MAX Options History — July 2025

In July 2025, MAX traded between $9.94 and $10.89. ATM implied volatility averaged 79.2%, placing in the 23.1% IV rank vs the trailing year. The 30-day expected move averaged 22.5%. IV traded above realized volatility by 47.0% (HV 20d: 32.3%). Max pain ranged from $7.50 to $10.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 3 of 22 days. Put/call ratio averaged 0.89.

Notable Days

  • 2025-07-02: Highest Volume — 302 contracts
  • 2025-07-02: Largest IV spike — 87.7% change
  • 2025-07-03: Highest IV Rank — 40.2%
  • 2025-07-02: Largest Expected Move — 32.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$10.44$9.94$10.89$10.86$10.03
Max Pain$7.73$7.50$10.00$10.00$7.50
ATM IV79.2%56.4%115.5%60.1%92.5%
Expected Move22.5%16.4%32.3%17.2%26.5%
HV 20d32.3%22.4%41.0%22.4%39.1%
HV 60d43.8%32.3%49.7%49.7%32.4%
IV Rank23.1%12.4%40.2%14.2%29.4%
IV Percentile66.7%24.6%97.2%29.4%87.7%
Term Structure-8.7%-29.1%11.4%7.8%-21.2%
VWIV73.0%46.3%92.8%72.0%92.8%
Skew 25d34.8%-3.0%115.1%-3.0%9.6%
Skew 10d52.3%-4.8%202.9%84.3%-4.8%
Call IV 25d61.8%39.4%253.2%66.1%66.0%
Put IV 25d96.6%49.0%368.4%63.1%75.6%
Bid-Ask Spread %103.4386.63122.07113.0395.22
Gamma HHI0.670.580.820.740.59
Net GEX19.5K16.3K23.9K19.4K22.0K
Net DEX-865.7K-1.0M-715.2K-890.0K-791.9K
Net VEX-4.4K-4.8K-4.0K-4.3K-4.4K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.890.009.200.000.00
Total Volume51.864030232
Total OI2,366.4552,0932,5772,0932,577

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-07-01$10.86$10.0060.1%17.2%22.4%14.2%0.0%-3.0%7.8%19.4K-890.0K-4.3K0.00113.03N/AN/A031,894199
2025-07-02$10.45$10.00112.8%32.3%26.4%38.9%0.0%115.1%-29.1%16.3K-792.0K-4.0K0.00117.23N/AN/A30111,894202
2025-07-03$10.44$7.50115.5%26.9%26.4%40.2%0.0%89.2%-2.8%16.4K-841.2K-4.3K0.00122.07N/AN/A052,040202
2025-07-07$10.20$7.5061.1%18.9%27.6%14.6%0.0%51.0%-5.2%16.7K-779.9K-4.2K1.00115.80N/AN/A222,040202
2025-07-08$10.39$7.5056.4%16.4%28.4%12.4%72.0%1.1%-0.5%18.4K-805.6K-4.2K0.37109.20N/AN/A108402,040200
2025-07-09$10.81$7.5060.9%17.4%30.9%14.5%0.0%33.2%-4.0%20.2K-1.0M-4.7K0.00111.81N/AN/A602,146240
2025-07-10$10.77$7.50103.0%29.5%28.6%34.3%0.0%93.4%-14.4%19.9K-1.0M-4.7K0.00113.91N/AN/A4102,151240
2025-07-11$10.32$7.5073.3%21.0%32.1%20.4%0.0%68.6%-5.3%20.5K-854.6K-4.3K0.0099.28N/AN/A2002,192240
2025-07-14$10.39$7.5075.1%21.5%32.3%21.2%0.0%35.7%-6.9%19.8K-895.7K-4.4K0.00109.40N/AN/A002,195245
2025-07-15$10.45$7.5079.5%22.8%31.9%23.3%0.0%39.1%-8.7%20.0K-880.2K-4.4K0.0099.14N/AN/A002,195245
2025-07-16$10.46$7.5075.7%21.7%31.9%21.5%73.8%22.6%-9.0%20.0K-889.3K-4.3K0.0194.77N/AN/A20012,195245
2025-07-17$10.46$7.5075.1%21.5%31.9%21.2%75.1%22.2%4.8%18.1K-842.0K-4.4K0.3397.34N/AN/A312,204246
2025-07-18$10.29$7.5073.7%21.1%31.2%20.5%0.0%27.5%-7.7%19.0K-844.5K-4.3K0.0093.32N/AN/A0152,205247
2025-07-21$10.41$7.5077.1%22.1%31.5%22.1%47.8%22.2%-7.9%20.1K-821.2K-4.3K0.1486.89N/AN/A1422,065217
2025-07-22$10.16$7.5079.7%22.9%31.7%23.4%76.6%14.8%-25.6%19.0K-764.1K-4.3K9.2087.54N/AN/A5462,076219
2025-07-23$10.48$7.5079.1%22.7%33.6%23.1%0.0%40.4%-11.8%19.7K-838.5K-4.5K0.00102.62N/AN/A10502,081228
2025-07-24$10.89$7.5063.8%18.3%36.5%15.9%46.3%10.3%-15.0%20.5K-1.0M-4.8K0.00114.44N/AN/A102,186228
2025-07-25$10.86$7.5079.6%22.8%36.5%23.3%81.1%8.0%-7.4%23.9K-1.0M-4.7K0.0192.63N/AN/A7312,187228
2025-07-28$10.63$7.5088.4%25.4%37.1%27.4%89.1%9.3%-14.6%22.9K-955.3K-4.7K3.5086.63N/AN/A272,243228
2025-07-29$10.05$7.5070.5%20.2%41.0%19.1%58.0%43.4%11.4%17.6K-791.0K-4.2K0.50110.95N/AN/A212,245231
2025-07-30$9.94$7.5090.1%25.8%40.9%28.2%90.0%12.4%-19.1%19.9K-715.2K-4.1K0.00102.11N/AN/A13102,247232
2025-07-31$10.03$7.5092.5%26.5%39.1%29.4%92.8%9.6%-21.2%22.0K-791.9K-4.4K0.0095.22N/AN/A202,345232