M Options History — January 2025

In January 2025, M traded between $13.88 and $16.69. ATM implied volatility averaged 39.5%, placing in the 28.3% IV rank vs the trailing year. The 30-day expected move averaged 11.4%. IV traded below realized volatility by 5.2% (HV 20d: 44.7%). Max pain ranged from $15.50 to $17.00. Net GEX was positive for 13 of 20 trading days. Term structure was in contango for 12 of 20 days. Put/call ratio averaged 0.57.

Notable Days

  • 2025-01-24: Highest Volume — 59,142 contracts
  • 2025-01-28: Largest IV spike — 36.8% change
  • 2025-01-07: Highest IV Rank — 43.9%
  • 2025-01-02: Largest Expected Move — 16.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$15.25$13.88$16.69$16.52$15.52
Max Pain$16.27$15.50$17.00$17.00$15.50
ATM IV39.5%26.4%49.2%48.6%38.4%
Expected Move11.4%7.9%16.2%16.2%10.6%
HV 20d44.7%38.5%50.0%41.6%38.5%
HV 60d43.0%40.8%44.3%40.9%44.3%
IV Rank28.3%7.2%43.9%42.8%26.5%
IV Percentile21.6%0.8%50.0%46.8%17.5%
Term Structure2.6%-3.8%21.1%-3.8%6.1%
VWIV40.8%34.7%57.2%56.7%38.4%
Skew 25d-0.1%-15.4%9.0%0.9%2.2%
Skew 10d2.8%-4.3%20.2%1.4%2.4%
Call IV 25d39.5%26.6%48.9%48.9%35.8%
Put IV 25d39.4%23.0%51.7%49.8%37.9%
Bid-Ask Spread %22.244.0259.0128.0751.69
Gamma HHI0.190.110.530.150.26
Net GEX-503.1K-5.6M1.8M779.5K1.8M
Net DEX22.2M-24.7M107.8M-12.8M-8.6M
Net VEX-470.8K-570.7K-366.1K-562.9K-484.4K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.570.101.490.200.20
Total Volume28,886.3510,38859,14217,41936,603
Total OI327,701.7216,762416,944386,266249,539

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-01-02$16.52$17.0048.6%16.2%41.6%42.8%56.7%0.9%-3.8%779.5K-12.8M-562.9K0.2028.07N/AN/A14,5182,901190,296195,970
2025-01-03$16.69$17.0045.2%15.7%41.7%37.5%57.2%3.5%-1.3%658.5K-24.7M-570.7K0.788.20N/AN/A7,1545,568197,877196,867
2025-01-06$16.45$17.0046.2%12.8%41.9%39.1%44.4%1.2%-0.6%357.1K-11.2M-541.7K0.2222.25N/AN/A27,9556,188191,198194,241
2025-01-07$16.30$17.0049.2%13.3%42.0%43.9%47.3%2.0%-1.5%734.8K-5.8M-549.9K1.067.15N/AN/A11,70012,448207,064198,258
2025-01-08$15.98$17.0044.9%12.6%41.6%36.9%44.7%1.8%2.9%327.0K19.9M-521.7K0.4710.63N/AN/A17,4578,268214,566202,378
2025-01-10$15.79$17.0046.2%12.2%41.6%39.1%43.3%-2.3%-0.5%-803.6K36.5M-490.2K0.4617.44N/AN/A21,3039,771212,404203,914
2025-01-13$14.66$17.0042.6%11.8%48.2%33.3%42.8%2.3%-0.9%-3.1M87.8M-404.4K1.2636.04N/AN/A12,15515,335202,706193,520
2025-01-14$14.04$17.0041.0%11.5%50.0%30.7%41.5%1.5%-1.4%-3.3M107.8M-366.1K1.314.02N/AN/A18,39024,134206,158191,305
2025-01-15$13.88$16.0038.6%11.0%49.7%26.8%38.1%1.7%0.3%-3.2M104.0M-367.8K1.4932.28N/AN/A14,39721,508214,380188,072
2025-01-16$13.95$16.0038.1%11.0%49.0%25.9%38.5%-15.4%0.3%-2.4M86.1M-414.6K0.485.81N/AN/A14,0096,660223,436188,588
2025-01-17$14.02$16.0031.6%10.5%49.2%15.6%38.4%-9.3%-1.1%-5.6M68.3M-410.1K0.7112.64N/AN/A13,2519,361227,476181,126
2025-01-21$14.36$16.0034.9%10.2%47.4%20.9%36.1%2.1%4.6%-533.0K26.9M-413.3K0.2859.01N/AN/A24,9917,080105,299111,463
2025-01-22$14.59$16.0035.5%10.2%47.8%21.8%35.6%1.9%3.8%389.6K16.5M-435.5K0.526.26N/AN/A15,9348,346113,685115,035
2025-01-23$14.95$16.0034.6%9.9%47.4%20.3%34.7%2.1%0.0%1.2M-376.9K-438.4K0.5839.28N/AN/A29,19817,047115,830120,361
2025-01-24$15.30$16.0034.6%9.8%47.8%20.4%34.8%1.6%0.2%134.4K-12.7M-497.1K0.105.99N/AN/A53,7525,390121,801133,879
2025-01-27$15.32$15.5026.4%10.2%47.7%7.2%36.5%-10.7%21.1%51.7K-1.2M-489.7K0.1611.52N/AN/A17,7542,819109,937122,607
2025-01-28$15.59$15.5036.1%10.0%41.1%22.8%36.3%9.0%1.3%724.8K-12.5M-488.6K0.6114.28N/AN/A11,2016,784113,111123,626
2025-01-29$15.48$15.5038.5%10.7%40.8%26.6%36.8%2.8%14.8%702.3K-7.1M-484.0K0.3257.46N/AN/A7,8542,534113,315123,565
2025-01-30$15.61$15.5039.2%7.9%38.8%27.7%34.8%-0.5%7.7%919.5K-13.5M-485.1K0.1014.88N/AN/A32,8043,205114,424124,757
2025-01-31$15.52$15.5038.4%10.6%38.5%26.5%38.4%2.2%6.1%1.8M-8.6M-484.4K0.2051.69N/AN/A30,5086,095123,075126,464