MAX Options History — January 2025

In January 2025, MAX traded between $10.50 and $11.66. ATM implied volatility averaged 68.5%, placing in the 28.4% IV rank vs the trailing year. The 30-day expected move averaged 20.2%. IV traded above realized volatility by 18.2% (HV 20d: 50.3%). Max pain ranged from $10.00 to $12.50. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 11 of 20 days. Put/call ratio averaged 1.45.

Notable Days

  • 2025-01-27: Highest Volume — 1,876 contracts
  • 2025-01-08: Largest IV spike — 103.4% change
  • 2025-01-08: Highest IV Rank — 50.1%
  • 2025-01-31: Largest Expected Move — 23.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$11.24$10.50$11.66$11.46$11.43
Max Pain$12.25$10.00$12.50$10.00$12.50
ATM IV68.5%41.1%98.0%56.7%80.3%
Expected Move20.2%16.1%23.0%16.3%23.0%
HV 20d50.3%45.1%55.9%55.5%48.7%
HV 60d89.9%83.5%92.0%89.9%83.5%
IV Rank28.4%8.3%50.1%19.7%37.1%
IV Percentile56.3%6.3%90.1%34.1%78.6%
Term Structure-1.1%-28.4%20.4%-17.9%-13.2%
VWIV70.2%53.8%85.3%62.7%85.3%
Skew 25d7.6%-20.2%37.6%-18.7%-20.2%
Skew 10d28.2%-27.4%183.4%-27.4%183.4%
Call IV 25d57.3%39.6%74.7%58.9%74.7%
Put IV 25d65.0%40.2%82.6%40.2%54.5%
Bid-Ask Spread %95.8983.71103.31101.2991.64
Gamma HHI0.460.390.610.450.58
Net GEX31.8K20.6K45.2K27.5K41.3K
Net DEX-792.1K-1.3M-215.0K-549.6K-1.1M
Net VEX-5.3K-6.1K-3.8K-5.0K-5.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.450.0019.330.000.53
Total Volume209.7591,8762023
Total OI4,748.054,0975,5694,1315,460

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-01-02$11.46$10.0056.7%16.3%55.5%19.7%62.7%-18.7%-17.9%27.5K-549.6K-5.0K0.00101.29N/AN/A2003,424707
2025-01-03$11.66$10.0056.0%16.1%55.7%19.2%56.6%-11.3%-21.2%29.0K-650.5K-5.1K0.0298.70N/AN/A4913,417707
2025-01-06$11.48$12.5041.1%19.8%55.9%8.3%71.6%27.5%2.3%27.6K-523.0K-4.6K0.0090.60N/AN/A6903,390707
2025-01-07$11.63$12.5048.2%20.7%54.0%13.5%72.3%-5.8%3.1%28.7K-610.6K-4.8K1.8397.30N/AN/A6113,436707
2025-01-08$11.32$12.5098.0%20.0%45.1%50.1%72.1%3.4%2.4%25.9K-505.5K-4.6K19.3383.71N/AN/A3583,430702
2025-01-10$10.50$12.5071.2%22.3%48.7%30.4%77.7%24.9%-1.5%20.6K-215.0K-3.8K1.5795.40N/AN/A35553,431755
2025-01-13$11.14$12.5069.1%22.2%53.5%28.8%77.5%21.7%1.6%26.0K-524.0K-4.7K0.0690.70N/AN/A307193,645805
2025-01-14$11.14$12.5071.2%21.3%50.9%30.4%53.8%36.4%2.2%28.8K-750.5K-5.3K0.0797.13N/AN/A6953,941796
2025-01-15$11.25$12.5075.4%21.6%50.9%33.5%69.6%20.3%-0.2%28.3K-789.8K-5.3K0.2093.03N/AN/A173353,952801
2025-01-16$11.30$12.5067.9%19.5%48.1%28.0%72.1%11.9%20.4%30.1K-894.1K-5.6K1.2592.13N/AN/A454,071821
2025-01-17$11.10$12.5072.4%20.8%47.5%31.3%0.0%11.6%-2.4%28.5K-764.7K-5.4K0.0894.82N/AN/A140114,071826
2025-01-21$11.24$12.5061.5%17.6%46.6%23.3%65.8%-11.3%1.9%31.7K-860.4K-5.4K0.0299.98N/AN/A4214,035741
2025-01-22$10.70$12.5071.9%20.6%49.8%30.9%72.2%35.4%2.0%28.3K-680.3K-5.1K0.05101.88N/AN/A210104,050742
2025-01-23$10.90$12.5077.9%22.3%50.4%35.3%0.0%37.6%-0.7%30.9K-909.9K-5.7K4.00103.31N/AN/A5204,260752
2025-01-24$11.00$12.5072.3%20.7%47.5%31.2%67.3%3.3%3.1%32.2K-909.6K-5.6K0.0693.90N/AN/A1614,263751
2025-01-27$11.57$12.5071.7%20.5%50.5%30.7%71.8%-2.2%-28.4%36.4K-1.2M-5.8K0.00103.04N/AN/A1,87154,266752
2025-01-28$11.24$12.5067.5%19.4%49.1%27.7%73.7%-17.2%-10.7%43.9K-973.1K-5.9K0.0094.29N/AN/A4604,610752
2025-01-29$11.29$12.5067.5%19.3%48.6%27.7%69.3%19.1%18.8%44.6K-1.0M-6.1K0.0098.47N/AN/A55904,664752
2025-01-30$11.42$12.5071.4%20.5%48.7%30.6%71.6%-13.8%15.5%45.2K-1.3M-5.8K0.0096.44N/AN/A31104,817752
2025-01-31$11.43$12.5080.3%23.0%48.7%37.1%85.3%-20.2%-13.2%41.3K-1.1M-5.7K0.5391.64N/AN/A1584,708752