L Options History — January 2025

In January 2025, L traded between $81.23 and $86.30. ATM implied volatility averaged 18.8%, placing in the 45.3% IV rank vs the trailing year. The 30-day expected move averaged 5.5%. IV traded below realized volatility by 0.3% (HV 20d: 19.1%). Max pain ranged from $80.00 to $85.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 9 of 20 days. Put/call ratio averaged 0.71.

Notable Days

2025-01-28: Highest Volume — 103 contracts
2025-01-10: Largest IV spike — 52.9% change
2025-01-14: Highest IV Rank — 80.8%
2025-01-31: Largest Expected Move — 6.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$84.47	$81.23	$86.30	$84.30	$85.35
Max Pain	$82.25	$80.00	$85.00	$85.00	$85.00
ATM IV	18.8%	13.2%	27.2%	15.6%	23.6%
Expected Move	5.5%	4.3%	6.8%	4.5%	6.8%
HV 20d	19.1%	15.3%	21.3%	15.4%	20.0%
HV 60d	20.7%	19.4%	21.5%	19.5%	21.1%
IV Rank	45.3%	21.7%	80.8%	31.9%	65.6%
IV Percentile	66.2%	5.2%	98.4%	38.1%	92.5%
Term Structure	-1.0%	-10.6%	4.5%	0.5%	-5.5%
VWIV	18.3%	14.6%	22.7%	15.4%	22.7%
Skew 25d	3.0%	-2.9%	9.3%	6.0%	1.6%
Skew 10d	2.4%	-5.2%	9.9%	9.9%	1.1%
Call IV 25d	16.2%	11.9%	22.8%	12.6%	22.8%
Put IV 25d	19.2%	13.0%	24.8%	18.6%	24.4%
Bid-Ask Spread %	100.66	87.63	109.18	87.63	105.30
Gamma HHI	0.33	0.24	0.51	0.29	0.34
Net GEX	76.4K	46.5K	143.8K	60.2K	102.2K
Net DEX	-1.5M	-2.5M	-678.2K	-1.5M	-1.9M
Net VEX	-8.1K	-9.7K	-7.0K	-8.4K	-8.0K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.71	0.00	6.67	0.20	0.50
Total Volume	22.6	0	103	6	3
Total OI	881.65	803	958	847	958

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 Vol	Put Vol	Call OI	Put OI
2025-01-02	$84.30	$85.00	15.6%	4.5%	15.4%	31.9%	15.4%	6.0%	0.5%	60.2K	-1.5M	-8.4K	0.20	87.63	5	1	471	376
2025-01-03	$84.38	$80.00	15.1%	4.3%	15.3%	29.7%	15.1%	0.6%	3.1%	53.6K	-1.3M	-9.7K	0.00	89.51	7	0	474	377
2025-01-06	$82.41	$80.00	16.2%	6.5%	17.0%	34.4%	0.0%	-0.6%	-10.6%	46.5K	-1.2M	-8.4K	0.00	104.43	42	0	479	377
2025-01-07	$82.52	$80.00	17.1%	5.5%	17.1%	38.3%	0.0%	8.9%	-4.9%	68.6K	-1.1M	-8.8K	0.00	107.22	0	0	520	377
2025-01-08	$83.33	$80.00	13.2%	5.6%	17.3%	21.7%	0.0%	-0.4%	-1.0%	87.1K	-1.2M	-8.8K	0.00	109.18	2	0	520	377
2025-01-10	$81.23	$80.00	20.2%	5.8%	19.0%	51.3%	18.9%	-1.0%	-0.9%	48.4K	-795.6K	-8.6K	0.36	97.91	11	4	521	377
2025-01-13	$81.97	$80.00	22.0%	6.0%	19.0%	58.8%	0.0%	9.0%	4.5%	50.6K	-678.2K	-8.7K	0.00	103.69	0	0	520	380
2025-01-14	$83.38	$80.00	27.2%	5.3%	19.9%	80.8%	19.6%	3.4%	1.7%	79.0K	-1.1M	-8.5K	0.35	96.16	23	8	522	380
2025-01-15	$84.74	$80.00	18.7%	5.4%	20.7%	44.9%	17.7%	1.7%	1.6%	137.5K	-1.8M	-8.1K	0.00	98.07	6	0	533	387
2025-01-16	$86.10	$80.00	17.3%	5.0%	21.3%	38.9%	17.3%	2.9%	0.8%	143.8K	-2.4M	-7.3K	0.00	98.86	55	0	534	387
2025-01-17	$86.27	$80.00	15.9%	4.6%	21.1%	33.2%	18.2%	2.0%	0.2%	76.4K	-2.5M	-7.1K	0.41	105.12	17	7	524	387
2025-01-21	$86.30	$80.00	18.2%	5.2%	19.2%	42.8%	14.6%	9.3%	0.6%	76.3K	-1.9M	-7.0K	6.67	106.99	3	20	447	356
2025-01-22	$84.72	$85.00	18.0%	5.2%	20.6%	42.0%	18.9%	1.8%	-0.3%	61.7K	-1.5M	-7.4K	0.00	99.93	32	0	450	376
2025-01-23	$83.95	$85.00	16.8%	4.8%	20.0%	37.0%	0.0%	5.1%	1.6%	57.4K	-1.3M	-8.0K	0.00	104.88	3	0	466	376
2025-01-24	$84.69	$85.00	18.7%	5.4%	20.1%	44.8%	17.7%	-2.9%	-0.8%	61.3K	-1.4M	-7.5K	0.60	96.21	5	3	469	376
2025-01-27	$85.97	$85.00	20.9%	6.0%	20.2%	54.1%	16.1%	-0.0%	-1.8%	62.3K	-1.7M	-7.8K	2.25	98.18	12	27	472	379
2025-01-28	$85.77	$85.00	19.5%	5.6%	20.0%	48.4%	21.3%	5.3%	-3.0%	69.3K	-1.7M	-7.3K	0.01	95.26	102	1	473	376
2025-01-29	$86.22	$85.00	19.1%	5.5%	19.8%	46.4%	22.7%	-0.5%	-3.0%	90.2K	-2.0M	-7.8K	0.77	106.25	26	20	531	377
2025-01-30	$85.71	$85.00	22.7%	6.5%	19.9%	61.8%	22.7%	7.6%	-1.8%	96.3K	-1.9M	-8.7K	0.75	102.43	4	3	554	397
2025-01-31	$85.35	$85.00	23.6%	6.8%	20.0%	65.6%	0.0%	1.6%	-5.5%	102.2K	-1.9M	-8.0K	0.50	105.30	2	1	558	400