MAX Options History — November 2025

In November 2025, MAX traded between $11.53 and $13.55. ATM implied volatility averaged 72.1%, placing in the 16.7% IV rank vs the trailing year. The 30-day expected move averaged 19.6%. IV traded above realized volatility by 10.6% (HV 20d: 61.4%). Max pain ranged from $10.00 to $12.50. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 10 of 19 days. Put/call ratio averaged 0.17.

Notable Days

2025-11-04: Highest Volume — 522 contracts
2025-11-17: Largest IV spike — 81.3% change
2025-11-07: Highest IV Rank — 42.0%
2025-11-17: Largest Expected Move — 32.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$12.58	$11.53	$13.55	$13.34	$12.69
Max Pain	$11.32	$10.00	$12.50	$12.50	$10.00
ATM IV	72.1%	43.2%	124.0%	63.6%	47.3%
Expected Move	19.6%	12.4%	32.0%	18.2%	13.6%
HV 20d	61.4%	48.2%	67.5%	59.7%	48.2%
HV 60d	49.8%	47.9%	54.8%	54.8%	47.9%
IV Rank	16.7%	2.6%	42.0%	12.6%	4.6%
IV Percentile	47.5%	2.8%	98.0%	39.3%	6.3%
Term Structure	0.1%	-44.4%	44.7%	-6.6%	44.0%
VWIV	63.6%	48.1%	94.4%	64.0%	65.3%
Skew 25d	11.7%	-27.3%	49.7%	12.6%	8.5%
Skew 10d	12.1%	-23.9%	73.1%	-8.9%	10.7%
Call IV 25d	54.6%	42.1%	66.6%	47.7%	42.1%
Put IV 25d	66.3%	38.2%	97.7%	60.3%	50.5%
Bid-Ask Spread %	118.64	103.48	131.17	103.48	119.78
Gamma HHI	0.57	0.43	0.70	0.55	0.63
Net GEX	62.8K	22.4K	108.5K	78.3K	30.5K
Net DEX	-2.2M	-3.7M	-717.3K	-3.4M	-1.0M
Net VEX	-5.5K	-7.5K	-3.5K	-6.9K	-3.6K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.17	0.00	1.25	0.03	0.00
Total Volume	59.368	1	522	67	17
Total OI	4,628.105	2,283	5,370	5,026	2,295

Daily Data (19 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-11-03	$13.34	$12.50	63.6%	18.2%	59.7%	12.6%	64.0%	12.6%	-6.6%	78.3K	-3.4M	-6.9K	0.03	103.48	N/A	N/A	65	2	4,191	835
2025-11-04	$13.34	$12.50	48.7%	14.0%	58.4%	5.3%	61.1%	-27.3%	4.6%	76.7K	-3.5M	-6.8K	0.00	107.88	N/A	N/A	522	0	4,223	834
2025-11-05	$13.55	$12.50	50.8%	14.6%	57.2%	6.3%	58.4%	-7.4%	4.5%	81.6K	-3.7M	-6.4K	0.00	110.22	N/A	N/A	271	1	4,215	834
2025-11-06	$12.67	$12.50	89.8%	17.2%	63.4%	25.3%	62.2%	13.7%	-2.8%	74.4K	-2.8M	-7.4K	0.14	121.64	N/A	N/A	7	1	4,461	835
2025-11-07	$12.74	$12.50	124.0%	31.2%	62.2%	42.0%	0.0%	25.8%	-28.7%	59.1K	-2.8M	-7.5K	0.00	114.42	N/A	N/A	43	0	4,461	834
2025-11-10	$12.87	$12.50	85.2%	12.5%	62.0%	23.1%	0.0%	10.4%	20.9%	80.9K	-2.9M	-6.6K	0.00	131.17	N/A	N/A	2	0	4,440	834
2025-11-11	$13.29	$12.50	78.6%	27.5%	60.3%	19.9%	0.0%	49.7%	-23.5%	80.0K	-3.4M	-6.9K	0.00	130.89	N/A	N/A	24	0	4,441	834
2025-11-12	$13.21	$12.50	100.9%	28.9%	60.2%	30.7%	0.0%	13.9%	-44.4%	88.4K	-3.5M	-6.6K	0.00	117.57	N/A	N/A	1	0	4,460	834
2025-11-13	$12.79	$12.50	90.1%	25.8%	60.5%	25.5%	59.2%	4.6%	-31.8%	99.3K	-3.0M	-6.5K	0.00	116.82	N/A	N/A	3	0	4,461	834
2025-11-14	$12.48	$12.50	61.6%	17.7%	61.5%	11.6%	94.4%	30.7%	-0.2%	108.5K	-2.6M	-6.4K	0.33	111.98	N/A	N/A	3	1	4,462	834
2025-11-17	$12.06	$10.00	111.7%	32.0%	63.1%	36.0%	0.0%	-3.5%	-43.1%	75.6K	-2.0M	-5.3K	0.00	118.49	N/A	N/A	19	0	4,464	834
2025-11-18	$11.91	$10.00	67.5%	19.4%	62.4%	14.5%	59.6%	1.5%	-2.1%	88.5K	-1.7M	-4.9K	1.25	115.63	N/A	N/A	4	5	4,466	834
2025-11-19	$11.54	$10.00	47.8%	13.7%	63.6%	4.9%	0.0%	2.3%	9.7%	24.1K	-717.3K	-3.7K	1.25	114.28	N/A	N/A	20	25	4,467	836
2025-11-20	$11.53	$10.00	48.0%	13.8%	63.2%	5.0%	48.1%	12.7%	44.7%	22.4K	-891.7K	-4.0K	0.00	123.51	N/A	N/A	35	0	4,486	860
2025-11-21	$11.89	$10.00	43.8%	12.6%	64.0%	2.9%	0.0%	10.7%	32.1%	26.8K	-758.4K	-3.9K	0.09	124.56	N/A	N/A	33	3	4,511	859
2025-11-24	$11.83	$10.00	43.2%	12.4%	64.1%	2.6%	0.0%	13.4%	8.4%	24.7K	-818.5K	-3.5K	0.00	122.63	N/A	N/A	1	0	2,217	66
2025-11-25	$12.59	$10.00	70.7%	20.3%	67.5%	16.0%	65.3%	11.5%	9.0%	33.8K	-1.0M	-3.9K	0.14	118.60	N/A	N/A	14	2	2,218	66
2025-11-26	$12.69	$10.00	96.1%	27.6%	65.4%	28.4%	0.0%	37.8%	7.2%	39.3K	-1.1M	-4.1K	0.00	130.53	N/A	N/A	4	0	2,232	66
2025-11-28	$12.69	$10.00	47.3%	13.6%	48.2%	4.6%	0.0%	8.5%	44.0%	30.5K	-1.0M	-3.6K	0.00	119.78	N/A	N/A	17	0	2,229	66