MAX Options History — February 2025

In February 2025, MAX traded between $9.06 and $13.17. ATM implied volatility averaged 73.5%, placing in the 32.1% IV rank vs the trailing year. The 30-day expected move averaged 22.2%. IV traded above realized volatility by 15.9% (HV 20d: 57.6%). Max pain ranged from $10.00 to $12.50. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 7 of 19 days. Put/call ratio averaged 4.63.

Notable Days

  • 2025-02-27: Highest Volume — 1,608 contracts
  • 2025-02-05: Largest IV drop — 40.0% change
  • 2025-02-20: Highest IV Rank — 55.0%
  • 2025-02-20: Largest Expected Move — 30.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$11.53$9.06$13.17$11.27$9.20
Max Pain$10.39$10.00$12.50$12.50$10.00
ATM IV73.5%54.3%104.7%77.3%54.3%
Expected Move22.2%15.6%30.0%22.2%15.6%
HV 20d57.6%36.4%93.1%48.5%92.7%
HV 60d58.1%50.4%83.5%83.5%70.4%
IV Rank32.1%17.9%55.0%34.9%17.9%
IV Percentile59.3%23.8%93.3%76.2%23.8%
Term Structure-0.8%-48.4%25.8%-3.4%19.6%
VWIV79.7%55.1%109.5%76.8%63.6%
Skew 25d3.0%-31.9%44.9%14.9%2.6%
Skew 10d12.5%-25.5%47.1%19.4%-1.7%
Call IV 25d63.8%42.4%87.0%71.7%47.0%
Put IV 25d66.8%47.7%100.4%86.5%49.7%
Bid-Ask Spread %90.5459.64105.4284.7598.15
Gamma HHI0.560.310.800.620.36
Net GEX53.3K18.4K110.9K44.3K28.5K
Net DEX-1.4M-2.5M-226.2K-1.1M-648.1K
Net VEX-5.7K-6.7K-3.4K-5.5K-6.5K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio4.630.0076.000.000.02
Total Volume404.947141,60898717
Total OI5,556.2113,4106,7925,4645,857

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-02-03$11.27$12.5077.3%22.2%48.5%34.9%76.8%14.9%-3.4%44.3K-1.1M-5.5K0.0084.75N/AN/A9804,720744
2025-02-04$11.71$12.5091.1%26.1%50.1%45.1%70.2%-18.7%3.2%50.7K-1.2M-5.3K0.42103.93N/AN/A24104,739744
2025-02-05$11.88$12.5054.7%15.7%50.0%18.2%57.3%-6.1%21.0%59.8K-1.4M-5.4K2.78104.96N/AN/A451254,725744
2025-02-06$12.05$10.0060.9%21.1%50.0%22.8%74.3%33.3%-2.8%58.9K-1.5M-5.8K0.0199.67N/AN/A19414,693869
2025-02-07$12.43$10.0054.5%22.6%49.9%18.1%79.7%-5.8%-3.5%59.4K-1.7M-5.9K0.1095.23N/AN/A240254,728853
2025-02-10$12.80$10.0061.8%22.7%40.6%23.4%78.3%20.3%-6.0%70.3K-2.1M-6.3K0.3083.88N/AN/A1,0002994,919867
2025-02-11$12.74$10.0060.5%23.4%36.4%22.5%76.7%20.7%-6.1%76.4K-2.1M-6.6K0.0080.80N/AN/A18805,171867
2025-02-12$12.79$10.0080.8%23.2%36.4%37.5%0.0%20.8%-5.1%81.4K-2.2M-6.7K6.0080.83N/AN/A2125,288867
2025-02-13$13.17$10.0083.6%24.0%37.2%39.5%83.6%44.9%-9.4%81.6K-2.5M-6.7K0.0091.20N/AN/A5505,284875
2025-02-14$12.86$10.0065.2%18.7%38.9%26.0%79.4%-20.3%-9.6%87.0K-2.3M-6.5K0.11100.66N/AN/A8195,281875
2025-02-18$11.72$10.0085.6%24.5%52.0%41.0%85.9%-30.8%-10.6%67.5K-1.2M-5.6K0.4993.35N/AN/A2771365,295871
2025-02-19$12.50$10.0085.1%24.4%56.4%40.6%96.3%19.4%-18.1%110.9K-2.0M-6.1K0.00100.27N/AN/A52205,3841,008
2025-02-20$11.76$10.00104.7%30.0%58.0%55.0%109.5%-19.5%-48.4%25.3K-1.2M-6.0K1.21105.42N/AN/A14175,7841,008
2025-02-21$11.27$10.0089.3%25.6%60.1%43.7%96.7%-31.9%6.1%24.7K-1.1M-5.8K0.1079.20N/AN/A249255,7851,005
2025-02-24$11.34$10.0095.3%27.3%60.1%48.1%96.0%31.6%-15.2%24.6K-1.2M-5.7K0.0959.64N/AN/A444382,795615
2025-02-25$9.24$10.0073.5%21.1%92.2%32.1%74.8%-20.1%24.5%18.4K-226.2K-3.4K0.1070.33N/AN/A778762,983679
2025-02-26$9.06$10.0063.1%18.1%92.0%24.5%55.1%-12.3%22.2%22.6K-527.7K-3.9K76.0092.36N/AN/A53803,492661
2025-02-27$9.34$10.0055.3%15.9%93.1%18.7%63.6%13.3%25.8%20.5K-538.3K-4.8K0.1595.72N/AN/A1,3942143,495998
2025-02-28$9.20$10.0054.3%15.6%92.7%17.9%0.0%2.6%19.6%28.5K-648.1K-6.5K0.0298.15N/AN/A703144,6561,201