MARA Options History — November 2025 In November 2025, MARA traded between $10.05 and $18.02. ATM implied volatility averaged 90.6%, placing in the 35.0% IV rank vs the trailing year. The 30-day expected move averaged 26.5%. IV traded above realized volatility by 13.0% (HV 20d: 77.6%). Max pain ranged from $14.00 to $18.00. Net GEX was positive for 13 of 19 trading days. Term structure was in contango for 10 of 19 days. Put/call ratio averaged 0.37.
Notable Days 2025-11-06 : Highest Volume — 421,705 contracts2025-11-24 : Largest IV drop — 11.0% change2025-11-21 : Highest IV Rank — 48.5%2025-11-21 : Largest Expected Move — 30.1%Monthly Statistics Metric Avg Min Max Open Close Price $13.35 $10.05 $18.02 $18.02 $11.61 Max Pain $16.16 $14.00 $18.00 $18.00 $14.00 ATM IV 90.6% 80.0% 103.5% 98.8% 84.8% Expected Move 26.5% 23.8% 30.1% 29.1% 24.9% HV 20d 77.6% 61.7% 90.4% 84.4% 86.8% HV 60d 79.3% 72.0% 85.8% 72.0% 85.7% IV Rank 35.0% 23.3% 48.5% 43.5% 34.9% IV Percentile 58.4% 37.3% 86.1% 77.0% 44.4% Term Structure -0.1% -7.6% 4.4% -7.6% 4.4% VWIV 101.9% 90.7% 113.4% 113.4% 92.9% Skew 25d -3.4% -23.8% 10.5% -16.8% 2.6% Skew 10d -12.1% -52.0% 25.1% -48.9% 2.7% Call IV 25d 97.0% 86.7% 112.9% 112.4% 87.0% Put IV 25d 93.6% 82.6% 111.3% 95.6% 89.6% Bid-Ask Spread % 13.92 9.86 28.18 13.45 9.91 Gamma HHI 0.07 0.05 0.20 0.05 0.15 Net GEX 4.0M -2.6M 16.4M 16.4M 8.1M Net DEX 2.6M -705.6M 320.1M -705.6M 22.7M Net VEX -4.6M -6.6M -3.2M -6.6M -3.9M Div Yield 0.0% 0.0% 0.0% 0.0% 0.0% P/C Ratio 0.37 0.19 0.62 0.24 0.21 Total Volume 285,084.211 187,677 421,705 255,867 243,203 Total OI 2,921,556.789 2,683,580 3,077,465 2,794,767 2,889,956
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 2025-11-03 $18.02 $18.00 98.8% 29.1% 84.4% 43.5% 113.4% -16.8% -7.6% 16.4M -705.6M -6.6M 0.24 13.45 N/A N/A 205,902 49,965 1,707,045 1,087,722 2025-11-04 $16.77 $18.00 93.6% 28.8% 87.5% 38.0% 113.0% -23.8% 0.4% 10.3M -411.0M -6.1M 0.30 15.90 N/A N/A 243,335 72,902 1,761,652 1,110,871 2025-11-05 $17.24 $18.00 87.7% 26.0% 88.4% 31.6% 110.4% -18.0% 2.4% 12.4M -504.0M -6.3M 0.38 15.53 N/A N/A 160,016 61,490 1,806,003 1,135,267 2025-11-06 $16.18 $17.00 85.2% 25.0% 90.4% 28.9% 111.9% -13.8% -0.5% 3.9M -243.6M -5.8M 0.28 15.99 N/A N/A 330,730 90,975 1,823,735 1,154,002 2025-11-07 $15.63 $17.00 83.8% 24.6% 85.9% 27.4% 105.8% -16.1% -0.8% 3.7M -103.8M -5.5M 0.31 15.57 N/A N/A 270,606 83,245 1,853,995 1,184,161 2025-11-10 $15.77 $17.00 84.0% 24.8% 77.8% 27.6% 101.2% -13.4% 2.1% 9.3M -246.4M -5.5M 0.28 13.69 N/A N/A 146,718 40,959 1,737,196 1,124,866 2025-11-11 $14.57 $17.00 80.0% 24.3% 72.0% 23.3% 97.0% -9.8% 3.8% 3.9M -33.7M -5.0M 0.48 18.41 N/A N/A 153,878 74,112 1,784,696 1,139,440 2025-11-12 $14.41 $17.00 81.9% 23.8% 69.0% 25.4% 95.6% -6.3% 2.9% 1.9M 28.4M -4.9M 0.33 28.18 N/A N/A 183,023 60,867 1,787,881 1,151,451 2025-11-13 $12.84 $17.00 87.2% 25.3% 67.0% 31.0% 101.1% -2.7% 1.6% -833.0K 208.0M -4.3M 0.36 16.06 N/A N/A 293,455 104,260 1,806,904 1,166,645 2025-11-14 $12.09 $17.00 89.1% 25.8% 68.2% 33.1% 99.5% -2.0% 1.5% -940.5K 255.5M -4.0M 0.62 11.48 N/A N/A 205,921 127,602 1,870,086 1,177,385 2025-11-17 $11.32 $16.00 96.0% 27.5% 61.7% 40.5% 101.9% 4.5% -3.7% -297.9K 271.0M -3.7M 0.49 11.18 N/A N/A 194,126 94,652 1,746,887 1,147,489 2025-11-18 $12.00 $16.00 94.3% 27.1% 69.0% 38.6% 99.0% 4.5% -2.4% 1.1M 192.1M -4.0M 0.49 11.78 N/A N/A 154,607 76,389 1,789,033 1,169,554 2025-11-19 $11.13 $15.00 99.5% 28.5% 71.1% 44.3% 103.3% 7.2% -4.0% -391.7K 259.5M -3.7M 0.31 14.07 N/A N/A 213,908 66,876 1,833,812 1,187,932 2025-11-20 $10.34 $15.00 102.6% 29.4% 71.2% 47.6% 104.8% 6.9% -0.0% -1.5M 320.1M -3.3M 0.33 11.27 N/A N/A 240,350 79,502 1,853,794 1,190,090 2025-11-21 $10.05 $15.00 103.5% 30.1% 70.3% 48.5% 106.2% 10.5% -4.7% -2.6M 315.5M -3.2M 0.56 9.86 N/A N/A 205,969 115,144 1,898,164 1,179,301 2025-11-24 $11.17 $15.00 92.1% 26.9% 84.3% 36.3% 95.0% 9.3% 1.1% 2.5M 152.5M -3.6M 0.42 10.43 N/A N/A 178,280 74,786 1,566,063 1,117,517 2025-11-25 $11.14 $14.00 91.8% 26.1% 84.5% 36.0% 90.7% 7.6% -0.1% 3.4M 162.3M -3.6M 0.36 10.63 N/A N/A 145,325 52,923 1,620,446 1,140,796 2025-11-26 $11.29 $14.00 84.9% 24.9% 85.1% 28.5% 92.8% 4.9% 2.4% 5.0M 110.4M -3.7M 0.19 11.17 N/A N/A 269,105 51,494 1,649,060 1,158,682 2025-11-28 $11.61 $14.00 84.8% 24.9% 86.8% 34.9% 92.9% 2.6% 4.4% 8.1M 22.7M -3.9M 0.21 9.91 N/A N/A 201,497 41,706 1,720,850 1,169,106
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