JPM Options History — March 2025

In March 2025, JPM traded between $225.05 and $258.65. ATM implied volatility averaged 30.2%, placing in the 70.6% IV rank vs the trailing year. The 30-day expected move averaged 8.5%. IV traded above realized volatility by 1.9% (HV 20d: 28.3%). Max pain ranged from $230.00 to $250.00. Net GEX was positive for 15 of 21 trading days. Term structure was in contango for 5 of 21 days. Put/call ratio averaged 0.66.

Notable Days

2025-03-13: Highest Volume — 108,408 contracts
2025-03-10: Largest IV spike — 22.4% change
2025-03-10: Highest IV Rank — 100.0%
2025-03-10: Largest Expected Move — 12.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$241.67	$225.05	$258.65	$258.65	$245.27
Max Pain	$242.74	$230.00	$250.00	$245.00	$245.00
ATM IV	30.2%	25.8%	38.1%	27.8%	29.7%
Expected Move	8.5%	6.9%	12.0%	8.3%	8.1%
HV 20d	28.3%	23.8%	31.4%	23.8%	30.9%
HV 60d	23.3%	20.3%	24.6%	20.3%	24.5%
IV Rank	70.6%	44.8%	100.0%	75.6%	62.3%
IV Percentile	95.8%	85.7%	100.0%	97.2%	96.0%
Term Structure	-0.4%	-1.5%	2.0%	2.0%	-0.4%
VWIV	29.5%	24.6%	41.1%	27.9%	29.1%
Skew 25d	5.1%	4.0%	7.1%	5.5%	4.8%
Skew 10d	10.8%	8.4%	15.2%	11.5%	10.6%
Call IV 25d	27.9%	23.9%	34.7%	25.4%	27.3%
Put IV 25d	33.0%	28.0%	41.8%	31.0%	32.1%
Bid-Ask Spread %	3.14	1.88	5.12	4.47	3.57
Gamma HHI	0.06	0.04	0.10	0.06	0.05
Net GEX	32.0M	-21.0M	92.9M	67.2M	25.0M
Net DEX	-1.10B	-2.52B	560.8M	-2.52B	-1.34B
Net VEX	-23.1M	-24.3M	-22.2M	-22.2M	-24.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.66	0.31	1.17	0.60	0.66
Total Volume	74,493.19	43,837	108,408	55,309	52,693
Total OI	729,727	652,917	810,344	676,777	677,924

Daily Data (21 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
2025-03-03	$258.65	$245.00	27.8%	8.3%	23.8%	75.6%	27.9%	5.5%	2.0%	67.2M	-2.52B	-22.2M	0.60	4.47	N/A	N/A	34,460	20,849	333,387	343,390
2025-03-04	$251.06	$245.00	29.9%	8.9%	25.7%	89.4%	30.8%	6.0%	1.5%	26.1M	-1.61B	-22.2M	0.94	5.12	N/A	N/A	53,838	50,402	341,797	349,547
2025-03-05	$251.35	$245.00	28.1%	8.1%	25.8%	78.0%	29.2%	5.1%	1.5%	21.9M	-1.59B	-22.5M	0.96	2.46	N/A	N/A	26,413	25,257	347,499	365,343
2025-03-06	$245.90	$242.50	31.3%	9.4%	26.1%	98.0%	32.0%	5.8%	1.5%	-4.0M	-967.7M	-23.0M	0.66	2.81	N/A	N/A	47,580	31,552	353,941	372,801
2025-03-07	$241.88	$240.00	31.1%	9.0%	24.5%	96.9%	31.6%	5.7%	1.3%	-16.4M	-616.8M	-22.3M	0.74	2.21	N/A	N/A	50,472	37,343	362,540	372,870
2025-03-10	$231.71	$240.00	38.1%	12.0%	27.5%	100.0%	41.1%	7.1%	-1.5%	-19.0M	207.0M	-22.4M	0.53	2.47	N/A	N/A	66,322	35,425	342,027	362,978
2025-03-11	$229.88	$240.00	36.3%	11.1%	27.2%	91.8%	38.7%	6.6%	-1.4%	-18.2M	339.8M	-22.5M	0.65	2.68	N/A	N/A	46,320	30,263	360,050	368,227
2025-03-12	$229.24	$235.00	33.9%	9.9%	26.0%	81.1%	33.4%	5.9%	-1.1%	-15.0M	299.5M	-22.6M	0.31	2.41	N/A	N/A	64,682	19,820	377,699	370,234
2025-03-13	$225.05	$230.00	34.9%	10.1%	25.8%	85.8%	34.5%	5.8%	-1.1%	-21.0M	560.8M	-22.5M	0.97	1.88	N/A	N/A	55,027	53,381	403,087	372,176
2025-03-14	$231.81	$230.00	31.4%	8.3%	29.1%	69.8%	28.6%	5.3%	-1.1%	23.3M	-368.1M	-22.8M	0.51	1.88	N/A	N/A	65,296	33,249	414,553	374,458
2025-03-17	$234.86	$245.00	29.6%	7.8%	30.0%	61.7%	27.2%	4.8%	-1.0%	39.4M	-689.7M	-23.0M	0.54	2.82	N/A	N/A	35,085	18,910	399,341	372,348
2025-03-18	$234.56	$245.00	31.2%	8.1%	29.4%	68.9%	28.1%	4.9%	-1.5%	38.9M	-712.0M	-23.1M	0.53	2.63	N/A	N/A	36,393	19,447	405,393	377,290
2025-03-19	$240.25	$245.00	28.6%	7.6%	31.4%	57.6%	26.3%	4.4%	-1.2%	85.5M	-1.52B	-23.1M	0.36	4.76	N/A	N/A	52,840	18,877	408,034	382,824
2025-03-20	$239.72	$245.00	28.6%	7.6%	28.3%	57.2%	26.3%	4.5%	-1.3%	62.8M	-1.36B	-23.4M	0.40	3.87	N/A	N/A	46,897	18,862	409,992	387,487
2025-03-21	$241.43	$245.00	28.3%	7.6%	28.4%	55.9%	25.9%	4.5%	-1.3%	60.5M	-1.69B	-23.5M	0.50	3.48	N/A	N/A	50,282	25,272	418,021	392,323
2025-03-24	$248.37	$245.00	25.8%	6.9%	30.6%	44.8%	24.7%	4.1%	-0.5%	78.1M	-2.04B	-23.4M	0.49	3.26	N/A	N/A	46,478	22,694	324,347	328,570
2025-03-25	$251.41	$245.00	26.1%	7.1%	30.7%	46.2%	24.6%	4.0%	-0.5%	92.9M	-2.40B	-23.9M	0.52	3.29	N/A	N/A	36,674	18,946	330,082	337,592
2025-03-26	$250.55	$245.00	27.3%	7.4%	30.5%	51.6%	26.4%	4.1%	-0.8%	81.7M	-2.27B	-24.1M	0.89	3.40	N/A	N/A	49,871	44,150	336,467	345,886
2025-03-27	$249.31	$250.00	26.6%	7.3%	30.5%	48.3%	25.9%	4.0%	-0.6%	44.9M	-1.94B	-24.1M	0.98	3.03	N/A	N/A	22,121	21,716	340,663	354,867
2025-03-28	$242.83	$250.00	29.6%	8.1%	30.9%	62.1%	27.8%	4.7%	-0.6%	18.1M	-961.6M	-24.3M	1.17	3.38	N/A	N/A	36,099	42,099	346,327	359,885
2025-03-31	$245.27	$245.00	29.7%	8.1%	30.9%	62.3%	29.1%	4.8%	-0.4%	25.0M	-1.34B	-24.0M	0.66	3.57	N/A	N/A	31,717	20,976	329,887	348,037