MARA Options History — February 2025

In February 2025, MARA traded between $12.38 and $18.04. ATM implied volatility averaged 91.5%, placing in the 12.6% IV rank vs the trailing year. The 30-day expected move averaged 26.3%. IV traded above realized volatility by 31.6% (HV 20d: 59.9%). Max pain ranged from $18.00 to $20.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 0.34.

Notable Days

2025-02-27: Highest Volume — 472,712 contracts
2025-02-25: Largest IV spike — 10.6% change
2025-02-25: Highest IV Rank — 29.6%
2025-02-26: Largest Expected Move — 31.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$15.65	$12.38	$18.04	$18.04	$13.75
Max Pain	$18.32	$18.00	$20.00	$20.00	$18.00
ATM IV	91.5%	85.2%	106.4%	91.9%	95.5%
Expected Move	26.3%	22.9%	31.2%	24.3%	27.6%
HV 20d	59.9%	50.0%	81.4%	81.4%	64.8%
HV 60d	92.0%	75.5%	118.1%	118.1%	77.7%
IV Rank	12.6%	5.3%	29.6%	13.0%	17.1%
IV Percentile	26.1%	7.5%	59.5%	27.0%	40.5%
Term Structure	1.0%	-2.8%	5.1%	-0.3%	-2.2%
VWIV	97.5%	84.6%	114.1%	89.1%	100.1%
Skew 25d	-6.4%	-11.7%	0.9%	-5.3%	-0.4%
Skew 10d	-14.8%	-26.7%	-1.1%	-16.4%	-4.0%
Call IV 25d	97.4%	92.0%	108.1%	97.0%	97.5%
Put IV 25d	91.0%	82.9%	108.6%	91.7%	97.0%
Bid-Ask Spread %	9.82	4.10	16.96	12.92	6.63
Gamma HHI	0.07	0.05	0.20	0.06	0.05
Net GEX	5.2M	1.2M	14.4M	8.0M	3.0M
Net DEX	-110.4M	-304.1M	106.0M	-304.1M	-48.3M
Net VEX	-3.3M	-3.7M	-2.6M	-3.7M	-3.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.34	0.13	0.54	0.37	0.35
Total Volume	262,225.421	144,609	472,712	257,852	437,926
Total OI	1,641,167.053	1,427,546	1,847,417	1,427,546	1,847,417

Daily Data (19 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
2025-02-03	$18.04	$20.00	91.9%	24.3%	81.4%	13.0%	89.1%	-5.3%	-0.3%	8.0M	-304.1M	-3.7M	0.37	12.92	N/A	N/A	188,852	69,000	926,572	500,974
2025-02-04	$17.73	$20.00	89.4%	23.4%	68.1%	10.1%	85.4%	-7.6%	-0.4%	8.0M	-261.1M	-3.7M	0.23	6.57	N/A	N/A	205,236	46,830	981,247	518,385
2025-02-05	$17.05	$20.00	88.3%	22.9%	65.9%	8.8%	84.6%	-7.6%	2.3%	4.4M	-183.9M	-3.5M	0.13	6.22	N/A	N/A	207,840	27,239	1,027,573	534,860
2025-02-06	$16.81	$18.00	86.6%	25.8%	62.6%	6.9%	96.1%	-5.9%	0.6%	4.5M	-157.7M	-3.5M	0.29	13.67	N/A	N/A	144,685	41,896	1,096,919	546,286
2025-02-07	$16.71	$18.00	90.0%	25.9%	61.4%	10.8%	97.9%	-7.2%	5.1%	3.7M	-155.5M	-3.5M	0.34	16.17	N/A	N/A	218,904	73,575	1,125,784	554,348
2025-02-10	$16.77	$18.00	85.2%	25.3%	61.0%	5.3%	93.8%	-9.7%	4.2%	6.8M	-192.9M	-3.5M	0.41	14.91	N/A	N/A	102,764	41,845	998,125	514,578
2025-02-11	$16.09	$18.00	85.5%	25.2%	60.5%	5.6%	96.7%	-9.6%	3.3%	4.4M	-104.3M	-3.3M	0.35	12.29	N/A	N/A	140,261	48,806	1,029,163	528,899
2025-02-12	$16.27	$18.00	86.8%	25.7%	60.7%	7.1%	96.3%	-7.0%	1.9%	5.0M	-129.4M	-3.4M	0.33	16.37	N/A	N/A	146,339	48,577	1,062,942	553,251
2025-02-13	$16.74	$18.00	86.8%	25.6%	57.6%	7.1%	94.3%	-8.8%	2.8%	8.5M	-208.7M	-3.5M	0.21	16.96	N/A	N/A	244,094	51,015	1,100,401	566,553
2025-02-14	$16.94	$18.00	86.5%	25.4%	57.8%	6.8%	94.3%	-9.5%	3.1%	14.4M	-261.8M	-3.6M	0.40	9.02	N/A	N/A	207,105	82,310	1,163,129	576,388
2025-02-18	$16.13	$18.00	88.4%	25.4%	50.1%	9.0%	98.5%	-11.7%	1.3%	6.7M	-148.4M	-3.4M	0.45	9.85	N/A	N/A	140,465	63,063	1,047,305	553,863
2025-02-19	$15.86	$18.00	86.2%	24.7%	50.0%	6.5%	93.3%	-11.7%	-1.9%	4.3M	-92.5M	-3.3M	0.30	10.53	N/A	N/A	118,436	36,019	1,081,561	584,277
2025-02-20	$15.91	$18.00	87.8%	25.2%	50.1%	8.3%	93.9%	-10.3%	-0.8%	4.6M	-109.4M	-3.3M	0.26	7.80	N/A	N/A	131,531	34,345	1,109,452	597,371
2025-02-21	$14.73	$18.00	96.3%	27.5%	53.6%	18.0%	103.6%	-8.3%	4.8%	2.1M	28.5M	-3.1M	0.42	6.82	N/A	N/A	299,653	126,720	1,149,003	605,643
2025-02-24	$13.95	$18.00	96.2%	28.1%	55.0%	17.9%	102.9%	0.7%	3.2%	2.8M	13.2M	-3.0M	0.54	5.79	N/A	N/A	154,104	83,851	1,003,078	559,709
2025-02-25	$12.45	$18.00	106.4%	31.2%	58.1%	29.6%	114.1%	0.2%	-2.8%	1.2M	106.0M	-2.6M	0.42	5.36	N/A	N/A	229,259	96,127	1,045,061	580,576
2025-02-26	$12.38	$18.00	105.7%	31.2%	57.7%	28.8%	112.5%	0.9%	-2.0%	2.1M	89.7M	-2.7M	0.38	4.10	N/A	N/A	160,164	60,735	1,118,042	604,398
2025-02-27	$13.11	$18.00	99.8%	29.4%	62.6%	22.0%	105.4%	-2.2%	-2.7%	4.6M	23.8M	-2.9M	0.38	4.59	N/A	N/A	343,187	129,525	1,159,082	629,959
2025-02-28	$13.75	$18.00	95.5%	27.6%	64.8%	17.1%	100.1%	-0.4%	-2.2%	3.0M	-48.3M	-3.1M	0.35	6.63	N/A	N/A	324,671	113,255	1,189,187	658,230