IP Options History — May 2025

In May 2025, IP traded between $44.02 and $50.41. ATM implied volatility averaged 33.0%, placing in the 26.8% IV rank vs the trailing year. The 30-day expected move averaged 9.0%. IV traded below realized volatility by 16.8% (HV 20d: 49.8%). Max pain ranged from $50.00 to $50.00. Net GEX was positive for 14 of 21 trading days. Term structure was in contango for 7 of 21 days. Put/call ratio averaged 0.87.

Notable Days

  • 2025-05-16: Highest Volume — 8,151 contracts
  • 2025-05-05: Largest IV spike — 18.2% change
  • 2025-05-07: Highest IV Rank — 38.5%
  • 2025-05-06: Largest Expected Move — 10.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$47.41$44.02$50.41$44.19$47.87
Max Pain$50.00$50.00$50.00$50.00$50.00
ATM IV33.0%28.6%38.6%34.9%32.1%
Expected Move9.0%8.2%10.5%10.4%8.6%
HV 20d49.8%37.1%71.6%71.6%41.9%
HV 60d52.7%50.2%54.3%50.2%52.5%
IV Rank26.8%17.5%38.5%30.9%24.8%
IV Percentile64.7%39.3%84.5%77.8%64.7%
Term Structure-1.7%-13.0%9.8%-1.1%9.8%
VWIV30.4%23.0%38.3%38.3%26.4%
Skew 25d3.0%-10.8%18.9%6.5%18.9%
Skew 10d7.6%-6.2%23.7%7.9%5.0%
Call IV 25d29.8%21.1%38.0%31.5%21.1%
Put IV 25d32.8%19.9%43.0%38.0%39.9%
Bid-Ask Spread %68.6558.8988.7872.8568.97
Gamma HHI0.210.100.380.180.21
Net GEX426.4K-1.7M2.2M-1.3M1.5M
Net DEX18.9M-36.6M64.7M64.4M12.6M
Net VEX-450.2K-528.4K-357.2K-358.9K-470.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.870.053.040.430.55
Total Volume2,678.4765678,1516,189567
Total OI75,883.8171,76785,49972,17676,761

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-05-01$44.19$50.0034.9%10.4%71.6%30.9%38.3%6.5%-1.1%-1.3M64.4M-358.9K0.4372.854,3131,87640,94331,233
2025-05-02$45.80$50.0029.9%9.1%63.7%20.3%33.1%5.4%0.1%-180.4K42.2M-412.8K3.0465.416261,90444,70631,025
2025-05-05$44.22$50.0035.3%9.3%64.5%31.7%32.9%5.0%-7.3%-718.7K62.9M-357.2K2.9263.175221,52443,57330,934
2025-05-06$44.39$50.0034.7%10.5%63.6%30.4%32.9%5.3%-0.1%-1.2M62.9M-361.0K0.3865.2793535743,89132,235
2025-05-07$44.02$50.0038.6%9.6%60.9%38.5%23.0%1.0%-1.1%-1.4M64.7M-358.7K0.9088.7840636644,04332,449
2025-05-08$45.09$50.0037.9%9.2%46.0%37.0%32.4%-10.8%-13.0%-1.1M54.4M-389.2K1.0869.401,0551,13744,32932,667
2025-05-09$44.26$50.0034.7%9.2%37.1%30.4%33.2%-4.6%-0.6%-1.7M62.8M-362.9K0.2769.264,5031,21645,19632,745
2025-05-12$47.84$50.0031.0%8.4%45.4%22.7%28.8%-0.8%-3.5%1.2M12.3M-445.8K0.8364.4171358945,31831,563
2025-05-13$47.98$50.0030.0%8.3%45.1%20.6%27.4%-1.9%-1.1%1.5M9.9M-437.7K0.6670.802,3211,53945,56531,764
2025-05-14$50.27$50.0032.7%8.8%47.5%26.1%31.6%4.7%-4.3%518.9K-31.2M-510.1K0.1979.186,4871,20547,67032,414
2025-05-15$49.58$50.0036.5%8.8%47.6%34.2%30.1%-9.1%-11.2%1.6M-27.6M-526.3K0.7870.1857544751,83233,377
2025-05-16$50.12$50.0034.5%8.2%47.7%30.0%28.6%4.9%-9.5%1.2M-36.6M-528.4K0.0573.307,75439751,86233,637
2025-05-19$50.41$50.0030.7%8.7%45.9%21.9%30.1%5.3%0.8%2.2M-19.0M-524.0K1.1865.111,3871,63043,98027,840
2025-05-20$49.89$50.0028.6%8.2%44.9%17.5%29.3%3.4%3.0%1.7M-8.0M-515.1K0.8658.8937131944,62728,639
2025-05-21$48.88$50.0031.3%9.0%45.7%23.3%30.4%5.1%-0.2%1.0M6.1M-500.8K0.8263.6936029444,73528,687
2025-05-22$48.63$50.0031.4%8.7%45.2%23.5%29.3%4.2%1.2%557.2K10.1M-486.0K0.6864.6084257444,85928,839
2025-05-23$47.73$50.0034.1%9.0%45.7%29.2%30.7%4.7%5.4%527.3K20.3M-481.7K0.3964.5762024444,54028,997
2025-05-27$48.57$50.0031.6%8.5%46.1%23.8%27.6%4.2%-2.5%1.2M5.8M-484.9K1.6561.3625742544,47327,294
2025-05-28$47.88$50.0031.8%8.7%46.4%24.3%30.3%7.8%0.8%858.0K15.6M-470.9K0.6572.6837024144,63927,458
2025-05-29$48.09$50.0030.8%9.4%43.7%22.2%32.9%3.8%-0.7%1.1M11.5M-471.0K0.0569.804,72825244,84027,381
2025-05-30$47.87$50.0032.1%8.6%41.9%24.8%26.4%18.9%9.8%1.5M12.6M-470.7K0.5568.9736720049,32927,432