FTC Options History — March 2025

In March 2025, FTC traded between $127.52 and $138.16. ATM implied volatility averaged 24.0%, placing in the 37.9% IV rank vs the trailing year. The 30-day expected move averaged 7.0%. IV traded below realized volatility by 0.5% (HV 20d: 24.5%). Max pain ranged from $127.00 to $127.00. Net GEX was positive for 19 of 21 trading days. Term structure was in contango for 4 of 21 days. Put/call ratio averaged 1.50.

Notable Days

2025-03-28: Highest Volume — 10 contracts
2025-03-28: Largest IV spike — 37.5% change
2025-03-31: Highest IV Rank — 65.9%
2025-03-12: Largest Expected Move — 11.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$133.30	$127.52	$138.16	$138.05	$131.68
Max Pain	$127.00	$127.00	$127.00	$127.00	$127.00
ATM IV	24.0%	17.5%	33.9%	22.5%	33.9%
Expected Move	7.0%	5.0%	11.5%	6.4%	6.9%
HV 20d	24.5%	16.3%	29.9%	16.3%	29.7%
HV 60d	20.4%	17.9%	21.9%	17.9%	21.9%
IV Rank	37.9%	19.6%	65.9%	33.6%	65.9%
IV Percentile	79.0%	35.7%	96.4%	80.2%	96.4%
Term Structure	-3.0%	-8.0%	3.7%	-5.2%	-8.0%
Skew 25d	1.8%	-1.0%	4.9%	-0.3%	1.6%
Skew 10d	4.5%	-5.2%	28.7%	-5.0%	28.7%
Call IV 25d	24.3%	17.7%	32.5%	24.6%	32.5%
Put IV 25d	26.1%	20.9%	34.1%	24.3%	34.1%
Bid-Ask Spread %	169.70	147.33	192.90	164.45	177.05
Gamma HHI	0.26	0.19	0.47	0.28	0.47
Net GEX	610	-7.0K	2.3K	2.3K	-7.0K
Net DEX	-10.7K	-23.1K	17.9K	-23.1K	17.9K
Net VEX	-171	-398	-94	-147	-398
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.50	1.50	1.50	1.50	1.50
Total Volume	0.81	0	10	0	0
Total OI	8	6	23	6	23

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
2025-03-03	$138.05	$0.00	22.5%	6.4%	16.3%	33.6%	0.0%	-0.3%	-5.2%	2.3K	-23.1K	-147	0.00	164.45	N/A	N/A	0	0	5	1
2025-03-04	$137.40	$0.00	23.5%	6.7%	16.3%	36.4%	0.0%	-1.0%	-6.0%	2.1K	-20.4K	-142	0.00	162.84	N/A	N/A	0	0	5	1
2025-03-05	$138.16	$0.00	22.6%	6.5%	16.4%	33.8%	0.0%	3.3%	-1.2%	2.2K	-22.9K	-144	0.00	165.90	N/A	N/A	0	0	5	1
2025-03-06	$133.52	$0.00	25.0%	7.2%	19.3%	40.8%	0.0%	1.8%	-1.0%	1.3K	-14.3K	-129	0.00	152.26	N/A	N/A	0	0	5	1
2025-03-07	$133.42	$0.00	24.9%	7.1%	19.2%	40.3%	0.0%	2.6%	-1.1%	1.4K	-13.3K	-126	0.00	158.87	N/A	N/A	0	0	5	1
2025-03-10	$128.88	$0.00	32.7%	9.4%	21.8%	62.5%	0.0%	2.3%	-3.0%	790	-5.7K	-106	0.00	147.33	N/A	N/A	0	0	5	1
2025-03-11	$129.63	$0.00	24.8%	8.0%	21.8%	40.0%	0.0%	1.0%	-4.5%	892	-6.9K	-109	0.00	157.74	N/A	N/A	0	0	5	1
2025-03-12	$130.43	$0.00	24.7%	11.5%	22.3%	40.0%	0.0%	1.0%	-3.8%	1.2K	-9.2K	-112	0.00	162.72	N/A	N/A	0	0	5	1
2025-03-13	$127.52	$0.00	25.2%	9.1%	23.0%	41.3%	0.0%	1.0%	-5.5%	677	-4.0K	-94	0.00	153.46	N/A	N/A	0	0	5	1
2025-03-14	$130.65	$0.00	23.6%	10.5%	24.7%	36.6%	0.0%	4.2%	-5.8%	512	-14.0K	-133	0.00	164.20	N/A	N/A	0	1	5	1
2025-03-17	$133.63	$127.00	23.3%	5.1%	26.6%	36.0%	0.0%	1.1%	-5.1%	730	-12.2K	-160	0.00	173.78	N/A	N/A	0	0	5	2
2025-03-18	$131.16	$127.00	24.5%	5.2%	26.8%	39.3%	0.0%	1.0%	-7.1%	502	-7.4K	-151	0.00	171.26	N/A	N/A	0	0	5	2
2025-03-19	$134.08	$127.00	19.4%	5.0%	28.6%	25.0%	0.0%	4.9%	1.7%	504	-14.7K	-165	0.00	173.15	N/A	N/A	0	0	5	2
2025-03-20	$133.59	$0.00	24.0%	5.6%	28.3%	37.9%	0.0%	1.9%	-4.6%	772	-11.7K	-156	0.00	192.90	N/A	N/A	0	0	5	2
2025-03-21	$133.04	$0.00	24.2%	6.1%	27.2%	38.5%	0.0%	3.4%	-0.4%	335	-12.5K	-158	0.00	192.70	N/A	N/A	0	1	5	2
2025-03-24	$136.82	$0.00	20.6%	5.7%	29.3%	28.2%	0.0%	2.4%	3.2%	1.2K	-12.6K	-175	0.00	176.49	N/A	N/A	0	0	5	3
2025-03-25	$137.11	$0.00	17.5%	5.8%	29.1%	19.6%	0.0%	1.8%	3.7%	1.3K	-13.5K	-172	0.00	181.62	N/A	N/A	0	0	5	3
2025-03-26	$135.09	$0.00	23.5%	6.4%	29.2%	36.4%	0.0%	1.5%	-5.7%	983	-9.1K	-169	1.50	180.10	N/A	N/A	2	3	5	3
2025-03-27	$134.57	$0.00	18.6%	6.3%	28.8%	22.6%	0.0%	1.3%	3.1%	535	-12.1K	-333	0.00	181.32	N/A	N/A	0	0	7	6
2025-03-28	$130.97	$0.00	25.5%	6.7%	29.9%	42.2%	0.0%	0.8%	-7.2%	-359	-3.8K	-321	0.00	173.55	N/A	N/A	0	10	7	6
2025-03-31	$131.68	$0.00	33.9%	6.9%	29.7%	65.9%	0.0%	1.6%	-8.0%	-7.0K	17.9K	-398	0.00	177.05	N/A	N/A	0	0	7	16