IP Options History — July 2025

In July 2025, IP traded between $47.25 and $55.64. ATM implied volatility averaged 34.2%, placing in the 29.3% IV rank vs the trailing year. The 30-day expected move averaged 10.4%. IV traded above realized volatility by 3.7% (HV 20d: 30.4%). Max pain ranged from $47.50 to $47.50. Net GEX was positive for 21 of 22 trading days. Term structure was in contango for 6 of 22 days. Put/call ratio averaged 0.37.

Notable Days

2025-07-11: Highest Volume — 11,045 contracts
2025-07-10: Largest IV spike — 41.7% change
2025-07-22: Highest IV Rank — 41.1%
2025-07-30: Largest Expected Move — 12.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$51.90	$47.25	$55.64	$49.53	$47.25
Max Pain	$47.50	$47.50	$47.50	$47.50	$47.50
ATM IV	34.2%	26.2%	39.8%	36.1%	30.9%
Expected Move	10.4%	9.0%	12.6%	9.2%	9.9%
HV 20d	30.4%	25.9%	52.1%	28.2%	52.1%
HV 60d	36.1%	31.7%	45.9%	45.9%	40.3%
IV Rank	29.3%	12.5%	41.1%	33.3%	22.4%
IV Percentile	77.6%	27.4%	93.3%	88.9%	56.0%
Term Structure	-1.7%	-18.6%	12.3%	-8.9%	1.5%
VWIV	34.7%	27.0%	42.2%	28.8%	34.1%
Skew 25d	3.3%	-13.0%	13.9%	-13.0%	3.9%
Skew 10d	7.3%	-7.2%	27.6%	-0.4%	7.3%
Call IV 25d	32.8%	22.6%	40.0%	33.7%	29.4%
Put IV 25d	36.1%	20.7%	43.7%	20.7%	33.3%
Bid-Ask Spread %	80.92	67.36	105.48	76.15	74.60
Gamma HHI	0.25	0.17	0.46	0.25	0.26
Net GEX	4.3M	-392.1K	7.2M	4.4M	-392.1K
Net DEX	-60.6M	-118.2M	22.8M	-43.6M	22.8M
Net VEX	-431.0K	-492.1K	-324.3K	-418.0K	-324.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.37	0.01	1.34	0.31	1.27
Total Volume	3,774.955	410	11,045	2,018	7,432
Total OI	61,458.318	54,023	69,443	57,533	68,744

Daily Data (22 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
2025-07-01	$49.53	$47.50	36.1%	9.2%	28.2%	33.3%	28.8%	-13.0%	-8.9%	4.4M	-43.6M	-418.0K	0.31	76.15	1,539	479	38,504	19,029
2025-07-02	$50.25	$47.50	31.4%	9.0%	28.5%	23.4%	30.9%	13.9%	-2.2%	3.3M	-55.7M	-426.6K	0.23	89.66	615	139	38,200	19,219
2025-07-03	$50.59	$47.50	33.1%	10.0%	28.6%	27.1%	34.3%	3.9%	-1.7%	3.2M	-55.5M	-428.7K	0.01	92.22	8,374	113	38,179	19,240
2025-07-07	$49.73	$47.50	33.7%	9.7%	29.4%	28.3%	27.0%	3.8%	-0.1%	3.5M	-29.7M	-404.3K	0.56	79.55	455	256	38,225	19,102
2025-07-08	$50.88	$47.50	33.7%	12.2%	30.2%	28.2%	32.3%	3.6%	12.3%	5.2M	-48.6M	-424.8K	0.22	105.48	1,706	374	38,584	19,266
2025-07-09	$51.37	$47.50	26.2%	9.3%	30.1%	12.5%	31.4%	1.5%	9.8%	6.1M	-58.2M	-421.4K	0.27	86.64	390	105	39,853	19,641
2025-07-10	$52.47	$47.50	37.0%	9.3%	30.3%	35.3%	35.1%	0.5%	-14.8%	7.1M	-84.0M	-424.5K	0.45	85.40	904	411	40,031	19,725
2025-07-11	$52.59	$47.50	30.9%	9.4%	29.8%	22.5%	33.1%	-0.5%	9.3%	7.2M	-88.9M	-411.7K	0.02	82.36	10,847	198	40,229	19,786
2025-07-14	$51.95	$47.50	34.9%	10.1%	30.4%	30.8%	34.7%	7.6%	-0.9%	4.6M	-65.3M	-429.6K	0.38	85.76	630	239	42,863	19,462
2025-07-15	$50.97	$47.50	36.5%	10.5%	29.0%	34.2%	36.3%	4.5%	-4.1%	4.2M	-51.3M	-413.0K	0.58	73.34	396	231	43,172	19,607
2025-07-16	$51.48	$47.50	35.3%	10.1%	28.7%	31.7%	34.6%	5.6%	-0.8%	4.3M	-58.8M	-416.5K	0.27	78.35	322	88	43,279	19,786
2025-07-17	$50.88	$47.50	37.1%	10.7%	28.5%	35.4%	41.9%	3.9%	-2.3%	4.5M	-50.1M	-400.5K	1.06	71.26	3,248	3,430	43,398	19,832
2025-07-18	$50.30	$47.50	35.6%	10.1%	29.1%	32.3%	34.1%	5.1%	1.6%	6.3M	-38.3M	-400.3K	1.34	81.04	828	1,111	46,246	23,197
2025-07-21	$51.25	$47.50	34.5%	9.7%	29.1%	29.9%	29.8%	-4.0%	-8.4%	2.2M	-27.1M	-415.3K	0.02	94.47	4,129	95	32,835	21,188
2025-07-22	$52.53	$47.50	39.8%	10.3%	29.7%	41.1%	35.7%	9.1%	-3.5%	4.2M	-54.4M	-462.5K	0.33	80.96	875	289	36,474	21,174
2025-07-23	$54.11	$47.50	34.1%	11.4%	30.5%	29.1%	36.1%	3.1%	-0.8%	4.1M	-81.0M	-466.5K	0.05	80.88	6,825	315	37,015	21,343
2025-07-24	$54.91	$47.50	34.4%	10.9%	30.0%	29.6%	37.8%	4.1%	0.3%	4.5M	-108.4M	-492.1K	0.26	73.32	1,538	400	42,839	21,454
2025-07-25	$55.64	$47.50	32.7%	10.5%	30.1%	26.3%	36.8%	2.6%	-1.9%	4.0M	-118.2M	-483.7K	0.08	71.56	6,630	498	42,585	21,757
2025-07-28	$55.36	$47.50	34.5%	11.4%	30.3%	29.9%	38.9%	5.5%	-0.7%	4.6M	-97.5M	-481.2K	0.12	70.39	3,453	420	42,196	21,970
2025-07-29	$54.19	$47.50	33.7%	11.3%	31.2%	28.3%	38.4%	4.0%	-2.8%	4.5M	-78.4M	-475.1K	0.04	67.36	8,007	331	45,084	22,256
2025-07-30	$53.51	$47.50	36.3%	12.6%	25.9%	33.7%	42.2%	4.0%	-18.6%	3.4M	-63.8M	-460.6K	0.22	79.40	3,593	791	43,077	22,437
2025-07-31	$47.25	$47.50	30.9%	9.9%	52.1%	22.4%	34.1%	3.9%	1.5%	-392.1K	22.8M	-324.3K	1.27	74.60	3,272	4,160	45,645	23,099