L Options History — April 2025

In April 2025, L traded between $80.51 and $92.04. ATM implied volatility averaged 32.1%, placing in the 53.5% IV rank vs the trailing year. The 30-day expected move averaged 8.6%. IV traded below realized volatility by 8.7% (HV 20d: 40.8%). Max pain ranged from $80.00 to $85.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 4 of 21 days. Put/call ratio averaged 1.29.

Notable Days

2025-04-11: Highest Volume — 295 contracts
2025-04-04: Largest IV spike — 59.9% change
2025-04-04: Highest IV Rank — 100.0%
2025-04-08: Largest Expected Move — 11.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$85.95	$80.51	$92.04	$92.04	$86.08
Max Pain	$84.05	$80.00	$85.00	$85.00	$80.00
ATM IV	32.1%	21.2%	60.2%	21.9%	23.5%
Expected Move	8.6%	6.1%	11.7%	6.3%	6.7%
HV 20d	40.8%	14.5%	48.7%	14.5%	48.0%
HV 60d	27.2%	16.6%	30.5%	17.3%	30.5%
IV Rank	53.5%	25.2%	100.0%	58.3%	29.5%
IV Percentile	94.4%	74.2%	100.0%	83.3%	83.7%
Term Structure	-3.5%	-9.5%	8.3%	0.1%	-5.9%
VWIV	31.5%	21.1%	36.7%	21.1%	30.3%
Skew 25d	4.6%	-5.9%	12.6%	2.4%	-0.4%
Skew 10d	4.8%	-4.9%	22.6%	-4.1%	-1.2%
Call IV 25d	27.6%	18.6%	35.8%	18.6%	27.2%
Put IV 25d	32.1%	20.6%	43.3%	21.0%	26.8%
Bid-Ask Spread %	91.09	82.36	98.59	89.38	93.48
Gamma HHI	0.33	0.17	0.60	0.58	0.19
Net GEX	190.9K	69.8K	435.3K	432.0K	105.1K
Net DEX	-2.4M	-6.0M	-495.5K	-6.0M	-1.8M
Net VEX	-10.5K	-12.5K	-8.4K	-12.5K	-8.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.29	0.00	5.73	0.42	0.00
Total Volume	88.905	3	295	47	10
Total OI	1,261.619	904	1,665	1,299	989

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
2025-04-01	$92.04	$85.00	21.9%	6.3%	14.5%	58.3%	0.0%	2.4%	0.1%	432.0K	-6.0M	-12.5K	0.42	89.38	33	14	1,019	280
2025-04-02	$91.94	$85.00	21.6%	6.4%	14.5%	57.2%	21.1%	4.0%	0.3%	435.3K	-5.9M	-12.2K	0.67	86.53	15	10	1,021	290
2025-04-03	$91.41	$85.00	24.4%	6.9%	14.5%	69.1%	24.9%	5.3%	-2.9%	426.5K	-5.5M	-12.5K	0.13	90.17	173	23	1,024	292
2025-04-04	$84.01	$85.00	39.1%	9.2%	34.5%	100.0%	32.2%	1.6%	-4.3%	168.8K	-1.1M	-10.9K	1.62	90.03	108	175	912	287
2025-04-07	$80.95	$85.00	53.1%	10.6%	36.8%	100.0%	36.7%	5.5%	-5.7%	124.5K	-661.4K	-10.6K	2.12	89.24	67	142	965	320
2025-04-08	$80.51	$85.00	60.2%	11.7%	36.8%	100.0%	0.0%	4.5%	-5.1%	92.8K	-495.5K	-11.4K	0.85	94.74	81	69	995	420
2025-04-09	$86.19	$85.00	31.0%	8.9%	44.6%	44.1%	29.6%	5.8%	-3.1%	237.7K	-2.7M	-12.2K	1.89	96.44	19	36	1,045	474
2025-04-10	$83.80	$85.00	31.3%	9.0%	45.7%	44.6%	31.7%	12.6%	-1.7%	150.9K	-1.5M	-11.4K	0.27	98.54	88	24	1,050	495
2025-04-11	$84.61	$85.00	34.5%	9.9%	45.4%	50.8%	36.4%	10.0%	-5.1%	165.6K	-1.7M	-11.8K	4.46	84.46	54	241	1,049	495
2025-04-14	$86.83	$85.00	32.3%	9.3%	46.1%	46.5%	31.4%	5.4%	-3.1%	338.7K	-3.2M	-10.7K	0.59	92.65	32	19	1,101	494
2025-04-15	$86.35	$85.00	28.2%	8.1%	46.1%	38.7%	29.4%	3.1%	0.3%	283.9K	-2.9M	-9.8K	1.50	93.14	8	12	1,113	512
2025-04-16	$84.95	$85.00	31.2%	8.9%	46.1%	44.4%	32.7%	10.0%	-4.5%	170.0K	-2.1M	-10.2K	1.52	90.70	44	67	1,117	505
2025-04-17	$85.80	$85.00	29.6%	8.5%	46.3%	41.3%	29.9%	-5.9%	-3.4%	208.5K	-2.5M	-9.8K	0.06	91.63	18	1	1,119	546
2025-04-21	$83.25	$85.00	31.4%	9.0%	47.3%	44.9%	36.0%	7.5%	-4.3%	69.8K	-1.0M	-9.7K	1.42	82.36	12	17	564	340
2025-04-22	$86.02	$85.00	32.6%	9.4%	48.7%	47.1%	34.7%	7.5%	-6.9%	85.6K	-1.5M	-9.9K	1.33	90.81	3	4	564	348
2025-04-23	$85.84	$85.00	32.4%	9.3%	48.6%	46.6%	33.7%	-5.9%	-7.2%	94.5K	-1.7M	-9.2K	2.00	98.59	1	2	565	351
2025-04-24	$86.64	$85.00	35.8%	10.2%	48.4%	53.1%	34.6%	9.1%	-9.5%	96.2K	-1.7M	-9.5K	0.19	85.15	94	18	565	352
2025-04-25	$85.31	$80.00	21.2%	6.1%	48.2%	25.2%	32.6%	5.4%	8.3%	106.7K	-1.7M	-9.9K	0.18	89.81	17	3	612	348
2025-04-28	$85.89	$80.00	29.5%	8.5%	48.3%	41.1%	27.7%	2.3%	-4.9%	105.7K	-1.9M	-8.7K	5.73	94.54	11	63	602	350
2025-04-29	$86.55	$80.00	29.8%	8.5%	48.0%	41.6%	32.7%	5.8%	-5.4%	109.8K	-2.0M	-8.9K	0.08	90.60	36	3	605	399
2025-04-30	$86.08	$80.00	23.5%	6.7%	48.0%	29.5%	30.3%	-0.4%	-5.9%	105.1K	-1.8M	-8.4K	0.00	93.48	10	0	588	401