M Options History — April 2025

In April 2025, M traded between $9.88 and $13.25. ATM implied volatility averaged 58.8%, placing in the 47.6% IV rank vs the trailing year. The 30-day expected move averaged 16.2%. IV traded below realized volatility by 32.6% (HV 20d: 91.4%). Max pain ranged from $13.00 to $15.00. Net GEX was positive for 4 of 21 trading days. Term structure was in contango for 15 of 21 days. Put/call ratio averaged 0.75.

Notable Days

2025-04-08: Highest Volume — 45,485 contracts
2025-04-10: Largest IV spike — 96.8% change
2025-04-08: Highest IV Rank — 100.0%
2025-04-08: Largest Expected Move — 23.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.33	$9.88	$13.25	$12.84	$11.39
Max Pain	$13.86	$13.00	$15.00	$15.00	$13.00
ATM IV	58.8%	27.1%	104.2%	27.1%	60.5%
Expected Move	16.2%	12.2%	23.6%	12.3%	14.4%
HV 20d	91.4%	51.7%	105.3%	51.7%	101.1%
HV 60d	61.5%	40.7%	67.0%	40.7%	67.0%
IV Rank	47.6%	8.3%	100.0%	8.3%	46.9%
IV Percentile	76.9%	1.2%	100.0%	1.2%	90.5%
Term Structure	2.3%	-30.6%	28.6%	13.3%	-1.6%
VWIV	57.6%	42.6%	81.8%	42.8%	51.1%
Skew 25d	11.7%	-9.7%	53.4%	17.7%	8.3%
Skew 10d	18.7%	-20.3%	101.7%	-13.5%	14.9%
Call IV 25d	53.5%	26.5%	89.5%	26.5%	56.5%
Put IV 25d	65.2%	44.2%	134.4%	44.2%	64.8%
Bid-Ask Spread %	41.85	14.49	63.01	53.13	57.57
Gamma HHI	0.15	0.10	0.26	0.16	0.26
Net GEX	-211.8K	-695.7K	537.7K	-669.3K	537.7K
Net DEX	48.5M	31.7M	62.2M	40.6M	39.5M
Net VEX	-363.0K	-407.6K	-293.5K	-370.1K	-403.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.75	0.08	3.85	1.37	1.17
Total Volume	17,596.19	3,618	45,485	11,982	3,618
Total OI	222,303.714	184,946	246,267	184,946	236,667

Daily Data (21 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 Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-04-01	$12.84	$15.00	27.1%	12.3%	51.7%	8.3%	42.8%	17.7%	13.3%	-669.3K	40.6M	-370.1K	1.37	53.13	N/A	N/A	5,050	6,932	86,850	98,096
2025-04-02	$13.25	$15.00	42.4%	12.2%	52.9%	33.0%	42.6%	4.9%	1.0%	-260.7K	31.7M	-401.6K	0.11	57.53	N/A	N/A	25,654	2,888	89,601	103,151
2025-04-03	$11.39	$14.00	51.4%	15.2%	75.0%	47.5%	53.9%	15.4%	1.1%	-669.2K	62.2M	-327.4K	1.01	49.32	N/A	N/A	13,024	13,181	102,525	104,967
2025-04-04	$11.45	$14.00	66.0%	19.0%	67.9%	70.9%	67.3%	21.4%	-5.6%	-695.7K	51.3M	-367.8K	0.41	36.47	N/A	N/A	25,475	10,373	108,848	106,675
2025-04-07	$10.82	$14.00	72.3%	19.3%	69.6%	80.9%	70.7%	7.6%	-5.6%	-490.6K	57.1M	-327.9K	0.77	44.16	N/A	N/A	6,541	5,045	91,590	106,419
2025-04-08	$9.88	$14.00	104.2%	23.6%	74.7%	100.0%	81.8%	53.4%	-30.6%	-387.6K	60.4M	-293.5K	1.27	63.01	N/A	N/A	19,993	25,492	95,892	108,591
2025-04-09	$11.91	$14.00	38.9%	16.0%	103.6%	20.6%	57.1%	6.0%	13.8%	173.8K	35.2M	-396.6K	0.51	53.07	N/A	N/A	18,657	9,551	107,010	127,558
2025-04-10	$11.21	$14.00	76.5%	21.2%	105.3%	66.4%	72.4%	-9.7%	3.6%	-6.4K	48.4M	-356.7K	0.68	43.60	N/A	N/A	3,901	2,651	109,524	127,511
2025-04-11	$11.36	$14.00	59.4%	18.4%	104.6%	45.6%	60.7%	20.3%	5.2%	-446.0K	48.9M	-357.0K	0.13	50.43	N/A	N/A	19,942	2,665	111,074	128,322
2025-04-14	$11.39	$14.00	51.2%	13.9%	101.5%	35.7%	58.4%	11.3%	28.6%	-122.5K	49.0M	-355.1K	0.59	55.94	N/A	N/A	4,267	2,519	106,451	108,527
2025-04-15	$11.21	$14.00	58.1%	16.7%	101.5%	44.0%	55.3%	9.5%	1.8%	-239.1K	51.2M	-339.0K	0.33	48.80	N/A	N/A	10,979	3,600	106,990	107,313
2025-04-16	$11.00	$14.00	58.5%	16.8%	101.4%	44.4%	56.8%	11.2%	4.3%	-113.4K	52.5M	-379.2K	3.85	54.84	N/A	N/A	4,528	17,438	117,515	113,842
2025-04-17	$11.16	$14.00	56.9%	16.2%	101.8%	42.6%	55.4%	10.6%	2.7%	-428.3K	50.4M	-375.5K	0.33	14.49	N/A	N/A	6,364	2,073	118,639	127,628
2025-04-21	$10.77	$14.00	58.0%	16.6%	102.2%	43.9%	63.2%	9.2%	10.7%	-490.2K	55.4M	-354.2K	0.56	20.51	N/A	N/A	4,984	2,771	102,475	122,726
2025-04-22	$10.89	$14.00	58.9%	15.5%	100.4%	44.9%	54.6%	13.3%	3.3%	-381.0K	52.9M	-356.5K	0.08	25.32	N/A	N/A	23,271	1,807	103,233	122,738
2025-04-23	$10.82	$14.00	59.3%	15.7%	100.4%	45.5%	54.7%	5.9%	0.6%	-138.6K	53.5M	-353.3K	0.18	15.00	N/A	N/A	15,836	2,823	111,449	123,445
2025-04-24	$11.00	$13.00	57.7%	14.9%	100.6%	43.6%	57.2%	7.7%	2.6%	-132.8K	52.2M	-358.6K	0.45	47.54	N/A	N/A	3,166	1,438	113,812	124,725
2025-04-25	$11.16	$13.00	59.4%	14.1%	101.0%	45.5%	55.5%	6.8%	5.9%	-178.2K	47.4M	-358.7K	0.60	51.73	N/A	N/A	7,858	4,685	115,366	122,193
2025-04-28	$11.50	$13.00	59.0%	14.3%	101.3%	45.0%	49.2%	7.3%	-3.6%	177.5K	39.4M	-382.7K	0.58	19.59	N/A	N/A	13,900	8,102	105,783	109,729
2025-04-29	$11.45	$13.00	58.6%	14.0%	101.3%	44.6%	49.7%	7.9%	-3.2%	512.4K	39.0M	-407.6K	0.84	16.81	N/A	N/A	3,512	2,966	116,226	116,702
2025-04-30	$11.39	$13.00	60.5%	14.4%	101.1%	46.9%	51.1%	8.3%	-1.6%	537.7K	39.5M	-403.3K	1.17	57.57	N/A	N/A	1,668	1,950	117,930	118,737