C Options History — January 2025

In January 2025, C traded between $69.98 and $81.87. ATM implied volatility averaged 24.4%, placing in the 24.1% IV rank vs the trailing year. The 30-day expected move averaged 6.9%. IV traded below realized volatility by 4.2% (HV 20d: 28.7%). Max pain ranged from $55.00 to $75.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 9 of 20 days. Put/call ratio averaged 0.66.

Notable Days

2025-01-15: Highest Volume — 301,290 contracts
2025-01-15: Largest IV drop — 22.1% change
2025-01-13: Highest IV Rank — 56.6%
2025-01-02: Largest Expected Move — 8.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$77.32	$69.98	$81.87	$69.98	$81.25
Max Pain	$71.13	$55.00	$75.00	$55.00	$75.00
ATM IV	24.4%	20.2%	30.2%	27.6%	22.9%
Expected Move	6.9%	5.7%	8.8%	8.8%	6.6%
HV 20d	28.7%	20.5%	35.8%	20.5%	31.3%
HV 60d	30.3%	28.0%	31.4%	30.7%	29.7%
IV Rank	24.1%	0.7%	56.6%	41.7%	15.8%
IV Percentile	36.6%	0.8%	89.3%	69.8%	21.0%
Term Structure	-0.3%	-1.5%	0.5%	0.5%	-0.4%
VWIV	24.7%	20.5%	31.5%	31.5%	23.7%
Skew 25d	1.8%	0.5%	3.0%	2.5%	2.3%
Skew 10d	4.0%	0.6%	6.7%	6.7%	5.9%
Call IV 25d	23.6%	20.1%	28.0%	26.3%	22.2%
Put IV 25d	25.5%	20.5%	30.8%	28.8%	24.5%
Bid-Ask Spread %	2.96	1.90	6.50	2.57	2.85
Gamma HHI	0.14	0.06	0.80	0.12	0.07
Net GEX	100.3M	31.9M	560.7M	52.5M	51.8M
Net DEX	-4.06B	-6.87B	-2.83B	-3.28B	-3.08B
Net VEX	-19.1M	-20.0M	-17.9M	-19.7M	-20.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.66	0.33	1.45	0.59	0.33
Total Volume	122,192.25	33,542	301,290	33,542	172,114
Total OI	1,971,030.3	1,448,193	2,434,444	2,217,329	1,670,701

Daily Data (20 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 Vol	Put Vol	Call OI	Put OI
2025-01-02	$69.98	$55.00	27.6%	8.8%	20.5%	41.7%	31.5%	2.5%	0.5%	52.5M	-3.28B	-19.7M	0.59	2.57	21,060	12,482	1,058,418	1,158,911
2025-01-03	$70.74	$55.00	26.3%	8.4%	20.9%	34.7%	29.5%	2.7%	0.0%	76.7M	-3.54B	-19.7M	1.45	2.35	35,959	52,025	1,061,702	1,163,531
2025-01-06	$72.72	$70.00	28.4%	7.7%	22.8%	46.7%	26.8%	2.8%	-0.9%	85.6M	-4.34B	-19.0M	0.74	2.33	69,612	51,670	1,063,767	1,134,075
2025-01-07	$73.63	$70.00	28.5%	7.8%	23.0%	47.3%	26.9%	2.6%	-1.1%	87.5M	-4.67B	-18.8M	0.71	1.90	84,203	59,982	1,078,713	1,155,300
2025-01-08	$73.13	$70.00	28.2%	7.6%	23.2%	45.6%	26.5%	2.5%	-0.7%	86.7M	-4.42B	-19.3M	0.77	2.11	80,517	61,605	1,097,852	1,178,251
2025-01-10	$71.41	$70.00	29.2%	7.8%	24.7%	51.1%	27.8%	3.0%	-0.5%	31.9M	-3.65B	-19.9M	0.47	2.57	64,947	30,692	1,105,500	1,198,335
2025-01-13	$72.66	$70.00	30.2%	8.2%	25.2%	56.6%	29.1%	2.6%	-1.5%	81.9M	-4.26B	-19.8M	1.08	2.29	37,165	40,251	1,102,401	1,157,026
2025-01-14	$73.40	$70.00	29.6%	8.0%	25.4%	53.3%	28.5%	2.6%	-1.3%	85.7M	-4.51B	-20.0M	0.65	2.37	97,534	63,440	1,111,142	1,181,995
2025-01-15	$78.89	$72.50	23.1%	6.4%	35.5%	16.6%	22.8%	1.8%	-0.7%	117.9M	-6.54B	-17.9M	0.34	2.89	225,641	75,649	1,133,541	1,206,574
2025-01-16	$78.52	$72.50	21.0%	6.0%	35.6%	5.0%	21.6%	1.5%	0.1%	124.6M	-6.36B	-18.3M	0.65	2.69	69,904	45,678	1,169,375	1,232,224
2025-01-17	$79.98	$72.50	21.6%	6.1%	35.8%	8.6%	22.4%	1.5%	-0.6%	560.7M	-6.87B	-17.9M	0.45	3.00	128,159	57,811	1,177,337	1,257,107
2025-01-21	$81.59	$75.00	21.3%	6.1%	30.7%	6.7%	21.9%	0.6%	0.3%	69.8M	-3.28B	-17.9M	0.44	5.58	100,631	43,945	678,984	769,209
2025-01-22	$81.77	$75.00	21.0%	6.0%	30.8%	4.8%	23.5%	0.6%	0.3%	85.6M	-3.49B	-18.3M	0.42	2.67	70,736	29,647	726,409	795,808
2025-01-23	$81.87	$75.00	20.9%	6.0%	30.9%	4.4%	21.4%	0.5%	0.2%	84.4M	-3.43B	-18.8M	0.69	2.68	55,562	38,548	737,252	810,207
2025-01-24	$81.53	$75.00	20.2%	5.7%	31.1%	0.7%	20.5%	0.5%	0.3%	73.2M	-3.32B	-19.4M	0.56	3.04	55,109	31,058	768,744	828,666
2025-01-27	$80.91	$75.00	21.8%	6.2%	31.2%	9.3%	22.8%	1.5%	0.4%	70.4M	-3.05B	-18.7M	0.87	2.97	53,058	46,145	749,430	811,612
2025-01-28	$80.13	$75.00	21.6%	6.2%	31.7%	8.4%	22.0%	1.6%	-0.1%	55.0M	-2.83B	-19.5M	0.80	2.92	58,507	47,036	764,843	838,816
2025-01-29	$80.63	$75.00	22.3%	6.4%	31.4%	12.0%	22.4%	1.6%	0.4%	54.7M	-2.98B	-19.2M	0.68	2.89	57,848	39,277	778,067	853,447
2025-01-30	$81.62	$75.00	22.4%	6.4%	31.2%	12.5%	22.8%	1.4%	-0.0%	69.7M	-3.25B	-19.8M	0.54	6.50	51,091	27,547	787,263	868,071
2025-01-31	$81.25	$75.00	22.9%	6.6%	31.3%	15.8%	23.7%	2.3%	-0.4%	51.8M	-3.08B	-20.0M	0.33	2.85	128,981	43,133	791,068	879,633