CALF Options History — January 2025

In January 2025, CALF traded between $43.66 and $45.69. ATM implied volatility averaged 27.5%, placing in the 33.9% IV rank vs the trailing year. The 30-day expected move averaged 6.4%. IV traded above realized volatility by 12.2% (HV 20d: 15.3%). Max pain ranged from $42.00 to $45.00. Net GEX was positive for 16 of 20 trading days. Term structure was in contango for 8 of 20 days. Put/call ratio averaged 0.70.

Notable Days

2025-01-10: Highest Volume — 114 contracts
2025-01-15: Largest IV drop — 60.1% change
2025-01-14: Highest IV Rank — 95.6%
2025-01-03: Largest Expected Move — 7.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$44.68	$43.66	$45.69	$43.99	$44.09
Max Pain	$44.05	$42.00	$45.00	$43.00	$45.00
ATM IV	27.5%	20.4%	53.0%	26.7%	23.1%
Expected Move	6.4%	5.8%	7.7%	7.7%	6.6%
HV 20d	15.3%	11.1%	19.0%	17.5%	12.7%
HV 60d	21.5%	21.1%	21.8%	21.6%	21.3%
IV Rank	33.9%	16.7%	95.6%	31.9%	23.2%
IV Percentile	64.4%	29.4%	99.6%	82.1%	56.7%
Term Structure	-1.1%	-11.8%	12.0%	-11.8%	-6.4%
VWIV	22.4%	19.0%	26.8%	22.7%	21.4%
Skew 25d	0.1%	-6.5%	4.3%	-5.2%	-0.5%
Skew 10d	0.2%	-16.6%	10.4%	0.6%	-0.3%
Call IV 25d	23.2%	19.0%	31.8%	31.8%	25.3%
Put IV 25d	23.4%	18.7%	26.6%	26.6%	24.7%
Bid-Ask Spread %	144.11	121.66	152.00	121.66	139.48
Gamma HHI	0.22	0.14	0.35	0.14	0.35
Net GEX	32.5K	-9.6K	59.5K	56.8K	-9.1K
Net DEX	-965.0K	-1.2M	-465.9K	-1.0M	-465.9K
Net VEX	-3.4K	-4.3K	-3.0K	-4.3K	-3.2K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.70	0.00	7.27	0.29	0.10
Total Volume	24.8	0	114	9	1
Total OI	849.3	473	1,091	1,074	641

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 Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-01-02	$43.99	$43.00	26.7%	7.7%	17.5%	31.9%	22.7%	-5.2%	-11.8%	56.8K	-1.0M	-4.3K	0.29	121.66	N/A	N/A	7	2	894	180
2025-01-03	$44.25	$43.00	26.7%	7.7%	17.9%	32.0%	19.0%	-3.7%	-4.9%	58.2K	-1.1M	-4.1K	0.00	136.74	N/A	N/A	1	0	895	179
2025-01-06	$44.28	$42.00	29.7%	5.9%	17.7%	39.2%	21.0%	1.0%	1.5%	58.0K	-1.1M	-3.7K	0.33	138.24	N/A	N/A	15	5	894	179
2025-01-07	$44.13	$42.00	31.3%	5.9%	17.4%	43.0%	22.3%	1.8%	2.1%	54.7K	-1.1M	-3.8K	0.00	144.63	N/A	N/A	1	0	905	176
2025-01-08	$44.19	$42.00	33.7%	6.4%	17.1%	48.9%	0.0%	1.8%	0.1%	59.5K	-1.1M	-3.9K	0.20	140.15	N/A	N/A	10	2	906	176
2025-01-10	$43.66	$42.00	38.1%	6.3%	17.3%	59.6%	0.0%	2.6%	0.2%	44.9K	-990.4K	-3.8K	0.00	140.98	N/A	N/A	114	0	916	175
2025-01-13	$44.03	$42.00	46.5%	6.7%	17.4%	79.7%	23.6%	1.3%	0.3%	38.5K	-972.7K	-3.0K	0.38	138.56	N/A	N/A	8	3	819	175
2025-01-14	$44.25	$45.00	53.0%	6.4%	17.4%	95.6%	21.2%	1.8%	2.1%	42.6K	-1.0M	-3.1K	0.00	143.64	N/A	N/A	0	50	825	196
2025-01-15	$45.09	$45.00	21.1%	6.1%	19.0%	18.5%	0.0%	1.5%	-0.2%	54.3K	-1.2M	-3.2K	1.00	145.70	N/A	N/A	2	2	835	246
2025-01-16	$45.00	$45.00	20.4%	5.8%	18.9%	16.7%	25.9%	2.0%	12.0%	56.7K	-1.2M	-3.1K	0.00	149.44	N/A	N/A	51	0	836	246
2025-01-17	$45.20	$45.00	21.2%	6.1%	18.8%	18.6%	0.0%	-3.1%	-0.2%	57.2K	-1.2M	-3.0K	0.00	149.39	N/A	N/A	25	0	827	246
2025-01-21	$45.69	$45.00	21.3%	6.1%	12.1%	19.0%	21.4%	2.1%	-1.3%	22.7K	-1.1M	-3.0K	0.00	146.69	N/A	N/A	38	0	392	81
2025-01-22	$45.28	$45.00	26.0%	7.5%	12.4%	30.2%	26.8%	-1.6%	-2.7%	34.1K	-1.0M	-3.0K	0.17	144.81	N/A	N/A	6	1	424	81
2025-01-23	$45.45	$45.00	20.5%	5.9%	12.4%	16.9%	22.0%	4.3%	0.4%	31.1K	-1.0M	-3.0K	7.27	150.58	N/A	N/A	11	80	427	82
2025-01-24	$45.20	$45.00	21.5%	6.2%	12.6%	19.3%	0.0%	1.7%	-3.3%	10.3K	-877.8K	-3.4K	0.00	151.70	N/A	N/A	0	0	438	162
2025-01-27	$45.22	$45.00	21.9%	6.3%	12.6%	20.4%	21.4%	-1.2%	-1.7%	6.3K	-883.1K	-3.3K	0.00	144.76	N/A	N/A	0	50	438	162
2025-01-28	$44.98	$45.00	22.7%	6.5%	12.7%	22.1%	22.8%	1.5%	-1.1%	-9.6K	-700.8K	-3.6K	0.10	152.00	N/A	N/A	10	1	438	212
2025-01-29	$44.88	$45.00	22.5%	6.4%	11.1%	21.7%	0.0%	1.4%	-2.0%	-8.9K	-658.1K	-3.4K	0.00	151.81	N/A	N/A	0	0	428	213
2025-01-30	$44.81	$45.00	22.8%	6.5%	11.1%	22.5%	0.0%	-6.5%	-4.3%	-8.9K	-664.1K	-3.3K	0.00	151.29	N/A	N/A	0	0	428	213
2025-01-31	$44.09	$45.00	23.1%	6.6%	12.7%	23.2%	21.4%	-0.5%	-6.4%	-9.1K	-465.9K	-3.2K	0.00	139.48	N/A	N/A	0	1	428	213