C Options History — February 2025

In February 2025, C traded between $78.29 and $84.50. ATM implied volatility averaged 25.7%, placing in the 31.5% IV rank vs the trailing year. The 30-day expected move averaged 7.5%. IV traded below realized volatility by 2.0% (HV 20d: 27.8%). Max pain ranged from $70.00 to $78.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 12 of 19 days. Put/call ratio averaged 0.67.

Notable Days

2025-02-07: Highest Volume — 158,098 contracts
2025-02-21: Largest IV spike — 9.4% change
2025-02-27: Highest IV Rank — 56.3%
2025-02-27: Largest Expected Move — 8.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$80.79	$78.29	$84.50	$79.68	$79.00
Max Pain	$72.32	$70.00	$78.00	$78.00	$72.50
ATM IV	25.7%	23.6%	30.2%	24.8%	29.3%
Expected Move	7.5%	6.8%	8.9%	7.2%	8.6%
HV 20d	27.8%	21.0%	33.8%	32.4%	25.3%
HV 60d	26.1%	24.4%	29.7%	29.6%	26.4%
IV Rank	31.5%	19.4%	56.3%	26.1%	51.4%
IV Percentile	52.7%	27.0%	88.9%	46.4%	84.5%
Term Structure	0.0%	-1.0%	0.5%	0.0%	-0.2%
VWIV	26.6%	23.0%	31.1%	26.4%	31.1%
Skew 25d	2.9%	2.1%	4.3%	3.0%	4.3%
Skew 10d	6.8%	4.9%	10.2%	7.7%	10.2%
Call IV 25d	24.6%	22.8%	28.4%	23.9%	27.5%
Put IV 25d	27.5%	25.1%	32.6%	26.8%	31.9%
Bid-Ask Spread %	2.22	1.63	3.53	2.71	2.60
Gamma HHI	0.11	0.09	0.21	0.09	0.09
Net GEX	87.1M	34.9M	151.7M	48.2M	43.9M
Net DEX	-2.93B	-4.31B	-2.05B	-2.51B	-2.28B
Net VEX	-20.1M	-21.2M	-18.2M	-19.8M	-21.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.67	0.23	1.12	0.48	1.09
Total Volume	81,826.211	31,973	158,098	138,606	73,997
Total OI	1,678,808.895	1,556,717	1,769,603	1,556,717	1,673,036

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 Vol	Put Vol	Call OI	Put OI
2025-02-03	$79.68	$78.00	24.8%	7.2%	32.4%	26.1%	26.4%	3.0%	0.0%	48.2M	-2.51B	-19.8M	0.48	2.71	93,674	44,932	724,019	832,698
2025-02-04	$78.70	$78.00	24.2%	6.8%	33.1%	22.9%	23.9%	2.6%	-0.0%	46.0M	-2.33B	-19.9M	0.74	2.32	31,806	23,383	745,768	844,590
2025-02-05	$79.37	$78.00	24.3%	6.9%	32.0%	23.7%	23.0%	2.6%	0.1%	58.2M	-2.53B	-19.9M	0.91	2.68	51,353	46,691	753,462	851,904
2025-02-06	$82.25	$70.00	24.0%	7.0%	33.8%	21.9%	25.6%	2.3%	0.2%	118.7M	-3.51B	-19.4M	0.44	2.20	71,138	31,076	809,861	872,379
2025-02-07	$81.73	$70.00	24.8%	7.1%	33.8%	26.0%	25.4%	2.4%	0.1%	124.6M	-3.37B	-20.1M	0.23	2.75	128,065	30,033	833,572	878,091
2025-02-10	$80.86	$70.00	24.9%	7.2%	32.6%	26.6%	26.4%	2.5%	0.3%	96.4M	-2.98B	-20.5M	0.75	1.68	26,602	19,874	831,485	854,724
2025-02-11	$81.25	$70.00	24.9%	7.3%	32.3%	26.5%	26.0%	2.4%	0.4%	106.4M	-3.11B	-20.2M	0.41	1.91	27,844	11,483	837,982	859,726
2025-02-12	$80.95	$70.00	24.6%	7.2%	32.4%	25.4%	27.8%	2.4%	0.5%	108.5M	-3.03B	-20.2M	0.80	1.80	35,068	28,018	847,147	864,061
2025-02-13	$82.05	$70.00	24.1%	6.9%	21.0%	22.3%	26.0%	2.4%	0.1%	136.8M	-3.52B	-19.5M	0.72	1.77	18,545	13,428	868,342	880,486
2025-02-14	$84.47	$70.00	24.1%	6.9%	22.9%	22.0%	24.7%	2.1%	0.1%	151.7M	-4.31B	-18.6M	0.49	1.96	72,189	35,585	868,190	884,290
2025-02-18	$84.50	$70.00	24.2%	6.9%	22.2%	22.8%	24.8%	2.4%	0.1%	148.4M	-4.18B	-18.2M	0.25	1.99	95,649	24,278	856,680	869,641
2025-02-19	$83.94	$72.50	23.6%	6.8%	21.5%	19.4%	23.4%	2.4%	0.3%	124.3M	-3.87B	-19.0M	0.43	1.63	32,878	14,024	841,580	882,856
2025-02-20	$81.50	$72.50	25.0%	7.1%	24.1%	27.2%	25.1%	2.9%	0.3%	109.5M	-3.02B	-19.9M	0.62	2.01	61,747	38,405	857,746	887,361
2025-02-21	$79.78	$72.50	27.3%	7.9%	25.3%	40.5%	27.7%	3.4%	-0.5%	76.7M	-2.40B	-21.0M	1.12	2.17	36,243	40,482	871,160	898,443
2025-02-24	$78.60	$72.50	27.3%	7.9%	25.7%	40.2%	27.3%	3.4%	-0.1%	37.9M	-2.10B	-21.1M	1.01	2.16	34,040	34,366	774,418	829,438
2025-02-25	$78.29	$72.50	28.8%	8.4%	25.6%	48.6%	30.7%	3.8%	-0.5%	34.9M	-2.05B	-20.9M	0.74	2.12	64,879	47,797	780,752	838,798
2025-02-26	$79.20	$72.50	28.8%	8.4%	25.8%	48.9%	29.3%	3.8%	-0.2%	44.0M	-2.38B	-20.6M	0.89	2.23	32,929	29,278	790,852	842,790
2025-02-27	$78.84	$72.50	30.2%	8.9%	25.8%	56.3%	30.8%	4.2%	-1.0%	40.6M	-2.25B	-21.1M	0.66	3.53	31,838	21,081	803,175	855,866
2025-02-28	$79.00	$72.50	29.3%	8.6%	25.3%	51.4%	31.1%	4.3%	-0.2%	43.9M	-2.28B	-21.2M	1.09	2.60	35,441	38,556	813,386	859,650