IP Options History — October 2025

In October 2025, IP traded between $38.50 and $49.03. ATM implied volatility averaged 41.7%, placing in the 45.0% IV rank vs the trailing year. The 30-day expected move averaged 11.5%. IV traded above realized volatility by 15.9% (HV 20d: 25.8%). Max pain ranged from $42.50 to $49.50. Net GEX was positive for 17 of 23 trading days. Term structure was in contango for 3 of 23 days. Put/call ratio averaged 0.95.

Notable Days

  • 2025-10-29: Highest Volume — 27,850 contracts
  • 2025-10-30: Largest IV drop — 36.4% change
  • 2025-10-29: Highest IV Rank — 74.2%
  • 2025-10-29: Largest Expected Move — 15.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$46.15$38.50$49.03$46.33$38.80
Max Pain$44.78$42.50$49.50$49.50$45.00
ATM IV41.7%34.4%55.6%38.6%34.4%
Expected Move11.5%8.7%15.3%8.8%10.6%
HV 20d25.8%18.9%59.5%18.9%59.1%
HV 60d33.3%23.1%39.2%34.7%38.3%
IV Rank45.0%29.7%74.2%38.5%29.7%
IV Percentile90.8%69.8%98.8%91.3%69.8%
Term Structure-3.0%-15.3%2.5%-1.5%-1.1%
VWIV39.7%30.4%51.0%31.8%36.3%
Skew 25d3.6%0.2%10.6%4.3%2.2%
Skew 10d9.8%-10.8%28.8%9.7%-7.1%
Call IV 25d39.8%33.3%51.4%36.5%34.6%
Put IV 25d43.4%36.5%51.9%40.7%36.8%
Bid-Ask Spread %67.8255.6581.2473.6281.24
Gamma HHI0.160.110.230.120.13
Net GEX600.0K-874.4K2.3M68.1K-154.8K
Net DEX-4.7M-43.8M78.5M2.7M60.2M
Net VEX-374.5K-509.5K-215.5K-268.3K-238.8K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.950.184.480.310.68
Total Volume5,159.47864427,8501,1443,596
Total OI60,137.17445,36887,91245,49687,430

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-10-01$46.33$49.5038.6%8.8%18.9%38.5%31.8%4.3%-1.5%68.1K2.7M-268.3K0.3173.6287127328,84316,653
2025-10-02$46.53$49.0037.2%8.7%18.9%35.6%30.4%3.4%-1.9%179.2K1.2M-271.0K1.4272.5538955229,20816,836
2025-10-03$47.30$49.0037.9%8.7%19.7%37.0%31.1%3.5%-2.0%466.2K-4.4M-284.9K0.2372.2352212229,36917,154
2025-10-06$45.74$42.5039.5%11.0%20.5%40.5%38.6%4.3%-1.2%-97.0K6.8M-262.4K1.7055.652,6224,45029,15116,217
2025-10-07$45.80$42.5039.2%11.1%20.3%39.9%37.0%3.7%-0.9%-874.4K11.7M-280.0K0.2857.081,14732629,94919,998
2025-10-08$46.70$42.5041.6%10.8%21.5%44.9%37.6%3.8%-5.0%-437.8K2.0M-304.6K0.1961.267,0341,30230,76920,206
2025-10-09$46.48$42.5042.8%11.3%21.5%47.3%39.7%2.1%2.5%-175.6K-3.1M-362.2K0.1866.334,97891136,83221,063
2025-10-10$45.76$42.5041.9%11.7%22.0%45.5%39.5%1.5%-0.3%-550.7K476.3K-381.5K0.9862.883,1633,09040,92621,316
2025-10-13$45.49$42.5041.6%11.7%21.7%44.8%39.6%5.8%-3.0%227.1K1.8M-386.0K0.5065.391,06053043,15120,783
2025-10-14$46.70$42.5051.8%12.1%23.2%66.2%42.1%10.6%-11.2%889.9K-12.3M-418.1K0.3070.5795828743,72221,030
2025-10-15$46.91$45.0041.4%11.6%22.5%44.5%39.7%3.3%-0.8%1.0M-15.2M-421.4K0.4671.4856025743,88721,219
2025-10-16$46.51$45.0046.7%12.4%22.5%55.4%42.0%4.0%-2.6%619.2K-18.3M-438.1K0.7172.5444831944,18721,299
2025-10-17$46.66$45.0043.1%11.7%21.5%48.0%41.5%0.2%-3.7%849.4K-12.7M-412.9K2.6664.635591,48844,33221,422
2025-10-20$47.92$45.0041.6%11.7%23.3%44.8%42.3%2.8%-2.5%1.1M-25.0M-415.5K0.7569.821,5581,17531,37218,340
2025-10-21$47.67$45.0042.7%12.1%23.4%47.1%42.8%3.4%-3.6%1.2M-25.1M-437.3K0.2361.351,90744332,65919,248
2025-10-22$47.97$45.0042.2%12.1%23.5%46.1%42.4%9.2%-5.0%1.5M-29.8M-440.3K1.8761.939371,75234,06019,597
2025-10-23$49.03$45.0042.0%12.3%23.3%45.6%41.9%4.1%-5.6%1.6M-41.0M-480.0K0.3262.729,8723,12534,62421,201
2025-10-24$48.97$45.0040.5%12.0%23.4%42.4%41.1%3.1%-4.2%2.3M-43.8M-509.5K0.2265.301,62535642,13324,176
2025-10-27$48.16$45.0040.2%12.3%24.0%41.9%42.4%2.7%1.9%1.8M-33.4M-488.1K0.9770.891,1981,15841,88723,965
2025-10-28$47.14$45.0040.8%12.6%25.4%43.2%43.3%2.2%-4.3%1.4M-16.2M-465.4K2.0067.575341,06842,57224,986
2025-10-29$44.32$45.0055.6%15.3%33.7%74.2%51.0%0.5%-15.3%781.3K6.4M-432.6K0.4677.7519,0888,76242,66124,810
2025-10-30$38.50$45.0035.4%10.9%59.5%31.8%38.5%3.1%1.9%46.3K78.5M-215.5K4.4875.124,06818,22858,56529,347
2025-10-31$38.80$45.0034.4%10.6%59.1%29.7%36.3%2.2%-1.1%-154.8K60.2M-238.8K0.6881.242,1351,46160,06027,370