MAX Options History — March 2025

In March 2025, MAX traded between $8.29 and $10.08. ATM implied volatility averaged 69.3%, placing in the 29.0% IV rank vs the trailing year. The 30-day expected move averaged 21.4%. IV traded below realized volatility by 12.8% (HV 20d: 82.2%). Max pain ranged from $10.00 to $10.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 16 of 21 days. Put/call ratio averaged 0.70.

Notable Days

  • 2025-03-06: Highest Volume — 578 contracts
  • 2025-03-19: Largest IV spike — 50.5% change
  • 2025-03-19: Highest IV Rank — 56.8%
  • 2025-03-11: Largest Expected Move — 36.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$9.35$8.29$10.08$8.94$9.32
Max Pain$10.00$10.00$10.00$10.00$10.00
ATM IV69.3%45.7%107.0%45.7%73.7%
Expected Move21.4%11.6%36.4%13.1%21.5%
HV 20d82.2%47.0%97.3%92.8%53.2%
HV 60d67.2%65.9%70.5%70.5%67.5%
IV Rank29.0%11.6%56.8%11.6%32.2%
IV Percentile54.9%9.9%96.0%9.9%71.8%
Term Structure5.4%-28.8%33.6%21.5%-2.6%
VWIV68.9%37.0%139.2%63.0%84.2%
Skew 25d16.1%-30.4%75.4%22.4%-30.4%
Skew 10d51.4%-50.5%144.3%42.7%-50.5%
Call IV 25d60.6%44.2%85.7%45.7%85.7%
Put IV 25d76.7%44.4%140.4%68.1%55.2%
Bid-Ask Spread %92.5268.19113.56108.4684.86
Gamma HHI0.370.330.420.360.35
Net GEX33.9K23.0K49.5K32.7K32.9K
Net DEX-952.5K-1.4M-300.4K-744.4K-845.1K
Net VEX-6.9K-7.9K-5.9K-7.0K-6.0K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.700.007.001.000.01
Total Volume110.52405781010
Total OI6,461.2865,6246,8466,5685,961

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-03-03$8.94$10.0045.7%13.1%92.8%11.6%0.0%22.4%21.5%32.7K-744.4K-7.0K1.00108.46N/AN/A555,3561,212
2025-03-04$8.98$10.0068.2%19.5%93.0%28.2%0.0%-13.7%-1.7%33.0K-737.9K-6.9K0.0398.21N/AN/A34795,3551,214
2025-03-05$9.03$10.0050.2%14.4%91.4%15.0%63.0%-16.7%-0.3%33.7K-729.4K-6.9K0.0395.30N/AN/A19655,3021,222
2025-03-06$8.91$10.0052.9%15.2%90.8%17.0%46.7%30.4%8.6%34.1K-782.5K-7.0K0.4496.29N/AN/A4011775,4711,222
2025-03-07$8.88$10.0067.5%19.3%90.3%27.7%0.0%-13.1%4.5%29.3K-603.3K-7.1K0.0091.67N/AN/A405,3651,399
2025-03-10$8.29$10.0082.2%23.6%90.5%38.5%55.4%7.3%33.6%23.0K-300.4K-6.0K4.0068.19N/AN/A285,3631,399
2025-03-11$8.91$10.0088.9%36.4%94.8%43.4%47.2%26.1%8.7%31.2K-935.1K-7.2K0.00113.56N/AN/A15205,3621,368
2025-03-12$8.95$10.0068.5%11.6%95.0%28.4%37.0%-13.5%-28.8%29.6K-615.7K-6.6K0.0080.15N/AN/A1205,4121,368
2025-03-13$8.94$10.0069.5%14.0%94.9%29.1%0.0%75.4%5.9%29.5K-670.7K-6.8K0.0091.88N/AN/A2005,4171,368
2025-03-14$9.41$10.0071.1%32.7%96.6%30.3%139.2%66.8%-0.4%35.5K-1.1M-7.5K0.00101.45N/AN/A105,4361,368
2025-03-17$9.57$10.0074.1%21.4%97.3%32.5%71.8%16.9%0.1%41.9K-1.1M-7.2K0.0092.00N/AN/A1905,4351,368
2025-03-18$9.46$10.0071.1%21.4%92.8%30.3%0.0%17.0%2.6%41.2K-989.9K-7.1K0.0096.16N/AN/A505,4461,368
2025-03-19$9.76$10.00107.0%33.6%90.0%56.8%0.0%35.1%2.3%40.5K-1.4M-7.9K0.53104.34N/AN/A38205,4411,368
2025-03-20$9.93$10.0071.6%23.3%88.6%30.7%0.0%26.0%8.2%49.5K-1.4M-7.4K0.3395.67N/AN/A70235,4671,379
2025-03-21$9.71$10.0070.7%21.9%87.9%30.0%0.0%27.4%4.7%28.4K-1.1M-7.2K7.0096.09N/AN/A3215,4261,400
2025-03-24$9.86$10.0063.9%21.0%88.1%25.0%72.7%29.3%9.2%30.5K-1.1M-7.0K0.0081.74N/AN/A5404,2841,340
2025-03-25$10.04$10.0063.4%21.4%48.3%24.7%67.4%36.9%11.3%31.8K-1.3M-7.2K0.0190.68N/AN/A35424,3031,340
2025-03-26$9.93$10.0064.0%21.1%47.8%25.1%68.8%7.5%9.5%35.3K-1.3M-7.0K0.0092.31N/AN/A17904,4631,341
2025-03-27$10.08$10.0063.5%21.1%47.0%24.7%0.0%12.2%10.6%36.9K-1.3M-7.0K0.0085.95N/AN/A004,4481,341
2025-03-28$9.36$10.0068.4%21.1%54.3%28.3%73.7%-10.3%5.3%31.0K-799.6K-5.9K0.0178.00N/AN/A17814,4481,341
2025-03-31$9.32$10.0073.7%21.5%53.2%32.2%84.2%-30.4%-2.6%32.9K-845.1K-6.0K0.0084.86N/AN/A0104,6191,342