M Options History — January 2026

In January 2026, M traded between $19.92 and $23.66. ATM implied volatility averaged 45.2%, placing in the 24.1% IV rank vs the trailing year. The 30-day expected move averaged 12.5%. IV traded above realized volatility by 7.1% (HV 20d: 38.1%). Max pain ranged from $21.00 to $21.00. Net GEX was positive for 9 of 20 trading days. Term structure was in contango for 14 of 20 days. Put/call ratio averaged 0.72.

Notable Days

  • 2026-01-06: Highest Volume — 51,030 contracts
  • 2026-01-06: Largest IV spike — 10.3% change
  • 2026-01-30: Highest IV Rank — 31.4%
  • 2026-01-14: Largest Expected Move — 13.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$21.52$19.92$23.66$22.69$20.02
Max Pain$21.00$21.00$21.00$21.00$21.00
ATM IV45.2%38.5%51.3%38.5%51.3%
Expected Move12.5%11.2%13.2%11.6%12.1%
HV 20d38.1%31.4%41.0%33.5%40.4%
HV 60d41.0%38.6%42.7%39.8%41.9%
IV Rank24.1%15.6%31.4%15.6%31.4%
IV Percentile45.8%12.3%60.7%12.3%60.7%
Term Structure2.2%-1.5%7.0%2.2%5.5%
VWIV43.7%38.9%48.6%40.8%42.5%
Skew 25d2.9%-0.1%8.7%1.8%2.2%
Skew 10d7.4%-26.5%36.1%11.4%14.4%
Call IV 25d44.9%38.3%52.2%38.3%50.3%
Put IV 25d47.8%40.1%57.0%40.1%52.5%
Bid-Ask Spread %48.0422.9185.3122.9141.51
Gamma HHI0.210.160.260.160.24
Net GEX98.7K-1.4M2.4M193.0K-689.7K
Net DEX-56.6M-146.0M-3.7M-85.4M-7.8M
Net VEX-456.0K-545.0K-367.2K-385.8K-395.6K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.720.171.500.910.75
Total Volume15,194.43,81351,0308,0165,078
Total OI228,262.75179,565309,415225,636182,111

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2026-01-02$22.69$21.0038.5%11.6%33.5%15.6%40.8%1.8%2.2%193.0K-85.4M-385.8K0.9122.91N/AN/A4,1873,82988,101137,535
2026-01-05$22.80$21.0040.2%11.2%32.6%17.8%38.9%3.5%-1.0%184.1K-86.0M-378.6K0.5151.23N/AN/A3,8961,99784,453136,202
2026-01-06$23.21$21.0044.4%12.9%31.4%23.1%42.5%1.3%-1.5%423.4K-99.7M-367.2K0.2359.35N/AN/A41,3809,65085,459136,739
2026-01-07$22.50$21.0045.3%12.4%31.5%24.3%44.1%1.9%-1.4%1.4M-103.0M-495.8K0.5452.67N/AN/A7,0893,840118,243138,614
2026-01-08$23.66$21.0045.0%12.6%35.4%23.9%44.1%-0.1%0.2%2.3M-146.0M-494.3K0.1756.27N/AN/A18,7773,123120,401139,998
2026-01-09$23.27$21.0044.0%12.6%34.8%22.6%43.4%2.1%-0.8%2.4M-137.7M-520.0K0.7376.83N/AN/A9,1656,713130,388141,716
2026-01-12$21.87$21.0044.4%13.0%39.9%23.2%47.5%2.3%1.9%1.4M-79.7M-494.8K1.5046.01N/AN/A12,83719,206124,795138,366
2026-01-13$21.98$21.0043.7%12.7%39.8%22.3%44.1%2.9%0.4%607.0K-79.1M-519.8K0.4240.04N/AN/A4,5151,910128,302150,598
2026-01-14$21.30$21.0045.8%13.2%41.0%24.9%48.6%3.2%0.5%760.0K-56.2M-507.7K1.2671.39N/AN/A20,45125,779129,295150,699
2026-01-15$21.62$21.0046.2%13.1%39.9%25.4%46.8%3.1%-0.4%-318.5K-51.4M-545.0K1.1142.24N/AN/A5,1335,674135,165174,250
2026-01-16$21.66$21.0044.0%12.4%39.9%22.6%44.6%2.8%-1.0%-54.6K-56.0M-514.4K0.8525.92N/AN/A3,4002,894134,998165,663
2026-01-20$21.20$21.0046.0%13.2%39.9%25.1%46.1%4.9%4.8%-191.3K-37.4M-496.6K0.6572.19N/AN/A5,8533,77594,11098,042
2026-01-21$21.24$21.0043.1%12.4%39.6%21.5%43.8%1.6%5.9%-199.5K-38.4M-487.1K0.6638.32N/AN/A2,6131,71494,66298,431
2026-01-22$20.34$21.0043.1%11.9%40.3%21.4%42.3%1.9%7.0%-753.3K-13.6M-454.0K0.7145.80N/AN/A23,89017,08195,86598,620
2026-01-23$20.38$21.0044.3%12.2%40.3%23.1%42.4%2.3%6.3%-885.9K-13.8M-425.9K1.0826.15N/AN/A3,2093,45786,76099,992
2026-01-26$20.33$21.0046.6%12.5%40.3%26.0%42.6%8.7%5.1%-904.4K-15.0M-414.5K0.5027.79N/AN/A3,5661,76983,02696,539
2026-01-27$20.30$21.0048.1%12.4%40.3%27.9%43.9%6.8%1.3%-959.1K-14.0M-413.7K0.5734.67N/AN/A2,4221,39183,83997,240
2026-01-28$20.05$21.0048.4%12.7%40.3%28.3%43.6%0.2%4.4%-1.3M-8.0M-411.9K0.8685.31N/AN/A2,9702,56783,89998,355
2026-01-29$19.92$21.0050.9%12.0%40.3%31.0%42.4%4.1%3.9%-1.4M-3.7M-397.1K0.3544.26N/AN/A5,2601,82884,88998,895
2026-01-30$20.02$21.0051.3%12.1%40.4%31.4%42.5%2.2%5.5%-689.7K-7.8M-395.6K0.7541.51N/AN/A2,9012,17783,30798,804