IP Options History — June 2025

In June 2025, IP traded between $45.65 and $48.02. ATM implied volatility averaged 29.6%, placing in the 19.6% IV rank vs the trailing year. The 30-day expected move averaged 8.4%. IV traded above realized volatility by 4.1% (HV 20d: 25.5%). Max pain ranged from $47.50 to $52.50. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 13 of 20 days. Put/call ratio averaged 1.04.

Notable Days

  • 2025-06-20: Highest Volume — 4,680 contracts
  • 2025-06-03: Largest IV spike — 53.0% change
  • 2025-06-27: Highest IV Rank — 39.8%
  • 2025-06-13: Largest Expected Move — 10.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$46.78$45.65$48.02$47.25$46.81
Max Pain$50.13$47.50$52.50$50.00$47.50
ATM IV29.6%22.8%39.2%25.3%32.6%
Expected Move8.4%7.5%10.2%9.2%7.5%
HV 20d25.5%16.9%40.5%40.5%20.2%
HV 60d51.0%49.3%52.5%52.5%49.4%
IV Rank19.6%5.5%39.8%10.7%26.1%
IV Percentile45.7%6.7%91.7%19.8%74.6%
Term Structure3.2%-6.6%19.1%15.9%4.7%
VWIV29.0%25.0%39.5%31.8%28.0%
Skew 25d5.2%-5.9%14.5%7.8%14.2%
Skew 10d9.0%-9.4%25.5%17.1%12.4%
Call IV 25d26.3%15.9%29.4%23.3%24.9%
Put IV 25d31.5%18.2%41.3%31.0%39.1%
Bid-Ask Spread %74.4761.6488.3162.0470.52
Gamma HHI0.250.150.480.220.22
Net GEX1.4M87.5K6.5M1.0M2.0M
Net DEX17.3M-9.3M30.4M20.7M2.3M
Net VEX-391.5K-435.1K-343.7K-435.1K-362.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.040.0211.390.760.46
Total Volume1,856.94394,680640439
Total OI69,69155,75377,85172,94457,327

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-06-02$47.25$50.0025.3%9.2%40.5%10.7%31.8%7.8%15.9%1.0M20.7M-435.1K0.7662.0436427645,73627,208
2025-06-03$47.29$50.0038.7%8.7%38.2%38.7%31.7%3.1%-1.6%944.9K20.6M-433.2K2.5567.4318346645,86327,314
2025-06-04$47.39$50.0022.8%8.6%38.2%5.5%31.5%7.3%19.1%856.2K22.6M-424.3K0.7572.9039529845,93527,373
2025-06-05$47.19$52.5031.3%8.7%38.0%23.2%29.8%3.3%7.6%755.4K24.0M-418.8K0.0778.893,93328146,20727,539
2025-06-06$47.35$52.5029.4%8.4%37.2%19.3%28.1%3.3%0.6%1.7M21.0M-421.1K0.3175.7437311549,84927,394
2025-06-09$48.02$52.5025.2%8.7%36.6%10.5%30.7%13.6%2.7%2.4M10.1M-433.3K0.2378.8772416946,16927,117
2025-06-10$47.59$52.5024.1%8.3%24.3%8.1%27.5%-5.9%4.8%1.7M20.5M-409.7K0.1274.501,42716546,71127,195
2025-06-11$47.09$52.5029.3%8.3%24.5%19.0%28.4%12.8%-0.7%1.2M24.8M-403.3K0.6171.2096358848,04027,086
2025-06-12$47.02$52.5029.2%8.1%16.9%18.9%28.1%3.4%-1.1%931.5K26.9M-403.2K0.9782.1378275948,74727,798
2025-06-13$45.65$50.0035.3%10.2%19.0%31.5%39.5%14.5%-6.6%147.8K30.4M-386.4K0.0988.313,93034849,34326,970
2025-06-16$46.43$50.0029.0%8.5%19.8%18.5%29.4%5.4%7.8%840.6K23.0M-385.3K0.1184.672,17324749,31326,733
2025-06-17$45.76$50.0030.3%8.7%19.8%21.2%28.9%3.2%5.0%87.5K30.4M-375.4K0.5476.1240522051,21126,640
2025-06-18$46.19$50.0029.5%8.5%20.3%19.5%25.4%5.0%0.5%433.3K22.4M-377.5K11.3980.053554,04351,46125,645
2025-06-20$45.83$50.0029.2%8.4%19.4%18.8%28.1%3.2%-1.1%356.3K18.0M-358.0K0.1578.704,06761351,71023,779
2025-06-23$45.70$50.0030.0%8.0%19.4%20.5%27.3%2.3%-1.1%667.3K17.4M-343.7K0.3664.9586630936,19819,555
2025-06-24$46.61$47.5025.0%7.6%20.1%10.2%26.4%0.2%5.2%2.0M5.5M-361.5K0.5361.6438420336,78618,999
2025-06-25$46.27$47.5027.3%7.5%18.9%14.9%26.1%4.7%2.7%1.2M9.4M-354.4K0.6172.9332819937,02819,086
2025-06-26$46.67$47.5028.4%7.6%18.7%17.2%25.0%3.7%5.8%1.6M6.1M-360.1K0.0270.463,9316437,29519,234
2025-06-27$47.45$47.5039.2%7.6%19.7%39.8%27.6%-1.5%-5.4%6.5M-9.3M-383.0K0.0977.441,61314041,05719,169
2025-06-30$46.81$47.5032.6%7.5%20.2%26.1%28.0%14.2%4.7%2.0M2.3M-362.7K0.4670.5230013938,35618,971