MARA Options History — May 2025

In May 2025, MARA traded between $13.21 and $16.37. ATM implied volatility averaged 81.0%, placing in the 7.8% IV rank vs the trailing year. The 30-day expected move averaged 23.2%. IV traded below realized volatility by 2.3% (HV 20d: 83.3%). Max pain ranged from $13.00 to $15.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 15 of 21 days. Put/call ratio averaged 0.32.

Notable Days

  • 2025-05-09: Highest Volume — 773,769 contracts
  • 2025-05-09: Largest IV drop — 6.8% change
  • 2025-05-06: Highest IV Rank — 19.1%
  • 2025-05-06: Largest Expected Move — 26.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$15.11$13.21$16.37$14.16$14.20
Max Pain$14.76$13.00$15.00$13.00$15.00
ATM IV81.0%74.1%90.7%88.1%74.1%
Expected Move23.2%20.4%26.0%25.9%20.4%
HV 20d83.3%65.8%109.9%109.9%76.7%
HV 60d101.6%98.9%103.8%99.9%101.0%
IV Rank7.8%0.0%19.1%15.7%0.0%
IV Percentile9.8%0.0%38.9%25.4%0.4%
Term Structure0.9%-3.1%4.4%-0.0%1.7%
VWIV88.1%76.6%101.6%92.2%76.6%
Skew 25d-11.5%-21.5%-5.4%-9.6%-7.1%
Skew 10d-26.8%-51.1%-4.7%-26.9%-17.0%
Call IV 25d92.2%81.2%100.6%98.8%81.2%
Put IV 25d80.6%72.4%92.7%89.3%74.1%
Bid-Ask Spread %9.753.7321.1313.368.98
Gamma HHI0.100.060.370.100.06
Net GEX12.9M6.9M26.0M12.2M6.9M
Net DEX-465.1M-724.1M-208.6M-407.7M-208.6M
Net VEX-4.3M-4.6M-3.8M-4.0M-4.1M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.320.120.490.230.32
Total Volume314,807.762103,849773,769316,430259,258
Total OI1,949,273.811,773,7282,208,7461,836,5892,208,746

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-05-01$14.16$13.0088.1%25.9%109.9%15.7%92.2%-9.6%-0.0%12.2M-407.7M-4.0M0.2313.36N/AN/A257,41859,0121,171,520665,069
2025-05-02$14.48$13.0084.3%24.3%102.8%10.6%89.8%-9.4%2.3%20.5M-447.3M-4.1M0.337.93N/AN/A351,370116,9201,215,875677,806
2025-05-05$13.25$15.0088.6%25.7%109.0%16.4%99.2%-5.4%0.8%6.9M-250.5M-3.8M0.3712.72N/AN/A175,42465,2881,135,021638,707
2025-05-06$13.21$15.0090.7%26.0%108.9%19.1%101.6%-6.2%1.1%7.3M-260.7M-3.9M0.2813.43N/AN/A150,69441,8341,177,792667,492
2025-05-07$13.27$14.0089.4%25.1%102.0%17.5%98.6%-7.0%-1.4%7.7M-251.6M-3.8M0.3721.13N/AN/A75,88727,9621,189,773688,636
2025-05-08$14.27$15.0087.2%24.6%83.8%14.5%91.8%-8.3%-0.4%12.7M-424.9M-4.1M0.2914.44N/AN/A224,03965,8351,198,760696,896
2025-05-09$15.54$15.0081.2%23.7%83.7%6.6%88.6%-7.5%1.7%26.0M-724.1M-4.4M0.359.03N/AN/A572,731201,0381,243,200719,967
2025-05-12$15.86$15.0075.9%22.1%80.3%0.0%82.6%-10.1%1.6%14.1M-578.4M-4.4M0.3610.56N/AN/A212,92976,4571,158,396692,524
2025-05-13$16.37$15.0077.5%22.7%79.6%2.1%85.8%-21.5%4.4%17.3M-673.3M-4.6M0.359.40N/AN/A154,91254,4181,204,585709,278
2025-05-14$15.93$15.0078.2%22.4%77.5%3.0%84.0%-14.0%-0.1%16.4M-595.3M-4.5M0.3111.55N/AN/A110,86134,8241,242,036724,533
2025-05-15$15.64$15.0074.1%21.6%77.8%0.0%87.2%-13.1%1.5%14.5M-533.1M-4.4M0.4813.24N/AN/A110,03952,8011,264,528734,500
2025-05-16$16.20$15.0075.9%21.5%78.0%2.3%80.7%-13.1%-3.1%10.3M-641.2M-4.4M0.304.74N/AN/A352,434107,3681,267,878749,608
2025-05-19$16.27$15.0078.1%22.4%77.0%5.2%92.6%-12.6%1.8%13.4M-552.6M-4.5M0.358.05N/AN/A138,49148,6371,123,625677,906
2025-05-20$16.21$15.0078.1%22.4%65.8%5.1%81.8%-11.6%-0.4%14.3M-561.5M-4.5M0.284.87N/AN/A112,65731,2661,183,043700,592
2025-05-21$16.05$15.0079.6%22.8%65.9%7.1%88.4%-13.9%0.4%14.8M-571.2M-4.5M0.347.04N/AN/A396,097134,1431,220,107712,984
2025-05-22$15.69$15.0080.8%23.1%66.3%8.7%87.2%-19.1%1.9%13.6M-513.9M-4.6M0.205.77N/AN/A323,70264,8461,291,498739,616
2025-05-23$14.89$15.0082.7%23.5%69.3%11.1%89.9%-18.9%2.5%7.9M-349.0M-4.4M0.2015.24N/AN/A440,04586,3161,359,238761,542
2025-05-27$16.26$15.0079.9%22.6%75.1%7.4%83.5%-14.3%2.2%16.2M-624.0M-4.6M0.314.60N/AN/A272,15185,6491,218,089724,669
2025-05-28$14.93$15.0080.2%23.1%81.9%7.9%86.2%-10.2%0.7%10.1M-335.1M-4.3M0.493.73N/AN/A217,030107,3851,278,230763,514
2025-05-29$14.55$15.0076.9%21.9%79.1%3.6%82.4%-9.3%0.1%7.3M-262.3M-4.2M0.124.93N/AN/A214,12826,6671,335,540801,431
2025-05-30$14.20$15.0074.1%20.4%76.7%0.0%76.6%-7.1%1.7%6.9M-208.6M-4.1M0.328.98N/AN/A196,01363,2451,400,910807,836