L Options History — July 2025

In July 2025, L traded between $89.94 and $92.52. ATM implied volatility averaged 20.2%, placing in the 23.2% IV rank vs the trailing year. The 30-day expected move averaged 5.8%. IV traded above realized volatility by 4.9% (HV 20d: 15.3%). Max pain ranged from $80.00 to $90.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 8 of 22 days. Put/call ratio averaged 1.00.

Notable Days

  • 2025-07-07: Highest Volume — 179 contracts
  • 2025-07-10: Largest IV spike — 41.4% change
  • 2025-07-10: Highest IV Rank — 37.8%
  • 2025-07-10: Largest Expected Move — 8.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$91.33$89.94$92.52$92.38$90.95
Max Pain$85.00$80.00$90.00$90.00$85.00
ATM IV20.2%14.1%27.8%20.2%23.7%
Expected Move5.8%4.0%8.0%5.8%6.8%
HV 20d15.3%13.8%17.1%13.8%15.3%
HV 60d17.9%14.6%30.2%30.2%14.6%
IV Rank23.2%11.6%37.8%23.3%29.9%
IV Percentile58.6%6.3%92.5%64.7%82.5%
Term Structure-0.5%-8.4%7.8%0.9%-3.8%
VWIV22.1%14.1%28.9%18.3%20.7%
Skew 25d4.0%-2.6%11.6%4.8%7.0%
Skew 10d4.2%-7.4%13.4%-3.7%7.0%
Call IV 25d16.9%10.2%23.5%15.7%18.4%
Put IV 25d20.9%14.0%25.5%20.6%25.5%
Bid-Ask Spread %100.9088.32114.1498.3188.32
Gamma HHI0.410.320.480.320.46
Net GEX263.2K196.0K338.9K202.2K338.9K
Net DEX-4.5M-5.7M-3.6M-3.7M-4.8M
Net VEX-16.0K-18.2K-14.1K-16.0K-15.0K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.000.009.000.350.18
Total Volume52.318717917639
Total OI1,615.0451,3741,7821,4511,528

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-07-01$92.38$90.0020.2%5.8%13.8%23.3%18.3%4.8%0.9%202.2K-3.7M-16.0K0.3598.3113046835616
2025-07-02$91.35$90.0019.2%5.5%14.6%21.3%17.5%4.3%1.8%198.6K-3.7M-18.1K0.0998.77585940661
2025-07-03$92.50$90.0019.0%6.0%13.9%20.9%22.4%2.0%-0.4%228.8K-4.4M-18.2K2.33102.37614967666
2025-07-07$91.25$90.0020.2%6.2%15.0%23.2%22.3%3.5%-0.6%206.8K-3.6M-17.5K0.3495.9213445965660
2025-07-08$91.75$85.0021.7%5.9%15.0%26.1%0.0%7.8%3.7%259.6K-4.7M-17.6K0.81100.8727221,068703
2025-07-09$91.02$85.0019.6%5.6%15.1%22.2%0.0%3.1%-1.6%256.8K-4.4M-17.2K0.60114.14531,069705
2025-07-10$90.44$85.0027.8%8.0%14.8%37.8%26.9%5.4%-8.4%230.7K-3.9M-17.4K9.00105.025451,074708
2025-07-11$90.76$85.0021.1%6.0%14.6%25.0%20.0%9.6%-3.3%257.4K-4.1M-16.3K3.00102.126181,077665
2025-07-14$91.50$85.0021.8%6.3%14.7%26.4%23.2%2.2%0.6%254.2K-4.6M-16.4K0.5699.0918101,081677
2025-07-15$90.13$85.0022.3%6.4%15.6%27.2%26.4%1.3%2.1%204.6K-4.1M-16.5K2.5099.38251,088680
2025-07-16$90.85$85.0021.4%6.1%15.8%25.6%0.0%-0.4%0.8%196.0K-4.4M-16.4K0.45108.761151,088686
2025-07-17$92.18$85.0017.5%5.0%16.4%18.1%22.9%0.8%-3.2%247.7K-5.5M-14.9K0.10105.834141,093673
2025-07-18$92.52$85.0014.2%4.1%16.4%11.7%18.8%11.6%7.8%250.1K-5.7M-14.4K0.1399.745271,093675
2025-07-21$91.38$85.0014.1%4.0%17.1%11.6%24.3%-2.6%3.3%272.2K-4.2M-14.9K0.10106.3310310902472
2025-07-22$91.95$85.0016.9%4.8%16.1%16.9%14.1%5.6%-1.6%282.9K-5.1M-15.8K0.10104.858181,023468
2025-07-23$91.90$85.0020.2%5.8%16.1%23.2%23.4%1.4%-2.0%300.7K-5.1M-15.7K0.0399.773011,032471
2025-07-24$91.38$80.0022.3%6.4%15.4%27.3%28.9%11.4%-1.5%303.5K-4.9M-15.6K0.23101.093071,045470
2025-07-25$91.75$80.0018.1%5.2%15.1%19.3%26.9%6.5%-1.6%312.5K-5.1M-14.7K0.00105.174601,025455
2025-07-28$90.45$80.0020.0%5.7%16.0%22.9%19.4%-1.0%-1.5%329.5K-4.4M-14.1K0.1598.522031,017455
2025-07-29$90.88$80.0022.4%6.4%15.1%27.4%22.6%4.8%-2.4%318.6K-4.6M-14.4K0.8289.7717141,016454
2025-07-30$89.94$85.0020.6%5.9%15.2%24.1%21.5%-0.3%-0.2%337.9K-4.1M-14.1K0.1395.741621,026459
2025-07-31$90.95$85.0023.7%6.8%15.3%29.9%20.7%7.0%-3.8%338.9K-4.8M-15.0K0.1888.323361,068460