IREN Options History — May 2025

In May 2025, IREN traded between $6.22 and $9.32. ATM implied volatility averaged 87.1%, placing in the 13.4% IV rank vs the trailing year. The 30-day expected move averaged 25.0%. IV traded above realized volatility by 12.3% (HV 20d: 74.8%). Max pain ranged from $6.00 to $8.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 9 of 21 days. Put/call ratio averaged 0.25.

Notable Days

  • 2025-05-22: Highest Volume — 151,513 contracts
  • 2025-05-29: Largest IV drop — 13.9% change
  • 2025-05-01: Highest IV Rank — 23.3%
  • 2025-05-01: Largest Expected Move — 29.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$7.87$6.22$9.32$6.42$8.43
Max Pain$7.02$6.00$8.00$7.00$8.00
ATM IV87.1%72.9%94.8%94.8%77.0%
Expected Move25.0%21.3%29.8%29.8%21.5%
HV 20d74.8%63.5%101.5%101.5%68.1%
HV 60d99.1%93.6%104.2%101.3%93.6%
IV Rank13.4%0.0%23.3%23.3%5.2%
IV Percentile5.5%0.0%9.1%9.1%0.4%
Term Structure-1.1%-39.1%52.1%-10.0%0.4%
VWIV88.6%75.9%105.8%105.8%75.9%
Skew 25d-0.2%-9.9%29.7%3.0%-3.4%
Skew 10d8.4%-17.9%77.8%5.6%-7.5%
Call IV 25d87.5%47.3%93.7%93.0%79.4%
Put IV 25d87.3%76.0%115.6%96.0%76.0%
Bid-Ask Spread %31.7418.0753.4425.5853.44
Gamma HHI0.180.070.740.230.08
Net GEX2.4M505.8K9.6M1.5M1.3M
Net DEX-10.5M-119.6M80.5M69.1M-18.0M
Net VEX-2.2M-2.7M-1.6M-1.6M-2.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.250.051.150.050.20
Total Volume69,114.23824,149151,51339,56734,137
Total OI1,246,455.0481,126,5881,370,7881,242,9801,264,225

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-05-01$6.42$7.0094.8%29.8%101.5%23.3%105.8%3.0%-10.0%1.5M69.1M-1.6M0.0525.5837,7211,846752,698490,282
2025-05-02$6.54$7.0087.7%29.3%94.1%13.6%102.3%-0.4%6.3%4.2M58.7M-1.7M0.1822.6120,4733,676759,956490,026
2025-05-05$6.22$6.0092.9%25.6%95.9%20.6%90.8%-0.1%-3.1%505.8K80.5M-1.6M0.1626.4724,5523,840723,892482,611
2025-05-06$6.50$6.0092.2%26.1%96.8%19.7%91.2%2.5%-0.3%739.7K71.7M-1.6M0.2018.4941,3918,226730,909485,212
2025-05-07$6.54$6.0091.0%24.8%85.0%18.1%86.7%29.7%-39.1%1.3M68.7M-1.6M0.2144.8422,6254,724754,525492,053
2025-05-08$6.88$6.0089.3%25.0%74.5%15.8%87.8%-0.0%-3.2%2.3M42.4M-1.8M0.2127.4444,6539,495767,923494,453
2025-05-09$7.00$6.0090.9%25.5%63.5%18.0%90.2%-0.5%-0.9%9.6M27.0M-1.9M0.1527.0858,4349,033785,841497,727
2025-05-12$7.45$6.0091.1%25.8%65.0%18.2%90.9%-1.9%-1.2%939.7K23.6M-2.0M0.3118.0758,64618,189751,219485,378
2025-05-13$8.14$7.0092.3%25.7%70.1%19.8%90.8%-1.8%-3.0%1.5M-26.9M-2.3M0.2428.0656,52413,637773,701490,466
2025-05-14$8.00$7.0089.4%26.5%63.7%15.9%94.4%26.1%11.0%1.4M-12.2M-2.2M0.3726.9088,77732,913770,402497,749
2025-05-15$7.67$7.0091.6%24.2%66.9%18.9%87.6%-1.6%-16.6%977.0K12.3M-2.1M0.2028.96117,64823,337822,214519,429
2025-05-16$8.46$7.0081.8%23.1%72.2%5.6%82.6%-8.4%-1.8%5.6M-67.0M-2.4M0.2029.45101,57420,039847,726523,062
2025-05-19$8.48$7.0081.4%23.2%71.5%5.1%82.4%-6.5%0.4%1.7M-37.5M-2.3M0.3243.1764,01520,182671,854454,734
2025-05-20$8.52$7.5082.0%23.4%67.4%5.9%83.4%-5.2%1.0%2.0M-38.4M-2.4M1.1530.3927,88232,009707,077475,131
2025-05-21$8.84$7.5085.6%24.5%67.6%10.7%88.1%-5.5%-0.9%2.6M-67.3M-2.5M0.1934.7392,00617,210718,977486,265
2025-05-22$9.32$7.5087.1%24.9%68.5%12.8%87.6%-9.9%1.6%3.5M-119.6M-2.7M0.2220.10124,32727,186733,974494,084
2025-05-23$9.14$8.0089.5%24.9%69.8%16.0%82.9%-7.8%3.8%3.0M-104.3M-2.7M0.1829.5655,1819,769748,775505,999
2025-05-27$9.23$8.0084.0%25.0%68.2%8.5%85.1%-1.6%6.2%2.3M-89.0M-2.7M0.1049.8961,4146,067714,747500,194
2025-05-28$8.88$8.0084.7%24.0%70.9%9.6%85.7%-4.9%52.1%2.1M-61.0M-2.6M0.1937.5428,0605,286743,885503,849
2025-05-29$8.61$8.0072.9%21.3%69.4%0.0%87.7%-6.3%-26.6%1.9M-33.0M-2.5M0.2843.8419,3155,380755,206507,126
2025-05-30$8.43$8.0077.0%21.5%68.1%5.2%75.9%-3.4%0.4%1.3M-18.0M-2.4M0.2053.4428,5295,608756,640507,585