MARA Options History — March 2025

In March 2025, MARA traded between $11.52 and $16.05. ATM implied volatility averaged 90.9%, placing in the 15.9% IV rank vs the trailing year. The 30-day expected move averaged 27.1%. IV traded below realized volatility by 6.8% (HV 20d: 97.7%). Max pain ranged from $13.00 to $18.00. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 8 of 21 days. Put/call ratio averaged 0.47.

Notable Days

2025-03-24: Highest Volume — 482,447 contracts
2025-03-10: Largest IV spike — 17.9% change
2025-03-10: Highest IV Rank — 41.1%
2025-03-10: Largest Expected Move — 35.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$13.41	$11.52	$16.05	$13.57	$11.52
Max Pain	$15.02	$13.00	$18.00	$18.00	$13.00
ATM IV	90.9%	76.3%	109.6%	104.4%	90.9%
Expected Move	27.1%	23.6%	35.0%	31.3%	26.1%
HV 20d	97.7%	64.0%	118.2%	64.0%	116.9%
HV 60d	83.1%	75.7%	89.5%	75.7%	89.5%
IV Rank	15.9%	0.0%	41.1%	27.3%	19.5%
IV Percentile	29.5%	0.0%	68.3%	57.9%	33.7%
Term Structure	-0.0%	-4.7%	5.5%	-0.2%	-1.4%
VWIV	95.8%	82.6%	122.7%	114.8%	92.9%
Skew 25d	-1.0%	-42.2%	4.2%	-2.1%	3.9%
Skew 10d	3.1%	-8.4%	20.2%	-8.4%	7.7%
Call IV 25d	91.9%	75.9%	111.0%	106.7%	89.6%
Put IV 25d	90.9%	68.8%	104.8%	104.7%	93.5%
Bid-Ask Spread %	14.66	3.20	27.89	6.73	20.04
Gamma HHI	0.07	0.05	0.12	0.05	0.08
Net GEX	4.9M	-524.6K	16.1M	3.8M	1.8M
Net DEX	-85.6M	-393.7M	112.2M	-50.6M	7.4M
Net VEX	-3.2M	-3.8M	-2.8M	-3.2M	-2.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.47	0.23	0.96	0.34	0.45
Total Volume	250,604.762	141,823	482,447	336,915	185,139
Total OI	1,779,451.143	1,519,068	1,990,649	1,678,203	1,561,259

Daily Data (21 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
2025-03-03	$13.57	$18.00	104.4%	31.3%	64.0%	27.3%	114.8%	-2.1%	-0.2%	3.8M	-50.6M	-3.2M	0.34	6.73	N/A	N/A	252,184	84,731	1,063,664	614,539
2025-03-04	$14.20	$17.50	98.6%	29.8%	67.5%	25.5%	107.3%	-6.6%	0.2%	5.9M	-114.4M	-3.4M	0.40	8.08	N/A	N/A	143,656	56,938	1,124,641	632,321
2025-03-05	$15.00	$17.00	97.2%	28.9%	71.5%	23.5%	103.2%	-2.2%	-0.0%	8.9M	-214.8M	-3.6M	0.42	9.24	N/A	N/A	141,873	58,981	1,143,444	637,716
2025-03-06	$14.91	$17.00	100.8%	30.2%	70.6%	28.6%	107.2%	-1.5%	-4.7%	9.2M	-216.3M	-3.6M	0.37	6.86	N/A	N/A	195,996	72,682	1,168,323	657,029
2025-03-07	$16.05	$17.00	93.0%	26.6%	76.0%	17.6%	95.2%	-0.5%	-0.1%	16.1M	-393.7M	-3.8M	0.43	5.10	N/A	N/A	322,254	139,825	1,206,103	678,710
2025-03-10	$13.45	$17.00	109.6%	35.0%	98.1%	41.1%	122.7%	-42.2%	-0.4%	2.1M	-15.8M	-3.1M	0.50	4.21	N/A	N/A	175,492	87,439	1,105,130	626,203
2025-03-11	$13.27	$17.00	101.8%	30.3%	97.9%	30.0%	106.4%	3.2%	-1.3%	1.3M	14.3M	-3.1M	0.49	6.49	N/A	N/A	132,220	64,525	1,144,846	646,831
2025-03-12	$13.18	$17.00	96.1%	27.9%	97.3%	21.9%	96.4%	-1.7%	-1.0%	789.1K	28.8M	-3.0M	0.34	3.56	N/A	N/A	115,491	39,307	1,175,263	654,447
2025-03-13	$12.20	$16.00	96.7%	27.8%	99.8%	22.8%	98.0%	2.6%	-0.4%	-524.6K	112.2M	-2.8M	0.57	5.62	N/A	N/A	131,697	75,535	1,211,245	663,498
2025-03-14	$13.11	$16.00	91.6%	25.2%	103.4%	15.6%	88.8%	1.7%	-1.0%	648.3K	764.7K	-3.0M	0.35	3.20	N/A	N/A	314,535	108,537	1,246,677	670,037
2025-03-17	$13.09	$16.00	88.8%	26.3%	103.1%	11.6%	92.0%	3.5%	-4.3%	3.8M	-8.5M	-3.1M	0.26	27.02	N/A	N/A	186,012	48,568	1,155,021	633,252
2025-03-18	$12.09	$13.00	91.2%	26.8%	105.0%	15.1%	93.9%	0.7%	-1.1%	2.4M	40.5M	-2.9M	0.45	26.92	N/A	N/A	98,824	44,690	1,221,957	646,432
2025-03-19	$12.57	$13.00	87.9%	26.2%	106.7%	10.3%	92.8%	2.9%	0.9%	3.7M	7.6M	-3.0M	0.54	27.89	N/A	N/A	132,512	71,132	1,250,861	656,231
2025-03-20	$12.48	$13.00	87.4%	26.0%	106.6%	9.6%	91.4%	2.0%	-0.4%	3.4M	1.8M	-3.1M	0.69	27.79	N/A	N/A	113,032	78,251	1,286,867	681,416
2025-03-21	$12.27	$13.00	83.0%	25.0%	103.8%	3.4%	87.7%	2.3%	1.8%	2.2M	27.4M	-3.0M	0.23	22.67	N/A	N/A	241,449	54,418	1,305,168	685,481
2025-03-24	$14.39	$13.00	76.8%	23.8%	118.2%	0.0%	83.6%	1.9%	1.6%	8.0M	-338.2M	-3.6M	0.27	12.79	N/A	N/A	379,512	102,935	947,616	571,452
2025-03-25	$14.21	$13.00	76.3%	23.7%	110.3%	0.0%	82.8%	2.2%	1.2%	10.3M	-262.6M	-3.6M	0.96	20.52	N/A	N/A	86,011	82,773	1,020,601	619,942
2025-03-26	$13.70	$13.00	77.0%	24.2%	111.3%	1.0%	85.1%	1.9%	5.5%	7.9M	-190.8M	-3.5M	0.57	20.60	N/A	N/A	90,185	51,638	1,038,843	621,077
2025-03-27	$13.77	$13.00	76.7%	23.6%	109.6%	0.5%	82.6%	2.7%	3.4%	8.6M	-196.1M	-3.5M	0.85	16.97	N/A	N/A	82,639	69,928	1,059,160	624,427
2025-03-28	$12.48	$13.00	83.3%	25.0%	113.8%	9.3%	88.0%	4.2%	1.8%	2.6M	-36.5M	-3.1M	0.34	25.45	N/A	N/A	261,098	88,056	1,069,228	641,516
2025-03-31	$11.52	$13.00	90.9%	26.1%	116.9%	19.5%	92.9%	3.9%	-1.4%	1.8M	7.4M	-2.9M	0.45	20.04	N/A	N/A	127,957	57,182	960,569	600,690