L Options History — February 2026

In February 2026, L traded between $105.59 and $111.53. ATM implied volatility averaged 20.0%, placing in the 19.0% IV rank vs the trailing year. The 30-day expected move averaged 5.8%. IV traded above realized volatility by 5.0% (HV 20d: 15.1%). Max pain ranged from $85.00 to $100.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 9 of 19 days. Put/call ratio averaged 1.27.

Notable Days

2026-02-26: Highest Volume — 498 contracts
2026-02-19: Largest IV spike — 32.2% change
2026-02-03: Highest IV Rank — 35.6%
2026-02-03: Largest Expected Move — 8.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$109.36	$105.59	$111.53	$105.59	$110.31
Max Pain	$93.42	$85.00	$100.00	$100.00	$100.00
ATM IV	20.0%	14.8%	28.2%	22.3%	20.5%
Expected Move	5.8%	4.3%	8.1%	6.4%	5.9%
HV 20d	15.1%	12.9%	16.4%	12.9%	15.4%
HV 60d	14.7%	13.5%	15.4%	13.5%	15.0%
IV Rank	19.0%	8.5%	35.6%	23.5%	20.0%
IV Percentile	54.7%	11.1%	92.5%	75.0%	61.9%
Term Structure	0.1%	-6.4%	3.8%	-0.7%	1.9%
VWIV	22.0%	13.2%	31.0%	19.0%	19.9%
Skew 25d	3.3%	-2.6%	10.8%	-0.5%	2.1%
Skew 10d	5.4%	-1.5%	14.6%	-1.5%	1.8%
Call IV 25d	17.1%	12.2%	26.2%	26.2%	17.8%
Put IV 25d	20.4%	14.6%	28.5%	25.7%	20.0%
Bid-Ask Spread %	105.02	98.53	110.34	106.46	104.55
Gamma HHI	0.48	0.38	0.91	0.39	0.91
Net GEX	174.6K	127.7K	571.9K	184.9K	571.9K
Net DEX	-4.5M	-7.2M	-3.4M	-3.4M	-7.2M
Net VEX	-10.8K	-15.4K	-9.3K	-10.6K	-15.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.27	0.00	6.00	0.04	0.67
Total Volume	54.947	5	498	26	5
Total OI	933.211	833	1,412	833	1,412

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
2026-02-02	$105.59	$100.00	22.3%	6.4%	12.9%	23.5%	19.0%	-0.5%	-0.7%	184.9K	-3.4M	-10.6K	0.04	106.46	25	1	596	237
2026-02-03	$106.91	$100.00	28.2%	8.1%	12.9%	35.6%	27.4%	10.8%	-6.4%	181.1K	-3.7M	-10.5K	0.09	105.99	32	3	597	239
2026-02-04	$109.34	$100.00	22.2%	6.4%	14.8%	23.4%	30.1%	0.8%	-1.3%	170.0K	-4.5M	-9.7K	0.00	107.64	25	0	600	242
2026-02-05	$110.78	$85.00	22.9%	6.6%	15.3%	24.8%	24.7%	3.6%	-3.0%	148.9K	-4.8M	-9.3K	0.07	101.38	166	11	601	242
2026-02-06	$111.53	$85.00	22.7%	6.6%	15.4%	24.4%	19.8%	5.6%	-1.2%	139.7K	-4.8M	-10.9K	0.75	98.53	24	18	613	250
2026-02-09	$110.79	$85.00	19.9%	5.2%	15.4%	18.7%	20.8%	4.0%	-0.7%	144.7K	-4.9M	-10.4K	1.74	102.05	23	40	631	267
2026-02-10	$110.24	$90.00	15.0%	5.0%	15.3%	8.8%	17.1%	0.2%	3.8%	130.0K	-4.5M	-10.6K	1.17	109.05	6	7	636	292
2026-02-11	$110.17	$90.00	18.3%	5.3%	13.7%	15.6%	0.0%	-1.3%	3.2%	159.8K	-4.4M	-10.8K	0.21	107.20	14	3	635	287
2026-02-12	$110.31	$90.00	18.9%	5.4%	13.5%	16.7%	15.2%	3.2%	3.0%	148.4K	-4.8M	-10.4K	0.71	110.34	7	5	650	287
2026-02-13	$108.82	$90.00	19.0%	5.5%	14.3%	17.0%	28.3%	4.0%	1.5%	168.3K	-4.3M	-11.3K	6.00	106.62	1	6	656	286
2026-02-17	$110.41	$90.00	21.0%	6.0%	14.5%	20.9%	23.8%	10.8%	1.4%	139.4K	-4.7M	-10.8K	2.29	102.46	7	16	659	289
2026-02-18	$108.75	$90.00	14.8%	4.3%	16.0%	8.5%	13.2%	7.4%	2.8%	166.6K	-4.5M	-10.4K	0.00	106.05	5	0	664	297
2026-02-19	$108.16	$90.00	19.6%	5.6%	16.2%	18.1%	23.2%	5.0%	-2.7%	165.9K	-4.2M	-10.9K	4.83	101.67	6	29	663	297
2026-02-20	$109.24	$95.00	20.9%	6.0%	16.4%	20.7%	21.5%	4.3%	-2.5%	157.2K	-4.3M	-10.9K	2.33	104.29	6	14	662	318
2026-02-23	$108.74	$95.00	17.1%	4.9%	16.2%	13.0%	22.5%	3.9%	3.3%	144.7K	-3.8M	-10.6K	1.31	98.84	13	17	582	308
2026-02-24	$109.06	$100.00	20.8%	6.0%	16.1%	20.5%	31.0%	4.1%	-2.7%	127.7K	-4.0M	-10.6K	0.00	104.74	0	6	587	322
2026-02-25	$109.40	$100.00	18.4%	5.3%	15.9%	15.6%	19.3%	-2.6%	2.2%	139.9K	-3.9M	-10.5K	0.67	107.71	3	2	588	325
2026-02-26	$109.26	$100.00	18.3%	5.3%	16.0%	15.6%	19.6%	-2.2%	-0.3%	127.8K	-4.2M	-10.1K	0.00	109.78	496	2	588	326
2026-02-27	$110.31	$100.00	20.5%	5.9%	15.4%	20.0%	19.9%	2.1%	1.9%	571.9K	-7.2M	-15.4K	0.67	104.55	3	2	1,084	328