MARA Options History — August 2025

In August 2025, MARA traded between $15.27 and $16.41. ATM implied volatility averaged 63.3%, placing in the 4.0% IV rank vs the trailing year. The 30-day expected move averaged 18.2%. IV traded above realized volatility by 5.5% (HV 20d: 57.8%). Max pain ranged from $16.00 to $17.00. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 15 of 21 days. Put/call ratio averaged 0.34.

Notable Days

2025-08-22: Highest Volume — 704,094 contracts
2025-08-25: Largest IV spike — 7.8% change
2025-08-01: Highest IV Rank — 8.2%
2025-08-01: Largest Expected Move — 21.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$15.75	$15.27	$16.41	$15.54	$15.88
Max Pain	$16.05	$16.00	$17.00	$17.00	$16.00
ATM IV	63.3%	58.4%	70.9%	70.9%	64.1%
Expected Move	18.2%	16.9%	21.1%	21.1%	17.9%
HV 20d	57.8%	37.8%	71.4%	71.4%	48.3%
HV 60d	66.8%	62.8%	70.9%	70.5%	62.8%
IV Rank	4.0%	0.0%	8.2%	8.2%	6.2%
IV Percentile	3.4%	0.0%	8.7%	8.7%	6.0%
Term Structure	0.3%	-4.2%	5.2%	-1.7%	1.3%
VWIV	67.4%	62.7%	75.8%	75.8%	66.4%
Skew 25d	-1.5%	-6.1%	1.4%	-3.0%	-0.9%
Skew 10d	-5.6%	-33.1%	13.0%	-3.4%	-7.9%
Call IV 25d	66.7%	62.2%	75.2%	75.2%	66.4%
Put IV 25d	65.2%	60.0%	72.2%	72.2%	65.6%
Bid-Ask Spread %	7.72	3.71	22.83	18.94	4.17
Gamma HHI	0.15	0.08	0.58	0.58	0.16
Net GEX	15.8M	-54.5M	33.8M	-54.5M	23.9M
Net DEX	-313.7M	-674.8M	-91.9M	-91.9M	-341.0M
Net VEX	-4.8M	-5.0M	-4.6M	-4.9M	-4.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.34	0.13	0.68	0.49	0.33
Total Volume	292,251.095	129,387	704,094	317,301	304,172
Total OI	2,578,068.048	2,384,964	2,866,129	2,690,543	2,595,600

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
2025-08-01	$15.54	$17.00	70.9%	21.1%	71.4%	8.2%	75.8%	-3.0%	-1.7%	-54.5M	-91.9M	-4.9M	0.49	18.94	N/A	N/A	213,365	103,936	1,603,728	1,086,815
2025-08-04	$16.19	$16.00	68.1%	19.2%	69.6%	5.0%	70.3%	-2.4%	0.1%	13.6M	-334.5M	-5.0M	0.25	16.06	N/A	N/A	268,749	67,137	1,449,456	965,124
2025-08-05	$15.51	$16.00	70.1%	19.4%	68.7%	7.3%	71.2%	0.1%	-4.2%	9.2M	-206.6M	-4.9M	0.27	22.83	N/A	N/A	177,209	48,720	1,560,333	1,000,093
2025-08-06	$15.95	$16.00	65.3%	18.9%	65.9%	1.8%	69.5%	-1.2%	0.1%	18.6M	-325.1M	-5.0M	0.13	8.60	N/A	N/A	209,715	26,754	1,572,960	1,026,696
2025-08-07	$15.89	$16.00	62.3%	18.1%	64.5%	0.0%	66.3%	-2.0%	0.7%	20.3M	-331.2M	-5.0M	0.68	10.04	N/A	N/A	192,025	130,167	1,638,111	1,031,041
2025-08-08	$15.52	$16.00	60.4%	17.7%	64.5%	0.0%	67.9%	-0.3%	0.1%	6.1M	-184.6M	-4.7M	0.38	6.10	N/A	N/A	404,536	152,884	1,660,116	1,090,936
2025-08-11	$15.62	$16.00	59.0%	17.7%	64.7%	0.0%	67.4%	-6.1%	5.2%	17.3M	-306.1M	-4.9M	0.26	6.86	N/A	N/A	149,401	39,162	1,540,453	1,019,458
2025-08-12	$15.79	$16.00	58.4%	16.9%	65.1%	0.0%	62.8%	-2.2%	0.5%	23.3M	-310.8M	-4.7M	0.30	4.70	N/A	N/A	101,024	29,879	1,590,862	1,033,042
2025-08-13	$15.88	$16.00	61.3%	17.7%	62.5%	3.1%	66.2%	-2.2%	0.5%	26.7M	-358.9M	-4.8M	0.30	6.61	N/A	N/A	224,520	66,323	1,614,667	1,046,269
2025-08-14	$15.63	$16.00	62.0%	17.8%	62.0%	3.9%	66.3%	-1.5%	0.0%	19.9M	-262.3M	-4.7M	0.28	3.71	N/A	N/A	529,425	148,461	1,623,119	1,053,243
2025-08-15	$15.79	$16.00	60.7%	17.6%	62.5%	2.5%	64.8%	-1.9%	1.2%	19.3M	-347.2M	-4.8M	0.29	4.23	N/A	N/A	206,478	59,675	1,755,627	1,110,502
2025-08-18	$16.09	$16.00	61.1%	17.6%	62.1%	3.0%	63.4%	0.8%	-0.1%	26.5M	-440.5M	-4.9M	0.31	4.48	N/A	N/A	144,260	44,026	1,468,845	959,235
2025-08-19	$15.27	$16.00	63.8%	18.3%	59.0%	5.8%	68.2%	-0.6%	-0.4%	16.9M	-244.3M	-4.6M	0.41	5.67	N/A	N/A	107,556	44,570	1,503,937	975,835
2025-08-20	$15.36	$16.00	63.4%	18.2%	37.8%	5.5%	66.3%	1.4%	-0.3%	18.6M	-238.5M	-4.6M	0.20	8.19	N/A	N/A	221,705	43,806	1,531,785	993,121
2025-08-21	$15.36	$16.00	61.9%	17.8%	37.8%	3.8%	67.5%	0.9%	-0.3%	22.3M	-271.2M	-4.6M	0.54	5.11	N/A	N/A	94,434	50,661	1,583,923	996,435
2025-08-22	$16.41	$16.00	59.6%	17.1%	45.6%	1.4%	62.7%	-1.3%	0.7%	33.8M	-674.8M	-4.9M	0.28	6.92	N/A	N/A	552,056	152,038	1,596,336	1,012,640
2025-08-25	$15.43	$16.00	64.3%	18.2%	50.2%	6.4%	68.9%	-2.0%	0.1%	12.8M	-249.0M	-4.7M	0.51	4.98	N/A	N/A	125,283	63,692	1,458,647	926,317
2025-08-26	$15.89	$16.00	65.0%	18.6%	51.1%	7.2%	68.1%	-2.2%	0.4%	19.1M	-367.5M	-4.9M	0.32	4.78	N/A	N/A	99,187	31,723	1,501,546	952,645
2025-08-27	$15.86	$16.00	65.0%	18.6%	50.8%	7.2%	69.7%	-2.8%	0.6%	19.5M	-351.4M	-4.8M	0.46	4.68	N/A	N/A	88,822	40,565	1,525,255	968,065
2025-08-28	$15.91	$16.00	63.7%	18.2%	50.7%	5.7%	65.7%	-3.1%	2.3%	19.6M	-351.2M	-4.8M	0.20	4.51	N/A	N/A	315,527	63,645	1,542,632	973,979
2025-08-29	$15.88	$16.00	64.1%	17.9%	48.3%	6.2%	66.4%	-0.9%	1.3%	23.9M	-341.0M	-4.9M	0.33	4.17	N/A	N/A	229,269	74,903	1,595,199	1,000,401