IP Options History — November 2025

In November 2025, IP traded between $35.58 and $39.49. ATM implied volatility averaged 37.7%, placing in the 35.4% IV rank vs the trailing year. The 30-day expected move averaged 11.4%. IV traded below realized volatility by 22.7% (HV 20d: 60.3%). Max pain ranged from $37.50 to $45.00. Net GEX was positive for 9 of 19 trading days. Term structure was in contango for 6 of 19 days. Put/call ratio averaged 2.42.

Notable Days

2025-11-04: Highest Volume — 12,963 contracts
2025-11-20: Largest IV spike — 8.1% change
2025-11-20: Highest IV Rank — 40.9%
2025-11-28: Largest Expected Move — 17.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$37.54	$35.58	$39.49	$36.88	$39.49
Max Pain	$38.68	$37.50	$45.00	$45.00	$37.50
ATM IV	37.7%	35.5%	40.3%	38.4%	35.9%
Expected Move	11.4%	10.4%	17.0%	12.6%	17.0%
HV 20d	60.3%	38.1%	66.0%	60.3%	38.1%
HV 60d	40.3%	39.0%	42.2%	39.5%	42.1%
IV Rank	35.4%	28.0%	40.9%	38.0%	29.1%
IV Percentile	80.0%	69.0%	87.3%	83.3%	71.8%
Term Structure	-1.1%	-11.3%	4.1%	-11.3%	-2.6%
VWIV	38.1%	35.1%	40.7%	40.3%	35.1%
Skew 25d	5.7%	1.5%	21.9%	19.6%	5.2%
Skew 10d	10.5%	-8.8%	29.8%	12.4%	25.2%
Call IV 25d	35.0%	18.3%	41.5%	25.9%	34.0%
Put IV 25d	40.7%	36.9%	46.7%	45.5%	39.2%
Bid-Ask Spread %	85.89	72.81	102.25	91.34	99.86
Gamma HHI	0.15	0.12	0.22	0.18	0.15
Net GEX	11.8K	-849.1K	610.6K	-163.0K	497.6K
Net DEX	38.9M	8.5M	61.6M	45.4M	8.5M
Net VEX	-409.2K	-464.5K	-218.7K	-218.7K	-451.6K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	2.42	0.27	16.81	0.33	1.85
Total Volume	2,740.263	905	12,963	3,938	1,116
Total OI	87,817.053	72,528	99,089	80,405	73,726

Daily Data (19 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
2025-11-03	$36.88	$45.00	38.4%	12.6%	60.3%	38.0%	40.3%	19.6%	-11.3%	-163.0K	45.4M	-218.7K	0.33	91.34	2,971	967	57,553	22,852
2025-11-04	$36.53	$45.00	35.6%	11.4%	60.1%	32.3%	35.1%	3.0%	2.8%	-251.6K	45.5M	-231.4K	16.81	96.67	728	12,235	59,820	23,640
2025-11-05	$36.11	$45.00	36.5%	11.3%	59.0%	34.2%	38.7%	2.4%	0.8%	-843.4K	61.6M	-378.6K	0.86	91.98	691	596	60,198	35,544
2025-11-06	$36.44	$37.50	38.7%	11.0%	59.5%	38.8%	38.7%	1.5%	4.1%	-849.1K	58.9M	-394.0K	4.04	72.81	842	3,405	60,683	35,808
2025-11-07	$38.04	$37.50	35.8%	10.8%	62.6%	32.7%	38.5%	1.7%	2.4%	-3.7K	46.1M	-438.3K	0.28	74.29	2,768	785	61,407	37,682
2025-11-10	$37.84	$37.50	38.0%	10.9%	62.6%	37.3%	38.7%	5.2%	-0.1%	-74.2K	50.4M	-408.1K	2.30	80.44	738	1,698	55,733	36,586
2025-11-11	$38.58	$37.50	36.7%	10.7%	62.1%	34.5%	37.3%	6.1%	0.7%	419.3K	39.8M	-458.9K	2.04	83.36	856	1,749	56,071	36,050
2025-11-12	$38.31	$37.50	39.2%	10.4%	61.9%	39.8%	36.6%	3.1%	-2.9%	413.7K	44.6M	-464.5K	1.23	86.91	555	681	56,480	37,614
2025-11-13	$37.95	$37.50	39.2%	11.2%	61.9%	38.4%	39.2%	3.4%	-0.1%	204.1K	47.7M	-451.5K	0.80	86.53	736	587	56,714	38,101
2025-11-14	$37.23	$37.50	36.9%	10.6%	61.8%	33.5%	37.4%	3.9%	-0.1%	-387.0K	53.7M	-428.9K	0.84	90.11	591	497	56,803	38,412
2025-11-17	$36.74	$37.50	39.3%	11.4%	60.1%	38.7%	38.2%	6.1%	-3.6%	2.6K	39.7M	-425.1K	4.82	83.54	455	2,192	55,915	33,518
2025-11-18	$36.91	$37.50	38.6%	11.1%	60.4%	37.1%	38.2%	5.0%	-2.6%	-22.9K	39.5M	-424.6K	0.71	77.16	529	376	56,153	34,190
2025-11-19	$36.45	$37.50	37.3%	10.7%	60.0%	34.4%	39.0%	3.2%	-0.9%	-200.7K	43.1M	-418.8K	1.08	85.84	695	748	56,474	34,237
2025-11-20	$35.58	$37.50	40.3%	11.7%	58.6%	40.9%	40.7%	4.0%	-5.5%	-360.7K	41.9M	-398.6K	1.76	78.83	1,126	1,986	56,895	33,686
2025-11-21	$37.67	$37.50	39.0%	11.4%	63.9%	38.1%	39.0%	4.5%	-3.4%	472.8K	25.7M	-444.3K	2.50	89.42	1,015	2,536	57,714	33,750
2025-11-24	$37.95	$37.50	37.8%	10.7%	64.3%	34.9%	37.2%	21.9%	2.3%	301.9K	25.2M	-436.3K	0.37	102.25	1,274	469	40,497	32,513
2025-11-25	$39.14	$37.50	36.8%	10.4%	66.0%	31.0%	37.7%	4.7%	-0.9%	457.7K	12.0M	-451.5K	0.27	81.35	818	222	41,088	31,440
2025-11-26	$39.43	$37.50	35.5%	10.5%	63.2%	28.0%	37.4%	4.7%	-1.0%	610.6K	9.2M	-450.6K	3.10	79.15	447	1,385	41,481	31,496
2025-11-28	$39.49	$37.50	35.9%	17.0%	38.1%	29.1%	35.1%	5.2%	-2.6%	497.6K	8.5M	-451.6K	1.85	99.86	392	724	41,667	32,059