FN Options History — February 2025

In February 2025, FN traded between $195.59 and $237.76. ATM implied volatility averaged 53.4%, placing in the 26.1% IV rank vs the trailing year. The 30-day expected move averaged 15.5%. IV traded below realized volatility by 52.5% (HV 20d: 105.9%). Max pain ranged from $210.00 to $220.00. Net GEX was positive for 4 of 19 trading days. Term structure was in contango for 5 of 19 days. Put/call ratio averaged 1.12.

Notable Days

2025-02-04: Highest Volume — 10,441 contracts
2025-02-04: Largest IV drop — 38.8% change
2025-02-03: Highest IV Rank — 70.0%
2025-02-03: Largest Expected Move — 24.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$215.65	$195.59	$237.76	$225.52	$197.07
Max Pain	$215.26	$210.00	$220.00	$220.00	$220.00
ATM IV	53.4%	44.9%	86.5%	86.5%	58.9%
Expected Move	15.5%	13.9%	24.8%	24.8%	16.9%
HV 20d	105.9%	66.1%	117.9%	107.9%	76.6%
HV 60d	76.6%	73.9%	78.8%	76.3%	77.7%
IV Rank	26.1%	14.9%	70.0%	70.0%	33.4%
IV Percentile	72.4%	54.8%	98.4%	98.4%	76.6%
Term Structure	-2.1%	-19.6%	1.8%	-19.6%	-5.3%
VWIV	54.7%	48.1%	88.3%	88.3%	58.1%
Skew 25d	2.6%	0.2%	5.7%	5.0%	5.3%
Skew 10d	4.7%	1.8%	10.4%	4.1%	7.5%
Call IV 25d	53.0%	47.8%	86.2%	86.2%	54.5%
Put IV 25d	55.6%	48.4%	91.1%	91.1%	59.7%
Bid-Ask Spread %	59.28	37.19	70.01	37.19	65.47
Gamma HHI	0.34	0.25	0.46	0.31	0.37
Net GEX	-1.6M	-4.5M	2.5M	366.1K	-1.9M
Net DEX	17.0M	-20.9M	47.7M	-10.8M	28.4M
Net VEX	-132.7K	-207.2K	-84.0K	-103.0K	-108.5K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.12	0.20	4.30	0.20	0.93
Total Volume	976.211	72	10,441	4,181	143
Total OI	12,519.842	5,789	15,617	5,789	8,315

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	$225.52	$220.00	86.5%	24.8%	107.9%	70.0%	88.3%	5.0%	-19.6%	366.1K	-10.8M	-103.0K	0.20	37.19	3,487	694	3,344	2,445
2025-02-04	$202.63	$220.00	53.0%	15.2%	113.6%	25.6%	54.5%	0.6%	-0.7%	-459.5K	10.0M	-84.0K	4.30	39.12	1,970	8,471	5,248	2,903
2025-02-05	$213.13	$210.00	48.3%	13.9%	115.1%	19.4%	49.3%	0.2%	1.8%	-3.0M	35.6M	-207.2K	0.62	52.37	242	151	4,167	10,940
2025-02-06	$219.14	$210.00	47.8%	14.1%	115.5%	18.7%	49.8%	2.0%	-0.5%	-2.5M	23.4M	-189.4K	0.48	57.57	105	50	4,139	10,944
2025-02-07	$212.33	$210.00	46.6%	14.4%	115.8%	17.1%	50.6%	2.8%	0.1%	-3.4M	37.2M	-191.1K	1.49	58.10	107	159	4,086	10,957
2025-02-10	$210.25	$210.00	44.9%	13.9%	115.7%	14.9%	48.9%	2.4%	-1.0%	-4.1M	42.0M	-178.1K	0.46	58.92	61	28	4,127	10,979
2025-02-11	$207.82	$210.00	46.0%	14.2%	115.3%	16.3%	49.0%	2.9%	-1.9%	-4.5M	47.7M	-174.6K	0.50	55.53	92	46	4,118	10,988
2025-02-12	$212.72	$210.00	48.7%	14.0%	115.5%	20.0%	48.1%	2.3%	-1.2%	-4.3M	35.1M	-161.8K	0.52	61.45	428	222	4,157	10,994
2025-02-13	$214.34	$210.00	50.7%	14.5%	114.7%	22.5%	50.9%	2.6%	0.7%	-4.0M	30.3M	-160.9K	0.30	63.24	79	24	4,223	10,999
2025-02-14	$221.47	$210.00	49.4%	14.2%	115.4%	20.9%	50.0%	1.4%	-1.2%	-2.4M	15.0M	-144.8K	0.30	53.94	171	52	4,219	10,989
2025-02-18	$237.76	$210.00	52.6%	15.1%	117.9%	25.1%	52.7%	1.0%	0.0%	2.0M	-20.9M	-97.9K	0.62	62.16	305	189	4,250	11,011
2025-02-19	$237.25	$220.00	50.0%	14.3%	117.0%	21.6%	51.2%	2.5%	-0.3%	2.5M	-19.7M	-99.8K	0.83	60.19	224	186	4,349	11,102
2025-02-20	$230.94	$220.00	51.0%	14.6%	114.7%	23.0%	52.0%	2.8%	0.7%	1.2M	-5.6M	-96.9K	0.63	64.81	72	45	4,425	11,192
2025-02-21	$221.88	$220.00	52.9%	15.2%	115.3%	25.5%	55.1%	2.7%	-1.9%	-834.8K	4.8M	-100.9K	3.06	69.32	51	156	4,428	11,188
2025-02-24	$216.18	$220.00	53.7%	15.4%	115.2%	26.5%	53.9%	3.5%	-0.5%	-1.2M	10.6M	-101.3K	0.42	64.86	59	25	1,191	6,877
2025-02-25	$204.51	$220.00	55.3%	15.8%	66.1%	28.6%	57.5%	2.7%	-1.8%	-1.6M	21.2M	-114.5K	0.92	65.86	72	66	1,228	6,886
2025-02-26	$216.81	$220.00	57.0%	16.3%	67.8%	30.9%	59.5%	1.5%	-2.9%	-1.0M	9.0M	-94.1K	1.88	66.25	25	47	1,275	6,933
2025-02-27	$195.59	$220.00	61.0%	17.5%	77.3%	36.1%	59.8%	5.7%	-5.1%	-1.8M	29.2M	-112.1K	2.75	70.01	65	179	1,284	6,977
2025-02-28	$197.07	$220.00	58.9%	16.9%	76.6%	33.4%	58.1%	5.3%	-5.3%	-1.9M	28.4M	-108.5K	0.93	65.47	74	69	1,306	7,009