MAX Options History — May 2025

In May 2025, MAX traded between $9.69 and $10.57. ATM implied volatility averaged 70.9%, placing in the 19.2% IV rank vs the trailing year. The 30-day expected move averaged 18.7%. IV traded above realized volatility by 6.7% (HV 20d: 64.3%). Max pain ranged from $7.50 to $10.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 1.56.

Notable Days

  • 2025-05-01: Highest Volume — 2,274 contracts
  • 2025-05-14: Largest IV drop — 28.8% change
  • 2025-05-12: Highest IV Rank — 28.8%
  • 2025-05-07: Largest Expected Move — 25.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$10.16$9.69$10.57$9.69$10.16
Max Pain$8.93$7.50$10.00$10.00$10.00
ATM IV70.9%53.1%91.4%75.3%53.1%
Expected Move18.7%13.9%25.4%21.6%15.2%
HV 20d64.3%31.7%82.9%82.9%31.7%
HV 60d69.8%58.2%77.4%77.3%59.0%
IV Rank19.2%10.9%28.8%21.3%10.9%
IV Percentile57.5%17.1%87.7%74.2%17.1%
Term Structure6.2%-28.9%44.3%-8.0%35.2%
VWIV58.8%38.1%77.4%74.8%50.3%
Skew 25d22.0%-23.1%61.8%-3.5%30.3%
Skew 10d6.2%-36.7%52.2%-2.3%52.2%
Call IV 25d48.1%32.5%89.9%65.1%44.0%
Put IV 25d70.1%48.0%104.5%61.6%74.3%
Bid-Ask Spread %107.8083.08131.6585.43130.88
Gamma HHI0.740.490.900.490.90
Net GEX68.7K30.5K110.4K76.0K48.6K
Net DEX-1.9M-4.0M-955.4K-1.4M-1.1M
Net VEX-4.1K-7.1K-2.4K-5.1K-2.6K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.560.0015.000.040.00
Total Volume125.57102,2742,2740
Total OI7,111.0482,20310,8959,7982,237

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-05-01$9.69$10.0075.3%21.6%82.9%21.3%74.8%-3.5%-8.0%76.0K-1.4M-5.1K0.0485.43N/AN/A2,196788,0541,744
2025-05-02$9.95$10.0075.3%21.6%78.1%21.3%77.4%-23.1%-10.7%98.3K-2.3M-7.1K1.6798.55N/AN/A30509,0541,753
2025-05-05$9.97$7.5083.1%19.0%74.6%24.9%0.0%0.1%0.7%98.7K-2.4M-6.7K0.3383.08N/AN/A1559,0721,781
2025-05-06$9.87$7.5077.8%18.0%74.3%22.4%62.9%34.0%-1.6%93.7K-2.0M-6.0K3.0085.08N/AN/A5159,0711,781
2025-05-07$9.86$7.5073.9%25.4%72.6%20.6%0.0%42.8%3.6%94.2K-2.0M-5.7K0.00120.88N/AN/A059,0721,781
2025-05-08$10.00$7.5076.3%17.8%70.5%21.7%0.0%17.7%5.7%98.2K-2.2M-5.6K1.00100.62N/AN/A229,0721,782
2025-05-09$10.02$7.5074.5%15.8%65.0%20.9%0.0%25.2%27.3%95.2K-2.2M-5.3K0.00118.48N/AN/A009,0721,772
2025-05-12$10.24$7.5091.4%14.3%64.3%28.8%38.1%18.5%28.6%106.6K-2.6M-4.7K0.54121.74N/AN/A57319,0721,772
2025-05-13$10.37$7.5079.1%13.9%64.3%23.1%0.0%5.8%9.4%110.4K-2.9M-4.4K15.00122.06N/AN/A1159,0911,786
2025-05-14$10.33$7.5056.3%16.1%64.0%12.4%0.0%30.3%19.5%105.9K-2.8M-4.0K0.00117.90N/AN/A009,0921,801
2025-05-15$10.54$7.5062.2%17.8%64.0%15.1%62.2%25.2%0.9%107.5K-3.3M-3.7K1.0098.71N/AN/A229,0921,801
2025-05-16$10.36$10.0064.4%18.5%64.8%16.2%0.0%10.9%21.8%32.1K-4.0M-3.0K0.00106.30N/AN/A3109,0921,803
2025-05-19$10.30$10.0069.7%20.0%61.2%18.7%0.0%34.4%-28.9%31.8K-1.1M-2.8K0.11105.95N/AN/A4551,966245
2025-05-20$10.23$10.0068.9%19.8%59.0%18.3%0.0%33.1%-0.9%32.7K-1.1M-2.8K0.00103.48N/AN/A102,011250
2025-05-21$9.96$10.0058.1%16.6%59.1%13.2%41.7%38.0%24.5%30.5K-955.4K-2.8K0.00115.82N/AN/A402,012250
2025-05-22$10.23$10.0074.1%21.2%59.4%20.7%0.0%34.0%-8.5%32.0K-1.1M-2.9K0.00122.94N/AN/A202,016250
2025-05-23$9.99$10.0085.2%24.4%60.1%25.9%0.0%61.8%44.3%30.8K-984.3K-2.7K0.00131.65N/AN/A002,017200
2025-05-27$10.32$10.0062.7%18.0%60.6%15.4%62.7%0.0%-18.2%40.2K-1.1M-2.6K0.7598.14N/AN/A432,017186
2025-05-28$10.31$10.0063.4%18.2%60.7%15.7%0.0%15.3%-13.3%40.3K-1.1M-2.5K0.0097.96N/AN/A002,017189
2025-05-29$10.57$10.0065.2%18.7%58.5%16.5%50.3%31.6%-1.2%39.5K-1.3M-2.4K0.0098.23N/AN/A3102,017189
2025-05-30$10.16$10.0053.1%15.2%31.7%10.9%0.0%30.3%35.2%48.6K-1.1M-2.6K0.00130.88N/AN/A002,048189