CART Options History — May 2025

In May 2025, CART traded between $39.89 and $47.17. ATM implied volatility averaged 39.2%, placing in the 19.5% IV rank vs the trailing year. The 30-day expected move averaged 11.3%. IV traded below realized volatility by 20.3% (HV 20d: 59.4%). Max pain ranged from $41.00 to $42.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 8 of 21 days. Put/call ratio averaged 0.56.

Notable Days

2025-05-01: Highest Volume — 32,742 contracts
2025-05-02: Largest IV drop — 27.9% change
2025-05-01: Highest IV Rank — 53.0%
2025-05-01: Largest Expected Move — 19.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$45.28	$39.89	$47.17	$39.89	$45.52
Max Pain	$41.86	$41.00	$42.00	$41.00	$42.00
ATM IV	39.2%	34.8%	54.6%	54.6%	34.8%
Expected Move	11.3%	9.9%	19.5%	19.5%	9.9%
HV 20d	59.4%	54.3%	68.8%	55.2%	55.1%
HV 60d	57.4%	50.8%	60.8%	53.7%	51.1%
IV Rank	19.5%	9.9%	53.0%	53.0%	9.9%
IV Percentile	34.9%	4.4%	83.7%	83.7%	4.4%
Term Structure	-0.4%	-2.9%	2.8%	-1.0%	0.2%
VWIV	39.2%	34.1%	68.3%	68.3%	35.8%
Skew 25d	4.6%	-6.8%	14.9%	6.4%	4.2%
Skew 10d	6.8%	-12.0%	23.5%	18.3%	1.3%
Call IV 25d	37.0%	19.9%	51.1%	51.1%	33.6%
Put IV 25d	41.5%	34.8%	57.5%	57.5%	37.7%
Bid-Ask Spread %	53.47	34.04	73.92	34.04	61.20
Gamma HHI	0.15	0.10	0.43	0.10	0.13
Net GEX	1.9M	356.3K	6.8M	356.3K	2.3M
Net DEX	-60.9M	-139.9M	-4.6M	-4.6M	-60.7M
Net VEX	-408.6K	-451.6K	-348.4K	-348.4K	-434.0K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.56	0.06	1.72	0.41	0.54
Total Volume	5,056.238	1,098	32,742	32,742	1,413
Total OI	66,879.571	59,079	89,343	59,657	72,460

Daily Data (21 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
2025-05-01	$39.89	$41.00	54.6%	19.5%	55.2%	53.0%	68.3%	6.4%	-1.0%	356.3K	-4.6M	-348.4K	0.41	34.04	N/A	N/A	23,159	9,583	34,910	24,747
2025-05-02	$44.81	$41.00	39.4%	12.1%	68.8%	20.0%	42.5%	3.6%	-0.5%	6.8M	-139.9M	-383.6K	0.66	54.83	N/A	N/A	7,524	4,976	56,030	33,313
2025-05-05	$47.17	$41.00	41.2%	11.2%	65.1%	23.9%	39.5%	7.2%	-1.5%	1.7M	-77.2M	-394.5K	0.23	49.23	N/A	N/A	7,059	1,641	35,488	23,591
2025-05-06	$46.01	$42.00	40.1%	11.3%	66.2%	21.5%	39.9%	5.8%	-1.2%	2.0M	-66.4M	-402.0K	0.47	48.38	N/A	N/A	2,780	1,318	37,290	24,336
2025-05-07	$45.36	$42.00	38.8%	11.1%	66.1%	18.7%	34.1%	14.9%	0.4%	2.1M	-60.5M	-406.5K	1.12	73.92	N/A	N/A	974	1,090	38,888	25,060
2025-05-08	$43.16	$42.00	39.3%	11.4%	63.7%	19.8%	38.7%	5.1%	2.8%	1.2M	-31.7M	-402.2K	0.33	47.16	N/A	N/A	2,421	795	40,038	25,949
2025-05-09	$43.47	$42.00	40.4%	11.3%	61.5%	22.2%	37.7%	5.2%	0.2%	1.2M	-35.3M	-404.5K	0.51	44.99	N/A	N/A	1,930	985	40,485	26,055
2025-05-12	$43.56	$42.00	37.8%	10.7%	57.6%	16.6%	37.8%	5.5%	-0.6%	1.2M	-34.8M	-390.7K	0.57	53.00	N/A	N/A	886	509	38,973	25,496
2025-05-13	$44.36	$42.00	38.6%	10.8%	57.4%	18.3%	38.4%	4.7%	-1.0%	1.4M	-45.0M	-401.8K	1.72	52.68	N/A	N/A	1,738	2,984	39,100	25,547
2025-05-14	$45.03	$42.00	38.5%	11.0%	57.6%	18.0%	38.4%	-6.8%	-0.2%	1.2M	-51.3M	-406.0K	0.15	50.78	N/A	N/A	1,693	248	39,313	27,330
2025-05-15	$43.86	$42.00	39.6%	10.9%	58.4%	20.4%	38.2%	6.2%	-2.9%	726.6K	-35.6M	-398.7K	1.01	52.93	N/A	N/A	772	781	40,065	27,425
2025-05-16	$45.61	$42.00	37.1%	10.4%	59.2%	15.0%	36.7%	4.4%	-1.5%	1.5M	-60.6M	-411.9K	0.38	55.68	N/A	N/A	1,566	601	40,160	27,486
2025-05-19	$45.72	$42.00	38.0%	10.8%	58.2%	16.9%	38.2%	3.5%	0.1%	1.1M	-55.8M	-405.9K	0.47	56.25	N/A	N/A	962	451	37,566	26,023
2025-05-20	$47.14	$42.00	38.1%	10.9%	58.9%	17.3%	39.2%	3.0%	1.3%	1.6M	-73.9M	-409.9K	0.89	50.63	N/A	N/A	2,545	2,273	37,940	26,203
2025-05-21	$46.81	$42.00	39.1%	11.2%	59.0%	19.3%	37.9%	3.5%	0.4%	1.8M	-72.4M	-415.1K	0.14	53.85	N/A	N/A	3,928	565	39,332	26,136
2025-05-22	$46.90	$42.00	38.3%	10.8%	58.4%	17.6%	38.7%	3.6%	1.2%	1.9M	-74.5M	-421.8K	0.96	51.62	N/A	N/A	561	537	40,014	26,269
2025-05-23	$46.95	$42.00	37.6%	10.8%	58.4%	16.1%	36.4%	4.8%	-1.0%	1.8M	-74.9M	-423.9K	0.06	54.67	N/A	N/A	5,773	358	40,284	26,626
2025-05-27	$46.87	$42.00	37.4%	10.6%	54.3%	15.7%	35.8%	3.4%	-0.6%	2.5M	-76.5M	-424.9K	0.09	56.43	N/A	N/A	4,778	418	42,788	23,766
2025-05-28	$46.83	$42.00	37.9%	10.3%	54.3%	16.7%	35.6%	3.8%	-2.0%	2.9M	-80.3M	-451.6K	0.65	59.80	N/A	N/A	735	480	46,840	23,948
2025-05-29	$45.87	$42.00	36.1%	10.2%	54.9%	12.9%	36.1%	4.0%	-1.4%	2.4M	-66.0M	-442.3K	0.30	60.78	N/A	N/A	1,839	552	47,021	24,180
2025-05-30	$45.52	$42.00	34.8%	9.9%	55.1%	9.9%	35.8%	4.2%	0.2%	2.3M	-60.7M	-434.0K	0.54	61.20	N/A	N/A	918	495	48,134	24,326