IP Options History — March 2025

In March 2025, IP traded between $49.70 and $56.45. ATM implied volatility averaged 33.6%, placing in the 41.3% IV rank vs the trailing year. The 30-day expected move averaged 9.6%. IV traded below realized volatility by 1.6% (HV 20d: 35.2%). Max pain ranged from $52.50 to $55.00. Net GEX was positive for 18 of 21 trading days. Term structure was in contango for 8 of 21 days. Put/call ratio averaged 0.38.

Notable Days

  • 2025-03-25: Highest Volume — 13,165 contracts
  • 2025-03-10: Largest IV spike — 14.6% change
  • 2025-03-10: Highest IV Rank — 60.1%
  • 2025-03-10: Largest Expected Move — 12.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$52.51$49.70$56.45$55.47$53.44
Max Pain$54.19$52.50$55.00$55.00$55.00
ATM IV33.6%28.5%39.8%33.9%30.2%
Expected Move9.6%8.1%12.0%8.9%9.6%
HV 20d35.2%24.9%44.3%24.9%44.3%
HV 60d27.9%22.7%32.0%22.7%32.0%
IV Rank41.3%25.4%60.1%42.2%30.8%
IV Percentile77.0%42.1%94.8%86.1%52.4%
Term Structure0.1%-5.5%5.7%-5.2%-0.1%
VWIV33.1%25.9%42.5%30.6%31.7%
Skew 25d3.9%-0.9%11.8%4.0%11.8%
Skew 10d6.0%-4.4%16.7%1.8%16.7%
Call IV 25d31.8%24.0%38.5%30.8%24.0%
Put IV 25d35.7%30.5%40.4%34.8%35.8%
Bid-Ask Spread %69.3057.9382.4778.0462.26
Gamma HHI0.280.130.770.240.22
Net GEX4.7M-304.8K22.0M5.3M2.6M
Net DEX-29.1M-150.2M31.0M-70.2M-35.1M
Net VEX-604.5K-685.5K-537.2K-685.5K-625.9K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.380.030.800.430.80
Total Volume4,279.66760513,1651,5411,245
Total OI91,428.38178,278112,49584,65778,278

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-03-03$55.47$55.0033.9%8.9%24.9%42.2%30.6%4.0%-5.2%5.3M-70.2M-685.5K0.4378.041,07846355,06829,589
2025-03-04$51.91$55.0034.9%9.7%34.2%45.3%34.1%5.9%5.7%1.4M-2.4M-620.3K0.2672.272,37362655,85129,930
2025-03-05$52.66$55.0033.8%9.1%33.7%41.7%25.9%4.7%-1.3%1.9M-13.1M-633.2K0.2565.652,20554556,63630,036
2025-03-06$51.97$55.0033.7%9.7%33.9%41.4%36.2%2.3%0.5%1.1M-533.3K-605.7K0.3568.364,1221,44357,46429,983
2025-03-07$52.20$55.0034.7%9.5%31.9%44.6%36.9%3.1%-0.8%2.0M-5.9M-618.9K0.3270.2357918361,14730,816
2025-03-10$50.09$55.0039.8%12.0%33.9%60.1%42.5%-0.9%-2.2%305.6K25.3M-559.6K0.6675.1776950457,35530,524
2025-03-11$49.70$55.0038.0%11.4%33.5%54.7%36.6%4.2%0.0%-114.1K31.0M-537.2K0.1172.151,45415857,61530,621
2025-03-12$50.72$55.0035.8%10.8%34.1%48.0%35.2%3.0%-0.6%-33.7K21.7M-551.0K0.6474.6237023558,51730,528
2025-03-13$50.25$55.0035.7%10.1%33.5%47.7%34.5%3.3%0.1%-304.8K25.5M-541.1K0.0374.2310,35335658,56930,621
2025-03-14$51.11$53.0034.8%9.5%33.4%44.7%32.6%3.8%-0.5%2.0M1.0M-592.3K0.1182.479,2311,02566,85330,696
2025-03-17$51.80$52.5036.4%9.7%33.3%49.9%33.8%4.6%-5.5%5.6M-23.1M-615.6K0.4274.051,40458970,73231,162
2025-03-18$52.20$52.5033.3%9.1%32.5%40.2%32.6%2.5%-0.9%6.9M-36.0M-619.4K0.1267.052,09924671,44931,167
2025-03-19$52.75$52.5032.1%9.9%32.9%36.5%32.5%3.3%-0.3%9.3M-49.0M-618.4K0.1360.976568772,44031,310
2025-03-20$52.34$52.5032.7%9.2%32.5%38.5%32.3%3.4%-0.3%10.1M-31.2M-601.5K0.7459.725,8384,31272,37831,334
2025-03-21$51.63$52.5031.5%9.0%32.6%34.7%32.8%4.6%-1.3%2.2M-7.5M-601.0K0.1757.934,86883077,65734,838
2025-03-24$52.89$55.0034.0%9.1%34.0%42.5%32.3%3.2%1.3%4.1M-46.6M-607.7K0.6362.4371745251,43631,344
2025-03-25$56.45$52.5029.2%8.1%41.6%27.6%27.8%5.5%2.6%7.6M-150.2M-595.5K0.0871.3012,16699952,20731,700
2025-03-26$55.27$55.0031.8%8.9%42.1%35.7%30.4%3.1%2.1%7.7M-105.6M-611.8K0.6374.853,3032,09751,55432,363
2025-03-27$54.99$55.0028.5%8.8%42.1%25.4%30.3%3.5%4.9%7.0M-100.5M-627.8K0.7669.081,6561,26154,35333,929
2025-03-28$52.90$55.0031.6%9.3%44.1%35.0%33.3%3.1%2.8%22.0M-37.8M-625.3K0.3762.425,1071,86955,63534,311
2025-03-31$53.44$55.0030.2%9.6%44.3%30.8%31.7%11.8%-0.1%2.6M-35.1M-625.9K0.8062.2669155448,82529,453