MAX Options History — March 2026

In March 2026, MAX traded between $9.10 and $10.35. ATM implied volatility averaged 84.5%, placing in the 22.5% IV rank vs the trailing year. The 30-day expected move averaged 23.0%. IV traded above realized volatility by 27.9% (HV 20d: 56.7%). Max pain ranged from $10.00 to $10.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 16 of 22 days. Put/call ratio averaged 0.20.

Notable Days

  • 2026-03-03: Highest Volume — 202 contracts
  • 2026-03-18: Largest IV spike — 103.3% change
  • 2026-03-18: Highest IV Rank — 57.0%
  • 2026-03-19: Largest Expected Move — 36.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$9.75$9.10$10.35$10.16$9.36
Max Pain$10.00$10.00$10.00$10.00$10.00
ATM IV84.5%63.7%155.1%90.7%63.7%
Expected Move23.0%17.6%36.4%26.0%18.3%
HV 20d56.7%23.5%85.0%85.0%31.0%
HV 60d54.0%52.9%57.6%57.6%52.9%
IV Rank22.5%12.4%57.0%25.5%12.4%
IV Percentile63.1%39.3%98.4%76.2%39.3%
Term Structure12.1%-71.5%298.3%20.3%298.3%
VWIV66.8%49.3%87.6%87.6%75.0%
Skew 25d18.8%-15.6%82.2%63.0%29.4%
Skew 10d27.3%-3.7%125.1%61.9%49.2%
Call IV 25d70.2%51.4%93.6%61.2%60.6%
Put IV 25d89.0%70.8%169.5%124.2%90.0%
Bid-Ask Spread %71.1834.20114.47106.1156.06
Gamma HHI0.740.630.830.760.69
Net GEX165.5K83.8K243.6K177.8K132.1K
Net DEX-5.4M-7.8M-3.0M-6.8M-3.8M
Net VEX-18.3K-23.3K-13.5K-22.6K-13.5K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.200.002.500.050.00
Total Volume26.3180202202
Total OI13,614.7279,93115,39415,3089,946

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2026-03-02$10.16$10.0090.7%26.0%85.0%25.5%87.6%63.0%20.3%177.8K-6.8M-22.6K0.05106.11N/AN/A19114,1061,202
2026-03-03$10.24$10.0085.1%24.4%85.0%22.8%56.4%43.1%22.7%175.9K-7.7M-23.1K0.33112.63N/AN/A1525014,0941,202
2026-03-04$10.25$10.0070.9%20.3%78.0%15.9%65.8%38.8%12.9%211.4K-7.8M-23.3K0.00110.35N/AN/A5014,2141,175
2026-03-05$10.35$10.0071.9%22.8%77.1%16.4%0.0%23.0%1.5%203.4K-7.8M-22.8K0.00112.32N/AN/A2014,2191,175
2026-03-06$10.04$10.0076.8%21.7%73.6%18.7%0.0%-15.6%20.4%188.0K-7.1M-22.2K0.00108.81N/AN/A18014,2171,175
2026-03-09$9.98$10.0074.0%21.0%71.1%17.4%0.0%15.3%13.7%212.5K-6.7M-21.3K0.00111.59N/AN/A3014,2181,175
2026-03-10$9.64$10.0069.1%23.2%71.0%15.0%0.0%15.4%5.7%219.2K-6.2M-20.4K0.00114.41N/AN/A5014,1941,175
2026-03-11$9.75$10.0071.0%20.4%70.3%15.9%0.0%5.6%10.9%243.6K-6.0M-20.4K0.00114.47N/AN/A1014,1791,175
2026-03-12$9.77$10.00106.7%22.6%59.7%33.3%0.0%14.1%-29.3%153.3K-6.3M-20.2K0.0152.97N/AN/A200114,1781,175
2026-03-13$9.84$10.0073.6%22.4%57.5%17.2%0.0%12.3%4.4%238.0K-6.2M-19.8K2.5045.54N/AN/A205014,0681,176
2026-03-16$9.71$10.0098.3%28.0%56.1%29.3%0.0%5.2%-22.6%190.8K-5.9M-18.4K0.0046.98N/AN/A11014,0881,201
2026-03-17$9.73$10.0076.3%21.8%56.2%18.5%0.0%20.4%13.5%226.6K-5.7M-18.1K0.0042.31N/AN/A0014,0981,201
2026-03-18$9.71$10.00155.1%17.6%56.5%57.0%0.0%82.2%17.6%175.9K-5.6M-17.2K0.0076.84N/AN/A0014,0981,201
2026-03-19$9.73$10.00126.7%36.4%56.1%43.1%0.0%6.6%-71.5%203.0K-6.1M-17.3K0.0062.28N/AN/A4014,0981,201
2026-03-20$9.54$10.0076.2%21.8%57.1%18.5%0.0%2.6%0.9%95.6K-3.0M-15.1K0.0049.92N/AN/A10014,0981,201
2026-03-23$9.68$10.0066.9%19.2%57.0%13.9%49.3%12.8%6.4%107.0K-3.7M-15.1K0.6744.49N/AN/A329,352579
2026-03-24$9.48$10.0071.7%20.6%37.8%16.3%0.0%18.0%9.4%98.1K-3.5M-14.9K0.0049.78N/AN/A109,355579
2026-03-25$9.45$10.0064.5%19.2%27.1%12.8%0.0%6.6%4.4%107.9K-3.3M-14.4K0.0034.84N/AN/A009,355579
2026-03-26$9.56$10.0082.3%23.6%23.5%21.5%0.0%6.9%-22.7%104.6K-3.4M-14.5K0.0041.32N/AN/A209,355579
2026-03-27$9.10$10.00115.0%33.0%28.5%37.4%0.0%5.0%-31.4%83.8K-3.2M-13.9K0.0034.20N/AN/A009,355579
2026-03-30$9.44$10.0073.0%20.9%31.3%16.9%75.0%2.5%-20.1%93.1K-3.1M-13.5K0.0037.70N/AN/A1709,355579
2026-03-31$9.36$10.0063.7%18.3%31.0%12.4%0.0%29.4%298.3%132.1K-3.8M-13.5K0.0056.06N/AN/A209,367579