M Options History — February 2025

In February 2025, M traded between $14.09 and $15.71. ATM implied volatility averaged 50.6%, placing in the 46.1% IV rank vs the trailing year. The 30-day expected move averaged 14.8%. IV traded above realized volatility by 20.4% (HV 20d: 30.2%). Max pain ranged from $15.00 to $15.50. Net GEX was positive for 3 of 19 trading days. Term structure was in contango for 8 of 19 days. Put/call ratio averaged 0.60.

Notable Days

  • 2025-02-20: Highest Volume — 49,764 contracts
  • 2025-02-13: Largest IV spike — 27.2% change
  • 2025-02-27: Highest IV Rank — 56.7%
  • 2025-02-28: Largest Expected Move — 18.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$14.85$14.09$15.71$15.34$14.20
Max Pain$15.08$15.00$15.50$15.50$15.00
ATM IV50.6%42.2%57.2%44.8%56.2%
Expected Move14.8%11.2%18.1%11.3%18.1%
HV 20d30.2%23.7%38.7%37.8%29.8%
HV 60d40.7%37.1%44.4%44.3%37.4%
IV Rank46.1%32.5%56.7%36.8%55.1%
IV Percentile61.3%28.2%86.1%39.3%83.3%
Term Structure1.5%-5.4%23.9%3.0%-2.7%
VWIV51.6%37.9%62.8%40.2%62.8%
Skew 25d2.1%-2.4%5.5%0.9%3.1%
Skew 10d4.7%-3.8%14.9%14.9%6.6%
Call IV 25d49.9%27.9%59.7%46.7%55.8%
Put IV 25d51.9%28.4%59.1%47.6%58.9%
Bid-Ask Spread %16.213.5860.045.1146.83
Gamma HHI0.220.110.800.120.12
Net GEX-938.5K-12.3M7.2M-66.5K-521.0K
Net DEX19.8M-18.5M52.9M5.5M31.3M
Net VEX-437.9K-482.8K-412.4K-482.8K-423.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.600.181.410.761.12
Total Volume15,490.6843,71249,76413,48910,359
Total OI225,215.263172,980257,272232,173196,153

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-02-03$15.34$15.5044.8%11.3%37.8%36.8%40.2%0.9%3.0%-66.5K5.5M-482.8K0.765.11N/AN/A7,6825,807112,359119,814
2025-02-04$15.11$15.5046.5%11.3%37.6%39.5%39.5%5.5%3.1%-1.1M18.0M-467.3K0.1930.66N/AN/A15,7852,935113,028125,141
2025-02-05$14.89$15.5045.2%11.2%37.6%37.4%37.9%2.4%12.7%-1.7M27.5M-463.0K0.5733.90N/AN/A5,9133,399115,025126,731
2025-02-06$14.59$15.0047.0%13.9%38.0%40.3%48.5%1.0%5.2%-2.1M39.9M-448.9K0.6026.16N/AN/A3,8742,336117,414127,971
2025-02-07$14.27$15.0049.2%14.4%38.1%43.8%50.9%3.7%1.4%-1.5M52.9M-441.6K0.7210.14N/AN/A9,7817,028118,577128,631
2025-02-10$14.48$15.0052.4%14.5%38.7%49.0%50.4%1.9%-3.7%-1.0M33.1M-430.0K0.2914.90N/AN/A7,0712,026108,131121,235
2025-02-11$14.68$15.0050.3%14.3%29.0%45.6%49.6%1.8%1.1%-768.2K25.3M-441.6K0.4711.78N/AN/A3,8621,800109,765122,767
2025-02-12$14.84$15.0042.2%14.5%24.3%32.5%51.2%0.4%23.9%-521.9K19.7M-440.6K0.864.21N/AN/A1,9931,719111,993123,426
2025-02-13$15.02$15.0053.6%14.6%23.9%50.9%52.5%3.7%-3.0%49.7K11.0M-433.3K0.184.31N/AN/A16,7752,994112,698123,297
2025-02-14$15.00$15.0052.9%14.4%24.0%49.9%50.5%2.9%-4.3%7.2M11.4M-432.1K0.594.35N/AN/A11,7576,996114,660124,740
2025-02-18$15.32$15.0052.6%14.9%24.8%49.3%52.9%2.1%-2.8%-585.5K3.3M-430.9K0.713.58N/AN/A11,7708,387107,988125,056
2025-02-19$15.34$15.0051.4%14.7%23.7%47.4%51.2%1.9%-5.4%-939.0K2.1M-428.1K0.854.05N/AN/A2,8572,438111,298129,885
2025-02-20$15.71$15.0051.5%14.9%24.4%47.6%52.4%3.1%-2.0%1.1M-18.5M-427.4K0.249.39N/AN/A40,1789,586111,625128,230
2025-02-21$15.04$15.0053.3%15.7%28.4%50.4%55.2%2.0%-4.2%-12.3M10.5M-419.7K1.4160.04N/AN/A9,25313,006124,448132,824
2025-02-24$15.09$15.0053.4%16.0%27.1%50.7%55.7%2.8%-2.7%-203.0K8.7M-437.8K0.724.84N/AN/A6,3544,57479,48293,498
2025-02-25$14.64$15.0056.5%16.5%29.0%55.6%57.3%0.4%-4.8%-773.3K23.6M-427.3K0.5314.10N/AN/A5,9113,13682,03896,763
2025-02-26$14.54$15.0045.4%17.3%28.1%37.7%60.6%-2.4%17.4%-1.1M27.8M-431.5K0.2913.29N/AN/A20,5406,05683,971102,818
2025-02-27$14.09$15.0057.2%17.9%29.8%56.7%61.6%2.6%-3.3%-1.0M42.8M-412.4K0.286.40N/AN/A14,4103,97590,026105,584
2025-02-28$14.20$15.0056.2%18.1%29.8%55.1%62.8%3.1%-2.7%-521.0K31.3M-423.7K1.1246.83N/AN/A4,8805,47994,852101,301