L Options History — August 2025

In August 2025, L traded between $90.02 and $96.86. ATM implied volatility averaged 15.8%, placing in the 14.7% IV rank vs the trailing year. The 30-day expected move averaged 4.3%. IV traded below realized volatility by 1.2% (HV 20d: 17.0%). Max pain ranged from $80.00 to $90.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 16 of 21 days. Put/call ratio averaged 0.90.

Notable Days

2025-08-15: Highest Volume — 432 contracts
2025-08-12: Largest IV spike — 76.6% change
2025-08-12: Highest IV Rank — 38.9%
2025-08-01: Largest Expected Move — 7.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$94.88	$90.02	$96.86	$90.02	$96.58
Max Pain	$86.90	$80.00	$90.00	$80.00	$90.00
ATM IV	15.8%	10.6%	28.3%	25.7%	11.7%
Expected Move	4.3%	3.0%	7.4%	7.4%	3.4%
HV 20d	17.0%	14.7%	18.5%	14.9%	14.7%
HV 60d	15.2%	14.7%	16.0%	14.7%	14.7%
IV Rank	14.7%	4.9%	38.9%	33.9%	6.9%
IV Percentile	22.4%	0.4%	93.7%	88.1%	1.2%
Term Structure	0.4%	-5.5%	2.9%	-2.9%	-0.3%
VWIV	15.2%	8.3%	25.5%	25.5%	14.8%
Skew 25d	-0.7%	-5.0%	8.5%	4.3%	-5.0%
Skew 10d	-0.2%	-5.1%	7.6%	4.7%	-5.1%
Call IV 25d	14.9%	10.9%	23.6%	23.6%	13.7%
Put IV 25d	14.2%	8.7%	27.9%	27.9%	8.7%
Bid-Ask Spread %	96.32	85.88	101.96	96.77	98.12
Gamma HHI	0.39	0.31	0.46	0.43	0.39
Net GEX	445.1K	310.9K	615.0K	310.9K	552.5K
Net DEX	-7.0M	-8.0M	-4.4M	-4.4M	-7.8M
Net VEX	-13.2K	-15.6K	-10.9K	-15.6K	-14.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.90	0.00	10.50	0.20	0.06
Total Volume	87.714	0	432	104	19
Total OI	1,643.81	1,536	1,756	1,536	1,737

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
2025-08-01	$90.02	$80.00	25.7%	7.4%	14.9%	33.9%	25.5%	4.3%	-2.9%	310.9K	-4.4M	-15.6K	0.20	96.77	87	17	1,074	462
2025-08-04	$92.87	$85.00	15.6%	4.7%	18.2%	14.4%	16.6%	-4.6%	1.3%	392.2K	-6.5M	-13.4K	0.54	98.65	193	104	1,140	479
2025-08-05	$93.38	$85.00	15.9%	4.6%	18.2%	15.0%	16.6%	2.2%	1.1%	341.2K	-6.5M	-12.2K	1.35	93.04	52	70	1,105	536
2025-08-06	$94.30	$85.00	16.5%	4.8%	18.1%	16.1%	17.7%	8.5%	0.8%	344.4K	-7.0M	-11.8K	0.11	97.92	85	9	1,108	493
2025-08-07	$93.25	$85.00	15.0%	4.6%	18.5%	13.3%	16.0%	2.5%	0.9%	378.3K	-6.5M	-11.7K	0.02	101.75	56	1	1,118	497
2025-08-08	$93.56	$85.00	19.1%	4.4%	18.5%	21.1%	16.2%	-4.5%	1.4%	362.7K	-6.8M	-11.5K	0.13	95.86	24	3	1,126	498
2025-08-11	$93.74	$85.00	16.1%	4.5%	18.3%	15.3%	15.8%	3.4%	2.4%	352.1K	-6.7M	-11.4K	0.11	85.88	106	12	1,120	500
2025-08-12	$94.47	$85.00	28.3%	4.4%	17.4%	38.9%	15.2%	-2.2%	1.4%	364.2K	-7.2M	-10.9K	0.06	98.52	48	3	1,154	500
2025-08-13	$95.35	$85.00	16.7%	4.8%	17.5%	16.5%	16.7%	1.9%	0.7%	370.0K	-7.7M	-11.4K	0.00	99.92	97	0	1,180	499
2025-08-14	$95.58	$85.00	15.3%	4.4%	16.9%	13.9%	15.3%	1.1%	0.5%	368.2K	-8.0M	-11.4K	0.46	96.00	13	6	1,196	499
2025-08-15	$95.18	$85.00	16.3%	4.7%	17.0%	15.7%	16.5%	3.2%	-1.8%	391.6K	-7.7M	-11.8K	0.05	90.21	411	21	1,195	503
2025-08-18	$94.60	$85.00	16.1%	4.6%	16.4%	15.3%	15.9%	-2.3%	0.8%	500.5K	-6.0M	-14.6K	1.42	93.57	12	17	1,158	395
2025-08-19	$95.82	$90.00	14.4%	4.1%	16.8%	12.0%	13.7%	-1.7%	2.0%	524.2K	-6.7M	-13.7K	1.59	87.71	17	27	1,164	412
2025-08-20	$96.86	$90.00	13.0%	3.7%	17.1%	9.4%	14.8%	-4.7%	-0.4%	499.5K	-7.6M	-13.1K	0.22	100.79	92	20	1,170	418
2025-08-21	$96.32	$90.00	16.7%	4.8%	17.1%	16.5%	15.6%	0.4%	1.0%	495.2K	-7.2M	-14.2K	0.75	96.93	4	3	1,185	433
2025-08-22	$96.31	$90.00	11.5%	3.3%	17.1%	6.6%	10.4%	-4.4%	0.8%	524.1K	-7.2M	-13.8K	0.25	100.99	4	1	1,186	434
2025-08-25	$95.73	$90.00	12.0%	3.4%	16.3%	7.5%	8.3%	-4.7%	0.7%	522.2K	-6.9M	-13.7K	0.04	101.96	131	5	1,184	435
2025-08-26	$95.60	$90.00	10.6%	3.0%	16.3%	4.9%	9.3%	-3.7%	2.9%	615.0K	-7.2M	-15.6K	10.50	97.37	2	21	1,298	437
2025-08-27	$96.48	$90.00	13.1%	3.7%	15.7%	9.5%	13.9%	-1.5%	0.2%	584.9K	-7.8M	-15.0K	0.09	97.69	45	4	1,299	457
2025-08-28	$96.42	$90.00	11.7%	3.4%	15.5%	7.0%	0.0%	-2.7%	-5.5%	553.7K	-7.5M	-15.4K	0.00	93.10	0	0	1,278	458
2025-08-29	$96.58	$90.00	11.7%	3.4%	14.7%	6.9%	14.8%	-5.0%	-0.3%	552.5K	-7.8M	-14.4K	0.06	98.12	18	1	1,278	459