L Options History — March 2025

In March 2025, L traded between $84.40 and $92.04. ATM implied volatility averaged 20.1%, placing in the 51.0% IV rank vs the trailing year. The 30-day expected move averaged 6.2%. IV traded above realized volatility by 4.5% (HV 20d: 15.6%). Max pain ranged from $75.00 to $85.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 13 of 21 days. Put/call ratio averaged 0.98.

Notable Days

2025-03-21: Highest Volume — 572 contracts
2025-03-11: Largest IV drop — 40.5% change
2025-03-10: Highest IV Rank — 80.2%
2025-03-10: Largest Expected Move — 7.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$87.29	$84.40	$92.04	$86.75	$92.04
Max Pain	$81.50	$75.00	$85.00	$80.00	$85.00
ATM IV	20.1%	15.2%	27.0%	22.8%	22.3%
Expected Move	6.2%	4.8%	7.7%	6.5%	6.4%
HV 20d	15.6%	13.6%	17.4%	16.6%	15.8%
HV 60d	17.1%	16.7%	17.5%	17.2%	17.4%
IV Rank	51.0%	29.9%	80.2%	62.4%	60.3%
IV Percentile	71.6%	21.8%	98.0%	90.1%	85.3%
Term Structure	1.3%	-2.3%	4.8%	1.4%	-0.3%
VWIV	22.5%	19.9%	32.4%	21.8%	21.4%
Skew 25d	1.8%	-4.3%	9.2%	5.1%	1.6%
Skew 10d	3.6%	-7.6%	18.4%	11.0%	-6.4%
Call IV 25d	18.2%	14.3%	20.6%	19.1%	19.5%
Put IV 25d	20.0%	13.3%	29.8%	24.3%	21.1%
Bid-Ask Spread %	93.80	82.66	112.50	95.40	85.60
Gamma HHI	0.40	0.26	0.72	0.27	0.60
Net GEX	249.1K	113.2K	578.9K	133.0K	441.6K
Net DEX	-3.1M	-6.2M	-1.6M	-2.3M	-6.2M
Net VEX	-9.3K	-13.4K	-7.2K	-7.7K	-12.2K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.98	0.00	7.00	0.09	0.18
Total Volume	75.095	7	572	72	79
Total OI	1,226.857	1,086	1,360	1,086	1,311

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 Vol	Put Vol	Call OI	Put OI
2025-03-03	$86.75	$80.00	22.8%	6.5%	16.6%	62.4%	21.8%	5.1%	1.4%	133.0K	-2.3M	-7.7K	0.09	95.40	66	6	624	462
2025-03-04	$85.55	$80.00	22.6%	6.5%	17.4%	61.3%	20.8%	9.2%	0.8%	132.7K	-2.1M	-7.8K	0.09	97.68	11	1	646	462
2025-03-05	$85.53	$80.00	21.8%	6.2%	17.3%	57.9%	21.4%	4.6%	-0.3%	136.9K	-2.0M	-7.9K	0.29	97.66	41	12	648	463
2025-03-06	$84.97	$80.00	23.6%	6.8%	17.4%	65.7%	21.6%	0.5%	-2.1%	127.4K	-1.9M	-8.3K	0.21	90.38	29	6	670	474
2025-03-07	$85.13	$80.00	24.2%	6.9%	17.3%	68.2%	23.8%	1.7%	-1.8%	125.3K	-2.0M	-8.6K	4.67	95.57	3	14	693	503
2025-03-10	$84.94	$80.00	27.0%	7.7%	17.3%	80.2%	23.3%	-0.5%	4.0%	113.2K	-1.7M	-8.4K	0.05	82.66	22	1	691	508
2025-03-11	$84.81	$80.00	16.1%	7.4%	17.2%	33.8%	32.4%	-0.5%	4.3%	116.1K	-1.7M	-8.5K	7.00	90.68	2	14	702	509
2025-03-12	$84.40	$80.00	18.5%	6.4%	16.9%	44.1%	22.5%	0.5%	3.0%	115.3K	-1.6M	-8.1K	2.82	90.53	11	31	702	506
2025-03-13	$84.75	$80.00	20.8%	6.6%	13.6%	53.7%	23.1%	0.1%	-0.2%	122.9K	-1.7M	-8.4K	0.75	87.61	4	3	705	519
2025-03-14	$86.24	$80.00	20.4%	6.2%	14.1%	51.9%	22.7%	3.9%	-0.3%	161.9K	-2.3M	-8.1K	0.57	95.61	7	4	703	519
2025-03-17	$87.47	$75.00	19.4%	6.2%	14.0%	47.8%	0.0%	2.4%	4.8%	180.0K	-2.8M	-7.6K	0.00	89.12	18	0	706	523
2025-03-18	$86.81	$80.00	20.9%	5.6%	14.4%	54.2%	0.0%	4.1%	-2.3%	182.2K	-2.8M	-7.2K	0.00	94.74	48	0	716	526
2025-03-19	$87.97	$80.00	18.4%	5.4%	14.9%	43.6%	0.0%	2.2%	1.7%	179.5K	-3.1M	-7.8K	0.48	98.45	21	10	744	566
2025-03-20	$88.16	$0.00	17.8%	4.8%	14.9%	41.0%	19.9%	5.6%	-0.2%	182.6K	-3.2M	-7.5K	0.07	112.50	73	5	752	576
2025-03-21	$87.34	$85.00	15.2%	5.8%	15.3%	29.9%	0.0%	-4.3%	3.7%	143.1K	-3.1M	-8.1K	0.02	104.84	563	9	781	579
2025-03-24	$88.47	$85.00	16.4%	5.7%	14.4%	35.0%	21.8%	5.9%	3.3%	532.2K	-3.7M	-12.2K	0.00	95.63	34	0	1,008	200
2025-03-25	$89.08	$85.00	17.1%	5.6%	14.5%	38.2%	21.0%	-4.3%	2.2%	578.9K	-4.2M	-12.2K	0.95	92.32	37	35	1,033	200
2025-03-26	$90.45	$85.00	18.8%	5.8%	15.0%	45.2%	20.9%	-2.1%	1.3%	547.3K	-5.4M	-12.2K	0.16	96.09	149	24	1,034	225
2025-03-27	$91.59	$85.00	19.2%	5.9%	14.4%	46.9%	20.6%	3.5%	1.6%	481.2K	-6.0M	-12.6K	0.26	91.26	57	15	1,029	250
2025-03-28	$90.67	$85.00	19.7%	6.1%	15.1%	49.0%	23.4%	-1.4%	1.7%	496.8K	-5.2M	-13.4K	2.03	85.37	37	75	1,038	258
2025-03-31	$92.04	$85.00	22.3%	6.4%	15.8%	60.3%	21.4%	1.6%	-0.3%	441.6K	-6.2M	-12.2K	0.18	85.60	67	12	1,038	273