IP Options History — March 2026

In March 2026, IP traded between $33.58 and $42.89. ATM implied volatility averaged 43.4%, placing in the 45.7% IV rank vs the trailing year. The 30-day expected move averaged 12.7%. IV traded below realized volatility by 3.1% (HV 20d: 46.6%). Max pain ranged from $37.50 to $45.00. Net GEX was positive for 6 of 21 trading days. Term structure was in contango for 13 of 21 days. Put/call ratio averaged 1.56.

Notable Days

  • 2026-03-31: Highest Volume — 5,907 contracts
  • 2026-03-12: Largest IV spike — 18.9% change
  • 2026-03-27: Highest IV Rank — 59.9%
  • 2026-03-27: Largest Expected Move — 15.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$37.79$33.58$42.89$42.89$35.75
Max Pain$40.00$37.50$45.00$45.00$37.50
ATM IV43.4%36.0%49.8%36.8%48.7%
Expected Move12.7%10.9%15.7%11.1%14.0%
HV 20d46.6%33.3%57.6%45.1%56.9%
HV 60d44.6%38.9%49.9%39.1%49.9%
IV Rank45.7%29.2%59.9%31.0%57.5%
IV Percentile85.6%59.9%97.2%66.7%96.0%
Term Structure1.7%-11.2%23.6%-0.6%0.7%
VWIV44.7%37.6%52.1%37.6%47.1%
Skew 25d4.0%-6.7%16.0%1.7%6.6%
Skew 10d5.6%-26.6%29.2%8.0%27.4%
Call IV 25d41.7%33.2%52.9%36.1%49.5%
Put IV 25d45.7%32.2%58.2%37.8%56.0%
Bid-Ask Spread %51.8027.2281.5179.7939.39
Gamma HHI0.190.130.310.310.19
Net GEX-189.5K-1.0M1.9M1.9M-723.2K
Net DEX28.6M-6.1M50.9M-6.1M33.2M
Net VEX-427.7K-458.7K-395.7K-458.3K-422.9K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.560.037.000.230.03
Total Volume2,209.2868185,9071,5565,907
Total OI69,463.95257,92178,70671,50259,506

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2026-03-02$42.89$45.0036.8%11.1%45.1%31.0%37.6%1.7%-0.6%1.9M-6.1M-458.3K0.2379.791,26229438,32033,182
2026-03-03$42.24$45.0037.6%11.2%45.5%32.8%40.9%2.2%-0.2%1.6M2.9M-456.1K0.4279.4197340738,76633,303
2026-03-04$42.84$45.0036.0%11.2%44.3%29.2%39.3%2.2%1.1%1.9M-5.9M-458.7K1.0381.5165467538,50633,427
2026-03-05$41.28$40.0038.9%10.9%38.1%35.5%40.3%-6.7%0.2%1.0M11.0M-452.3K2.1979.2538784739,02133,952
2026-03-06$39.46$40.0041.8%11.7%40.6%42.0%45.0%-3.1%1.0%193.2K26.5M-436.6K2.4776.7439096339,26234,563
2026-03-09$38.41$40.0038.2%12.6%34.0%34.2%45.3%9.8%-11.2%-422.9K34.8M-407.0K1.1780.2468880338,86734,136
2026-03-10$39.15$40.0040.3%11.7%33.9%38.8%42.1%2.1%-0.2%-31.0K28.9M-425.4K0.3274.582,58983338,94934,531
2026-03-11$38.64$40.0039.3%11.9%33.3%36.5%42.7%3.9%3.3%182.3K31.1M-425.1K5.4879.323712,03441,21335,136
2026-03-12$35.65$40.0046.7%13.5%39.7%52.9%45.2%3.2%0.5%-780.5K49.3M-400.5K3.9437.794771,87741,37636,623
2026-03-13$37.10$40.0044.7%12.8%43.7%48.5%49.5%4.5%0.6%-1.0M40.5M-419.9K1.8234.421,2542,27841,72136,186
2026-03-16$37.69$40.0043.9%12.6%44.8%46.7%44.2%4.8%-0.9%-929.8K36.8M-427.1K0.7232.8153938839,78836,008
2026-03-17$37.68$40.0041.6%11.9%45.0%41.6%42.2%3.6%-1.1%-1.0M33.9M-421.9K1.4032.5734147739,95135,149
2026-03-18$36.13$40.0045.6%12.6%46.0%50.5%45.6%4.7%0.3%-1.0M40.9M-410.2K7.0040.725824,07640,11235,186
2026-03-20$33.58$40.0049.0%13.9%49.8%58.1%50.7%3.7%-2.5%-808.7K50.9M-395.7K0.9134.441,5751,42742,16636,540
2026-03-23$35.84$37.5046.3%13.3%57.6%52.1%46.9%5.0%4.9%-660.9K32.9M-426.9K0.6827.221,05972222,94934,972
2026-03-24$36.44$37.5046.4%13.3%56.0%52.3%47.2%3.9%4.5%-560.0K28.6M-436.8K0.3828.111,44054423,58135,222
2026-03-25$36.28$37.5044.9%12.9%56.0%48.9%42.5%5.8%4.2%-592.6K29.1M-430.8K0.1733.042,94950624,02635,204
2026-03-26$35.98$40.0045.9%12.9%55.9%51.2%45.1%5.2%7.4%-736.7K32.4M-428.4K0.7640.4077358623,38335,526
2026-03-27$35.64$37.5049.8%15.7%55.9%59.9%46.5%16.0%23.6%-688.9K33.5M-420.4K0.6442.0069144424,03435,748
2026-03-30$34.98$37.5049.6%14.7%55.7%59.5%52.1%5.2%-0.6%-746.5K35.4M-421.1K1.0134.1265266123,73734,915
2026-03-31$35.75$37.5048.7%14.0%56.9%57.5%47.1%6.6%0.7%-723.2K33.2M-422.9K0.0339.395,73517224,10435,402