MAX Options History — October 2025

In October 2025, MAX traded between $10.48 and $12.75. ATM implied volatility averaged 75.4%, placing in the 18.3% IV rank vs the trailing year. The 30-day expected move averaged 21.1%. IV traded above realized volatility by 39.6% (HV 20d: 35.8%). Max pain ranged from $7.50 to $12.50. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 12 of 23 days. Put/call ratio averaged 0.39.

Notable Days

  • 2025-10-30: Highest Volume — 945 contracts
  • 2025-10-06: Largest IV spike — 99.0% change
  • 2025-10-14: Highest IV Rank — 44.0%
  • 2025-10-29: Largest Expected Move — 28.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$11.18$10.48$12.75$11.32$12.75
Max Pain$11.74$7.50$12.50$7.50$12.50
ATM IV75.4%41.1%128.2%48.5%57.4%
Expected Move21.1%12.9%28.0%13.9%16.4%
HV 20d35.8%27.1%58.3%50.4%58.3%
HV 60d52.8%50.0%56.2%53.2%54.6%
IV Rank18.3%1.6%44.0%5.2%9.5%
IV Percentile55.4%1.2%98.4%6.7%25.8%
Term Structure-1.1%-33.4%24.2%-19.0%0.4%
VWIV74.7%45.1%100.9%55.2%57.4%
Skew 25d10.4%-27.7%33.1%-17.1%2.8%
Skew 10d31.2%-2.8%112.2%112.2%-1.7%
Call IV 25d67.5%41.7%91.8%55.2%54.0%
Put IV 25d77.9%34.7%100.2%38.0%56.8%
Bid-Ask Spread %96.9973.26117.2595.26106.66
Gamma HHI0.490.420.710.450.68
Net GEX40.9K26.1K78.1K42.9K71.1K
Net DEX-1.4M-2.6M-930.0K-1.4M-2.6M
Net VEX-5.8K-6.5K-4.8K-6.2K-5.8K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.390.005.000.240.00
Total Volume119094551334
Total OI4,540.133,9344,7844,5854,469

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-10-01$11.32$7.5048.5%13.9%50.4%5.2%55.2%-17.1%-19.0%42.9K-1.4M-6.2K0.2495.26N/AN/A41103,779806
2025-10-02$11.18$7.5045.0%12.9%36.7%3.5%51.9%-10.0%24.2%40.0K-1.2M-6.0K0.0095.33N/AN/A803,772819
2025-10-03$11.20$7.5049.9%14.3%32.4%5.9%62.2%-27.7%5.8%42.3K-1.3M-6.1K0.0087.71N/AN/A18603,775819
2025-10-06$11.42$12.5099.3%14.4%33.2%29.9%0.0%15.4%20.8%48.2K-1.5M-6.5K0.05100.20N/AN/A5533,961819
2025-10-07$11.12$12.5049.8%20.3%27.2%5.8%0.0%18.8%-8.4%41.5K-1.3M-6.3K2.0073.26N/AN/A123,956822
2025-10-08$10.87$12.5043.6%21.4%27.6%2.8%70.8%18.2%-9.7%35.5K-1.1M-5.9K0.0074.17N/AN/A203,955822
2025-10-09$10.79$12.5041.1%20.6%27.6%1.6%45.1%33.1%-8.2%35.7K-1.0M-5.6K0.0786.02N/AN/A1413,955821
2025-10-10$10.53$12.5078.4%21.4%27.2%19.7%76.4%4.3%-7.8%34.7K-930.0K-5.5K0.0685.53N/AN/A3323,955822
2025-10-13$10.48$12.5099.8%21.5%27.1%30.2%72.6%17.4%16.3%35.0K-1.0M-5.4K0.0099.60N/AN/A3403,950821
2025-10-14$11.07$12.50128.2%22.9%34.3%44.0%83.4%16.2%8.9%38.2K-1.4M-6.0K0.0095.44N/AN/A6703,921821
2025-10-15$10.97$12.5073.5%21.1%33.7%17.4%92.5%30.1%15.5%27.3K-1.4M-6.0K0.0199.24N/AN/A6913,963821
2025-10-16$10.66$12.5096.0%27.5%33.1%28.3%0.0%25.7%7.6%26.1K-1.3M-5.8K0.0099.84N/AN/A203,915822
2025-10-17$10.59$12.5084.2%24.1%32.8%22.6%84.2%14.1%3.9%29.3K-1.3M-5.6K1.00103.27N/AN/A113,913822
2025-10-20$10.80$12.5080.1%23.0%34.2%20.6%73.8%14.4%3.7%32.3K-1.0M-5.3K0.00100.04N/AN/A30803,111823
2025-10-21$11.18$12.5086.0%24.7%35.8%23.5%81.3%20.8%-12.1%38.4K-1.2M-5.7K5.00102.40N/AN/A2103,419823
2025-10-22$11.13$12.5089.4%25.6%35.8%25.1%100.9%6.9%-33.4%37.4K-1.3M-5.9K0.00108.52N/AN/A203,420833
2025-10-23$11.36$12.5084.5%24.2%36.9%22.7%86.6%14.3%10.9%37.8K-1.4M-6.0K0.0094.53N/AN/A1103,418833
2025-10-24$11.48$12.5077.6%22.3%37.1%19.4%0.0%15.2%-13.2%43.3K-1.4M-5.8K0.00108.16N/AN/A003,429833
2025-10-27$11.47$12.5083.0%23.8%34.1%22.0%83.1%9.2%-11.7%44.3K-1.5M-5.7K0.0089.24N/AN/A1003,429833
2025-10-28$11.40$12.5093.8%26.9%33.9%27.3%97.9%15.5%-32.8%41.9K-1.4M-5.5K0.00103.79N/AN/A16003,439836
2025-10-29$10.96$12.5097.7%28.0%36.5%29.1%96.0%3.1%-6.4%40.4K-1.1M-4.8K0.04105.42N/AN/A405173,599836
2025-10-30$12.43$10.0047.0%13.5%57.8%4.5%49.0%-1.9%18.7%78.1K-2.5M-5.6K0.01117.25N/AN/A931143,766847
2025-10-31$12.75$12.5057.4%16.4%58.3%9.5%57.4%2.8%0.4%71.1K-2.6M-5.8K0.00106.66N/AN/A33313,634835