L Options History — January 2026

In January 2026, L traded between $101.69 and $105.72. ATM implied volatility averaged 19.7%, placing in the 18.4% IV rank vs the trailing year. The 30-day expected move averaged 5.3%. IV traded above realized volatility by 6.3% (HV 20d: 13.4%). Max pain ranged from $95.00 to $105.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 9 of 20 days. Put/call ratio averaged 0.29.

Notable Days

2026-01-16: Highest Volume — 59 contracts
2026-01-22: Largest IV spike — 49.3% change
2026-01-09: Highest IV Rank — 36.4%
2026-01-22: Largest Expected Move — 7.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$103.63	$101.69	$105.72	$104.45	$105.37
Max Pain	$98.50	$95.00	$105.00	$100.00	$100.00
ATM IV	19.7%	13.8%	28.6%	20.0%	16.7%
Expected Move	5.3%	3.9%	7.1%	5.7%	4.8%
HV 20d	13.4%	10.8%	16.6%	16.6%	13.7%
HV 60d	14.1%	13.2%	14.9%	14.7%	13.7%
IV Rank	18.4%	6.3%	36.4%	18.9%	12.3%
IV Percentile	48.5%	7.1%	93.3%	58.7%	25.0%
Term Structure	-0.2%	-6.9%	6.6%	-2.7%	2.4%
VWIV	19.7%	7.8%	48.0%	48.0%	17.4%
Skew 25d	0.6%	-7.3%	5.4%	4.1%	2.4%
Skew 10d	-2.4%	-6.7%	8.9%	8.9%	2.8%
Call IV 25d	17.7%	13.8%	21.0%	16.7%	18.9%
Put IV 25d	18.3%	11.9%	24.1%	20.8%	21.3%
Bid-Ask Spread %	106.48	103.06	112.44	112.44	104.74
Gamma HHI	0.39	0.36	0.46	0.39	0.39
Net GEX	165.0K	130.5K	186.2K	172.3K	179.3K
Net DEX	-2.7M	-3.3M	-2.2M	-3.0M	-3.2M
Net VEX	-11.0K	-11.7K	-10.5K	-11.4K	-10.7K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.29	0.00	2.00	0.10	0.00
Total Volume	14.95	0	59	34	16
Total OI	808.4	773	839	790	823

Daily Data (20 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
2026-01-02	$104.45	$100.00	20.0%	5.7%	16.6%	18.9%	48.0%	4.1%	-2.7%	172.3K	-3.0M	-11.4K	0.10	112.44	31	3	586	204
2026-01-05	$105.72	$95.00	15.9%	5.9%	16.5%	10.7%	19.2%	-0.6%	-1.9%	181.2K	-3.2M	-11.3K	0.00	103.81	21	0	593	207
2026-01-06	$105.09	$95.00	16.7%	5.6%	15.9%	12.2%	19.1%	2.4%	-0.3%	182.0K	-3.1M	-11.5K	0.30	103.66	10	3	599	207
2026-01-07	$105.32	$95.00	24.6%	5.0%	14.7%	28.3%	0.0%	-0.6%	1.8%	175.9K	-3.1M	-11.5K	0.00	109.17	2	0	594	210
2026-01-08	$105.56	$95.00	25.8%	5.1%	14.2%	30.7%	18.0%	-0.4%	0.7%	178.9K	-3.3M	-11.2K	0.50	108.13	4	2	594	210
2026-01-09	$104.81	$95.00	28.6%	5.5%	14.5%	36.4%	0.0%	-1.8%	0.1%	171.6K	-3.2M	-11.2K	0.00	108.72	4	0	594	209
2026-01-12	$104.23	$95.00	25.2%	5.0%	13.2%	29.4%	16.6%	2.9%	-0.7%	181.0K	-2.9M	-10.7K	0.14	104.88	7	1	598	209
2026-01-13	$102.59	$105.00	18.4%	4.7%	14.2%	15.6%	20.2%	0.4%	-0.1%	156.9K	-2.5M	-10.9K	0.75	103.06	4	3	596	210
2026-01-14	$103.68	$105.00	13.8%	3.9%	14.4%	6.3%	13.9%	-2.3%	4.0%	179.4K	-2.6M	-10.8K	0.00	111.00	0	32	597	211
2026-01-15	$102.91	$105.00	15.4%	4.4%	14.2%	9.6%	7.8%	-0.4%	1.0%	170.8K	-2.6M	-10.8K	0.08	106.44	13	1	597	242
2026-01-16	$102.36	$100.00	16.5%	4.7%	12.6%	11.9%	19.3%	-7.3%	-1.7%	130.5K	-2.4M	-10.7K	0.09	106.28	54	5	604	235
2026-01-20	$102.36	$95.00	23.8%	6.8%	12.5%	26.7%	20.7%	5.4%	-1.6%	137.1K	-2.4M	-10.9K	0.13	103.17	38	5	546	227
2026-01-21	$102.32	$95.00	16.5%	4.7%	12.5%	11.9%	13.8%	2.4%	2.7%	151.0K	-2.4M	-11.3K	0.25	107.92	4	1	570	230
2026-01-22	$102.42	$95.00	24.7%	7.1%	10.8%	28.4%	24.6%	3.0%	-6.9%	151.0K	-2.2M	-11.1K	2.00	107.21	1	2	571	231
2026-01-23	$101.69	$100.00	21.2%	6.1%	10.9%	21.4%	21.9%	1.9%	-2.5%	152.3K	-2.2M	-10.9K	0.75	105.57	4	3	571	233
2026-01-26	$102.58	$100.00	17.0%	4.9%	11.6%	12.9%	17.5%	-3.0%	-0.6%	152.1K	-2.4M	-10.9K	0.20	103.08	15	3	571	234
2026-01-27	$102.27	$100.00	17.9%	5.1%	11.3%	14.7%	16.6%	0.4%	6.6%	155.9K	-2.3M	-11.7K	0.00	105.22	1	0	582	237
2026-01-28	$102.57	$100.00	16.0%	4.6%	11.4%	10.9%	0.0%	2.8%	1.9%	155.2K	-2.4M	-10.9K	0.00	109.21	0	0	581	237
2026-01-29	$104.32	$100.00	20.0%	5.7%	13.2%	18.9%	20.2%	0.8%	-6.0%	186.2K	-2.8M	-10.5K	0.00	105.79	6	0	581	237
2026-01-30	$105.37	$100.00	16.7%	4.8%	13.7%	12.3%	17.4%	2.4%	2.4%	179.3K	-3.2M	-10.7K	0.00	104.74	16	0	586	237