IP Options History — February 2026

In February 2026, IP traded between $40.63 and $49.31. ATM implied volatility averaged 33.7%, placing in the 24.2% IV rank vs the trailing year. The 30-day expected move averaged 9.5%. IV traded below realized volatility by 16.2% (HV 20d: 49.9%). Max pain ranged from $42.00 to $45.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 9 of 19 days. Put/call ratio averaged 0.84.

Notable Days

2026-02-20: Highest Volume — 16,581 contracts
2026-02-23: Largest IV spike — 14.2% change
2026-02-02: Highest IV Rank — 32.5%
2026-02-02: Largest Expected Move — 10.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$45.90	$40.63	$49.31	$40.63	$43.48
Max Pain	$44.53	$42.00	$45.00	$42.00	$45.00
ATM IV	33.7%	28.6%	37.5%	37.5%	36.3%
Expected Move	9.5%	7.6%	10.9%	10.9%	10.3%
HV 20d	49.9%	45.8%	53.8%	46.9%	45.8%
HV 60d	38.7%	35.5%	39.8%	35.5%	39.5%
IV Rank	24.2%	13.0%	32.5%	32.5%	29.8%
IV Percentile	47.1%	14.7%	69.4%	69.4%	63.1%
Term Structure	0.3%	-2.1%	5.5%	5.5%	1.0%
VWIV	34.8%	29.8%	46.9%	39.3%	36.9%
Skew 25d	-0.3%	-13.6%	5.6%	0.3%	1.7%
Skew 10d	-2.3%	-21.5%	27.2%	13.5%	1.2%
Call IV 25d	34.3%	30.1%	38.3%	38.3%	35.8%
Put IV 25d	34.1%	23.0%	38.6%	38.6%	37.4%
Bid-Ask Spread %	80.92	74.29	88.95	81.34	78.40
Gamma HHI	0.23	0.19	0.32	0.29	0.22
Net GEX	3.6M	1.3M	6.7M	4.1M	1.3M
Net DEX	-100.7M	-175.3M	-7.6M	-20.1M	-17.3M
Net VEX	-494.9K	-576.1K	-448.3K	-541.1K	-476.6K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.84	0.04	5.59	0.24	1.22
Total Volume	4,111.211	680	16,581	4,761	680
Total OI	84,738.684	71,800	93,320	88,241	76,539

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
2026-02-02	$40.63	$42.00	37.5%	10.9%	46.9%	32.5%	39.3%	0.3%	5.5%	4.1M	-20.1M	-541.1K	0.24	81.34	3,834	927	55,966	32,275
2026-02-03	$41.99	$42.00	36.3%	9.5%	48.1%	29.8%	34.8%	-13.6%	-0.0%	6.7M	-54.3M	-576.1K	0.11	87.66	7,054	777	60,555	32,765
2026-02-04	$45.02	$42.00	35.3%	9.8%	53.8%	27.7%	36.3%	-1.0%	-0.3%	5.9M	-115.8M	-569.4K	0.13	83.45	7,276	924	57,662	32,848
2026-02-05	$44.24	$45.00	35.7%	9.8%	52.1%	28.6%	34.9%	-2.5%	0.4%	5.3M	-84.0M	-555.9K	1.29	82.02	745	964	53,438	32,897
2026-02-06	$46.78	$45.00	33.4%	10.5%	51.1%	23.4%	34.5%	-0.5%	0.8%	5.0M	-134.9M	-528.8K	0.51	75.75	2,045	1,044	53,824	33,529
2026-02-09	$47.75	$45.00	31.8%	9.6%	51.0%	20.0%	34.0%	0.5%	3.3%	4.8M	-150.2M	-511.5K	0.23	80.21	5,380	1,215	53,436	33,398
2026-02-10	$48.05	$45.00	30.9%	8.5%	50.2%	18.1%	30.6%	0.4%	-1.1%	4.5M	-159.4M	-481.7K	0.07	77.28	8,499	592	53,449	34,142
2026-02-11	$48.95	$45.00	32.0%	8.6%	50.4%	20.4%	30.3%	4.0%	-2.1%	3.6M	-170.6M	-470.7K	0.92	81.60	1,014	931	53,917	34,150
2026-02-12	$49.31	$45.00	28.6%	9.1%	50.3%	13.0%	32.3%	-3.8%	-0.3%	3.1M	-175.3M	-466.2K	0.40	81.45	1,426	572	54,102	34,409
2026-02-13	$49.14	$45.00	31.7%	9.4%	50.3%	19.8%	30.6%	5.6%	1.3%	3.5M	-172.9M	-477.7K	0.36	76.12	1,029	367	54,543	34,445
2026-02-17	$48.93	$45.00	32.8%	9.4%	50.2%	22.1%	30.8%	2.6%	-0.2%	3.3M	-163.1M	-460.9K	0.80	82.04	862	687	53,062	34,094
2026-02-18	$48.73	$45.00	31.6%	9.1%	47.3%	19.5%	29.8%	2.3%	0.6%	3.3M	-159.4M	-461.4K	0.44	81.28	671	295	53,464	34,592
2026-02-19	$46.93	$45.00	32.4%	9.3%	48.9%	21.3%	33.6%	2.8%	-0.5%	3.5M	-127.3M	-474.0K	1.12	84.84	726	810	53,660	34,775
2026-02-20	$46.87	$45.00	31.7%	9.2%	47.5%	19.7%	46.9%	3.5%	-1.9%	3.4M	-126.4M	-448.3K	0.04	88.95	15,999	582	53,872	35,195
2026-02-23	$44.25	$45.00	36.2%	10.6%	51.2%	29.6%	35.5%	1.5%	0.2%	2.3M	-28.3M	-487.7K	0.84	77.84	1,572	1,328	38,726	33,074
2026-02-24	$44.22	$45.00	36.5%	10.6%	51.2%	30.3%	36.5%	2.1%	-0.7%	2.3M	-28.3M	-472.6K	5.59	78.15	543	3,033	38,885	33,271
2026-02-25	$43.66	$45.00	34.6%	9.1%	51.0%	26.1%	37.1%	2.0%	-0.4%	1.4M	-17.3M	-476.7K	0.79	74.29	1,579	1,246	39,261	35,433
2026-02-26	$43.24	$45.00	35.5%	7.6%	50.5%	28.2%	35.8%	-12.7%	0.7%	1.4M	-7.6M	-465.0K	0.87	84.83	473	412	40,379	36,003
2026-02-27	$43.48	$45.00	36.3%	10.3%	45.8%	29.8%	36.9%	1.7%	1.0%	1.3M	-17.3M	-476.6K	1.22	78.40	307	373	40,663	35,876