49,906 contracts
2025-02-28: Largest IV drop — 5.4% change
2025-02-27: Highest IV Rank — 65.6%
2025-02-27: Largest Expected Move — 9.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$164.64	$156.90	$174.53	$173.79	$159.20
Max Pain	$167.76	$165.00	$175.00	$167.50	$165.00
ATM IV	30.4%	28.4%	34.7%	30.6%	32.8%
Expected Move	8.7%	7.8%	9.9%	8.8%	9.4%
HV 20d	32.6%	27.6%	36.9%	35.7%	27.6%
HV 60d	32.4%	31.3%	33.8%	33.6%	31.5%
IV Rank	41.8%	30.5%	65.6%	42.5%	55.2%
IV Percentile	58.3%	34.9%	92.5%	64.3%	84.5%
Term Structure	-0.3%	-2.5%	2.2%	-1.2%	-0.4%
VWIV	30.3%	25.7%	34.9%	30.5%	33.3%
Skew 25d	2.9%	-0.9%	5.3%	-0.9%	4.0%
Skew 10d	6.2%	2.3%	11.5%	2.3%	10.1%
Call IV 25d	28.9%	26.8%	32.8%	29.2%	31.0%
Put IV 25d	31.8%	28.3%	37.0%	28.3%	35.0%
Bid-Ask Spread %	52.09	43.72	61.37	46.12	43.72
Gamma HHI	0.08	0.06	0.17	0.06	0.06
Net GEX	-7.6M	-19.2M	605.3K	-552.5K	-433.8K
Net DEX	-143.6M	-509.8M	139.6M	-464.1M	-62.0M
Net VEX	-5.7M	-6.1M	-5.3M	-5.3M	-6.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.77	0.18	2.66	0.53	0.79
Total Volume	15,127.579	4,883	49,906	12,230	6,821
Total OI	276,202.105	258,723	288,813	265,471	282,715

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
2025-02-03	$173.79	$167.50	30.6%	8.8%	35.7%	42.5%	30.5%	-0.9%	-1.2%	-552.5K	-464.1M	-5.3M	0.53	46.12	N/A	N/A	7,994	4,236	111,502	153,969
2025-02-04	$170.75	$165.00	29.0%	8.1%	36.0%	33.9%	28.5%	2.2%	-1.1%	-6.2M	-337.2M	-5.3M	1.10	46.40	N/A	N/A	5,773	6,373	113,514	156,067
2025-02-05	$174.53	$165.00	28.4%	7.8%	36.9%	30.5%	27.5%	2.9%	-0.7%	-803.2K	-509.8M	-5.4M	0.89	45.68	N/A	N/A	6,097	5,420	115,657	158,130
2025-02-06	$174.10	$165.00	28.6%	8.4%	35.8%	31.8%	28.9%	3.2%	-0.1%	605.3K	-507.3M	-5.4M	0.57	58.78	N/A	N/A	12,272	6,999	118,048	159,849
2025-02-07	$169.69	$165.00	29.4%	8.6%	36.5%	35.8%	29.0%	2.4%	-0.7%	-18.6M	-281.8M	-5.4M	0.18	59.05	N/A	N/A	42,322	7,584	122,676	162,392
2025-02-10	$168.67	$175.00	29.9%	8.4%	32.2%	38.8%	29.8%	4.4%	-1.1%	-6.4M	-140.1M	-5.5M	0.55	52.43	N/A	N/A	5,202	2,848	103,800	159,476
2025-02-11	$164.79	$170.00	29.3%	8.5%	33.3%	35.4%	29.6%	3.7%	0.5%	-10.9M	-27.0M	-5.4M	0.59	54.43	N/A	N/A	11,887	6,964	105,991	160,193
2025-02-12	$160.25	$170.00	29.6%	8.5%	33.5%	37.3%	29.7%	1.6%	0.2%	-17.2M	117.6M	-5.4M	0.89	54.43	N/A	N/A	9,484	8,463	110,209	162,498
2025-02-13	$160.16	$170.00	28.6%	8.2%	29.8%	31.6%	25.7%	2.7%	-0.4%	-17.7M	76.8M	-5.6M	2.66	55.55	N/A	N/A	6,027	16,058	115,727	164,211
2025-02-14	$164.67	$170.00	29.2%	8.1%	31.6%	35.0%	29.8%	2.0%	0.1%	-3.4M	-144.7M	-5.7M	0.82	54.80	N/A	N/A	9,386	7,714	117,323	166,673
2025-02-18	$166.20	$170.00	29.3%	8.4%	31.4%	35.7%	29.2%	2.7%	0.6%	-4.3M	-218.9M	-5.8M	0.31	55.37	N/A	N/A	8,037	2,501	116,732	165,801
2025-02-19	$166.94	$170.00	29.1%	8.4%	31.0%	34.5%	29.4%	2.2%	0.5%	-1.4M	-274.9M	-5.7M	0.79	53.45	N/A	N/A	2,731	2,152	118,951	166,770
2025-02-20	$164.13	$170.00	29.7%	8.5%	31.0%	37.9%	29.3%	2.7%	-0.3%	-11.0M	-117.1M	-5.8M	0.54	61.37	N/A	N/A	6,091	3,306	119,590	167,778
2025-02-21	$158.35	$170.00	30.8%	9.0%	32.1%	43.9%	31.3%	3.5%	0.0%	-19.2M	139.6M	-5.7M	0.81	51.15	N/A	N/A	9,100	7,346	120,778	168,035
2025-02-24	$157.83	$165.00	32.3%	9.2%	31.6%	52.1%	31.2%	3.1%	-0.8%	-7.9M	33.9M	-5.8M	0.71	47.24	N/A	N/A	9,355	6,643	106,662	152,061
2025-02-25	$156.90	$165.00	33.6%	9.6%	31.1%	59.3%	34.7%	3.9%	-1.1%	-8.6M	47.2M	-6.0M	0.44	47.80	N/A	N/A	14,070	6,218	111,871	155,953
2025-02-26	$159.78	$165.00	33.2%	9.6%	30.9%	57.2%	32.6%	5.3%	-2.5%	-786.9K	-82.0M	-6.0M	0.86	54.66	N/A	N/A	3,956	3,387	118,325	157,945
2025-02-27	$157.44	$165.00	34.7%	9.9%	30.9%	65.6%	34.9%	4.2%	2.2%	-8.7M	24.2M	-6.0M	0.67	47.25	N/A	N/A	3,963	2,644	120,343	159,625
2025-02-28	$159.20	$165.00	32.8%	9.4%	27.6%	55.2%	33.3%	4.0%	-0.4%	-433.8K	-62.0M	-6.1M	0.79	43.72	N/A	N/A	3,813	3,008	122,626	160,089