IT Options History — May 2025

In May 2025, IT traded between $424.06 and $450.35. ATM implied volatility averaged 29.3%, placing in the 22.8% IV rank vs the trailing year. The 30-day expected move averaged 7.8%. IV traded above realized volatility by 2.9% (HV 20d: 26.4%). Max pain ranged from $410.00 to $440.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 16 of 21 days. Put/call ratio averaged 0.97.

Notable Days

  • 2025-05-05: Highest Volume — 746 contracts
  • 2025-05-06: Largest IV drop — 33.6% change
  • 2025-05-05: Highest IV Rank — 72.9%
  • 2025-05-01: Largest Expected Move — 14.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$439.60$424.06$450.35$424.06$435.52
Max Pain$437.14$410.00$440.00$410.00$440.00
ATM IV29.3%21.8%55.1%50.9%22.7%
Expected Move7.8%6.2%14.6%14.6%6.5%
HV 20d26.4%15.5%49.3%49.3%17.2%
HV 60d37.2%36.8%37.9%37.1%36.9%
IV Rank22.8%8.2%72.9%64.8%10.0%
IV Percentile63.9%42.1%98.8%98.0%48.8%
Term Structure-0.1%-13.7%4.8%-13.7%0.3%
VWIV26.9%20.4%51.2%51.2%23.4%
Skew 25d5.4%3.2%8.2%6.3%5.5%
Skew 10d10.8%2.5%21.5%21.5%6.7%
Call IV 25d24.4%19.4%48.4%48.4%20.7%
Put IV 25d29.8%25.3%54.7%54.7%26.1%
Bid-Ask Spread %85.9068.2591.7768.2590.59
Gamma HHI0.160.090.190.130.15
Net GEX2.4M917.7K4.1M945.2K2.0M
Net DEX-23.9M-50.6M-7.4M-7.4M-8.3M
Net VEX-256.4K-280.4K-227.2K-231.7K-227.2K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.970.023.570.032.09
Total Volume150.333374616234
Total OI4,486.1433,9325,3133,9324,131

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-05-01$424.06$410.0050.9%14.6%49.3%64.8%51.2%6.3%-13.7%945.2K-7.4M-231.7K0.0368.2515842,2681,664
2025-05-02$427.60$410.0047.0%13.5%46.7%57.2%45.9%7.6%-13.5%1.3M-13.1M-241.7K0.0269.6359792,4201,665
2025-05-05$428.82$440.0055.1%10.1%43.0%72.9%31.4%7.9%-2.0%917.7K-11.7M-244.6K0.1779.876371092,3801,667
2025-05-06$432.34$440.0036.6%8.0%41.7%37.0%24.6%4.7%1.9%1.7M-15.7M-248.5K0.3185.26273842,7491,863
2025-05-07$438.19$440.0031.0%7.7%40.7%26.2%28.3%6.9%2.3%2.3M-26.7M-264.9K0.5791.2876432,9581,890
2025-05-08$438.22$440.0029.9%7.4%29.5%24.0%27.8%6.9%2.6%2.6M-28.2M-270.4K1.0086.7311113,0071,890
2025-05-09$432.15$440.0025.9%7.4%25.5%16.2%27.0%4.7%3.4%2.4M-21.9M-255.3K0.1285.34142173,0091,896
2025-05-12$444.39$440.0027.1%7.2%25.6%18.5%22.4%4.5%2.1%3.3M-39.4M-260.2K0.1985.52221423,0481,887
2025-05-13$450.35$440.0027.3%6.7%24.7%18.8%22.4%4.5%4.0%3.7M-50.6M-280.0K0.3287.47215683,2161,904
2025-05-14$446.02$440.0022.4%6.4%24.2%9.5%20.4%5.3%4.8%4.1M-44.6M-280.4K1.1886.2011133,3751,930
2025-05-15$447.01$440.0026.1%7.5%23.7%16.7%23.3%8.2%-1.9%4.0M-45.5M-275.5K0.0491.774623,3801,933
2025-05-16$447.81$440.0021.8%6.2%23.7%8.2%23.8%4.2%3.2%3.5M-49.6M-274.1K1.3688.7014193,3771,933
2025-05-19$449.19$440.0023.8%6.8%18.9%12.0%23.6%4.4%0.8%2.3M-23.7M-269.2K0.0389.4711642,6041,405
2025-05-20$446.59$440.0023.9%6.8%17.7%12.3%24.8%5.4%-0.8%2.3M-22.2M-267.4K0.5088.76212,7001,405
2025-05-21$444.64$440.0024.6%7.1%17.8%13.7%24.1%4.8%0.4%2.3M-19.7M-262.4K2.8388.526172,7021,406
2025-05-22$445.15$440.0023.3%6.7%15.5%11.2%23.7%5.8%1.6%2.3M-19.7M-259.9K2.0087.466122,7051,418
2025-05-23$439.30$440.0023.8%6.8%16.5%12.2%23.8%3.8%1.4%2.2M-14.7M-250.9K1.3387.439122,7101,380
2025-05-27$443.86$440.0024.2%6.9%16.6%13.0%24.5%3.8%0.2%2.4M-19.5M-248.1K1.6285.9621342,7101,383
2025-05-28$436.09$440.0023.4%6.7%17.9%11.3%24.6%3.2%0.2%2.0M-11.1M-237.1K3.5789.107252,7221,392
2025-05-29$434.38$440.0024.8%7.1%17.9%14.1%24.2%4.2%1.3%1.8M-8.7M-233.8K1.0790.6114152,7271,400
2025-05-30$435.52$440.0022.7%6.5%17.2%10.0%23.4%5.5%0.3%2.0M-8.3M-227.2K2.0990.5911232,7341,397