MAX Options History — August 2025

In August 2025, MAX traded between $9.67 and $11.23. ATM implied volatility averaged 68.8%, placing in the 18.3% IV rank vs the trailing year. The 30-day expected move averaged 16.0%. IV traded above realized volatility by 4.8% (HV 20d: 64.0%). 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 10 of 21 days. Put/call ratio averaged 0.61.

Notable Days

  • 2025-08-11: Highest Volume — 717 contracts
  • 2025-08-07: Largest IV spike — 88.6% change
  • 2025-08-07: Highest IV Rank — 87.9%
  • 2025-08-28: Largest Expected Move — 26.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$10.30$9.67$11.23$9.75$10.52
Max Pain$9.88$7.50$10.00$7.50$10.00
ATM IV68.8%38.7%217.5%76.2%41.8%
Expected Move16.0%11.1%26.4%21.8%12.0%
HV 20d64.0%40.2%72.9%40.2%68.0%
HV 60d44.7%32.8%48.8%32.8%47.5%
IV Rank18.3%4.1%87.9%21.7%5.6%
IV Percentile35.6%3.2%99.6%72.6%5.2%
Term Structure5.1%-24.3%32.7%-24.3%28.8%
VWIV60.8%49.0%98.7%98.7%49.0%
Skew 25d20.8%-18.0%82.3%-11.6%23.8%
Skew 10d34.7%-8.8%110.7%-0.7%56.1%
Call IV 25d46.8%34.0%70.9%70.6%34.0%
Put IV 25d67.6%46.6%125.6%59.0%57.7%
Bid-Ask Spread %102.6289.76130.46102.70123.50
Gamma HHI0.520.470.590.590.49
Net GEX27.6K19.9K31.3K19.9K30.1K
Net DEX-944.2K-1.3M-628.7K-734.9K-1.0M
Net VEX-4.8K-5.3K-3.9K-4.3K-4.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.610.003.000.050.00
Total Volume79.04807171180
Total OI2,872.192,5773,3672,5772,770

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-08-01$9.75$7.5076.2%21.8%40.2%21.7%98.7%-11.6%-24.3%19.9K-734.9K-4.3K0.05102.70N/AN/A11262,345232
2025-08-04$10.45$10.00107.1%22.1%47.0%36.2%72.2%11.2%-6.5%23.8K-981.9K-4.8K0.3389.76N/AN/A33112,440233
2025-08-05$10.17$10.00110.4%16.9%47.6%37.7%0.0%20.1%-3.3%22.7K-890.6K-4.6K0.00101.70N/AN/A022,453243
2025-08-06$10.46$10.00115.3%17.2%46.4%40.0%71.9%-18.0%-5.0%24.4K-978.7K-4.6K2.33102.70N/AN/A27632,453245
2025-08-07$11.23$10.00217.5%18.7%53.1%87.9%71.2%-8.5%-4.8%30.3K-1.3M-5.1K0.17103.11N/AN/A328552,462304
2025-08-08$10.87$10.0049.3%15.4%52.1%9.1%53.7%21.7%4.6%30.0K-1.1M-4.9K0.0299.68N/AN/A4212,620305
2025-08-11$9.67$10.0047.9%15.4%67.1%8.5%53.9%23.2%6.8%22.6K-628.7K-3.9K0.2192.31N/AN/A5941232,618304
2025-08-12$9.73$10.0044.0%15.1%67.1%6.6%0.0%6.7%8.8%25.7K-688.0K-4.5K0.3399.16N/AN/A1242,893421
2025-08-13$10.46$10.0050.3%14.4%72.3%9.6%50.4%25.0%11.3%29.5K-1.1M-5.3K0.14102.34N/AN/A138202,901423
2025-08-14$10.25$10.0051.6%14.8%72.7%10.2%51.6%13.3%32.7%29.9K-981.8K-5.1K2.4391.29N/AN/A7172,930436
2025-08-15$10.04$10.0039.1%11.2%72.8%4.3%0.0%30.1%29.0%30.3K-877.3K-4.8K0.00108.82N/AN/A072,928439
2025-08-18$10.20$10.0051.7%14.8%72.9%10.2%51.7%29.0%-0.1%29.4K-911.9K-5.0K0.0791.49N/AN/A2822,444313
2025-08-19$10.37$10.0051.0%14.6%72.6%9.9%0.0%20.4%-0.7%30.3K-973.4K-4.9K0.00100.27N/AN/A102,458314
2025-08-20$10.50$10.0054.2%15.5%71.9%11.4%0.0%19.8%-2.0%26.7K-1.1M-5.3K0.00103.08N/AN/A302,458314
2025-08-21$10.16$10.0052.5%15.0%71.3%10.6%0.0%19.2%4.7%28.0K-930.3K-4.9K0.0098.69N/AN/A002,457314
2025-08-22$10.36$10.0052.9%15.2%71.8%10.8%52.9%59.2%-6.0%24.3K-934.7K-4.9K0.00104.34N/AN/A012,457314
2025-08-25$10.25$10.0052.8%15.1%71.5%10.7%52.0%28.9%-0.6%30.0K-938.0K-4.8K3.0091.93N/AN/A262,457313
2025-08-26$10.16$10.0038.7%11.1%68.7%4.1%0.0%15.3%-6.2%31.3K-883.2K-4.5K0.00130.46N/AN/A102,459309
2025-08-27$10.32$10.0049.0%14.0%68.7%8.9%49.0%26.2%11.6%30.9K-944.4K-4.7K0.0097.94N/AN/A1402,458309
2025-08-28$10.33$10.0092.2%26.4%68.7%29.2%0.0%82.3%28.4%29.8K-991.0K-4.9K0.00119.63N/AN/A002,461309
2025-08-29$10.52$10.0041.8%12.0%68.0%5.6%0.0%23.8%28.8%30.1K-1.0M-4.7K0.00123.50N/AN/A002,461309