M Options History — July 2025

In July 2025, M traded between $11.91 and $13.68. ATM implied volatility averaged 46.5%, placing in the 29.9% IV rank vs the trailing year. The 30-day expected move averaged 12.6%. IV traded above realized volatility by 3.2% (HV 20d: 43.3%). Max pain ranged from $11.00 to $12.00. Net GEX was positive for 20 of 22 trading days. Term structure was in contango for 15 of 22 days. Put/call ratio averaged 0.35.

Notable Days

2025-07-22: Highest Volume — 69,484 contracts
2025-07-22: Largest IV spike — 13.5% change
2025-07-31: Highest IV Rank — 40.8%
2025-07-22: Largest Expected Move — 14.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$12.58	$11.91	$13.68	$12.39	$12.54
Max Pain	$11.91	$11.00	$12.00	$11.00	$12.00
ATM IV	46.5%	40.2%	55.5%	42.6%	55.5%
Expected Move	12.6%	11.5%	14.0%	12.3%	13.1%
HV 20d	43.3%	34.9%	48.6%	48.6%	43.2%
HV 60d	44.8%	39.8%	60.9%	60.9%	44.3%
IV Rank	29.9%	22.2%	40.8%	25.1%	40.8%
IV Percentile	48.8%	25.0%	75.0%	36.9%	75.0%
Term Structure	1.8%	-7.0%	11.5%	11.5%	-3.2%
VWIV	43.8%	40.6%	48.2%	43.0%	46.5%
Skew 25d	4.8%	1.2%	21.6%	3.8%	3.9%
Skew 10d	3.4%	-32.5%	24.2%	-20.7%	5.0%
Call IV 25d	43.4%	22.5%	54.1%	41.5%	54.1%
Put IV 25d	48.2%	42.6%	58.0%	45.3%	58.0%
Bid-Ask Spread %	22.25	3.97	77.79	61.63	6.71
Gamma HHI	0.28	0.17	0.66	0.28	0.20
Net GEX	1.4M	-31.2K	7.1M	1.3M	976.3K
Net DEX	-21.5M	-63.7M	10.7M	-23.1M	-17.8M
Net VEX	-446.0K	-487.7K	-410.8K	-482.1K	-420.9K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.35	0.07	1.15	0.09	0.42
Total Volume	20,105.364	4,410	69,484	65,470	5,688
Total OI	247,627.455	221,968	267,612	245,582	266,827

Daily Data (22 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
2025-07-01	$12.39	$11.00	42.6%	12.3%	48.6%	25.1%	43.0%	3.8%	11.5%	1.3M	-23.1M	-482.1K	0.09	61.63	N/A	N/A	60,148	5,322	132,971	112,611
2025-07-02	$12.38	$11.00	42.3%	13.8%	48.3%	24.8%	43.5%	19.7%	4.2%	2.0M	-19.4M	-465.4K	0.41	77.79	N/A	N/A	9,922	4,096	126,593	113,938
2025-07-03	$12.50	$12.00	46.0%	12.9%	48.3%	29.2%	46.5%	5.4%	-7.0%	7.1M	-26.2M	-487.7K	0.13	16.10	N/A	N/A	15,744	2,072	132,068	116,867
2025-07-07	$12.36	$12.00	44.7%	13.0%	47.1%	27.6%	43.4%	1.2%	0.7%	900.0K	-13.5M	-470.0K	1.15	4.96	N/A	N/A	4,783	5,489	124,536	114,207
2025-07-08	$12.57	$12.00	46.3%	12.5%	46.3%	29.6%	44.1%	4.1%	-3.8%	837.3K	-19.6M	-471.5K	0.17	5.33	N/A	N/A	16,039	2,727	123,844	117,521
2025-07-09	$12.46	$12.00	40.2%	12.7%	46.4%	22.2%	43.1%	3.6%	7.1%	1.0M	-14.5M	-463.4K	0.89	35.19	N/A	N/A	2,555	2,277	126,256	117,746
2025-07-10	$12.77	$12.00	42.9%	11.9%	47.0%	25.5%	41.8%	4.4%	-1.4%	1.5M	-26.7M	-459.5K	0.30	10.09	N/A	N/A	8,072	2,449	125,732	119,058
2025-07-11	$12.57	$12.00	42.1%	11.8%	46.9%	24.5%	42.1%	21.6%	-2.0%	848.3K	-18.2M	-454.4K	0.14	10.38	N/A	N/A	13,500	1,870	124,384	119,934
2025-07-14	$12.46	$12.00	44.5%	12.8%	46.1%	27.4%	42.0%	3.8%	1.1%	825.4K	-10.8M	-447.2K	0.13	25.81	N/A	N/A	15,039	2,011	121,078	115,920
2025-07-15	$12.05	$12.00	42.5%	12.1%	43.5%	25.0%	43.0%	1.5%	4.8%	337.6K	3.4M	-425.5K	0.41	3.97	N/A	N/A	6,046	2,487	124,432	117,432
2025-07-16	$12.11	$12.00	42.7%	12.2%	39.4%	25.2%	43.3%	2.9%	4.2%	191.6K	2.5M	-425.9K	0.80	5.99	N/A	N/A	3,070	2,468	125,460	118,458
2025-07-17	$12.00	$12.00	42.3%	11.9%	36.1%	24.8%	41.5%	2.9%	4.5%	-21.0K	6.3M	-415.8K	0.25	11.19	N/A	N/A	3,725	921	126,341	119,456
2025-07-18	$11.91	$12.00	42.0%	11.5%	34.9%	24.4%	41.8%	2.9%	4.5%	-31.2K	10.7M	-410.8K	0.56	4.86	N/A	N/A	6,141	3,452	127,766	119,558
2025-07-21	$12.13	$12.00	45.0%	11.6%	35.1%	28.1%	40.6%	1.9%	4.3%	342.8K	1.7M	-415.5K	0.10	21.44	N/A	N/A	27,353	2,656	112,748	109,220
2025-07-22	$13.02	$12.00	51.1%	14.0%	39.8%	35.5%	48.2%	2.7%	3.4%	1.1M	-36.3M	-446.1K	0.07	46.27	N/A	N/A	64,978	4,506	122,539	110,491
2025-07-23	$12.82	$12.00	50.8%	13.1%	40.8%	35.1%	45.2%	3.3%	1.2%	1.8M	-35.5M	-443.5K	0.40	5.59	N/A	N/A	18,098	7,214	141,211	110,863
2025-07-24	$12.66	$12.00	49.7%	12.8%	41.4%	33.8%	44.5%	3.3%	4.6%	1.7M	-29.3M	-439.2K	0.38	52.66	N/A	N/A	6,500	2,478	146,246	116,847
2025-07-25	$13.13	$12.00	49.3%	12.3%	42.7%	33.2%	43.3%	2.2%	4.8%	1.9M	-56.6M	-441.4K	0.09	5.87	N/A	N/A	28,194	2,466	149,093	118,519
2025-07-28	$13.68	$12.00	53.4%	13.1%	44.0%	38.3%	45.7%	2.9%	-3.0%	1.8M	-63.7M	-443.8K	0.07	6.17	N/A	N/A	51,398	3,691	133,861	113,585
2025-07-29	$13.32	$12.00	53.0%	12.7%	45.4%	37.8%	45.1%	3.9%	0.6%	2.2M	-52.2M	-446.4K	0.31	7.35	N/A	N/A	7,857	2,406	151,026	114,731
2025-07-30	$12.89	$12.00	54.1%	12.6%	41.9%	39.2%	45.3%	3.8%	-2.0%	1.7M	-33.6M	-435.1K	0.37	64.11	N/A	N/A	3,217	1,193	150,946	114,884
2025-07-31	$12.54	$12.00	55.5%	13.1%	43.2%	40.8%	46.5%	3.9%	-3.2%	976.3K	-17.8M	-420.9K	0.42	6.71	N/A	N/A	4,015	1,673	151,583	115,244