M Options History — February 2026

In February 2026, M traded between $19.74 and $22.73. ATM implied volatility averaged 60.1%, placing in the 42.8% IV rank vs the trailing year. The 30-day expected move averaged 16.9%. IV traded above realized volatility by 16.2% (HV 20d: 43.8%). Max pain ranged from $19.00 to $21.00. Net GEX was positive for 12 of 19 trading days. Term structure was in contango for 5 of 19 days. Put/call ratio averaged 0.76.

Notable Days

  • 2026-02-23: Highest Volume — 17,320 contracts
  • 2026-02-09: Largest IV spike — 7.9% change
  • 2026-02-09: Highest IV Rank — 48.5%
  • 2026-02-27: Largest Expected Move — 18.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$21.44$19.74$22.73$21.05$19.74
Max Pain$19.32$19.00$21.00$21.00$19.00
ATM IV60.1%56.0%64.4%57.0%59.8%
Expected Move16.9%12.6%18.8%12.6%18.8%
HV 20d43.8%39.6%48.5%43.1%48.5%
HV 60d41.9%39.8%43.7%42.9%40.1%
IV Rank42.8%37.6%48.5%38.8%42.5%
IV Percentile88.7%75.8%97.6%81.0%88.5%
Term Structure-1.9%-6.6%3.4%1.6%-2.5%
VWIV58.3%44.3%65.9%44.3%65.9%
Skew 25d5.5%0.1%26.0%5.5%2.6%
Skew 10d5.2%-12.4%31.1%9.9%-11.2%
Call IV 25d56.6%35.2%61.0%54.9%57.5%
Put IV 25d62.1%57.5%65.8%60.4%60.1%
Bid-Ask Spread %37.7622.6461.6646.2961.66
Gamma HHI0.180.110.270.270.11
Net GEX543.7K-813.8K2.5M-613.7K415.2K
Net DEX-53.1M-85.7M-19.6M-34.5M-19.6M
Net VEX-355.8K-401.0K-293.5K-388.3K-293.5K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.760.101.920.560.43
Total Volume8,667.2113,18517,32010,1249,883
Total OI177,322.842152,388195,645175,795164,177

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2026-02-02$21.05$21.0057.0%12.6%43.1%38.8%44.3%5.5%1.6%-613.7K-34.5M-388.3K0.5646.29N/AN/A6,4703,65480,24095,555
2026-02-03$21.26$21.0056.8%13.0%43.3%38.6%44.8%3.4%-3.0%-264.9K-42.2M-401.0K0.4433.34N/AN/A8,3533,65882,81196,321
2026-02-04$21.73$21.0056.0%12.9%43.6%37.6%45.5%26.0%-6.6%783.4K-57.1M-396.4K0.4149.00N/AN/A6,0402,48886,29097,570
2026-02-05$21.52$19.0056.3%15.8%42.4%37.9%55.6%5.2%-4.4%301.1K-50.4M-389.4K0.4122.64N/AN/A3,7751,53485,19397,931
2026-02-06$22.73$19.0059.7%16.9%43.1%42.4%57.2%7.8%1.3%943.9K-85.4M-392.1K0.2330.66N/AN/A10,6662,41485,92998,257
2026-02-09$21.49$19.0064.4%17.6%47.0%48.5%58.7%1.7%2.0%-12.9K-50.8M-378.4K1.0434.33N/AN/A2,5522,66185,42195,826
2026-02-10$21.13$19.0061.0%17.1%42.1%44.0%60.3%1.2%3.4%-813.8K-37.7M-377.7K1.5832.36N/AN/A3,2275,09186,24097,384
2026-02-11$21.66$19.0060.0%16.3%43.1%42.7%57.4%11.5%-2.0%-256.9K-51.0M-364.6K0.8447.36N/AN/A1,9661,65382,685101,623
2026-02-12$21.73$19.0063.7%17.1%41.5%47.5%59.7%0.1%-5.7%-166.5K-54.0M-371.0K1.0940.52N/AN/A3,0573,33183,191102,069
2026-02-13$21.63$19.0059.1%17.1%41.3%41.5%59.9%1.7%3.3%-392.8K-51.9M-369.7K0.2339.43N/AN/A4,8361,08884,594102,205
2026-02-17$22.31$19.0062.8%17.9%42.7%46.3%63.1%5.0%-4.1%746.9K-71.4M-336.8K0.4628.23N/AN/A4,7352,16982,09697,873
2026-02-18$22.57$19.0062.5%17.9%41.9%46.0%61.3%3.4%-2.7%1.7M-83.7M-340.0K0.1041.25N/AN/A14,8241,47284,25099,210
2026-02-19$22.07$19.0061.0%17.6%42.9%44.0%61.7%4.5%-3.4%1.8M-76.4M-353.3K0.9140.26N/AN/A2,6782,43195,31599,830
2026-02-20$22.36$19.0061.0%17.9%39.6%44.0%60.1%6.2%-5.4%2.5M-85.7M-354.4K1.9256.51N/AN/A4,5998,85095,331100,314
2026-02-23$21.05$19.0061.4%18.8%45.8%44.5%62.7%2.7%-2.0%1.2M-47.7M-316.8K0.2835.64N/AN/A13,5273,79383,86868,520
2026-02-24$20.81$19.0061.1%18.5%46.1%44.1%64.2%2.7%-1.9%1.0M-43.8M-325.1K0.9223.57N/AN/A1,6601,52584,37470,528
2026-02-25$20.20$19.0058.9%18.1%47.3%41.3%62.3%5.2%-1.5%707.5K-31.3M-304.5K0.7825.97N/AN/A3,6402,82284,75471,359
2026-02-26$20.37$19.0058.7%18.3%47.2%41.1%63.8%8.3%-3.0%767.0K-34.6M-307.9K1.9128.41N/AN/A2,5954,96086,37373,627
2026-02-27$19.74$19.0059.8%18.8%48.5%42.5%65.9%2.6%-2.5%415.2K-19.6M-293.5K0.4361.66N/AN/A6,9042,97987,79476,383