MARA Options History — January 2025

In January 2025, MARA traded between $17.12 and $20.38. ATM implied volatility averaged 94.2%, placing in the 15.6% IV rank vs the trailing year. The 30-day expected move averaged 26.9%. IV traded above realized volatility by 7.2% (HV 20d: 87.0%). Max pain ranged from $19.00 to $20.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 17 of 20 days. Put/call ratio averaged 0.41.

Notable Days

2025-01-17: Highest Volume — 744,465 contracts
2025-01-17: Largest IV spike — 9.0% change
2025-01-21: Highest IV Rank — 23.5%
2025-01-06: Largest Expected Move — 29.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$18.73	$17.12	$20.38	$17.13	$18.26
Max Pain	$19.50	$19.00	$20.00	$20.00	$20.00
ATM IV	94.2%	85.9%	101.1%	93.1%	91.4%
Expected Move	26.9%	24.3%	29.1%	25.8%	24.3%
HV 20d	87.0%	79.3%	95.1%	79.9%	81.4%
HV 60d	120.0%	117.1%	121.3%	117.1%	118.4%
IV Rank	15.6%	6.1%	23.5%	14.3%	12.4%
IV Percentile	29.3%	9.5%	44.4%	27.8%	25.8%
Term Structure	1.8%	-1.8%	5.6%	3.3%	0.9%
VWIV	97.8%	89.1%	104.5%	96.7%	89.1%
Skew 25d	-9.2%	-13.8%	-6.6%	-6.6%	-8.7%
Skew 10d	-20.2%	-51.8%	-12.1%	-12.1%	-18.9%
Call IV 25d	101.6%	94.3%	109.9%	98.0%	94.3%
Put IV 25d	92.5%	85.6%	98.8%	91.5%	85.6%
Bid-Ask Spread %	12.18	2.96	22.59	4.10	11.94
Gamma HHI	0.10	0.05	0.43	0.05	0.06
Net GEX	10.2M	1.1M	27.9M	2.7M	8.1M
Net DEX	-380.0M	-647.2M	-99.8M	-99.8M	-325.5M
Net VEX	-3.8M	-4.2M	-3.4M	-3.5M	-3.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.41	0.21	1.67	0.33	0.31
Total Volume	302,514.75	148,377	744,465	246,924	324,949
Total OI	1,706,755	1,359,995	1,958,672	1,800,812	1,638,450

Daily Data (20 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
2025-01-02	$17.13	$20.00	93.1%	25.8%	79.9%	14.3%	96.7%	-6.6%	3.3%	2.7M	-99.8M	-3.5M	0.33	4.10	N/A	N/A	186,042	60,882	1,159,088	641,724
2025-01-03	$19.37	$20.00	95.0%	26.4%	92.6%	16.5%	95.5%	-6.6%	2.4%	10.2M	-481.0M	-4.0M	0.41	2.96	N/A	N/A	306,997	126,882	1,193,281	641,514
2025-01-06	$20.38	$19.00	98.8%	29.1%	95.1%	20.9%	104.4%	-8.6%	2.1%	11.5M	-579.9M	-4.2M	0.32	22.59	N/A	N/A	220,641	70,908	1,124,640	612,662
2025-01-07	$19.11	$19.00	97.4%	28.7%	94.5%	19.2%	104.5%	-9.2%	2.4%	8.5M	-370.9M	-3.9M	0.47	14.30	N/A	N/A	128,995	60,713	1,178,655	639,484
2025-01-08	$18.39	$19.00	95.4%	28.0%	91.3%	17.0%	102.2%	-7.0%	2.6%	5.2M	-241.2M	-3.8M	0.56	11.81	N/A	N/A	152,337	85,207	1,192,219	656,112
2025-01-10	$17.94	$19.00	95.2%	27.4%	90.3%	16.7%	100.8%	-7.5%	-1.2%	1.1M	-165.5M	-3.6M	0.51	12.78	N/A	N/A	146,842	75,139	1,217,943	675,420
2025-01-13	$17.12	$19.00	97.1%	27.7%	89.7%	19.0%	101.6%	-6.6%	-1.8%	2.5M	-106.7M	-3.4M	0.34	11.73	N/A	N/A	164,995	56,468	1,136,584	634,401
2025-01-14	$17.24	$19.00	95.6%	27.6%	90.0%	17.2%	102.0%	-7.2%	1.2%	3.8M	-149.8M	-3.5M	0.29	19.30	N/A	N/A	145,046	42,354	1,183,263	649,430
2025-01-15	$18.26	$19.00	92.8%	26.7%	93.5%	14.0%	98.2%	-7.7%	0.2%	8.3M	-307.9M	-3.7M	0.34	18.57	N/A	N/A	163,167	55,558	1,228,876	657,231
2025-01-16	$18.39	$19.00	91.5%	26.4%	89.1%	12.6%	95.2%	-8.8%	0.2%	10.0M	-334.7M	-3.7M	1.67	10.07	N/A	N/A	136,167	226,836	1,260,252	665,495
2025-01-17	$19.96	$19.00	99.8%	28.5%	94.7%	22.0%	102.4%	-11.2%	-1.0%	27.9M	-647.2M	-4.1M	0.30	6.96	N/A	N/A	574,558	169,907	1,279,854	678,818
2025-01-21	$19.56	$19.00	101.1%	29.0%	81.7%	23.5%	101.4%	-12.3%	1.8%	10.2M	-506.7M	-4.0M	0.32	11.59	N/A	N/A	307,593	98,610	896,910	463,085
2025-01-22	$19.55	$20.00	94.3%	27.0%	80.2%	15.8%	96.9%	-12.9%	1.7%	13.1M	-538.7M	-4.1M	0.21	7.93	N/A	N/A	184,971	39,043	1,010,190	511,885
2025-01-23	$20.04	$20.00	95.3%	27.3%	80.2%	16.9%	98.6%	-13.8%	2.1%	17.2M	-638.9M	-4.2M	0.23	16.28	N/A	N/A	303,928	71,094	1,043,643	519,848
2025-01-24	$20.02	$20.00	89.9%	25.5%	79.3%	10.7%	91.9%	-10.2%	2.3%	25.7M	-617.4M	-4.1M	0.40	4.80	N/A	N/A	343,058	137,110	1,090,976	533,800
2025-01-27	$18.13	$20.00	95.2%	27.2%	85.8%	16.8%	98.2%	-9.8%	3.1%	6.1M	-307.6M	-3.7M	0.41	12.03	N/A	N/A	219,096	90,423	935,991	487,598
2025-01-28	$18.20	$20.00	88.0%	24.7%	85.5%	8.6%	90.6%	-9.7%	3.0%	7.5M	-311.6M	-3.8M	0.21	13.07	N/A	N/A	155,519	32,086	993,606	520,880
2025-01-29	$18.51	$20.00	85.9%	25.7%	83.2%	6.1%	94.4%	-10.0%	4.7%	10.0M	-384.7M	-3.9M	0.28	19.87	N/A	N/A	116,094	32,283	1,039,238	533,995
2025-01-30	$19.05	$20.00	90.5%	25.2%	81.1%	11.4%	91.1%	-9.2%	5.6%	14.4M	-484.9M	-4.0M	0.39	10.86	N/A	N/A	171,165	66,632	1,066,208	541,851
2025-01-31	$18.26	$20.00	91.4%	24.3%	81.4%	12.4%	89.1%	-8.7%	0.9%	8.1M	-325.5M	-3.8M	0.31	11.94	N/A	N/A	248,449	76,500	1,086,812	551,638