MAX Options History — February 2026

In February 2026, MAX traded between $7.25 and $10.12. ATM implied volatility averaged 97.8%, placing in the 29.0% IV rank vs the trailing year. The 30-day expected move averaged 26.4%. IV traded above realized volatility by 42.2% (HV 20d: 55.6%). 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 4 of 19 days. Put/call ratio averaged 24.90.

Notable Days

  • 2026-02-25: Highest Volume — 6,287 contracts
  • 2026-02-09: Largest IV spike — 90.7% change
  • 2026-02-09: Highest IV Rank — 48.8%
  • 2026-02-02: Largest Expected Move — 37.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$8.50$7.25$10.12$10.12$10.00
Max Pain$10.39$10.00$12.50$12.50$10.00
ATM IV97.8%64.4%138.4%129.7%80.0%
Expected Move26.4%17.6%37.2%37.2%22.9%
HV 20d55.6%19.9%85.2%19.9%84.8%
HV 60d48.5%40.1%57.5%40.1%57.5%
IV Rank29.0%12.7%48.8%44.6%20.3%
IV Percentile79.0%43.7%98.4%98.4%66.7%
Term Structure-13.2%-69.0%34.6%-69.0%12.6%
VWIV95.0%48.6%124.8%101.9%104.7%
Skew 25d14.7%-25.3%77.9%13.9%49.4%
Skew 10d31.6%-29.4%143.5%36.0%60.7%
Call IV 25d91.7%59.6%129.4%106.1%59.6%
Put IV 25d106.5%59.9%177.3%120.0%109.1%
Bid-Ask Spread %106.2782.96127.82119.5699.97
Gamma HHI0.510.380.760.390.76
Net GEX70.9K27.2K178.5K76.4K178.5K
Net DEX-2.3M-6.5M-110.3K-2.9M-6.5M
Net VEX-13.0K-22.7K-5.7K-14.1K-22.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio24.900.00415.0023.330.00
Total Volume821.84206,2870353
Total OI11,538.6848,80815,3048,80814,962

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2026-02-02$10.12$12.50129.7%37.2%19.9%44.6%0.0%13.9%-69.0%76.4K-2.9M-14.1K0.00119.56N/AN/A007,993815
2026-02-03$9.25$12.50106.6%30.5%35.0%33.3%101.9%77.9%-25.1%51.2K-2.1M-12.1K23.33127.82N/AN/A3707,993815
2026-02-04$9.00$12.5069.9%20.0%35.0%15.4%118.2%-0.2%-17.8%49.0K-1.9M-11.5K8.87114.53N/AN/A524618,194710
2026-02-05$8.43$10.00115.9%28.7%39.4%37.8%0.0%17.6%16.2%40.0K-2.0M-11.9K0.00108.41N/AN/A408,2441,010
2026-02-06$8.96$10.0072.6%17.6%47.7%16.7%60.0%64.7%34.6%49.0K-2.2M-12.4K415.00123.80N/AN/A14158,244854
2026-02-09$8.64$10.00138.4%24.2%48.2%48.8%87.8%-25.3%-28.3%43.0K-1.6M-11.7K0.04110.10N/AN/A10348,2451,200
2026-02-10$8.46$10.00110.8%24.4%48.2%35.4%0.0%16.8%7.3%40.9K-1.5M-11.1K0.00115.21N/AN/A408,3481,201
2026-02-11$7.71$10.0073.3%21.0%55.2%17.0%78.0%13.5%-2.1%38.0K-1.1M-10.1K0.39114.14N/AN/A110438,3481,201
2026-02-12$7.47$10.0096.5%27.7%55.1%28.4%96.5%11.0%-14.5%34.3K-621.0K-8.1K0.00114.44N/AN/A108,4581,150
2026-02-13$7.25$10.0095.0%27.2%53.5%27.7%97.1%9.8%-24.9%27.2K-110.3K-5.7K0.11100.36N/AN/A3,9034458,4591,149
2026-02-17$7.29$10.00106.4%30.5%54.3%33.2%121.0%-4.9%-18.1%51.0K-762.9K-9.5K0.0098.10N/AN/A1,054011,7241,462
2026-02-18$7.37$10.00105.0%30.1%55.6%32.5%102.8%-7.3%-19.2%63.1K-886.1K-9.6K0.0099.61N/AN/A19012,7381,457
2026-02-19$7.62$10.00120.3%34.5%58.8%40.0%119.8%18.1%-14.4%62.5K-1.4M-11.0K0.0097.77N/AN/A1,099012,7571,457
2026-02-20$7.79$10.00103.2%29.6%59.2%31.6%102.2%-14.6%-16.5%70.0K-1.8M-14.0K0.03103.12N/AN/A132413,8471,457
2026-02-23$7.79$10.00113.5%32.5%59.5%36.7%124.8%-10.7%-26.5%66.7K-2.0M-13.7K0.3788.74N/AN/A702611,9501,328
2026-02-24$8.85$10.0075.3%21.6%78.5%18.1%74.4%3.9%-12.9%114.7K-2.9M-16.2K0.0982.96N/AN/A1721512,0141,353
2026-02-25$9.53$10.0064.4%18.5%84.0%12.7%48.6%27.8%-15.5%124.4K-4.5M-19.0K0.03106.07N/AN/A6,11816911,9491,363
2026-02-26$9.90$10.0082.2%23.6%85.2%21.4%82.6%18.6%-17.5%166.8K-6.1M-21.9K0.0094.39N/AN/A763213,5861,200
2026-02-27$10.00$10.0080.0%22.9%84.8%20.3%104.7%49.4%12.6%178.5K-6.5M-22.7K0.0099.97N/AN/A353013,7601,202