IP Options History — January 2025

In January 2025, IP traded between $52.88 and $59.87. ATM implied volatility averaged 31.4%, placing in the 34.5% IV rank vs the trailing year. The 30-day expected move averaged 8.8%. IV traded above realized volatility by 11.7% (HV 20d: 19.7%). Max pain ranged from $45.00 to $55.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 7 of 20 days. Put/call ratio averaged 0.76.

Notable Days

  • 2025-01-30: Highest Volume — 32,770 contracts
  • 2025-01-29: Largest IV spike — 16.8% change
  • 2025-01-29: Highest IV Rank — 51.7%
  • 2025-01-29: Largest Expected Move — 10.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$56.10$52.88$59.87$53.16$55.50
Max Pain$53.25$45.00$55.00$45.00$55.00
ATM IV31.4%28.2%37.0%29.2%28.2%
Expected Move8.8%6.8%10.1%7.1%8.7%
HV 20d19.7%17.4%24.2%18.3%24.2%
HV 60d31.2%20.6%32.8%32.7%21.2%
IV Rank34.5%24.5%51.7%27.7%24.5%
IV Percentile72.2%50.0%90.9%60.3%50.0%
Term Structure-0.5%-3.8%5.6%0.3%-0.9%
VWIV31.1%24.4%42.6%25.9%29.4%
Skew 25d3.8%-2.3%15.2%1.1%4.4%
Skew 10d8.1%2.2%13.3%6.8%11.0%
Call IV 25d29.7%24.9%32.6%29.5%26.4%
Put IV 25d33.5%29.1%40.5%30.5%30.8%
Bid-Ask Spread %62.7648.3173.0068.5367.84
Gamma HHI0.300.170.520.200.27
Net GEX5.7M1.5M14.3M4.4M1.5M
Net DEX-141.3M-225.0M-54.1M-143.2M-54.1M
Net VEX-539.3K-633.1K-505.8K-537.2K-633.1K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.760.022.640.351.65
Total Volume4,888.7525932,77081917,667
Total OI85,594.355,502110,135100,66680,103

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-01-02$53.16$45.0029.2%7.1%18.3%27.7%25.9%1.1%0.3%4.4M-143.2M-537.2K0.3568.5360621367,12733,539
2025-01-03$52.88$45.0028.5%6.8%17.7%25.6%24.4%2.6%2.0%3.8M-137.0M-523.6K1.9262.9325749367,26833,624
2025-01-06$53.30$52.5030.4%8.7%17.4%31.4%30.3%3.0%0.6%4.3M-143.0M-521.4K0.1063.233,98041567,18933,527
2025-01-07$53.42$52.5030.9%8.6%17.5%32.9%29.3%1.5%-1.0%5.8M-148.4M-521.9K0.3862.721887170,71033,790
2025-01-08$54.52$52.5030.8%8.5%18.8%32.6%29.3%2.4%0.4%8.7M-170.3M-529.2K0.6364.7332620570,76433,829
2025-01-10$54.14$55.0032.6%9.1%17.9%38.0%32.1%2.1%-1.0%5.2M-159.5M-521.4K0.1163.313,28836170,90633,989
2025-01-13$53.72$55.0033.4%9.0%17.9%40.6%32.3%3.7%-2.1%5.1M-150.8M-505.8K0.5665.2262935270,52933,991
2025-01-14$55.19$52.5032.2%8.8%20.0%36.9%31.3%4.3%-1.8%6.4M-178.4M-514.7K1.4969.4448471970,82934,269
2025-01-15$55.48$52.5029.7%8.6%19.8%29.3%30.2%1.9%0.4%6.8M-183.7M-514.0K0.1970.201,05420070,98834,833
2025-01-16$56.07$52.5030.2%9.2%20.1%30.7%32.1%-2.3%2.3%7.3M-196.7M-507.0K0.0269.255,17210971,27734,921
2025-01-17$56.85$55.0033.6%8.7%20.4%41.2%29.8%11.3%-0.9%14.3M-225.0M-536.0K0.1773.004,03669275,16734,968
2025-01-21$58.34$55.0030.8%8.8%19.1%32.6%30.2%3.8%-1.2%6.8M-119.5M-524.2K0.2156.531,46130938,76016,742
2025-01-22$58.25$55.0031.3%9.0%19.2%34.3%30.8%3.7%-1.5%7.2M-121.4M-518.9K0.4057.4761624439,93816,889
2025-01-23$58.52$55.0032.2%9.3%19.1%36.9%31.6%3.2%-3.1%8.0M-127.6M-519.1K0.8653.792,1391,84740,31817,157
2025-01-24$59.87$55.0031.9%9.4%20.2%36.1%32.8%2.5%-1.6%4.7M-150.7M-556.9K0.3457.684,1271,40942,13718,831
2025-01-27$59.09$55.0030.2%9.9%21.0%30.9%42.6%2.6%-1.1%4.5M-121.4M-567.0K2.6454.536861,81039,98019,048
2025-01-28$59.00$55.0031.7%9.9%21.1%35.3%35.7%3.9%-1.6%4.5M-120.0M-577.5K0.4848.3145821840,46820,788
2025-01-29$57.80$55.0037.0%10.1%21.8%51.7%35.3%15.2%5.6%4.2M-102.8M-579.5K2.3859.142,4185,74640,60820,988
2025-01-30$56.83$55.0033.5%8.1%22.3%40.8%26.8%5.0%-3.8%1.5M-73.6M-578.2K0.2667.4026,0156,75543,15927,938
2025-01-31$55.50$55.0028.2%8.7%24.2%24.5%29.4%4.4%-0.9%1.5M-54.1M-633.1K1.6567.846,66011,00751,24728,856