IT Options History — November 2025

In November 2025, IT traded between $224.31 and $247.14. ATM implied volatility averaged 43.1%, placing in the 47.0% IV rank vs the trailing year. The 30-day expected move averaged 12.4%. IV traded below realized volatility by 4.7% (HV 20d: 47.8%). Max pain ranged from $230.00 to $250.00. Net GEX was positive for 7 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 1.39.

Notable Days

2025-11-03: Highest Volume — 1,833 contracts
2025-11-04: Largest IV drop — 35.9% change
2025-11-03: Highest IV Rank — 100.0%
2025-11-03: Largest Expected Move — 20.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$231.05	$224.31	$247.14	$247.14	$232.71
Max Pain	$236.32	$230.00	$250.00	$250.00	$230.00
ATM IV	43.1%	37.7%	71.9%	71.9%	39.7%
Expected Move	12.4%	11.0%	20.6%	20.6%	11.4%
HV 20d	47.8%	40.0%	54.4%	43.2%	44.8%
HV 60d	41.9%	38.2%	43.1%	38.2%	42.2%
IV Rank	47.0%	37.0%	100.0%	100.0%	40.7%
IV Percentile	80.3%	72.6%	100.0%	100.0%	75.4%
Term Structure	1.0%	-14.4%	6.7%	-14.4%	-2.5%
VWIV	43.7%	38.5%	72.4%	72.4%	39.3%
Skew 25d	3.8%	-4.5%	6.4%	5.4%	2.8%
Skew 10d	8.3%	1.8%	17.6%	17.6%	1.8%
Call IV 25d	42.1%	35.6%	72.0%	72.0%	37.3%
Put IV 25d	45.9%	39.5%	77.4%	77.4%	40.2%
Bid-Ask Spread %	84.19	50.30	94.32	50.30	94.32
Gamma HHI	0.21	0.09	0.44	0.09	0.15
Net GEX	-436.9K	-2.2M	1.0M	716.7K	1.0M
Net DEX	5.1M	-14.8M	19.7M	-14.1M	-12.9M
Net VEX	-264.6K	-311.9K	-246.8K	-311.9K	-280.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.39	0.13	12.98	0.24	3.25
Total Volume	461.895	51	1,833	1,833	68
Total OI	12,113.211	9,706	13,806	9,706	10,566

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
2025-11-03	$247.14	$250.00	71.9%	20.6%	43.2%	100.0%	72.4%	5.4%	-14.4%	716.7K	-14.1M	-311.9K	0.24	50.30	1,477	356	5,887	3,819
2025-11-04	$227.20	$250.00	46.1%	13.2%	49.7%	52.5%	48.1%	2.8%	-2.1%	-442.4K	15.2M	-250.6K	1.42	69.13	400	568	7,293	4,158
2025-11-05	$236.41	$250.00	45.8%	13.1%	52.1%	52.0%	47.1%	6.4%	-5.4%	45.5K	4.8M	-265.4K	1.55	73.93	168	260	7,432	4,230
2025-11-06	$226.34	$240.00	44.1%	12.1%	54.2%	48.8%	42.0%	3.8%	5.6%	-596.5K	16.2M	-249.2K	0.97	83.44	109	106	7,457	4,236
2025-11-07	$230.03	$240.00	37.7%	12.0%	54.4%	37.0%	40.0%	4.5%	4.7%	-475.3K	12.7M	-253.6K	12.98	85.54	65	844	7,529	4,280
2025-11-10	$229.01	$240.00	42.9%	12.0%	53.8%	46.5%	41.3%	5.3%	4.4%	-1.4M	19.7M	-253.0K	0.39	86.15	209	81	7,574	5,028
2025-11-11	$231.49	$240.00	40.8%	12.1%	53.9%	42.7%	40.9%	4.4%	4.0%	-961.0K	13.9M	-260.6K	0.31	87.68	95	29	7,692	4,979
2025-11-12	$231.57	$240.00	42.0%	12.0%	51.1%	45.0%	40.9%	4.4%	4.5%	-989.5K	13.7M	-254.4K	0.89	88.13	27	24	7,712	4,977
2025-11-13	$231.11	$240.00	40.7%	11.7%	51.0%	42.5%	40.8%	4.1%	6.3%	-1.1M	13.4M	-248.8K	0.26	88.15	539	138	7,724	4,967
2025-11-14	$231.65	$230.00	40.3%	11.5%	51.0%	41.8%	43.1%	3.1%	6.7%	-815.0K	6.6M	-270.0K	0.97	88.62	35	34	8,208	5,079
2025-11-17	$226.23	$230.00	40.3%	11.6%	51.4%	41.9%	46.6%	2.0%	5.4%	-1.6M	16.9M	-248.2K	0.14	85.08	586	84	8,210	5,099
2025-11-18	$225.96	$230.00	41.5%	11.9%	40.5%	44.1%	41.7%	4.0%	5.2%	-1.8M	16.0M	-246.8K	0.17	83.54	565	98	8,141	5,070
2025-11-19	$226.89	$230.00	41.7%	12.0%	40.0%	44.4%	40.5%	5.5%	5.3%	-1.2M	8.3M	-255.6K	0.35	89.04	60	21	8,676	5,018
2025-11-20	$224.31	$230.00	43.6%	12.5%	40.0%	48.0%	43.2%	5.9%	-2.7%	-2.2M	11.9M	-250.1K	1.05	83.31	154	162	8,703	5,014
2025-11-21	$235.50	$230.00	39.6%	11.3%	44.4%	40.5%	42.8%	-4.5%	1.2%	761.0K	-10.6M	-262.3K	0.14	90.71	994	144	8,797	5,009
2025-11-24	$229.94	$230.00	41.8%	12.0%	43.9%	44.5%	39.9%	5.5%	-3.7%	806.8K	-8.0M	-289.1K	0.41	92.04	59	24	7,020	3,475
2025-11-25	$234.83	$230.00	40.2%	11.5%	44.8%	41.6%	38.5%	4.8%	-2.4%	987.0K	-14.8M	-292.1K	0.13	90.38	119	15	7,065	3,486
2025-11-26	$231.72	$230.00	38.5%	11.0%	44.8%	38.6%	40.7%	2.3%	-0.3%	943.1K	-11.8M	-284.6K	0.74	90.17	34	25	7,049	3,492
2025-11-28	$232.71	$230.00	39.7%	11.4%	44.8%	40.7%	39.3%	2.8%	-2.5%	1.0M	-12.9M	-280.3K	3.25	94.32	16	52	7,079	3,487