M Options History — August 2025

In August 2025, M traded between $11.95 and $13.66. ATM implied volatility averaged 55.8%, placing in the 41.1% IV rank vs the trailing year. The 30-day expected move averaged 16.0%. IV traded above realized volatility by 12.4% (HV 20d: 43.3%). Max pain ranged from $12.00 to $13.00. Net GEX was positive for 19 of 21 trading days. Term structure was in contango for 2 of 21 days. Put/call ratio averaged 0.40.

Notable Days

  • 2025-08-18: Highest Volume — 28,492 contracts
  • 2025-08-11: Largest IV spike — 6.6% change
  • 2025-08-11: Highest IV Rank — 44.3%
  • 2025-08-26: Largest Expected Move — 17.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$12.80$11.95$13.66$12.32$13.23
Max Pain$12.67$12.00$13.00$12.00$13.00
ATM IV55.8%54.4%58.3%55.0%55.2%
Expected Move16.0%13.2%17.3%13.2%17.2%
HV 20d43.3%38.0%48.8%43.6%38.0%
HV 60d43.4%42.3%44.4%44.0%42.9%
IV Rank41.1%39.6%44.3%40.2%40.5%
IV Percentile75.0%69.4%84.1%72.2%72.6%
Term Structure-1.9%-5.5%0.5%-3.0%-2.4%
VWIV54.7%47.7%59.0%47.7%57.9%
Skew 25d4.4%0.8%15.7%0.8%3.3%
Skew 10d8.6%-13.8%32.1%-4.2%6.3%
Call IV 25d53.3%39.8%57.7%57.7%54.4%
Put IV 25d57.7%55.5%60.9%58.5%57.7%
Bid-Ask Spread %12.263.8849.2515.164.82
Gamma HHI0.190.100.520.230.10
Net GEX766.0K-158.0K2.6M745.7K691.1K
Net DEX-9.0M-37.3M17.8M-7.2M-17.8M
Net VEX-388.0K-404.5K-374.0K-404.5K-394.6K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.400.071.191.010.54
Total Volume14,207.8573,82328,4928,04014,106
Total OI219,258.952170,463268,872267,620199,199

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-08-01$12.32$12.0055.0%13.2%43.6%40.2%47.7%0.8%-3.0%745.7K-7.2M-404.5K1.0115.16N/AN/A4,0084,032152,453115,167
2025-08-04$11.95$12.0058.1%15.5%44.7%44.0%56.0%4.1%-5.5%365.4K10.6M-387.0K1.198.61N/AN/A9,51911,364127,817109,764
2025-08-05$12.02$12.0056.8%15.7%44.3%42.5%52.9%1.4%-1.0%-158.0K14.9M-385.8K0.0749.25N/AN/A19,9691,467127,775121,568
2025-08-06$12.20$12.0055.2%15.6%44.6%40.5%53.5%2.3%-1.2%329.8K6.5M-390.5K0.115.61N/AN/A12,0511,313134,961122,195
2025-08-07$12.04$12.0055.3%15.5%43.7%40.6%52.8%4.6%-1.0%629.6K14.8M-376.4K1.146.26N/AN/A4,3594,976141,689122,722
2025-08-08$12.04$12.0054.7%15.4%43.5%39.9%53.3%7.5%0.5%-10.3K17.8M-382.4K0.174.95N/AN/A10,0291,677142,050126,822
2025-08-11$12.14$12.0058.3%15.9%43.5%44.3%53.8%2.6%0.3%281.9K8.9M-374.0K0.155.56N/AN/A19,5422,958120,085114,187
2025-08-12$12.66$13.0055.8%15.6%44.4%41.2%53.1%15.7%-0.8%2.3M-13.9M-388.1K0.1913.70N/AN/A17,9453,457128,993116,449
2025-08-13$13.25$13.0054.4%15.4%46.9%39.6%53.7%2.9%-0.4%1.9M-37.3M-390.5K0.565.23N/AN/A7,6514,261125,356117,632
2025-08-14$12.96$13.0054.6%15.4%47.7%39.8%53.3%3.9%-1.7%2.6M-25.2M-386.1K0.484.73N/AN/A4,6502,249124,918120,435
2025-08-15$12.79$13.0054.6%15.6%47.9%39.7%52.3%4.0%-0.8%216.2K-17.5M-379.1K0.343.88N/AN/A7,2802,452125,750118,342
2025-08-18$13.23$13.0056.8%16.2%48.8%42.4%54.3%4.0%-3.5%422.2K-15.1M-389.1K0.139.25N/AN/A25,1833,30984,51885,945
2025-08-19$13.04$13.0055.9%16.0%42.4%41.3%55.1%4.0%-2.5%590.5K-12.4M-392.4K0.324.43N/AN/A6,6312,09792,56288,396
2025-08-20$12.91$13.0055.6%16.0%42.2%41.0%55.7%4.6%-3.0%349.9K-8.5M-384.3K0.415.37N/AN/A2,7151,10894,18989,764
2025-08-21$12.88$13.0056.1%16.3%41.9%41.5%55.6%4.8%-3.4%378.7K-7.4M-384.2K0.3210.01N/AN/A2,96394095,33090,401
2025-08-22$13.50$13.0055.6%16.3%43.2%40.9%54.0%4.5%-4.1%1.3M-24.8M-394.8K0.1242.53N/AN/A23,6882,87896,69590,921
2025-08-25$13.29$13.0056.0%16.9%41.0%41.5%58.1%4.6%-1.4%604.6K-14.9M-390.8K0.3243.17N/AN/A8,3932,70591,18987,912
2025-08-26$13.29$13.0056.5%17.3%39.9%42.1%58.8%4.2%-1.0%576.7K-15.1M-388.8K0.124.42N/AN/A15,7341,96192,64889,478
2025-08-27$13.66$13.0055.4%17.2%39.1%40.7%58.9%4.3%-2.0%1.1M-25.8M-393.7K0.245.97N/AN/A9,8982,34197,00490,372
2025-08-28$13.39$13.0054.8%17.0%38.4%40.0%59.0%5.0%-2.5%855.6K-19.5M-391.9K0.424.49N/AN/A10,1874,31999,84690,939
2025-08-29$13.23$13.0055.2%17.2%38.0%40.5%57.9%3.3%-2.4%691.1K-17.8M-394.6K0.544.82N/AN/A9,1744,932106,54292,657