MAX Options History — June 2025

In June 2025, MAX traded between $10.41 and $11.13. ATM implied volatility averaged 71.2%, placing in the 19.4% IV rank vs the trailing year. The 30-day expected move averaged 21.2%. IV traded above realized volatility by 40.6% (HV 20d: 30.7%). Max pain ranged from $7.50 to $10.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 12 of 20 days. Put/call ratio averaged 0.02.

Notable Days

  • 2025-06-10: Highest Volume — 1,364 contracts
  • 2025-06-25: Largest IV spike — 85.4% change
  • 2025-06-25: Highest IV Rank — 34.9%
  • 2025-06-25: Largest Expected Move — 29.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$10.78$10.41$11.13$10.41$11.00
Max Pain$9.00$7.50$10.00$10.00$10.00
ATM IV71.2%49.4%104.2%87.5%93.8%
Expected Move21.2%15.7%29.9%25.1%26.9%
HV 20d30.7%23.0%33.4%31.5%23.0%
HV 60d54.8%52.0%59.1%59.1%52.0%
IV Rank19.4%9.1%34.9%27.0%29.9%
IV Percentile50.2%12.7%93.3%84.5%86.9%
Term Structure0.4%-58.4%40.8%-28.6%18.7%
VWIV49.3%29.2%58.3%54.1%58.3%
Skew 25d44.7%-2.1%94.2%49.7%68.4%
Skew 10d56.3%5.0%177.2%31.9%55.4%
Call IV 25d54.3%32.2%145.6%48.4%58.4%
Put IV 25d99.0%57.4%164.0%98.0%126.8%
Bid-Ask Spread %112.0587.72127.02117.35112.68
Gamma HHI0.700.430.890.810.71
Net GEX36.5K17.1K62.7K34.5K20.3K
Net DEX-1.5M-2.5M-890.4K-1.2M-953.1K
Net VEX-3.7K-5.2K-1.6K-2.3K-4.4K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.020.000.130.000.00
Total Volume84.201,364129
Total OI2,641.12,0413,4922,2372,120

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-06-02$10.41$10.0087.5%25.1%31.5%27.0%0.0%49.7%-28.6%34.5K-1.2M-2.3K0.00117.35N/AN/A102,048189
2025-06-03$10.51$10.0070.0%20.1%31.6%18.8%0.0%31.1%-18.7%41.3K-1.3M-2.3K0.00127.02N/AN/A002,054189
2025-06-04$10.49$10.0081.0%23.2%31.3%24.0%0.0%41.3%-46.0%31.3K-1.2M-2.2K0.13123.11N/AN/A4052,054189
2025-06-05$10.45$10.0054.9%22.8%31.3%11.7%0.0%41.7%11.5%54.0K-1.3M-2.3K0.00115.56N/AN/A002,094194
2025-06-06$10.52$10.0062.7%15.7%31.1%15.4%0.0%24.7%8.1%50.5K-1.3M-2.0K0.00109.36N/AN/A002,094194
2025-06-09$10.75$10.0049.4%23.0%31.8%9.1%0.0%89.0%2.2%55.3K-1.6M-1.7K0.00119.30N/AN/A002,094194
2025-06-10$11.09$10.0053.2%16.8%32.7%10.9%54.1%26.6%12.1%42.2K-1.7M-1.6K0.00102.72N/AN/A1,36312,094194
2025-06-11$11.13$7.5060.0%17.2%32.5%14.1%55.9%8.2%20.5%40.5K-2.5M-5.0K0.0587.72N/AN/A2113,275195
2025-06-12$11.12$7.5083.3%23.9%32.5%25.0%0.0%68.0%39.1%35.5K-2.5M-4.9K0.00122.92N/AN/A2203,291196
2025-06-13$10.92$7.5095.5%27.4%32.7%30.7%0.0%94.2%-23.3%58.3K-2.2M-5.2K0.00118.13N/AN/A1603,282196
2025-06-16$10.84$7.5061.5%17.6%32.2%14.8%0.0%69.2%5.8%62.7K-2.2M-5.0K0.00115.16N/AN/A503,296196
2025-06-17$10.84$7.5069.3%19.9%32.0%18.5%0.0%41.7%40.8%44.3K-2.4M-4.8K0.00116.79N/AN/A203,296196
2025-06-18$10.57$7.5060.1%17.2%33.4%14.2%29.2%47.3%-7.3%50.1K-1.8M-4.8K0.00106.62N/AN/A1203,296196
2025-06-20$10.61$7.5061.9%17.7%31.6%15.0%0.0%74.6%10.9%17.2K-2.3M-4.4K0.00104.58N/AN/A703,289196
2025-06-23$10.80$7.5058.8%16.9%30.9%13.5%58.3%6.2%-15.4%18.6K-890.4K-4.4K0.06102.15N/AN/A11671,851190
2025-06-24$10.93$10.0056.2%16.1%29.4%12.3%0.0%-2.1%16.0%19.2K-926.6K-4.5K0.00100.53N/AN/A201,895197
2025-06-25$10.91$10.00104.2%29.9%27.6%34.9%0.0%82.7%-1.7%18.3K-918.6K-4.4K0.00120.84N/AN/A001,893197
2025-06-26$10.87$10.0061.0%17.5%27.6%14.6%0.0%13.2%21.9%19.3K-893.3K-4.3K0.00103.78N/AN/A3201,893197
2025-06-27$10.76$10.00100.5%28.8%26.7%33.1%0.0%18.4%-58.4%17.1K-899.0K-4.4K0.00114.78N/AN/A021,921197
2025-06-30$11.00$10.0093.8%26.9%23.0%29.9%0.0%68.4%18.7%20.3K-953.1K-4.4K0.00112.68N/AN/A2901,921199