IP Options History — April 2025

In April 2025, IP traded between $44.06 and $54.34. ATM implied volatility averaged 46.3%, placing in the 59.4% IV rank vs the trailing year. The 30-day expected move averaged 13.2%. IV traded below realized volatility by 19.6% (HV 20d: 65.9%). Max pain ranged from $50.00 to $55.00. Net GEX was positive for 11 of 21 trading days. Term structure was in contango for 2 of 21 days. Put/call ratio averaged 1.67.

Notable Days

  • 2025-04-04: Highest Volume — 10,282 contracts
  • 2025-04-10: Largest IV spike — 32.6% change
  • 2025-04-04: Highest IV Rank — 100.0%
  • 2025-04-08: Largest Expected Move — 17.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$47.50$44.06$54.34$53.58$45.64
Max Pain$51.90$50.00$55.00$55.00$50.00
ATM IV46.3%33.5%68.0%33.5%34.2%
Expected Move13.2%9.7%17.6%9.7%10.2%
HV 20d65.9%37.1%75.7%37.1%71.6%
HV 60d45.7%31.9%50.1%31.9%50.1%
IV Rank59.4%29.4%100.0%40.8%29.4%
IV Percentile93.7%75.4%100.0%80.2%75.4%
Term Structure-2.5%-8.4%0.9%-0.3%-1.1%
VWIV46.4%31.7%61.0%31.7%35.8%
Skew 25d11.9%-0.2%30.6%4.3%8.3%
Skew 10d18.7%4.3%52.7%14.1%27.6%
Call IV 25d38.7%20.9%60.2%32.8%30.7%
Put IV 25d50.6%34.7%75.2%37.1%39.0%
Bid-Ask Spread %64.2451.2890.3060.9372.10
Gamma HHI0.140.100.270.220.24
Net GEX279.6K-3.2M4.0M2.5M-3.2M
Net DEX32.6M-59.8M65.0M-36.2M57.2M
Net VEX-506.8K-661.2K-411.4K-624.4K-411.4K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.670.0511.240.212.61
Total Volume3,506.52457310,2822,7209,605
Total OI80,909.28666,76894,42778,89474,726

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-04-01$53.58$55.0033.5%9.7%37.1%40.8%31.7%4.3%-0.3%2.5M-36.2M-624.4K0.2160.932,25047049,13929,755
2025-04-02$54.34$55.0035.7%9.7%37.1%47.5%34.8%4.7%-1.5%4.0M-59.8M-661.2K0.5058.901,63982553,08030,061
2025-04-03$48.87$55.0046.5%11.8%53.2%80.6%41.7%6.9%-1.8%634.7K30.0M-547.8K0.9357.515,1794,80653,34830,745
2025-04-04$47.97$52.5052.8%15.4%53.4%100.0%53.4%10.3%-0.1%185.1K38.2M-569.8K0.0963.549,43285052,98333,883
2025-04-07$46.41$52.5060.9%15.8%52.7%100.0%48.6%15.8%-6.5%855.9K43.4M-550.5K0.4351.281,71974255,83133,603
2025-04-08$44.06$52.5068.0%17.6%55.4%100.0%61.0%15.0%-6.5%191.4K65.0M-476.7K3.1452.681,2163,82255,90334,008
2025-04-09$49.20$52.5046.4%12.7%68.7%54.8%48.3%15.3%-1.8%1.6M22.6M-609.4K0.6162.4498260156,11337,317
2025-04-10$45.45$52.5061.5%16.0%74.0%86.4%55.1%18.1%-8.4%6.8K62.5M-492.4K1.1963.9147556356,53934,702
2025-04-11$46.83$52.5052.6%14.6%74.7%67.8%49.7%19.8%-2.5%327.3K47.7M-528.9K0.6457.781,07868659,99334,434
2025-04-14$47.55$52.5047.4%13.5%74.8%57.1%45.1%12.8%-0.3%262.4K43.4M-522.0K1.5764.9740663754,14634,101
2025-04-15$46.77$52.5043.4%12.4%74.7%48.7%41.8%10.5%-0.9%-232.0K52.1M-489.2K1.9372.4342281654,23533,601
2025-04-16$46.26$52.5048.9%14.0%74.5%60.2%58.4%30.6%-6.4%-51.8K55.8M-470.2K3.2090.308902,85154,52532,973
2025-04-17$46.36$52.5043.5%12.6%74.6%48.7%52.9%5.8%-2.1%-266.1K46.3M-469.5K0.0569.035,14825754,90031,282
2025-04-21$44.95$50.0046.0%14.1%75.1%54.0%48.9%28.6%0.6%-229.0K46.0M-414.4K0.3667.481,25445441,09127,701
2025-04-22$46.49$50.0042.3%13.3%75.7%46.3%42.8%18.5%-1.1%-29.1K35.5M-447.7K0.4552.261,05747440,70927,882
2025-04-23$46.59$50.0039.6%13.9%70.9%40.7%41.8%3.8%-1.2%-74.5K33.4M-456.4K0.5080.191,47974341,38628,157
2025-04-24$47.64$50.0043.1%12.7%71.6%47.9%41.8%3.9%-6.0%145.4K21.1M-490.5K1.3367.5924632742,12128,635
2025-04-25$47.38$50.0043.9%12.6%71.6%49.7%50.3%-0.2%0.9%-205.1K25.7M-473.6K3.7659.6316562042,15228,809
2025-04-28$47.52$50.0040.6%12.9%70.8%42.8%46.2%8.2%-2.6%-357.3K29.0M-462.8K0.2963.1193327137,97728,791
2025-04-29$47.56$50.0041.3%12.8%70.6%44.1%44.5%9.0%-2.7%-314.0K26.6M-473.7K11.2461.065926,65538,71029,048
2025-04-30$45.64$50.0034.2%10.2%71.6%29.4%35.8%8.3%-1.1%-3.2M57.2M-411.4K2.6172.102,6606,94539,14635,580