M Options History — May 2025

In May 2025, M traded between $11.50 and $12.39. ATM implied volatility averaged 54.9%, placing in the 40.1% IV rank vs the trailing year. The 30-day expected move averaged 15.5%. IV traded above realized volatility by 6.4% (HV 20d: 48.5%). Max pain ranged from $12.50 to $14.00. Net GEX was positive for 10 of 21 trading days. Term structure was in contango for 5 of 21 days. Put/call ratio averaged 0.64.

Notable Days

  • 2025-05-27: Highest Volume — 69,703 contracts
  • 2025-05-08: Largest IV spike — 81.5% change
  • 2025-05-23: Highest IV Rank — 52.9%
  • 2025-05-23: Largest Expected Move — 17.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$11.92$11.50$12.39$11.68$11.89
Max Pain$13.74$12.50$14.00$13.00$12.50
ATM IV54.9%31.3%65.4%59.1%39.8%
Expected Move15.5%11.6%17.9%13.9%11.6%
HV 20d48.5%29.8%100.8%100.8%38.8%
HV 60d68.1%67.2%68.8%67.2%68.5%
IV Rank40.1%11.4%52.9%45.2%21.7%
IV Percentile74.1%4.4%98.0%86.9%25.4%
Term Structure-1.4%-15.0%20.8%-3.2%-2.1%
VWIV54.3%40.7%61.0%47.9%40.7%
Skew 25d6.2%3.3%14.2%6.6%3.3%
Skew 10d9.3%0.4%16.1%11.7%6.4%
Call IV 25d52.9%38.5%57.8%56.2%38.5%
Put IV 25d59.1%41.8%69.3%62.7%41.8%
Bid-Ask Spread %19.323.8363.1235.6560.50
Gamma HHI0.160.110.510.310.16
Net GEX140.2K-514.1K2.6M698.3K33.5K
Net DEX33.5M19.0M43.8M31.9M37.2M
Net VEX-420.6K-439.2K-400.0K-410.2K-415.8K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.640.061.400.060.14
Total Volume18,099.813,80169,70333,68228,456
Total OI241,195.714203,258281,448237,160278,079

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-05-01$11.68$13.0059.1%13.9%100.8%45.2%47.9%6.6%-3.2%698.3K31.9M-410.2K0.0635.65N/AN/A31,8711,811118,114119,046
2025-05-02$11.91$13.0056.9%12.6%85.3%42.5%44.3%7.0%-2.5%2.6M19.0M-434.0K0.505.23N/AN/A6,0993,076135,592119,357
2025-05-05$11.86$14.0057.4%15.8%85.3%43.1%57.4%6.1%-0.3%186.0K35.4M-424.7K0.4411.15N/AN/A3,8011,669117,193117,242
2025-05-06$11.50$14.0058.7%16.7%83.4%44.7%56.8%14.2%1.3%-15.7K43.8M-400.0K1.194.49N/AN/A4,4045,258118,697117,824
2025-05-07$11.59$14.0031.3%16.0%75.7%11.4%53.6%7.1%-1.5%91.8K43.0M-415.2K1.3756.88N/AN/A1,7622,408120,816122,272
2025-05-08$11.86$14.0056.8%15.8%36.6%42.4%56.6%5.4%0.1%264.1K36.4M-421.5K1.346.14N/AN/A3,5664,762121,502122,348
2025-05-09$11.64$14.0059.3%15.9%29.8%45.4%57.3%5.1%3.4%-38.0K39.7M-414.8K0.744.00N/AN/A2,4651,827122,744124,682
2025-05-12$12.32$14.0057.5%15.9%35.5%43.3%54.9%8.9%-1.6%171.7K28.0M-439.2K0.393.83N/AN/A7,6922,972116,819122,324
2025-05-13$12.39$14.0055.2%15.7%35.5%40.5%57.9%8.0%0.9%294.5K26.7M-431.7K1.405.15N/AN/A2,7063,780119,567123,252
2025-05-14$12.09$14.0057.9%16.0%36.3%43.7%56.5%5.5%-3.2%68.6K34.3M-428.2K0.444.07N/AN/A2,6451,156120,260125,944
2025-05-15$11.96$14.0059.5%16.1%35.7%45.6%56.4%4.2%-3.9%-7.1K38.1M-413.5K0.674.14N/AN/A4,9723,326122,052126,596
2025-05-16$12.32$14.0059.1%16.3%36.7%45.2%56.9%5.7%-3.3%-155.6K24.8M-434.1K0.2839.15N/AN/A5,6821,593125,553127,321
2025-05-19$12.02$14.0059.4%16.6%35.3%45.5%60.3%4.7%-3.7%-156.8K29.9M-421.9K0.364.29N/AN/A7,2292,59691,543111,715
2025-05-20$12.07$14.0059.5%16.8%35.2%45.7%58.6%4.9%-3.9%-38.0K27.9M-423.7K0.1013.98N/AN/A38,7033,80296,553113,659
2025-05-21$11.66$14.0060.4%17.3%37.7%46.8%59.5%5.7%-4.2%-193.8K38.1M-411.5K0.605.67N/AN/A4,4772,687107,561116,278
2025-05-22$11.89$14.0060.0%17.4%37.9%46.4%59.3%5.7%-3.8%-97.3K32.2M-421.8K0.195.17N/AN/A13,6762,612108,644118,251
2025-05-23$11.64$14.0065.4%17.9%38.7%52.9%61.0%6.8%20.8%-514.1K39.1M-410.6K0.694.75N/AN/A7,6145,266110,458119,222
2025-05-27$12.07$14.0056.9%17.2%39.3%42.5%60.4%3.8%-15.0%-263.8K31.2M-420.9K1.1215.98N/AN/A32,81436,88996,227117,444
2025-05-28$11.93$13.0040.9%12.3%39.6%23.1%42.3%8.5%-0.5%-68.6K34.6M-419.3K0.9952.49N/AN/A29,88529,627122,238148,673
2025-05-29$12.00$13.0041.8%12.2%39.5%24.2%41.7%3.3%-4.3%76.6K31.8M-420.3K0.4463.12N/AN/A15,6246,836126,595154,853
2025-05-30$11.89$12.5039.8%11.6%38.8%21.7%40.7%3.3%-2.1%33.5K37.2M-415.8K0.1460.50N/AN/A25,0663,390122,964155,115