MAX Options History — April 2026

In April 2026, MAX traded between $9.15 and $9.36. ATM implied volatility averaged 104.0%, placing in the 32.1% IV rank vs the trailing year. The 30-day expected move averaged 29.8%. IV traded above realized volatility by 71.9% (HV 20d: 32.2%). Max pain ranged from $10.00 to $10.00. Net GEX was positive for 2 of 2 trading days. Term structure was in contango for 1 of 2 days. Put/call ratio averaged 0.08.

Notable Days

2026-04-02: Highest Volume — 207 contracts
2026-04-02: Largest IV drop — 16.5% change
2026-04-01: Highest IV Rank — 36.6%
2026-04-01: Largest Expected Move — 32.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$9.25	$9.15	$9.36	$9.15	$9.36
Max Pain	$10.00	$10.00	$10.00	$10.00	$10.00
ATM IV	104.0%	94.7%	113.4%	113.4%	94.7%
Expected Move	29.8%	27.1%	32.5%	32.5%	27.1%
HV 20d	32.2%	31.6%	32.8%	31.6%	32.8%
HV 60d	53.1%	53.0%	53.3%	53.0%	53.3%
IV Rank	32.1%	27.5%	36.6%	36.6%	27.5%
IV Percentile	85.3%	77.8%	92.9%	92.9%	77.8%
Term Structure	-16.2%	-42.5%	10.2%	-42.5%	10.2%
VWIV	83.1%	83.1%	83.1%	83.1%	83.1%
Skew 25d	18.1%	4.1%	32.1%	32.1%	4.1%
Skew 10d	55.8%	39.3%	72.2%	39.3%	72.2%
Call IV 25d	78.0%	71.5%	84.5%	84.5%	71.5%
Put IV 25d	96.1%	75.7%	116.5%	116.5%	75.7%
Bid-Ask Spread %	38.36	36.94	39.77	39.77	36.94
Gamma HHI	0.70	0.68	0.71	0.71	0.68
Net GEX	102.4K	97.8K	107.0K	107.0K	97.8K
Net DEX	-3.0M	-3.0M	-2.9M	-2.9M	-3.0M
Net VEX	-12.9K	-13.0K	-12.9K	-13.0K	-12.9K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.08	0.01	0.14	0.01	0.14
Total Volume	138.5	70	207	70	207
Total OI	9,945	9,945	9,945	9,945	9,945

Daily Data (2 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
2026-04-01	$9.15	$10.00	113.4%	32.5%	31.6%	36.6%	0.0%	32.1%	-42.5%	107.0K	-2.9M	-13.0K	0.01	39.77	N/A	N/A	69	1	9,366	579
2026-04-02	$9.36	$10.00	94.7%	27.1%	32.8%	27.5%	83.1%	4.1%	10.2%	97.8K	-3.0M	-12.9K	0.14	36.94	N/A	N/A	182	25	9,366	579