MAX Options History — January 2026

In January 2026, MAX traded between $10.13 and $12.03. ATM implied volatility averaged 75.7%, placing in the 18.2% IV rank vs the trailing year. The 30-day expected move averaged 18.8%. IV traded above realized volatility by 42.6% (HV 20d: 33.1%). Max pain ranged from $12.50 to $12.50. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 14 of 20 days. Put/call ratio averaged 2.26.

Notable Days

  • 2026-01-09: Highest Volume — 3,556 contracts
  • 2026-01-28: Largest IV spike — 116.0% change
  • 2026-01-12: Highest IV Rank — 73.4%
  • 2026-01-28: Largest Expected Move — 30.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$11.24$10.13$12.03$12.03$10.13
Max Pain$12.50$12.50$12.50$12.50$12.50
ATM IV75.7%44.6%188.7%51.3%54.6%
Expected Move18.8%12.8%30.2%14.7%15.6%
HV 20d33.1%30.8%36.9%36.9%30.8%
HV 60d48.6%40.1%51.4%51.4%40.1%
IV Rank18.2%3.1%73.4%6.6%7.9%
IV Percentile47.1%4.8%99.2%16.3%25.0%
Term Structure5.4%-56.0%45.0%24.9%45.0%
VWIV61.2%47.3%79.4%79.4%77.6%
Skew 25d3.7%-24.3%84.7%-11.7%-2.4%
Skew 10d34.0%-3.8%126.2%1.5%2.2%
Call IV 25d61.1%48.8%84.4%57.0%84.4%
Put IV 25d64.8%31.7%147.2%45.3%82.0%
Bid-Ask Spread %116.68107.03135.02121.64108.98
Gamma HHI0.550.390.910.910.45
Net GEX41.1K11.2K67.4K16.7K60.1K
Net DEX-1.8M-3.8M90.3K-261.8K-2.8M
Net VEX-10.6K-16.7K-2.9K-4.1K-13.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.260.0037.500.002.00
Total Volume353.203,556203
Total OI6,540.852,9929,2852,9928,807

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2026-01-02$12.03$12.5051.3%14.7%36.9%6.6%0.0%-11.7%24.9%16.7K-261.8K-4.1K0.00121.64N/AN/A2002,068924
2026-01-05$11.85$12.5049.7%26.7%36.0%5.8%0.0%0.7%2.6%11.4K-415.5K-4.3K37.50121.02N/AN/A41502,068924
2026-01-06$11.88$12.5063.5%13.1%35.8%12.3%0.0%0.1%20.4%13.9K90.3K-2.9K0.00123.96N/AN/A402,072924
2026-01-07$11.63$12.5065.3%24.9%35.9%13.2%79.4%-15.6%-21.3%11.2K-102.5K-3.5K0.00122.89N/AN/A1002,074924
2026-01-08$11.66$12.5069.8%17.3%33.3%15.4%59.5%-15.5%22.6%12.8K79.2K-2.9K0.00111.33N/AN/A402,068924
2026-01-09$11.63$12.50100.0%16.3%33.2%30.1%56.9%2.1%1.8%14.1K33.8K-2.9K0.18108.30N/AN/A3,0065502,072924
2026-01-12$11.53$12.50188.7%16.7%32.6%73.4%59.5%-4.2%2.6%38.9K-1.5M-11.8K0.00115.70N/AN/A805,0721,458
2026-01-13$11.48$12.50127.0%18.2%32.5%43.3%63.8%-5.3%0.6%37.6K-1.3M-11.3K0.00107.37N/AN/A1205,0801,458
2026-01-14$11.39$12.5058.0%16.6%32.3%9.6%58.1%1.5%8.2%38.4K-1.2M-11.1K0.00123.91N/AN/A805,0921,458
2026-01-15$11.56$12.5051.1%14.6%32.3%6.2%55.9%-3.4%28.5%34.4K-1.1M-10.8K0.00107.49N/AN/A6405,0951,458
2026-01-16$11.45$12.5062.7%18.0%32.0%11.9%56.1%-13.0%-20.6%35.7K-1.1M-10.7K0.01109.87N/AN/A3,024205,0351,458
2026-01-20$11.28$12.5063.1%18.1%30.9%12.1%0.0%11.4%14.3%63.7K-3.0M-15.8K0.00126.70N/AN/A1007,9661,309
2026-01-21$10.97$12.50104.5%30.0%31.8%32.3%0.0%26.8%-56.0%67.2K-3.3M-16.7K0.00135.02N/AN/A107,9761,309
2026-01-22$11.16$12.5044.6%12.8%32.9%3.1%58.9%-24.3%-6.6%65.4K-3.8M-16.2K0.00110.10N/AN/A1307,976818
2026-01-23$10.89$12.5055.4%15.9%33.3%8.3%0.0%-0.4%-2.2%59.7K-3.7M-15.3K1.00114.01N/AN/A117,983809
2026-01-26$10.75$12.5062.8%18.0%33.0%11.9%0.0%14.6%9.3%65.8K-3.1M-14.8K0.00118.42N/AN/A007,984810
2026-01-27$10.73$12.5048.8%14.0%33.1%5.1%47.3%-2.9%27.3%55.3K-3.1M-14.6K0.00108.34N/AN/A8907,984810
2026-01-28$10.52$12.50105.5%30.2%32.6%32.8%0.0%84.7%-18.7%52.3K-3.2M-14.5K0.00131.59N/AN/A008,013810
2026-01-29$10.24$12.5087.1%25.0%30.9%23.8%77.6%31.1%25.6%67.4K-2.9M-14.3K0.05107.03N/AN/A5938,013810
2026-01-30$10.13$12.5054.6%15.6%30.8%7.9%0.0%-2.4%45.0%60.1K-2.8M-13.7K2.00108.98N/AN/A127,994813