M Options History — March 2025

In March 2025, M traded between $12.68 and $14.13. ATM implied volatility averaged 44.4%, placing in the 36.1% IV rank vs the trailing year. The 30-day expected move averaged 13.7%. IV traded below realized volatility by 1.6% (HV 20d: 46.0%). Max pain ranged from $14.00 to $15.00. Net GEX was positive for 8 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 0.49.

Notable Days

  • 2025-03-17: Highest Volume — 53,631 contracts
  • 2025-03-27: Largest IV spike — 41.3% change
  • 2025-03-05: Highest IV Rank — 66.0%
  • 2025-03-05: Largest Expected Move — 20.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$13.51$12.68$14.13$13.96$12.68
Max Pain$14.69$14.00$15.00$15.00$15.00
ATM IV44.4%29.9%63.0%58.4%36.3%
Expected Move13.7%10.7%20.9%18.9%12.1%
HV 20d46.0%30.1%52.8%30.1%52.6%
HV 60d40.9%36.7%44.0%36.7%40.7%
IV Rank36.1%12.7%66.0%58.6%23.1%
IV Percentile39.1%2.4%96.4%88.5%12.3%
Term Structure1.8%-14.5%24.5%-7.4%24.5%
VWIV47.2%37.9%73.8%66.2%42.2%
Skew 25d4.4%-9.8%26.1%2.5%14.1%
Skew 10d4.3%-32.9%30.5%30.5%-4.7%
Call IV 25d41.7%24.6%58.4%53.9%25.7%
Put IV 25d46.1%22.1%61.3%56.3%39.8%
Bid-Ask Spread %38.474.8663.4850.2347.02
Gamma HHI0.150.100.370.100.16
Net GEX-282.9K-1.8M1.8M-536.9K-681.5K
Net DEX34.0M14.0M57.9M30.3M43.6M
Net VEX-389.0K-412.9K-359.2K-410.1K-364.4K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.490.120.950.360.81
Total Volume21,704.6676,50853,63118,0947,635
Total OI206,364.143175,142240,269175,142181,207

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-03-03$13.96$15.0058.4%18.9%30.1%58.6%66.2%2.5%-7.4%-536.9K30.3M-410.1K0.3650.23N/AN/A13,2624,83279,53395,609
2025-03-04$13.49$15.0057.1%18.8%31.7%56.5%66.4%4.9%-3.2%-466.9K38.9M-391.9K0.539.92N/AN/A10,2775,42290,64799,559
2025-03-05$13.32$15.0063.0%20.9%31.7%66.0%73.8%2.9%-5.7%-454.5K40.2M-392.2K0.5954.63N/AN/A28,67917,05195,872102,090
2025-03-06$12.96$14.0045.0%17.3%32.4%37.0%52.5%10.0%-14.5%-1.3M57.9M-366.2K0.7261.64N/AN/A27,94120,007120,739119,530
2025-03-07$14.04$14.0047.3%14.0%44.3%40.8%48.6%2.3%3.4%1.8M14.0M-401.4K0.7959.59N/AN/A18,47014,513117,616121,850
2025-03-10$14.13$14.0040.0%15.5%43.7%29.1%54.4%26.1%22.5%6.9K21.7M-405.3K0.3761.25N/AN/A29,75511,03291,271107,699
2025-03-11$13.75$14.0048.9%15.1%44.3%43.4%52.1%4.1%-2.7%-422.5K34.3M-395.8K0.8860.87N/AN/A8,2967,31199,654111,729
2025-03-12$13.96$14.0043.7%12.7%44.4%35.0%44.9%6.2%-1.9%38.6K28.4M-394.8K0.2358.20N/AN/A16,3163,679103,999115,334
2025-03-13$13.73$14.0046.1%13.8%44.4%38.9%47.6%3.4%-2.1%-705.5K37.3M-384.6K0.7761.08N/AN/A6,6485,125106,580116,378
2025-03-14$13.07$14.5044.6%12.3%46.7%36.5%42.6%3.6%-0.8%-1.8M54.4M-368.5K0.9552.39N/AN/A11,40110,843106,052117,927
2025-03-17$13.89$15.0041.2%11.7%52.6%30.9%40.9%3.6%0.0%-275.0K23.1M-403.9K0.1639.64N/AN/A46,1417,49090,949106,791
2025-03-18$13.59$15.0041.9%12.7%52.1%32.1%42.0%2.1%1.5%186.2K28.0M-412.9K0.2115.68N/AN/A18,1713,840107,484109,924
2025-03-19$13.64$15.0040.9%11.7%52.1%30.6%40.6%3.3%1.3%324.8K28.1M-403.7K0.1463.48N/AN/A19,0192,701114,185110,256
2025-03-20$13.43$15.0044.4%12.0%51.0%36.1%38.4%0.7%16.0%10.4K34.4M-393.2K0.4413.74N/AN/A6,5042,864118,148110,812
2025-03-21$13.29$15.0040.8%11.8%49.3%30.4%40.7%2.6%-1.2%-494.9K38.0M-382.8K0.3022.47N/AN/A10,3113,133116,816110,280
2025-03-24$13.91$15.0038.9%10.7%52.5%27.3%37.9%-9.8%0.5%221.4K20.0M-396.8K0.124.91N/AN/A10,6141,29285,91591,560
2025-03-25$13.67$15.0039.6%11.1%51.9%28.3%39.6%10.5%2.8%273.7K23.9M-389.1K0.866.35N/AN/A3,4913,01791,84792,056
2025-03-26$13.27$15.0029.9%11.3%52.7%12.7%40.0%-0.4%11.9%-368.7K34.3M-377.0K0.424.86N/AN/A9,1013,78992,94093,888
2025-03-27$13.19$15.0042.2%11.3%51.7%32.5%38.8%-2.4%-5.0%-503.7K36.3M-374.6K0.215.53N/AN/A8,4741,75696,52796,292
2025-03-28$12.73$15.0041.5%11.9%52.8%31.5%41.8%3.1%-1.6%-765.7K46.2M-359.2K0.5054.34N/AN/A10,3745,22198,94197,161
2025-03-31$12.68$15.0036.3%12.1%52.6%23.1%42.2%14.1%24.5%-681.5K43.6M-364.4K0.8147.02N/AN/A4,2283,40785,07996,128