IP Options History — January 2026

In January 2026, IP traded between $39.28 and $43.57. ATM implied volatility averaged 42.3%, placing in the 43.1% IV rank vs the trailing year. The 30-day expected move averaged 11.8%. IV traded above realized volatility by 8.7% (HV 20d: 33.6%). Max pain ranged from $37.50 to $42.50. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 4 of 20 days. Put/call ratio averaged 1.39.

Notable Days

2026-01-08: Highest Volume — 12,767 contracts
2026-01-29: Largest IV drop — 20.6% change
2026-01-27: Highest IV Rank — 51.8%
2026-01-28: Largest Expected Move — 14.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$41.90	$39.28	$43.57	$40.20	$40.57
Max Pain	$40.48	$37.50	$42.50	$37.50	$42.00
ATM IV	42.3%	36.1%	46.2%	42.2%	36.6%
Expected Move	11.8%	8.6%	14.1%	8.6%	10.8%
HV 20d	33.6%	20.9%	47.2%	20.9%	47.2%
HV 60d	43.6%	34.8%	46.9%	42.7%	35.6%
IV Rank	43.1%	29.4%	51.8%	43.0%	30.6%
IV Percentile	88.2%	63.1%	95.2%	90.9%	66.3%
Term Structure	-2.1%	-12.6%	3.6%	-2.2%	-1.2%
VWIV	42.4%	34.5%	69.8%	34.5%	37.7%
Skew 25d	3.3%	-12.3%	21.4%	3.2%	-4.7%
Skew 10d	6.3%	-13.6%	27.2%	8.1%	-12.1%
Call IV 25d	43.5%	34.5%	53.8%	43.1%	42.0%
Put IV 25d	46.8%	37.3%	65.6%	46.3%	37.3%
Bid-Ask Spread %	79.94	62.65	89.89	80.27	84.04
Gamma HHI	0.20	0.15	0.24	0.21	0.19
Net GEX	1.8M	390.2K	3.5M	589.7K	1.5M
Net DEX	-24.7M	-56.5M	25.1M	5.9M	-5.0M
Net VEX	-509.3K	-577.2K	-421.9K	-421.9K	-524.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.39	0.05	9.56	0.25	0.16
Total Volume	4,000.75	1,138	12,767	2,108	9,445
Total OI	81,707.95	67,914	97,483	73,844	89,232

Daily Data (20 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
2026-01-02	$40.20	$37.50	42.2%	8.6%	20.9%	43.0%	34.5%	3.2%	-2.2%	589.7K	5.9M	-421.9K	0.25	80.27	1,689	419	40,358	33,486
2026-01-05	$40.72	$37.50	42.3%	11.2%	21.3%	43.1%	38.4%	1.0%	-2.9%	503.1K	2.1M	-425.8K	0.69	76.86	713	491	40,919	33,199
2026-01-06	$41.08	$37.50	41.9%	11.4%	21.4%	42.2%	40.9%	-6.9%	-2.1%	592.2K	-2.7M	-424.6K	0.67	79.81	803	534	40,953	33,261
2026-01-07	$39.53	$40.00	41.6%	10.7%	24.7%	41.7%	40.8%	0.4%	-1.6%	407.3K	7.5M	-430.1K	0.05	82.61	5,109	238	41,589	33,464
2026-01-08	$42.09	$40.00	42.3%	12.6%	31.8%	43.3%	42.5%	21.4%	-2.6%	1.3M	-18.5M	-465.2K	0.08	89.42	11,779	988	46,367	33,599
2026-01-09	$43.12	$40.00	42.0%	11.4%	31.0%	42.6%	39.9%	4.8%	-2.3%	3.5M	-49.3M	-537.4K	0.20	80.29	2,369	475	57,490	34,056
2026-01-12	$42.33	$40.00	42.2%	11.1%	32.0%	43.0%	39.4%	2.8%	-2.3%	2.6M	-36.6M	-521.4K	0.77	77.16	1,961	1,516	57,708	33,345
2026-01-13	$42.68	$40.00	41.7%	12.9%	31.1%	42.0%	41.1%	2.1%	1.4%	2.4M	-43.3M	-527.5K	6.77	86.07	300	2,032	59,038	34,390
2026-01-14	$42.75	$40.00	42.3%	11.5%	31.1%	43.1%	40.8%	2.0%	-1.1%	1.6M	-45.0M	-533.6K	0.38	87.88	2,522	961	59,111	36,093
2026-01-15	$43.57	$40.00	43.2%	11.9%	31.4%	45.2%	43.6%	2.5%	-2.6%	2.4M	-56.5M	-544.5K	0.89	89.76	803	716	60,388	36,805
2026-01-16	$43.30	$40.00	41.8%	11.0%	31.6%	42.2%	38.5%	5.2%	-4.1%	2.2M	-52.4M	-530.0K	0.75	85.89	861	646	60,544	36,939
2026-01-20	$41.59	$42.50	45.2%	12.9%	35.6%	49.6%	41.4%	-12.3%	3.6%	1.5M	-19.1M	-523.3K	1.57	89.89	617	968	37,196	30,718
2026-01-21	$43.01	$41.00	42.1%	12.1%	36.8%	42.8%	41.8%	4.6%	-1.6%	2.0M	-33.8M	-528.2K	1.42	71.17	712	1,012	37,642	30,803
2026-01-22	$41.83	$41.00	41.0%	11.8%	37.9%	40.2%	41.0%	5.8%	0.4%	1.8M	-19.3M	-524.1K	9.56	79.07	130	1,243	38,167	31,616
2026-01-23	$43.28	$42.50	44.2%	12.8%	39.5%	47.4%	44.7%	6.4%	-0.9%	2.0M	-35.6M	-551.4K	0.14	68.09	9,424	1,278	38,224	32,767
2026-01-26	$43.14	$42.00	45.2%	13.3%	39.5%	49.7%	47.8%	2.6%	-3.3%	3.0M	-50.7M	-577.2K	0.81	62.65	735	596	45,785	32,587
2026-01-27	$42.37	$42.00	46.2%	13.8%	40.2%	51.8%	48.0%	2.0%	-3.3%	2.8M	-37.8M	-557.9K	0.83	64.38	622	516	46,033	33,047
2026-01-28	$41.49	$42.00	45.4%	14.1%	41.1%	50.1%	69.8%	18.6%	-12.6%	2.6M	-28.8M	-553.5K	0.81	79.15	4,752	3,830	46,418	33,355
2026-01-29	$39.28	$42.00	36.1%	10.4%	45.8%	29.4%	35.2%	3.9%	0.0%	390.2K	25.1M	-483.2K	1.05	84.43	3,026	3,184	50,562	36,905
2026-01-30	$40.57	$42.00	36.6%	10.8%	47.2%	30.6%	37.7%	-4.7%	-1.2%	1.5M	-5.0M	-524.4K	0.16	84.04	8,167	1,278	52,810	36,422