M Options History — November 2025

In November 2025, M traded between $19.07 and $22.56. ATM implied volatility averaged 58.8%, placing in the 41.7% IV rank vs the trailing year. The 30-day expected move averaged 17.2%. IV traded above realized volatility by 19.6% (HV 20d: 39.2%). Max pain ranged from $16.00 to $20.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 5 of 19 days. Put/call ratio averaged 0.87.

Notable Days

  • 2025-11-26: Highest Volume — 34,882 contracts
  • 2025-11-17: Largest IV spike — 8.6% change
  • 2025-11-21: Highest IV Rank — 49.0%
  • 2025-11-26: Largest Expected Move — 19.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$20.39$19.07$22.56$19.93$22.38
Max Pain$19.32$16.00$20.00$16.00$20.00
ATM IV58.8%53.7%64.5%56.0%57.6%
Expected Move17.2%14.8%19.6%14.8%19.3%
HV 20d39.2%32.1%51.9%34.7%51.9%
HV 60d50.6%39.3%54.7%50.7%39.3%
IV Rank41.7%35.1%49.0%38.0%40.0%
IV Percentile84.3%64.7%98.0%75.8%83.3%
Term Structure-1.5%-7.4%14.2%14.2%-2.8%
VWIV60.1%50.8%70.1%50.8%70.1%
Skew 25d3.8%-0.7%8.7%8.7%-0.7%
Skew 10d5.6%-13.7%22.9%14.0%13.4%
Call IV 25d57.5%52.6%64.3%52.6%59.4%
Put IV 25d61.2%54.1%68.5%61.3%58.7%
Bid-Ask Spread %32.2519.7162.4422.7830.20
Gamma HHI0.150.110.250.170.25
Net GEX1.2M179.4K3.8M964.7K3.8M
Net DEX-112.1M-159.4M-76.7M-107.9M-159.4M
Net VEX-504.8K-531.7K-462.3K-502.9K-489.6K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.870.132.720.130.35
Total Volume12,016.2633,41034,88211,99412,618
Total OI245,740.684221,885259,892237,019250,492

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-11-03$19.93$16.0056.0%14.8%34.7%38.0%50.8%8.7%14.2%964.7K-107.9M-502.9K0.1322.78N/AN/A10,6121,382104,706132,313
2025-11-04$19.49$16.0058.2%14.9%34.1%40.8%52.7%1.1%-7.4%1.1M-95.6M-527.7K1.8726.29N/AN/A1,9003,553108,260133,204
2025-11-05$20.89$16.0057.9%16.9%40.6%40.4%58.3%0.1%-4.5%1.4M-135.0M-517.0K0.1739.71N/AN/A26,0644,464108,702134,885
2025-11-06$20.48$19.0054.9%16.4%41.1%36.7%55.3%4.5%2.1%2.1M-125.0M-510.0K1.3235.42N/AN/A2,8153,720116,686136,846
2025-11-07$20.40$20.0054.3%16.4%35.5%35.9%56.3%2.6%-1.6%2.1M-119.3M-520.3K0.7136.47N/AN/A3,3432,379117,442139,913
2025-11-10$20.59$20.0055.7%16.3%32.1%37.7%60.0%2.2%2.4%1.1M-120.7M-497.0K1.1419.71N/AN/A2,7883,180106,526134,344
2025-11-11$20.41$20.0053.7%16.2%32.3%35.1%56.6%3.8%3.0%1.1M-116.1M-508.3K0.8523.13N/AN/A2,1111,794107,815136,665
2025-11-12$20.59$20.0054.3%15.7%32.3%35.9%54.8%3.8%-0.7%1.2M-122.5M-498.7K0.8023.27N/AN/A2,0581,640108,024137,714
2025-11-13$20.13$20.0056.8%16.4%34.0%39.0%55.7%4.4%0.5%1.1M-110.2M-504.9K0.4826.80N/AN/A3,0401,465108,932138,280
2025-11-14$19.98$20.0057.2%16.2%33.6%39.5%56.6%4.1%-0.2%1.5M-104.4M-503.4K0.1921.43N/AN/A11,4592,174109,931139,001
2025-11-17$19.07$20.0062.1%17.7%38.3%45.8%61.4%5.1%-5.8%871.6K-79.2M-515.1K2.7262.15N/AN/A4,13811,271109,261135,744
2025-11-18$19.51$20.0063.6%18.2%38.6%47.9%64.2%4.0%-6.1%361.0K-86.4M-515.7K0.6621.82N/AN/A2,0551,355111,434143,768
2025-11-19$19.38$20.0061.5%17.6%38.6%45.1%61.6%3.0%-3.9%281.1K-80.3M-531.7K1.3762.44N/AN/A1,5782,162112,183144,089
2025-11-20$19.14$20.0063.8%18.6%38.8%48.2%64.2%2.6%-5.5%179.4K-76.7M-513.2K0.8737.42N/AN/A3,1472,747112,554145,718
2025-11-21$20.27$20.0064.5%18.7%43.7%49.0%66.1%7.7%-5.0%350.1K-111.1M-501.4K0.2435.41N/AN/A16,1593,899113,598146,294
2025-11-24$20.19$20.0062.6%18.6%42.1%46.6%64.0%4.0%-2.4%671.7K-86.5M-495.2K2.0037.16N/AN/A2,0544,10099,144122,741
2025-11-25$21.96$20.0060.8%18.8%51.3%44.2%65.7%7.2%-2.0%1.2M-135.2M-462.3K0.3626.08N/AN/A25,0969,107100,580123,041
2025-11-26$22.56$20.0061.8%19.6%51.6%45.6%67.7%3.3%-3.4%1.7M-158.3M-477.8K0.2124.97N/AN/A28,7286,154109,611128,632
2025-11-28$22.38$20.0057.6%19.3%51.9%40.0%70.1%-0.7%-2.8%3.8M-159.4M-489.6K0.3530.20N/AN/A9,3453,273119,271131,221