L Options History — November 2025

In November 2025, L traded between $99.42 and $108.75. ATM implied volatility averaged 19.3%, placing in the 19.2% IV rank vs the trailing year. The 30-day expected move averaged 5.6%. IV traded above realized volatility by 6.2% (HV 20d: 13.2%). Max pain ranged from $90.00 to $100.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 0.88.

Notable Days

2025-11-21: Highest Volume — 370 contracts
2025-11-10: Largest IV spike — 49.4% change
2025-11-04: Highest IV Rank — 35.6%
2025-11-04: Largest Expected Move — 7.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$104.45	$99.42	$108.75	$99.42	$108.11
Max Pain	$93.16	$90.00	$100.00	$100.00	$95.00
ATM IV	19.3%	14.6%	26.6%	23.5%	16.6%
Expected Move	5.6%	4.7%	7.6%	6.7%	4.8%
HV 20d	13.2%	8.5%	16.7%	15.9%	8.5%
HV 60d	13.8%	13.6%	14.0%	13.8%	13.7%
IV Rank	19.2%	11.3%	35.6%	29.5%	12.0%
IV Percentile	52.3%	11.5%	88.9%	83.3%	25.4%
Term Structure	-0.2%	-6.1%	1.9%	-0.6%	-0.9%
VWIV	20.8%	16.9%	28.1%	24.2%	18.1%
Skew 25d	6.3%	1.4%	16.8%	5.6%	1.6%
Skew 10d	8.8%	-5.4%	31.5%	0.0%	7.1%
Call IV 25d	16.7%	13.1%	22.2%	19.3%	17.6%
Put IV 25d	23.0%	18.5%	30.0%	24.9%	19.2%
Bid-Ask Spread %	100.40	97.06	106.69	104.26	101.01
Gamma HHI	0.48	0.31	0.71	0.57	0.33
Net GEX	251.3K	107.1K	450.8K	354.2K	130.2K
Net DEX	-8.1M	-10.0M	-5.2M	-5.2M	-7.7M
Net VEX	-13.8K	-17.4K	-11.4K	-17.4K	-11.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.88	0.00	5.10	1.00	0.50
Total Volume	63.421	2	370	36	6
Total OI	1,586.158	1,357	1,831	1,561	1,377

Daily Data (19 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
2025-11-03	$99.42	$100.00	23.5%	6.7%	15.9%	29.5%	24.2%	5.6%	-0.6%	354.2K	-5.2M	-17.4K	1.00	104.26	18	18	1,141	420
2025-11-04	$100.72	$100.00	26.6%	7.6%	16.4%	35.6%	24.5%	4.7%	-6.1%	358.4K	-5.9M	-17.1K	0.02	100.27	102	2	1,140	424
2025-11-05	$100.92	$100.00	16.8%	4.8%	16.4%	16.6%	16.9%	3.9%	0.8%	450.8K	-6.9M	-15.4K	2.00	106.69	7	14	1,126	423
2025-11-06	$101.90	$90.00	21.8%	5.8%	16.7%	26.4%	20.0%	2.7%	-0.8%	377.0K	-6.9M	-15.8K	0.05	98.57	19	1	1,127	428
2025-11-07	$102.59	$90.00	14.6%	5.0%	16.3%	12.5%	20.3%	1.4%	-2.0%	347.4K	-7.5M	-15.1K	0.09	102.84	35	3	1,119	429
2025-11-10	$103.26	$90.00	21.8%	6.0%	16.4%	26.4%	21.8%	4.3%	1.2%	419.7K	-7.7M	-15.7K	0.46	97.80	70	32	1,149	428
2025-11-11	$103.95	$90.00	17.1%	6.1%	16.4%	17.3%	28.1%	5.0%	0.3%	291.6K	-8.7M	-13.4K	0.17	100.28	6	1	1,159	460
2025-11-12	$104.13	$90.00	17.5%	5.0%	15.0%	18.1%	20.5%	6.2%	1.3%	331.6K	-8.6M	-13.5K	0.09	98.64	23	2	1,156	460
2025-11-13	$104.34	$90.00	17.8%	5.1%	11.4%	14.5%	18.6%	4.2%	1.1%	285.7K	-9.0M	-12.0K	0.07	97.45	15	1	1,144	462
2025-11-14	$104.55	$90.00	18.1%	5.2%	11.3%	15.0%	18.5%	4.9%	1.9%	241.0K	-9.0M	-12.4K	0.81	99.78	78	63	1,149	462
2025-11-17	$104.20	$90.00	18.5%	5.3%	11.4%	16.0%	18.6%	8.6%	1.6%	147.7K	-9.3M	-12.9K	0.98	99.00	46	45	1,199	497
2025-11-18	$105.20	$90.00	20.6%	5.9%	11.7%	20.2%	20.7%	9.9%	0.2%	248.6K	-9.4M	-13.8K	2.30	97.06	23	53	1,233	502
2025-11-19	$105.59	$90.00	21.0%	6.0%	11.7%	21.0%	22.2%	16.8%	1.3%	142.4K	-9.8M	-13.3K	1.05	99.68	20	21	1,253	529
2025-11-20	$105.23	$95.00	20.8%	5.9%	11.9%	20.4%	21.2%	3.5%	-0.3%	123.6K	-9.6M	-13.5K	5.10	98.77	10	51	1,246	560
2025-11-21	$106.38	$95.00	20.2%	5.8%	12.3%	19.3%	21.0%	8.1%	-1.1%	107.1K	-10.0M	-13.5K	0.02	101.59	362	8	1,244	587
2025-11-24	$107.21	$95.00	21.0%	6.0%	12.3%	20.9%	20.8%	9.3%	0.6%	143.0K	-6.9M	-13.2K	1.62	97.24	13	21	925	432
2025-11-25	$108.04	$95.00	16.2%	4.7%	9.6%	11.3%	17.7%	5.2%	0.5%	142.3K	-7.4M	-11.8K	0.40	101.87	10	4	925	443
2025-11-26	$108.75	$95.00	16.8%	4.8%	8.9%	12.5%	0.0%	13.2%	-2.0%	131.9K	-7.5M	-12.0K	0.00	104.70	2	0	930	449
2025-11-28	$108.11	$95.00	16.6%	4.8%	8.5%	12.0%	18.1%	1.6%	-0.9%	130.2K	-7.7M	-11.4K	0.50	101.01	4	2	932	445