IT Options History — February 2025

In February 2025, IT traded between $489.36 and $547.13. ATM implied volatility averaged 21.4%, placing in the 9.8% IV rank vs the trailing year. The 30-day expected move averaged 6.2%. IV traded above realized volatility by 2.0% (HV 20d: 19.4%). Max pain ranged from $490.00 to $530.00. Net GEX was positive for 17 of 19 trading days. Term structure was in contango for 12 of 19 days. Put/call ratio averaged 1.18.

Notable Days

2025-02-13: Highest Volume — 478 contracts
2025-02-04: Largest IV drop — 52.4% change
2025-02-03: Highest IV Rank — 52.0%
2025-02-03: Largest Expected Move — 10.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$515.73	$489.36	$547.13	$547.13	$494.96
Max Pain	$505.79	$490.00	$530.00	$520.00	$500.00
ATM IV	21.4%	17.6%	37.9%	37.9%	23.0%
Expected Move	6.2%	5.0%	10.9%	10.9%	6.6%
HV 20d	19.4%	16.9%	22.2%	16.9%	19.4%
HV 60d	18.2%	16.6%	20.7%	20.7%	19.0%
IV Rank	9.8%	0.0%	52.0%	52.0%	13.9%
IV Percentile	34.5%	0.0%	88.9%	88.9%	66.7%
Term Structure	1.0%	-12.5%	5.5%	-12.5%	-1.0%
VWIV	21.6%	17.2%	37.8%	37.8%	22.5%
Skew 25d	2.6%	-1.3%	7.0%	7.0%	2.9%
Skew 10d	7.8%	-4.4%	16.8%	7.8%	16.1%
Call IV 25d	20.9%	16.0%	34.8%	34.8%	22.6%
Put IV 25d	23.5%	18.0%	41.8%	41.8%	25.5%
Bid-Ask Spread %	92.00	85.67	102.02	85.67	88.87
Gamma HHI	0.17	0.11	0.41	0.13	0.12
Net GEX	523.6K	-3.3M	2.0M	1.1M	171.3K
Net DEX	-8.4M	-22.1M	7.4M	-19.8M	-1.2M
Net VEX	-121.8K	-142.7K	-76.8K	-86.2K	-132.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.18	0.03	9.90	0.73	0.03
Total Volume	115.842	12	478	90	144
Total OI	2,109.526	1,657	2,626	1,657	1,885

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
2025-02-03	$547.13	$520.00	37.9%	10.9%	16.9%	52.0%	37.8%	7.0%	-12.5%	1.1M	-19.8M	-86.2K	0.73	85.67	52	38	975	682
2025-02-04	$546.30	$520.00	18.1%	5.2%	17.1%	0.5%	17.9%	4.7%	-2.2%	2.0M	-22.1M	-76.8K	0.28	98.84	183	52	1,014	711
2025-02-05	$538.05	$530.00	17.6%	5.0%	18.7%	0.0%	18.4%	1.7%	1.9%	1.9M	-18.6M	-92.2K	0.32	102.02	131	42	1,140	739
2025-02-06	$533.35	$490.00	18.7%	5.5%	19.1%	3.0%	17.2%	-0.5%	5.1%	1.6M	-15.4M	-115.0K	1.03	98.14	67	69	1,243	776
2025-02-07	$527.84	$490.00	18.4%	5.1%	19.7%	2.0%	19.7%	2.8%	5.5%	1.4M	-14.4M	-133.4K	1.58	98.05	12	19	1,355	825
2025-02-10	$528.31	$490.00	17.8%	6.0%	19.1%	0.7%	18.7%	3.7%	3.1%	2.0M	-14.9M	-129.8K	0.14	97.85	21	3	1,357	831
2025-02-11	$520.98	$490.00	19.7%	5.7%	20.1%	5.4%	19.8%	-0.1%	4.2%	879.4K	-9.6M	-127.2K	1.09	94.76	33	36	1,366	832
2025-02-12	$512.68	$510.00	20.3%	5.8%	20.8%	6.9%	17.6%	-1.3%	3.9%	4.4K	-4.7M	-118.8K	0.98	96.22	42	41	1,379	865
2025-02-13	$514.12	$510.00	20.6%	5.9%	18.7%	7.7%	19.3%	3.5%	4.5%	89.6K	-5.7M	-129.6K	0.15	86.89	415	63	1,398	898
2025-02-14	$516.08	$510.00	20.0%	5.7%	18.7%	6.3%	22.4%	3.3%	4.2%	778.2K	-9.9M	-142.7K	1.60	87.06	15	24	1,569	934
2025-02-18	$512.56	$510.00	20.6%	5.9%	18.9%	7.7%	21.3%	3.0%	4.4%	335.2K	-6.6M	-133.7K	0.03	89.08	35	1	1,564	953
2025-02-19	$515.90	$510.00	20.1%	5.7%	16.9%	6.4%	21.1%	2.6%	3.9%	697.9K	-8.7M	-135.2K	0.92	87.95	12	11	1,590	952
2025-02-20	$503.98	$510.00	20.3%	5.8%	18.6%	7.0%	20.4%	2.4%	-0.4%	-567.7K	-2.4M	-129.1K	1.20	87.95	54	65	1,594	957
2025-02-21	$489.36	$510.00	21.2%	6.1%	21.0%	9.3%	23.6%	2.3%	0.1%	-3.3M	7.4M	-119.2K	9.90	89.79	29	287	1,631	995
2025-02-24	$499.63	$510.00	21.4%	6.1%	22.2%	9.7%	21.6%	3.7%	0.1%	128.2K	-2.4M	-123.1K	0.30	88.71	30	9	1,073	644
2025-02-25	$503.53	$500.00	23.8%	6.8%	21.5%	16.0%	23.6%	2.8%	-1.4%	350.0K	-5.3M	-129.9K	1.00	91.57	6	6	1,088	649
2025-02-26	$501.09	$500.00	22.2%	6.4%	20.5%	12.0%	23.4%	2.1%	-0.1%	259.0K	-4.0M	-128.9K	0.60	90.92	86	52	1,092	650
2025-02-27	$493.10	$500.00	25.4%	7.3%	20.8%	20.2%	24.0%	3.4%	-3.3%	103.2K	-1.2M	-131.7K	0.45	87.62	11	5	1,175	700
2025-02-28	$494.96	$500.00	23.0%	6.6%	19.4%	13.9%	22.5%	2.9%	-1.0%	171.3K	-1.2M	-132.4K	0.03	88.87	140	4	1,181	704