JPM Options History — January 2025

In January 2025, JPM traded between $240.00 and $267.61. ATM implied volatility averaged 20.9%, placing in the 35.0% IV rank vs the trailing year. The 30-day expected move averaged 5.9%. IV traded above realized volatility by 1.8% (HV 20d: 19.0%). Max pain ranged from $200.00 to $245.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 8 of 20 days. Put/call ratio averaged 0.71.

Notable Days

2025-01-03: Highest Volume — 496,322 contracts
2025-01-15: Largest IV drop — 28.4% change
2025-01-13: Highest IV Rank — 68.2%
2025-01-02: Largest Expected Move — 8.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$254.91	$240.00	$267.61	$241.15	$267.61
Max Pain	$234.00	$200.00	$245.00	$200.00	$245.00
ATM IV	20.9%	17.1%	26.3%	25.2%	18.6%
Expected Move	5.9%	4.9%	8.2%	8.2%	5.3%
HV 20d	19.0%	15.5%	23.7%	19.7%	15.5%
HV 60d	30.6%	29.7%	31.3%	31.3%	30.4%
IV Rank	35.0%	12.5%	68.2%	61.3%	17.6%
IV Percentile	50.7%	11.9%	94.8%	89.3%	31.7%
Term Structure	-0.1%	-1.4%	0.8%	-0.4%	0.7%
VWIV	21.0%	17.4%	28.1%	28.1%	18.8%
Skew 25d	2.7%	2.1%	3.1%	2.9%	3.1%
Skew 10d	6.0%	4.8%	7.9%	6.4%	6.2%
Call IV 25d	19.7%	16.0%	24.8%	24.0%	17.5%
Put IV 25d	22.4%	18.2%	27.5%	26.9%	20.6%
Bid-Ask Spread %	29.96	2.64	51.77	2.89	39.31
Gamma HHI	0.15	0.10	0.56	0.10	0.13
Net GEX	217.6M	74.7M	647.8M	124.0M	175.7M
Net DEX	-4.43B	-6.28B	-2.58B	-4.20B	-4.77B
Net VEX	-18.7M	-19.7M	-16.9M	-18.9M	-19.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.71	0.04	1.52	0.39	0.94
Total Volume	102,604.1	39,721	496,322	41,191	71,152
Total OI	744,061.8	602,551	876,217	823,270	684,771

Daily Data (20 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 Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-01-02	$241.15	$200.00	25.2%	8.2%	19.7%	61.3%	28.1%	2.9%	-0.4%	124.0M	-4.20B	-18.9M	0.39	2.89	N/A	N/A	29,568	11,623	388,341	434,929
2025-01-03	$243.03	$200.00	23.3%	7.6%	19.9%	50.1%	26.5%	3.0%	-0.4%	162.7M	-4.50B	-18.4M	0.04	2.64	N/A	N/A	479,178	17,144	389,637	437,508
2025-01-06	$241.13	$230.00	25.1%	6.8%	19.7%	60.7%	23.5%	2.9%	-1.4%	133.5M	-2.85B	-19.3M	0.61	41.81	N/A	N/A	41,935	25,399	336,487	433,953
2025-01-07	$242.87	$230.00	24.9%	6.7%	19.8%	59.5%	24.1%	2.7%	-0.3%	167.5M	-3.15B	-19.4M	0.50	39.71	N/A	N/A	30,447	15,077	352,407	441,706
2025-01-08	$243.13	$230.00	24.3%	6.6%	19.5%	56.4%	23.0%	2.7%	0.1%	174.2M	-3.23B	-18.6M	0.63	42.08	N/A	N/A	24,308	15,413	356,665	446,442
2025-01-10	$240.00	$230.00	25.3%	6.9%	20.0%	62.0%	24.4%	2.9%	-0.3%	74.7M	-2.58B	-19.2M	0.45	38.40	N/A	N/A	43,788	19,566	360,497	449,713
2025-01-13	$243.99	$230.00	26.3%	7.1%	20.9%	68.2%	25.4%	2.7%	-1.1%	171.2M	-3.38B	-18.6M	0.47	43.23	N/A	N/A	53,720	25,438	355,405	441,064
2025-01-14	$245.52	$230.00	25.5%	7.0%	20.9%	63.6%	24.5%	3.0%	-0.9%	217.3M	-3.70B	-19.4M	0.58	43.20	N/A	N/A	73,390	42,549	378,387	449,715
2025-01-15	$253.39	$230.00	18.3%	5.2%	23.1%	20.0%	18.5%	2.6%	-0.2%	376.6M	-5.34B	-17.6M	0.41	45.16	N/A	N/A	154,531	63,041	388,550	466,227
2025-01-16	$254.57	$235.00	18.1%	5.1%	23.1%	18.9%	17.9%	2.2%	-0.4%	323.3M	-5.35B	-18.0M	0.69	51.77	N/A	N/A	56,780	39,246	387,594	479,584
2025-01-17	$259.81	$235.00	18.6%	5.3%	23.7%	21.9%	19.1%	2.1%	-0.4%	647.8M	-6.28B	-16.9M	0.42	49.92	N/A	N/A	128,578	54,456	388,128	488,089
2025-01-21	$263.37	$240.00	18.0%	5.2%	18.3%	18.3%	18.1%	2.3%	-0.2%	217.8M	-4.99B	-17.5M	0.72	40.19	N/A	N/A	68,076	49,155	311,687	290,864
2025-01-22	$262.94	$245.00	17.6%	5.1%	18.1%	16.0%	18.2%	2.3%	-0.1%	196.3M	-4.93B	-18.7M	1.00	10.65	N/A	N/A	25,111	25,016	325,659	307,173
2025-01-23	$264.88	$245.00	17.6%	5.0%	17.2%	15.8%	17.4%	2.4%	0.2%	221.0M	-5.21B	-18.6M	0.84	8.74	N/A	N/A	38,035	31,943	331,459	316,364
2025-01-24	$264.70	$245.00	17.1%	4.9%	17.1%	12.5%	17.8%	2.2%	0.3%	322.0M	-5.18B	-18.6M	0.57	24.23	N/A	N/A	38,781	22,102	343,236	327,693
2025-01-27	$265.21	$245.00	18.1%	5.2%	16.5%	19.1%	18.8%	2.8%	0.4%	158.4M	-4.58B	-18.6M	1.52	24.23	N/A	N/A	16,898	25,610	311,527	311,353
2025-01-28	$266.86	$245.00	18.0%	5.0%	16.5%	18.5%	18.8%	2.9%	0.3%	171.3M	-4.84B	-18.6M	1.26	22.82	N/A	N/A	19,006	23,982	316,814	321,850
2025-01-29	$266.71	$245.00	19.0%	5.3%	15.8%	21.7%	18.6%	3.0%	0.4%	155.5M	-4.74B	-19.6M	1.08	14.50	N/A	N/A	47,550	51,225	321,669	332,871
2025-01-30	$267.31	$245.00	18.7%	5.2%	15.7%	18.2%	18.3%	2.7%	0.8%	162.2M	-4.81B	-19.4M	1.13	13.64	N/A	N/A	24,971	28,294	328,063	347,155
2025-01-31	$267.61	$245.00	18.6%	5.3%	15.5%	17.6%	18.8%	3.1%	0.7%	175.7M	-4.77B	-19.7M	0.94	39.31	N/A	N/A	36,615	34,537	333,232	351,539