IP Options History — April 2026

In April 2026, IP traded between $34.51 and $37.24. ATM implied volatility averaged 50.9%, placing in the 70.2% IV rank vs the trailing year. The 30-day expected move averaged 14.6%. IV traded below realized volatility by 0.5% (HV 20d: 51.4%). Max pain ranged from $37.50 to $40.00. Net GEX was positive for 3 of 14 trading days. Term structure was in contango for 5 of 14 days. Put/call ratio averaged 1.59.

Notable Days

2026-04-17: Highest Volume — 6,000 contracts
2026-04-21: Largest IV spike — 16.7% change
2026-04-21: Highest IV Rank — 100.0%
2026-04-21: Largest Expected Move — 16.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$36.11	$34.51	$37.24	$35.59	$35.30
Max Pain	$38.21	$37.50	$40.00	$37.50	$37.50
ATM IV	50.9%	46.8%	57.1%	51.0%	57.1%
Expected Move	14.6%	13.4%	16.4%	14.6%	16.4%
HV 20d	51.4%	34.8%	59.5%	56.9%	34.8%
HV 60d	49.1%	48.0%	49.8%	49.7%	48.4%
IV Rank	70.2%	53.1%	100.0%	62.5%	100.0%
IV Percentile	96.1%	92.9%	100.0%	96.4%	100.0%
Term Structure	-1.5%	-7.5%	1.4%	-2.2%	-7.5%
VWIV	51.3%	45.3%	55.6%	45.3%	55.6%
Skew 25d	5.0%	0.4%	11.1%	5.2%	11.1%
Skew 10d	4.8%	-18.3%	19.8%	-6.4%	8.6%
Call IV 25d	47.9%	27.3%	52.9%	50.3%	43.3%
Put IV 25d	53.0%	29.5%	58.3%	55.5%	54.4%
Bid-Ask Spread %	28.47	22.56	35.00	35.00	27.40
Gamma HHI	0.17	0.14	0.23	0.18	0.14
Net GEX	-170.1K	-991.1K	664.9K	-335.2K	28.7K
Net DEX	20.2M	9.2M	34.2M	24.8M	22.8M
Net VEX	-472.8K	-498.5K	-443.8K	-455.6K	-475.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.59	0.09	6.96	0.83	2.14
Total Volume	2,570.5	505	6,000	1,395	1,461
Total OI	69,611	64,526	74,672	65,086	67,567

Daily Data (14 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
2026-04-01	$35.59	$37.50	51.0%	14.6%	56.9%	62.5%	45.3%	5.2%	-2.2%	-335.2K	24.8M	-455.6K	0.83	35.00	761	634	29,653	35,433
2026-04-02	$34.85	$37.50	52.0%	14.9%	56.4%	64.7%	50.0%	7.5%	-2.4%	-739.4K	30.7M	-445.9K	0.29	31.19	2,228	641	29,870	35,794
2026-04-06	$35.10	$40.00	51.5%	14.8%	55.8%	63.5%	50.6%	5.1%	-0.6%	-478.6K	27.6M	-449.2K	2.56	25.79	1,000	2,556	30,375	35,590
2026-04-07	$34.51	$40.00	53.9%	15.4%	54.2%	68.8%	52.0%	7.1%	-2.4%	-991.1K	34.2M	-443.8K	0.58	33.34	996	581	30,939	37,395
2026-04-08	$36.89	$40.00	47.9%	13.7%	59.5%	55.6%	49.3%	5.0%	0.4%	-66.1K	11.8M	-466.4K	0.32	28.57	1,695	549	31,698	37,670
2026-04-09	$36.82	$40.00	46.8%	13.4%	59.0%	53.1%	49.1%	4.1%	0.5%	-115.5K	13.8M	-465.8K	0.97	26.76	558	543	31,505	37,798
2026-04-10	$36.49	$37.50	49.8%	14.3%	58.9%	59.8%	50.7%	4.6%	-0.3%	-83.4K	15.4M	-465.2K	4.36	29.81	1,062	4,630	31,689	38,003
2026-04-13	$36.47	$37.50	51.2%	14.7%	51.2%	62.9%	51.8%	6.4%	0.9%	-347.1K	22.3M	-493.6K	0.39	22.56	2,244	864	31,533	40,346
2026-04-14	$36.61	$37.50	49.5%	14.2%	49.2%	69.1%	51.0%	4.2%	-2.5%	-4.3K	17.2M	-498.5K	1.04	28.07	503	522	33,150	40,708
2026-04-15	$36.42	$37.50	50.8%	14.6%	48.8%	72.4%	51.4%	0.4%	0.5%	-294.5K	21.2M	-492.5K	1.25	26.63	224	281	33,305	40,974
2026-04-16	$36.37	$37.50	50.2%	14.4%	48.8%	83.4%	52.2%	4.3%	-2.5%	-187.9K	19.6M	-488.3K	6.96	25.35	164	1,141	33,369	40,992
2026-04-17	$37.24	$37.50	51.5%	14.8%	47.2%	87.5%	53.8%	3.2%	-3.9%	568.0K	11.8M	-491.6K	0.09	30.11	5,519	481	33,443	41,229
2026-04-20	$36.83	$37.50	49.0%	14.0%	38.5%	79.7%	54.9%	2.3%	1.4%	664.9K	9.2M	-487.3K	0.49	27.92	2,789	1,360	28,655	35,871
2026-04-21	$35.30	$37.50	57.1%	16.4%	34.8%	100.0%	55.6%	11.1%	-7.5%	28.7K	22.8M	-475.4K	2.14	27.40	466	995	30,699	36,868