MAX Options History — April 2025

In April 2025, MAX traded between $7.46 and $9.13. ATM implied volatility averaged 104.3%, placing in the 38.3% IV rank vs the trailing year. The 30-day expected move averaged 27.3%. IV traded above realized volatility by 45.4% (HV 20d: 58.9%). 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 3 of 21 days. Put/call ratio averaged 11.05.

Notable Days

  • 2025-04-03: Highest Volume — 2,011 contracts
  • 2025-04-04: Largest IV spike — 115.0% change
  • 2025-04-07: Highest IV Rank — 100.0%
  • 2025-04-07: Largest Expected Move — 36.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$8.07$7.46$9.13$9.13$8.34
Max Pain$10.00$10.00$10.00$10.00$10.00
ATM IV104.3%65.1%243.2%89.9%95.4%
Expected Move27.3%16.2%36.5%21.4%27.3%
HV 20d58.9%51.6%65.8%53.8%62.3%
HV 60d69.3%67.3%70.9%67.5%70.9%
IV Rank38.3%16.5%100.0%44.1%30.7%
IV Percentile86.0%43.7%100.0%88.5%89.3%
Term Structure-19.0%-53.1%29.0%-6.1%-36.6%
VWIV83.6%49.2%118.8%72.1%118.8%
Skew 25d32.0%-33.9%107.7%-23.4%-8.3%
Skew 10d65.5%-59.6%187.5%-59.6%172.7%
Call IV 25d81.2%40.3%145.8%83.1%114.1%
Put IV 25d113.2%59.7%169.7%59.7%105.8%
Bid-Ask Spread %101.6185.85117.1185.85103.26
Gamma HHI0.350.310.390.340.37
Net GEX35.4K24.4K50.4K30.7K43.4K
Net DEX-331.5K-782.6K157.3K-664.2K-394.6K
Net VEX-4.8K-5.6K-3.5K-5.5K-4.6K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio11.050.0083.330.000.00
Total Volume197.8102,0111340
Total OI8,769.8575,9519,7355,9519,725

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-04-01$9.13$10.0089.9%21.4%53.8%44.1%72.1%-23.4%-6.1%30.7K-664.2K-5.5K0.0085.85N/AN/A1304,6191,332
2025-04-02$9.04$10.0070.8%16.2%53.9%30.1%73.4%41.4%29.0%31.1K-676.5K-5.6K0.5098.71N/AN/A214,6311,332
2025-04-03$8.40$10.0073.0%24.0%59.8%31.7%88.1%1.7%-11.0%24.4K-262.6K-4.5K0.0186.69N/AN/A2,001104,6301,333
2025-04-04$7.96$10.00156.8%28.0%62.4%93.4%0.0%42.4%-12.4%31.8K-373.0K-5.5K0.00101.95N/AN/A506,6301,333
2025-04-07$7.82$10.00243.2%36.5%58.1%100.0%58.3%92.0%-25.7%29.2K-291.3K-4.8K0.50117.11N/AN/A20106,6301,333
2025-04-08$7.57$10.0097.3%29.3%51.6%31.6%49.2%53.4%-28.7%26.1K-154.2K-4.6K0.00100.40N/AN/A1,01506,6101,348
2025-04-09$8.04$10.0089.6%25.7%57.0%28.0%56.7%18.9%-15.1%41.2K-445.8K-5.5K0.0198.76N/AN/A40027,5821,348
2025-04-10$7.55$10.00118.4%33.9%60.5%41.5%0.0%65.8%-12.8%31.8K-61.9K-4.0K0.00111.65N/AN/A007,9821,350
2025-04-11$7.46$10.00107.6%30.8%56.2%36.4%0.0%92.8%-26.6%32.6K-278.0K-4.9K0.00104.18N/AN/A007,9821,350
2025-04-14$7.57$10.0077.4%22.2%56.1%22.3%0.0%72.5%19.0%34.5K-222.3K-4.4K79.00104.51N/AN/A1797,9821,350
2025-04-15$7.49$10.0076.1%21.8%56.1%21.7%84.6%26.6%-22.2%30.5K-86.7K-4.2K83.33107.94N/AN/A32508,0821,389
2025-04-16$7.58$10.0077.1%22.1%54.5%22.1%0.0%107.7%20.7%29.7K45.1K-4.3K15.00109.81N/AN/A1158,0851,639
2025-04-17$7.82$10.0099.5%28.5%55.7%32.6%83.8%59.3%-47.9%33.4K-126.5K-4.7K2.00100.17N/AN/A8168,0841,651
2025-04-21$7.46$10.00125.0%35.8%57.0%44.6%101.5%-26.9%-53.1%27.2K157.3K-3.5K7.50116.10N/AN/A2157,7721,636
2025-04-22$7.95$10.00103.5%29.7%62.5%34.5%100.4%3.6%-50.2%35.5K-182.4K-4.6K0.0092.90N/AN/A2507,7731,651
2025-04-23$8.33$10.00104.7%30.0%65.1%35.1%0.0%25.2%-32.6%43.1K-488.6K-5.3K0.00100.76N/AN/A207,9091,651
2025-04-24$8.48$10.00105.4%30.2%65.8%35.4%0.0%25.7%-29.1%46.0K-552.5K-5.3K0.0097.54N/AN/A017,9111,651
2025-04-25$8.38$10.0065.1%18.7%65.2%16.5%93.7%-33.9%-20.9%44.7K-561.5K-5.3K0.00109.57N/AN/A7207,9111,652
2025-04-28$8.53$10.00101.0%29.0%61.1%33.4%0.0%25.2%-10.3%45.9K-559.3K-4.7K0.0091.33N/AN/A01007,9561,652
2025-04-29$8.65$10.00112.6%32.3%61.5%38.8%105.8%9.3%-26.1%50.4K-782.6K-5.3K0.0094.53N/AN/A4507,9561,744
2025-04-30$8.34$10.0095.4%27.3%62.3%30.7%118.8%-8.3%-36.6%43.4K-394.6K-4.6K0.00103.26N/AN/A4007,9811,744