IP Options History — February 2025

In February 2025, IP traded between $53.75 and $57.42. ATM implied volatility averaged 27.8%, placing in the 23.5% IV rank vs the trailing year. The 30-day expected move averaged 8.0%. IV traded above realized volatility by 0.5% (HV 20d: 27.4%). Max pain ranged from $55.00 to $55.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 14 of 19 days. Put/call ratio averaged 0.68.

Notable Days

2025-02-13: Highest Volume — 11,514 contracts
2025-02-25: Largest IV spike — 13.6% change
2025-02-25: Highest IV Rank — 40.1%
2025-02-27: Largest Expected Move — 8.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$55.61	$53.75	$57.42	$55.55	$56.05
Max Pain	$55.00	$55.00	$55.00	$55.00	$55.00
ATM IV	27.8%	25.6%	33.2%	28.6%	29.7%
Expected Move	8.0%	7.5%	8.7%	8.5%	8.1%
HV 20d	27.4%	23.7%	29.3%	23.7%	26.0%
HV 60d	22.3%	20.7%	22.9%	20.9%	22.7%
IV Rank	23.5%	16.5%	40.1%	25.8%	29.3%
IV Percentile	48.1%	34.1%	83.3%	52.8%	55.6%
Term Structure	0.8%	-2.0%	6.6%	0.6%	-0.4%
VWIV	27.9%	26.1%	32.0%	30.1%	29.1%
Skew 25d	4.1%	1.8%	16.0%	3.6%	5.0%
Skew 10d	5.0%	-8.2%	16.9%	9.8%	5.4%
Call IV 25d	26.2%	19.0%	30.4%	27.3%	28.6%
Put IV 25d	30.2%	27.2%	38.5%	30.9%	33.6%
Bid-Ask Spread %	69.72	57.77	75.24	71.90	70.02
Gamma HHI	0.24	0.16	0.32	0.24	0.32
Net GEX	6.2M	2.6M	9.3M	4.8M	8.2M
Net DEX	-80.3M	-139.6M	-30.3M	-69.5M	-85.2M
Net VEX	-681.0K	-736.7K	-598.4K	-644.0K	-702.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.68	0.07	1.76	0.85	0.25
Total Volume	4,951.421	515	11,514	3,344	7,121
Total OI	90,131.421	79,178	106,279	79,178	87,843

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	$55.55	$55.00	28.6%	8.5%	23.7%	25.8%	30.1%	3.6%	0.6%	4.8M	-69.5M	-644.0K	0.85	71.90	1,811	1,533	53,515	25,663
2025-02-04	$54.11	$55.00	27.6%	8.7%	25.7%	22.6%	32.0%	3.6%	0.9%	3.3M	-40.8M	-612.6K	1.26	73.92	2,215	2,786	54,004	25,620
2025-02-05	$53.75	$55.00	26.8%	7.9%	25.7%	20.4%	27.0%	4.0%	0.0%	2.6M	-30.3M	-598.4K	0.23	66.93	6,757	1,562	55,815	25,655
2025-02-06	$55.36	$55.00	26.8%	7.7%	27.7%	20.3%	26.3%	3.1%	-0.6%	5.9M	-74.8M	-634.5K	0.86	74.82	1,669	1,435	58,902	25,758
2025-02-07	$56.17	$55.00	25.6%	7.6%	27.2%	16.5%	26.4%	2.8%	0.5%	6.2M	-102.0M	-668.0K	0.91	72.12	5,405	4,898	61,234	26,729
2025-02-10	$55.05	$55.00	26.3%	7.6%	28.2%	18.8%	27.7%	3.2%	0.4%	4.3M	-60.5M	-649.4K	1.13	64.45	2,357	2,664	58,529	28,755
2025-02-11	$55.81	$55.00	25.6%	7.5%	28.3%	16.6%	26.1%	2.1%	0.9%	5.9M	-84.5M	-671.3K	0.69	70.52	2,168	1,493	60,325	28,395
2025-02-12	$54.54	$55.00	25.7%	7.5%	28.0%	16.8%	26.4%	8.2%	0.9%	4.8M	-54.6M	-638.6K	0.07	73.85	4,390	316	62,042	28,375
2025-02-13	$55.53	$55.00	26.2%	7.9%	28.7%	18.5%	27.5%	2.8%	1.6%	6.8M	-83.0M	-666.8K	1.76	69.38	4,169	7,345	63,224	28,496
2025-02-14	$56.31	$55.00	26.0%	7.5%	28.9%	17.8%	26.4%	2.0%	0.6%	7.4M	-100.6M	-736.7K	0.50	72.20	5,684	2,849	65,235	32,547
2025-02-18	$57.42	$55.00	27.4%	7.9%	29.3%	22.0%	26.5%	3.3%	-0.5%	9.3M	-139.6M	-729.0K	0.16	69.20	3,183	525	66,223	34,092
2025-02-19	$57.05	$55.00	26.2%	7.5%	27.8%	18.5%	26.9%	1.8%	1.1%	8.6M	-128.2M	-725.5K	0.94	70.99	1,726	1,625	67,439	33,192
2025-02-20	$56.00	$55.00	27.1%	7.7%	28.5%	21.2%	26.9%	2.4%	0.5%	7.0M	-89.6M	-717.9K	0.67	75.24	4,065	2,731	68,008	34,556
2025-02-21	$55.39	$55.00	28.5%	8.1%	28.6%	25.5%	30.3%	2.5%	1.2%	7.8M	-75.3M	-711.2K	0.62	73.73	2,405	1,493	71,361	34,918
2025-02-24	$55.30	$55.00	29.3%	8.2%	27.0%	27.8%	27.8%	3.4%	-0.1%	5.7M	-68.6M	-700.7K	0.22	57.77	2,075	455	55,585	29,845
2025-02-25	$55.20	$55.00	33.2%	8.5%	26.7%	40.1%	28.7%	16.0%	3.2%	5.4M	-68.0M	-702.6K	0.57	65.58	1,158	659	55,558	30,215
2025-02-26	$55.84	$55.00	30.6%	8.2%	27.3%	31.9%	28.6%	4.0%	6.6%	6.5M	-80.1M	-714.1K	0.37	64.04	608	227	56,410	30,830
2025-02-27	$56.25	$55.00	31.8%	8.7%	26.6%	35.6%	30.2%	3.4%	-2.0%	7.3M	-90.6M	-715.5K	0.81	68.01	284	231	56,705	30,899
2025-02-28	$56.05	$55.00	29.7%	8.1%	26.0%	29.3%	29.1%	5.0%	-0.4%	8.2M	-85.2M	-702.4K	0.25	70.02	5,679	1,442	56,823	31,020