FN Options History — November 2025

In November 2025, FN traded between $385.77 and $486.95. ATM implied volatility averaged 58.3%, placing in the 26.3% IV rank vs the trailing year. The 30-day expected move averaged 16.5%. IV traded below realized volatility by 0.3% (HV 20d: 58.7%). Max pain ranged from $320.00 to $440.00. Net GEX was positive for 13 of 19 trading days. Term structure was in contango for 2 of 19 days. Put/call ratio averaged 1.61.

Notable Days

2025-11-04: Highest Volume — 1,773 contracts
2025-11-04: Largest IV drop — 35.1% change
2025-11-03: Highest IV Rank — 70.3%
2025-11-03: Largest Expected Move — 25.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$433.93	$385.77	$486.95	$440.44	$454.66
Max Pain	$351.58	$320.00	$440.00	$400.00	$390.00
ATM IV	58.3%	51.6%	88.1%	88.1%	51.6%
Expected Move	16.5%	14.8%	25.3%	25.3%	14.8%
HV 20d	58.7%	42.6%	71.6%	42.6%	71.2%
HV 60d	53.5%	49.6%	56.8%	55.6%	50.9%
IV Rank	26.3%	15.2%	70.3%	70.3%	15.2%
IV Percentile	69.3%	52.8%	96.4%	96.4%	52.8%
Term Structure	-2.8%	-21.1%	0.1%	-21.1%	-0.3%
VWIV	58.9%	52.9%	89.6%	89.6%	52.9%
Skew 25d	4.3%	0.9%	9.1%	3.0%	5.9%
Skew 10d	9.9%	0.1%	21.6%	9.4%	19.9%
Call IV 25d	56.3%	47.9%	87.5%	87.5%	49.9%
Put IV 25d	60.6%	55.8%	90.6%	90.6%	55.8%
Bid-Ask Spread %	69.71	36.89	80.97	36.89	80.97
Gamma HHI	0.15	0.07	0.47	0.15	0.08
Net GEX	63.9K	-4.4M	1.5M	917.1K	645.6K
Net DEX	-50.0M	-95.8M	4.6M	-62.2M	-66.8M
Net VEX	-186.1K	-213.5K	-156.9K	-156.9K	-173.5K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.61	0.28	8.87	1.37	0.28
Total Volume	565.632	63	1,773	1,278	82
Total OI	5,975.632	3,958	7,225	3,958	4,743

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
2025-11-03	$440.44	$400.00	88.1%	25.3%	42.6%	70.3%	89.6%	3.0%	-21.1%	917.1K	-62.2M	-156.9K	1.37	36.89	540	738	2,395	1,563
2025-11-04	$465.09	$420.00	57.2%	16.4%	45.5%	26.7%	57.8%	1.0%	-4.0%	1.5M	-84.2M	-168.0K	1.34	59.34	759	1,014	2,847	2,282
2025-11-05	$486.95	$440.00	55.5%	15.9%	46.9%	24.3%	57.9%	2.1%	-3.2%	1.2M	-95.8M	-165.5K	0.57	58.60	451	258	2,872	2,567
2025-11-06	$461.84	$320.00	57.3%	15.7%	52.2%	26.8%	55.3%	1.5%	-1.5%	1.2M	-80.5M	-198.3K	1.10	69.09	179	197	3,165	2,733
2025-11-07	$447.33	$320.00	57.7%	15.6%	50.5%	27.3%	55.3%	3.4%	-0.7%	1.1M	-64.8M	-213.5K	0.43	62.88	495	212	3,191	2,814
2025-11-10	$465.78	$320.00	58.9%	15.4%	50.8%	29.0%	57.2%	4.4%	0.0%	1.3M	-83.8M	-195.9K	6.28	68.32	127	798	3,220	2,844
2025-11-11	$446.02	$320.00	60.1%	15.7%	53.8%	30.8%	57.6%	0.9%	-1.9%	820.9K	-65.4M	-206.3K	0.72	68.47	101	73	3,264	3,481
2025-11-12	$444.06	$320.00	54.4%	15.6%	51.5%	22.7%	54.2%	2.0%	-1.2%	846.6K	-63.7M	-205.6K	0.50	70.58	42	21	3,296	3,515
2025-11-13	$403.23	$320.00	56.8%	16.3%	61.0%	22.7%	56.1%	4.7%	-2.1%	-689.8K	-16.2M	-202.7K	0.51	72.16	631	324	3,303	3,514
2025-11-14	$413.49	$320.00	55.7%	16.0%	61.7%	21.1%	55.9%	3.0%	-1.5%	-598.8K	-26.2M	-204.9K	0.48	71.62	288	137	3,270	3,573
2025-11-17	$415.48	$320.00	57.4%	16.5%	61.7%	23.6%	61.6%	3.1%	-2.7%	-433.8K	-28.8M	-188.7K	0.63	71.37	183	115	3,319	3,581
2025-11-18	$407.93	$320.00	57.3%	16.4%	62.1%	23.5%	57.8%	4.4%	-1.3%	-968.8K	-19.6M	-185.3K	0.91	73.67	217	198	3,344	3,632
2025-11-19	$418.85	$320.00	56.5%	16.2%	61.7%	22.4%	57.7%	5.6%	-2.1%	41.8K	-37.5M	-183.8K	2.30	74.97	20	46	3,508	3,637
2025-11-20	$385.77	$320.00	60.5%	17.3%	65.8%	28.2%	61.7%	5.0%	-3.8%	-2.6M	4.6M	-168.6K	0.85	75.90	337	287	3,505	3,635
2025-11-21	$391.18	$340.00	60.1%	17.2%	66.0%	27.6%	60.6%	6.9%	-3.0%	-4.4M	-5.8M	-170.4K	8.87	76.21	129	1,144	3,520	3,705
2025-11-24	$413.69	$390.00	56.5%	16.2%	69.2%	22.4%	56.2%	7.6%	-2.0%	269.7K	-39.3M	-185.0K	0.84	78.26	102	86	2,436	2,038
2025-11-25	$428.70	$390.00	54.9%	15.7%	68.7%	20.0%	59.5%	8.6%	-1.6%	419.2K	-48.6M	-185.5K	1.86	78.03	65	121	2,475	2,095
2025-11-26	$454.16	$390.00	52.2%	15.0%	71.6%	16.0%	54.5%	9.1%	0.1%	625.4K	-65.0M	-178.3K	0.69	77.13	136	94	2,502	2,153
2025-11-28	$454.66	$390.00	51.6%	14.8%	71.2%	15.2%	52.9%	5.9%	-0.3%	645.6K	-66.8M	-173.5K	0.28	80.97	64	18	2,538	2,205