MARA Options History — April 2025

In April 2025, MARA traded between $10.23 and $14.25. ATM implied volatility averaged 94.0%, placing in the 23.6% IV rank vs the trailing year. The 30-day expected move averaged 27.0%. IV traded below realized volatility by 22.8% (HV 20d: 116.8%). Max pain ranged from $13.00 to $13.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 9 of 21 days. Put/call ratio averaged 0.45.

Notable Days

2025-04-22: Highest Volume — 429,746 contracts
2025-04-09: Largest IV drop — 19.4% change
2025-04-08: Highest IV Rank — 54.6%
2025-04-08: Largest Expected Move — 32.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$12.62	$10.23	$14.25	$11.71	$13.32
Max Pain	$13.00	$13.00	$13.00	$13.00	$13.00
ATM IV	94.0%	85.0%	117.3%	90.4%	87.0%
Expected Move	27.0%	24.6%	32.8%	26.5%	26.0%
HV 20d	116.8%	99.0%	125.3%	115.5%	109.5%
HV 60d	94.9%	86.3%	100.5%	89.5%	99.0%
IV Rank	23.6%	11.6%	54.6%	18.8%	14.2%
IV Percentile	39.6%	9.1%	90.9%	32.9%	17.5%
Term Structure	-0.5%	-8.9%	6.1%	6.1%	-0.3%
VWIV	94.6%	88.2%	109.9%	93.1%	95.3%
Skew 25d	5.1%	-5.3%	18.8%	5.8%	-5.3%
Skew 10d	8.8%	-47.6%	63.1%	12.7%	-47.6%
Call IV 25d	92.3%	86.2%	102.4%	89.6%	94.7%
Put IV 25d	97.4%	86.8%	120.4%	95.4%	89.3%
Bid-Ask Spread %	24.53	11.63	38.09	28.65	13.93
Gamma HHI	0.09	0.05	0.24	0.08	0.07
Net GEX	7.0M	1.1M	12.9M	3.0M	7.4M
Net DEX	-188.3M	-417.0M	41.1M	-26.4M	-265.8M
Net VEX	-3.4M	-4.0M	-2.6M	-3.0M	-3.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.45	0.18	0.87	0.44	0.44
Total Volume	236,157.905	132,874	429,746	211,901	157,423
Total OI	1,741,290.524	1,629,482	1,830,232	1,629,482	1,803,478

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
2025-04-01	$11.71	$13.00	90.4%	26.5%	115.5%	18.8%	93.1%	5.8%	6.1%	3.0M	-26.4M	-3.0M	0.44	28.65	N/A	N/A	147,390	64,511	1,009,407	620,075
2025-04-02	$12.36	$13.00	87.9%	26.1%	115.5%	15.5%	91.8%	1.9%	2.3%	6.3M	-114.3M	-3.2M	0.33	23.77	N/A	N/A	130,214	43,125	1,056,183	636,639
2025-04-03	$11.21	$13.00	93.5%	27.1%	119.6%	22.9%	96.1%	4.3%	2.0%	1.1M	14.4M	-2.9M	0.52	16.04	N/A	N/A	104,567	54,430	1,079,515	650,948
2025-04-04	$11.34	$13.00	105.3%	30.0%	115.5%	38.7%	103.0%	15.2%	0.9%	2.1M	430.9K	-2.9M	0.35	30.39	N/A	N/A	309,693	107,867	1,094,013	659,366
2025-04-07	$11.24	$13.00	109.8%	30.3%	99.0%	44.6%	104.1%	7.4%	-6.0%	3.7M	-37.3M	-2.9M	0.56	36.16	N/A	N/A	136,593	76,813	1,024,311	626,647
2025-04-08	$10.23	$13.00	117.3%	32.8%	103.5%	54.6%	109.9%	18.8%	-0.4%	1.8M	41.1M	-2.6M	0.87	31.04	N/A	N/A	112,746	97,683	1,055,737	642,340
2025-04-09	$12.27	$13.00	94.5%	27.2%	124.5%	24.3%	92.7%	13.2%	3.2%	7.1M	-139.0M	-3.2M	0.49	38.01	N/A	N/A	195,583	95,524	1,074,495	658,369
2025-04-10	$11.52	$13.00	101.7%	27.6%	123.5%	33.9%	96.4%	15.5%	-8.9%	5.0M	-41.8M	-2.9M	0.73	38.09	N/A	N/A	103,730	75,643	1,116,665	674,334
2025-04-11	$12.46	$13.00	101.6%	29.1%	124.1%	33.8%	95.6%	15.2%	-1.2%	8.8M	-207.6M	-3.3M	0.20	30.36	N/A	N/A	349,895	68,671	1,133,872	666,060
2025-04-14	$13.07	$13.00	89.7%	25.8%	125.3%	17.8%	90.3%	7.3%	-0.5%	9.9M	-241.4M	-3.4M	0.44	23.63	N/A	N/A	172,479	75,119	1,084,580	624,572
2025-04-15	$12.41	$13.00	88.1%	25.3%	123.4%	15.8%	88.2%	5.0%	1.1%	7.4M	-143.5M	-3.3M	0.47	30.64	N/A	N/A	97,060	45,689	1,119,772	650,767
2025-04-16	$12.27	$13.00	93.0%	26.6%	122.6%	22.2%	93.8%	5.0%	-0.8%	6.8M	-140.8M	-3.3M	0.75	29.26	N/A	N/A	101,310	75,968	1,137,168	663,486
2025-04-17	$12.64	$13.00	87.4%	25.0%	123.1%	14.8%	88.2%	3.5%	0.6%	4.6M	-178.0M	-3.4M	0.18	22.51	N/A	N/A	244,814	43,578	1,151,349	678,883
2025-04-21	$12.36	$13.00	94.5%	27.0%	123.2%	24.3%	97.2%	2.1%	-2.2%	6.4M	-162.2M	-3.4M	0.34	21.68	N/A	N/A	145,946	50,282	1,019,405	614,170
2025-04-22	$13.95	$13.00	98.5%	27.5%	117.3%	29.7%	96.8%	-0.8%	-7.7%	11.5M	-405.8M	-3.9M	0.28	19.91	N/A	N/A	336,259	93,487	1,068,763	621,031
2025-04-23	$14.25	$13.00	90.9%	25.9%	117.5%	19.5%	92.1%	-0.1%	-3.2%	12.9M	-417.0M	-3.9M	0.45	28.25	N/A	N/A	163,562	73,811	1,105,668	647,377
2025-04-24	$14.04	$13.00	87.4%	25.5%	116.8%	14.8%	91.4%	-0.4%	-1.1%	12.6M	-376.9M	-3.9M	0.49	11.63	N/A	N/A	90,825	44,733	1,138,201	658,214
2025-04-25	$14.21	$13.00	85.0%	24.6%	116.9%	11.6%	88.3%	-2.8%	-0.4%	7.8M	-400.3M	-3.9M	0.22	14.35	N/A	N/A	317,868	68,950	1,157,433	668,852
2025-04-28	$13.95	$13.00	85.3%	25.3%	111.1%	12.0%	91.0%	-3.6%	2.2%	9.7M	-330.8M	-3.9M	0.48	13.97	N/A	N/A	89,988	42,886	1,085,774	630,898
2025-04-29	$14.18	$13.00	85.6%	25.5%	106.4%	12.5%	91.9%	-0.1%	3.9%	11.1M	-381.9M	-4.0M	0.35	12.79	N/A	N/A	113,260	39,341	1,112,504	645,780
2025-04-30	$13.32	$13.00	87.0%	26.0%	109.5%	14.2%	95.3%	-5.3%	-0.3%	7.4M	-265.8M	-3.8M	0.44	13.93	N/A	N/A	109,315	48,108	1,150,727	652,751