L Options History — October 2025

In October 2025, L traded between $97.80 and $103.06. ATM implied volatility averaged 21.4%, placing in the 25.6% IV rank vs the trailing year. The 30-day expected move averaged 5.8%. IV traded above realized volatility by 6.8% (HV 20d: 14.6%). Max pain ranged from $95.00 to $100.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 8 of 23 days. Put/call ratio averaged 0.98.

Notable Days

  • 2025-10-17: Highest Volume — 672 contracts
  • 2025-10-15: Largest IV drop — 51.6% change
  • 2025-10-14: Highest IV Rank — 56.0%
  • 2025-10-30: Largest Expected Move — 7.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$100.49$97.80$103.06$100.20$99.85
Max Pain$99.13$95.00$100.00$95.00$100.00
ATM IV21.4%13.8%37.3%16.8%23.2%
Expected Move5.8%3.9%7.3%4.8%6.6%
HV 20d14.6%11.7%16.4%14.6%16.0%
HV 60d14.5%13.7%15.4%14.6%13.8%
IV Rank25.6%10.9%56.0%16.7%28.9%
IV Percentile62.7%7.5%98.8%32.9%82.1%
Term Structure-0.5%-5.1%4.9%1.6%-1.4%
VWIV20.5%16.0%25.2%17.1%23.4%
Skew 25d0.5%-8.5%8.4%0.3%7.0%
Skew 10d1.1%-6.5%7.2%1.6%5.7%
Call IV 25d20.7%14.8%27.7%21.8%17.8%
Put IV 25d21.2%10.9%29.4%22.1%24.8%
Bid-Ask Spread %103.1994.50112.26103.7997.88
Gamma HHI0.540.350.680.380.59
Net GEX326.9K155.1K427.1K416.9K356.1K
Net DEX-6.7M-8.9M-4.3M-7.6M-5.4M
Net VEX-17.3K-19.9K-14.9K-15.8K-18.0K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.980.009.290.041.88
Total Volume65.78336725323
Total OI1,520.5221,4371,6831,4371,531

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-10-01$100.20$95.0016.8%4.8%14.6%16.7%0.0%0.3%1.6%416.9K-7.6M-15.8K0.04103.795121,144293
2025-10-02$101.69$95.0017.5%5.0%15.0%18.2%17.1%3.4%-1.2%404.0K-8.9M-15.5K0.7999.5275591,195296
2025-10-03$101.83$95.0013.8%3.9%14.1%10.9%18.2%-3.9%-2.8%329.4K-8.8M-16.5K0.01102.9211211,197354
2025-10-06$102.27$95.0014.9%5.5%13.5%13.1%18.6%0.1%-0.5%294.3K-8.1M-15.3K0.2994.5077221,103355
2025-10-07$103.06$100.0017.9%5.6%13.6%18.8%19.7%3.6%-3.5%329.9K-8.6M-14.9K0.8795.0730261,121374
2025-10-08$103.00$100.0022.2%5.0%13.6%27.1%19.4%0.7%1.1%231.6K-8.4M-15.1K0.0098.911401,112394
2025-10-09$102.40$100.0022.5%5.8%12.3%27.7%0.0%2.3%-0.5%254.0K-8.1M-16.1K0.00106.451401,123394
2025-10-10$101.19$100.0022.4%6.4%13.3%27.5%22.8%2.9%-0.1%312.4K-7.4M-16.6K0.2596.701231,123394
2025-10-13$101.47$100.0029.3%6.2%12.4%40.8%0.0%1.7%2.0%317.9K-7.3M-16.9K0.67107.90321,129393
2025-10-14$102.28$100.0037.3%5.4%11.7%56.0%19.3%1.5%4.9%277.4K-7.9M-15.6K0.08111.571211,129395
2025-10-15$100.58$100.0018.0%5.2%13.6%19.1%16.0%1.4%4.9%425.0K-7.4M-15.6K0.02104.3011721,131394
2025-10-16$98.15$100.0021.8%6.2%16.4%26.2%23.5%-1.2%1.1%427.1K-6.1M-19.5K9.29101.267651,245397
2025-10-17$98.82$100.0021.5%6.2%16.4%25.8%22.6%-1.2%-0.5%155.1K-6.0M-18.9K0.03103.26650221,242441
2025-10-20$99.31$100.0022.4%6.4%16.3%27.6%21.2%4.7%-3.0%313.1K-5.3M-19.4K0.1395.72811,106395
2025-10-21$99.57$100.0022.5%6.5%16.2%27.7%0.0%-6.3%-1.3%316.9K-5.3M-19.9K0.00102.78301,110395
2025-10-22$99.84$100.0017.5%5.0%15.3%18.1%23.1%8.4%1.7%345.5K-5.6M-19.1K0.33104.14311,110395
2025-10-23$100.00$100.0020.8%6.0%15.2%24.4%0.0%-8.5%1.2%338.6K-5.9M-18.8K0.20108.45511,112396
2025-10-24$100.17$100.0023.1%6.6%14.6%28.9%25.2%2.4%-3.3%317.3K-5.8M-18.9K0.15110.841321,107396
2025-10-27$100.00$100.0022.3%6.4%14.6%27.3%21.3%-2.9%-2.4%341.9K-5.7M-18.1K0.17107.111221,108396
2025-10-28$98.31$100.0017.2%4.9%15.4%17.5%19.0%-2.8%-1.1%368.6K-5.0M-17.9K0.28105.191851,098398
2025-10-29$97.80$100.0022.4%6.4%15.5%27.4%17.8%2.6%-3.0%316.8K-4.3M-18.4K0.12112.262631,111402
2025-10-30$99.55$100.0025.4%7.3%15.9%33.2%0.0%-5.4%-5.1%328.3K-5.4M-18.1K7.00102.75171,133405
2025-10-31$99.85$100.0023.2%6.6%16.0%28.9%23.4%7.0%-1.4%356.1K-5.4M-18.0K1.8897.888151,133398