FEX Options History — May 2025

In May 2025, FEX traded between $100.77 and $106.65. ATM implied volatility averaged 30.0%, placing in the 24.9% IV rank vs the trailing year. The 30-day expected move averaged 6.5%. IV traded above realized volatility by 5.4% (HV 20d: 24.7%). Max pain ranged from $90.00 to $90.00. Net GEX was positive for 12 of 21 trading days. Term structure was in contango for 11 of 21 days.

Notable Days

  • 2025-05-14: Largest IV drop — 65.5% change
  • 2025-05-13: Highest IV Rank — 73.1%
  • 2025-05-02: Largest Expected Move — 8.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$104.12$100.77$106.65$100.77$105.15
Max Pain$90.00$90.00$90.00$90.00$90.00
ATM IV30.0%20.4%61.9%29.4%23.8%
Expected Move6.5%4.9%8.6%8.4%6.8%
HV 20d24.7%14.2%50.8%50.8%15.4%
HV 60d32.2%31.7%32.5%31.7%32.4%
IV Rank24.9%10.3%73.1%23.9%15.5%
IV Percentile81.0%59.9%99.2%89.7%78.2%
Term Structure-0.7%-5.7%4.3%-4.4%0.5%
Skew 25d6.7%4.3%11.0%9.4%5.7%
Skew 10d4.2%1.7%12.2%10.5%2.0%
Call IV 25d19.5%17.3%26.3%26.3%20.7%
Put IV 25d26.2%21.8%35.7%35.7%26.4%
Bid-Ask Spread %165.25163.40174.99174.99165.08
Gamma HHI1.001.001.001.001.00
Net GEX4701691690
Net DEX-5.7K-10.6K0-9.4K0
Net VEX-1-30-30
Div Yield0.0%0.0%0.0%0.0%0.0%
Total Volume00000
Total OI0.5710110

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-05-01$100.77$90.0029.4%8.4%50.8%23.9%0.0%9.4%-4.4%169-9.4K-30.00174.99N/AN/A0010
2025-05-02$102.09$90.0030.1%8.6%47.5%24.9%0.0%7.8%-4.1%130-9.7K-20.00172.48N/AN/A0010
2025-05-05$101.79$0.0034.0%7.3%42.9%30.8%0.0%6.3%-5.4%132-9.7K-20.00163.66N/AN/A0010
2025-05-06$101.23$0.0035.9%7.6%42.1%33.7%0.0%5.9%-5.4%140-9.6K-20.00163.59N/AN/A0010
2025-05-07$101.58$0.0037.6%6.1%40.7%36.3%0.0%5.4%3.1%123-9.7K-10.00163.94N/AN/A0010
2025-05-08$102.64$0.0039.5%4.9%27.3%39.1%0.0%6.1%3.8%92-10.0K-10.00164.88N/AN/A0010
2025-05-09$102.25$0.0042.5%6.4%21.9%43.7%0.0%6.3%-5.2%98-9.9K-10.00164.56N/AN/A0010
2025-05-12$104.67$0.0054.7%5.0%21.7%62.2%0.0%5.9%1.3%27-10.4K00.00164.55N/AN/A0010
2025-05-13$105.89$0.0061.9%5.9%21.5%73.1%0.0%4.3%0.9%12-10.6K00.00163.91N/AN/A0010
2025-05-14$104.86$0.0021.4%6.1%21.8%11.7%0.0%5.3%-5.7%15-10.5K00.00164.51N/AN/A0010
2025-05-15$105.67$0.0020.9%6.0%20.4%11.0%0.0%5.8%2.5%11-10.5K00.00164.07N/AN/A0010
2025-05-16$106.65$0.0020.8%6.0%20.2%10.9%0.0%6.6%2.6%29-10.6K00.00163.40N/AN/A0010
2025-05-19$106.59$0.0021.8%6.2%16.4%12.3%0.0%6.0%2.0%0000.00163.68N/AN/A0000
2025-05-20$106.31$0.0023.1%6.6%14.2%14.3%0.0%6.2%-3.5%0000.00163.96N/AN/A0000
2025-05-21$104.48$0.0024.1%6.9%16.1%15.8%0.0%8.0%-4.1%0000.00164.69N/AN/A0000
2025-05-22$104.41$0.0020.4%5.9%15.0%10.3%0.0%11.0%4.3%0000.00165.12N/AN/A0000
2025-05-23$104.01$0.0020.9%6.0%15.1%11.0%0.0%9.2%3.1%0000.00164.60N/AN/A0000
2025-05-27$105.62$0.0022.1%6.3%15.7%12.9%0.0%6.9%-0.1%0000.00164.37N/AN/A0000
2025-05-28$104.88$0.0022.8%6.5%16.1%13.9%0.0%5.7%0.0%0000.00164.93N/AN/A0000
2025-05-29$105.00$0.0023.3%6.7%15.7%14.7%0.0%6.4%-0.1%0000.00165.27N/AN/A0000
2025-05-30$105.15$0.0023.8%6.8%15.4%15.5%0.0%5.7%0.5%0000.00165.08N/AN/A0000