L Options History — February 2025

In February 2025, L traded between $82.81 and $86.61. ATM implied volatility averaged 19.2%, placing in the 47.1% IV rank vs the trailing year. The 30-day expected move averaged 5.5%. IV traded above realized volatility by 2.5% (HV 20d: 16.8%). Max pain ranged from $80.00 to $85.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 10 of 19 days. Put/call ratio averaged 1.04.

Notable Days

2025-02-07: Highest Volume — 409 contracts
2025-02-07: Largest IV spike — 35.3% change
2025-02-04: Highest IV Rank — 78.6%
2025-02-04: Largest Expected Move — 7.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$84.74	$82.81	$86.61	$85.31	$86.41
Max Pain	$80.79	$80.00	$85.00	$85.00	$80.00
ATM IV	19.2%	13.3%	26.7%	24.0%	19.7%
Expected Move	5.5%	3.8%	7.6%	6.9%	5.7%
HV 20d	16.8%	14.8%	20.1%	20.0%	16.7%
HV 60d	16.6%	15.2%	19.4%	19.4%	17.3%
IV Rank	47.1%	21.9%	78.6%	67.2%	49.3%
IV Percentile	67.8%	6.3%	97.6%	93.7%	77.0%
Term Structure	-0.5%	-7.9%	6.1%	-2.1%	2.2%
VWIV	19.1%	16.0%	24.0%	19.2%	18.0%
Skew 25d	3.5%	-4.2%	10.9%	5.1%	3.8%
Skew 10d	3.9%	-5.3%	13.8%	3.4%	8.9%
Call IV 25d	16.6%	12.5%	21.9%	20.1%	17.9%
Put IV 25d	20.1%	13.4%	27.7%	25.2%	21.8%
Bid-Ask Spread %	96.42	89.41	105.45	100.03	92.86
Gamma HHI	0.32	0.18	0.45	0.34	0.27
Net GEX	105.8K	23.7K	235.1K	92.0K	119.2K
Net DEX	-1.5M	-2.3M	-580.9K	-1.6M	-2.1M
Net VEX	-7.8K	-8.7K	-6.9K	-8.7K	-7.9K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.04	0.00	6.00	0.00	0.19
Total Volume	71.579	1	409	1	37
Total OI	1,215.158	937	1,524	960	1,073

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
2025-02-03	$85.31	$85.00	24.0%	6.9%	20.0%	67.2%	19.2%	5.1%	-2.1%	92.0K	-1.6M	-8.7K	0.00	100.03	1	0	559	401
2025-02-04	$85.81	$85.00	26.7%	7.6%	20.1%	78.6%	0.0%	7.6%	-7.9%	101.0K	-2.0M	-7.9K	0.00	102.89	7	0	559	401
2025-02-05	$86.22	$85.00	23.0%	6.6%	17.9%	63.0%	20.5%	10.9%	-4.2%	122.4K	-2.1M	-7.8K	2.50	100.85	2	5	570	401
2025-02-06	$86.47	$80.00	18.3%	5.7%	17.9%	43.2%	18.8%	-1.8%	-1.9%	126.3K	-2.2M	-7.5K	0.53	92.12	15	8	569	406
2025-02-07	$86.61	$80.00	24.8%	5.7%	17.7%	70.5%	20.0%	1.0%	-1.0%	124.1K	-2.3M	-8.0K	0.26	95.51	324	85	584	406
2025-02-10	$86.04	$80.00	18.8%	5.2%	14.8%	45.1%	18.3%	3.3%	0.2%	235.1K	-2.3M	-8.5K	0.26	89.41	212	56	874	481
2025-02-11	$85.20	$80.00	16.6%	5.0%	15.3%	36.1%	17.4%	3.0%	0.9%	211.2K	-1.9M	-8.3K	1.40	89.64	10	14	1,014	494
2025-02-12	$82.89	$80.00	13.3%	3.8%	17.4%	21.9%	21.0%	7.1%	2.4%	67.6K	-852.1K	-8.0K	0.00	95.39	0	14	1,013	490
2025-02-13	$84.04	$80.00	17.1%	4.9%	17.2%	38.0%	16.3%	-2.0%	0.6%	146.3K	-1.3M	-7.7K	0.53	97.24	40	21	1,014	489
2025-02-14	$83.06	$80.00	16.6%	4.8%	16.5%	35.9%	19.2%	-1.0%	0.9%	88.2K	-885.1K	-7.6K	0.00	101.39	9	0	1,025	497
2025-02-18	$83.19	$80.00	14.6%	4.2%	16.4%	27.6%	0.0%	8.6%	3.3%	93.9K	-928.1K	-7.7K	0.08	105.45	201	17	1,027	497
2025-02-19	$83.28	$80.00	17.0%	4.9%	16.5%	37.7%	18.9%	1.6%	2.7%	91.0K	-960.7K	-7.6K	4.67	96.21	3	14	936	514
2025-02-20	$83.18	$80.00	17.9%	5.1%	15.2%	41.7%	18.2%	2.2%	-3.3%	82.0K	-793.3K	-7.5K	0.61	93.48	44	27	936	523
2025-02-21	$82.81	$80.00	20.7%	5.9%	15.0%	53.4%	24.0%	-0.3%	-5.3%	23.7K	-580.9K	-7.9K	6.00	90.78	1	6	944	519
2025-02-24	$84.46	$80.00	17.9%	5.1%	16.3%	41.7%	18.9%	-4.2%	0.1%	52.8K	-1.3M	-7.1K	0.21	99.24	24	5	504	433
2025-02-25	$84.77	$80.00	20.0%	5.7%	15.4%	50.2%	20.2%	7.2%	-0.1%	63.0K	-1.5M	-7.7K	0.11	98.65	35	4	528	433
2025-02-26	$84.40	$80.00	20.0%	5.7%	15.5%	50.6%	20.0%	6.2%	-3.2%	73.7K	-1.5M	-7.6K	1.00	98.50	2	2	549	436
2025-02-27	$85.91	$80.00	18.1%	5.2%	16.7%	42.4%	16.0%	8.3%	6.1%	97.5K	-1.8M	-6.9K	0.29	92.33	89	26	551	438
2025-02-28	$86.41	$80.00	19.7%	5.7%	16.7%	49.3%	18.0%	3.8%	2.2%	119.2K	-2.1M	-7.9K	0.19	92.86	31	6	609	464