NBIS Options History — July 2025

In July 2025, NBIS traded between $44.14 and $54.44. ATM implied volatility averaged 84.7%, placing in the 22.7% IV rank vs the trailing year. The 30-day expected move averaged 24.5%. IV traded below realized volatility by 1.0% (HV 20d: 85.7%). Max pain ranged from $40.00 to $45.00. Net GEX was positive for 21 of 22 trading days. Term structure was in contango for 10 of 22 days. Put/call ratio averaged 0.38.

Notable Days

2025-07-14: Highest Volume — 146,129 contracts
2025-07-31: Largest IV spike — 12.9% change
2025-07-21: Highest IV Rank — 31.5%
2025-07-31: Largest Expected Move — 27.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$50.66	$44.14	$54.44	$50.23	$54.44
Max Pain	$40.45	$40.00	$45.00	$45.00	$40.00
ATM IV	84.7%	76.3%	90.5%	83.6%	86.1%
Expected Move	24.5%	22.8%	27.4%	24.1%	27.4%
HV 20d	85.7%	70.4%	97.6%	97.6%	74.6%
HV 60d	86.5%	81.6%	92.5%	92.5%	84.0%
IV Rank	22.7%	9.7%	31.5%	21.0%	24.7%
IV Percentile	13.3%	2.3%	34.8%	6.0%	19.8%
Term Structure	-0.9%	-9.6%	3.8%	-0.0%	-3.8%
VWIV	87.3%	81.1%	98.0%	86.5%	98.0%
Skew 25d	-3.7%	-14.1%	7.6%	-14.1%	-3.4%
Skew 10d	-6.1%	-48.3%	20.6%	20.6%	-5.9%
Call IV 25d	88.4%	80.6%	99.5%	99.5%	89.9%
Put IV 25d	84.6%	77.3%	91.6%	85.4%	86.4%
Bid-Ask Spread %	34.67	20.31	44.47	20.31	29.46
Gamma HHI	0.09	0.07	0.17	0.09	0.12
Net GEX	10.6M	-1.1M	21.9M	8.5M	21.9M
Net DEX	-702.0M	-953.2M	-354.2M	-670.2M	-938.6M
Net VEX	-3.3M	-3.6M	-2.9M	-3.1M	-3.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.38	0.15	0.84	0.20	0.40
Total Volume	62,771.182	19,718	146,129	71,072	145,223
Total OI	479,780.273	412,415	544,053	425,356	537,796

Daily Data (22 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
2025-07-01	$50.23	$45.00	83.6%	24.1%	97.6%	21.0%	86.5%	-14.1%	-0.0%	8.5M	-670.2M	-3.1M	0.20	20.31	N/A	N/A	59,051	12,021	294,203	131,153
2025-07-02	$50.05	$45.00	89.1%	24.2%	97.4%	29.3%	85.8%	-3.8%	2.9%	7.7M	-649.2M	-3.1M	0.21	26.30	N/A	N/A	28,750	6,110	294,920	137,637
2025-07-03	$50.14	$40.00	82.8%	24.2%	96.2%	19.7%	87.3%	-4.2%	-0.7%	8.2M	-655.4M	-3.1M	0.37	44.47	N/A	N/A	14,388	5,330	301,240	140,659
2025-07-07	$47.59	$40.00	85.4%	24.7%	82.5%	23.7%	88.7%	-2.7%	0.9%	6.4M	-529.1M	-2.9M	0.37	44.07	N/A	N/A	30,908	11,476	280,452	131,963
2025-07-08	$47.17	$40.00	84.9%	24.1%	80.5%	22.9%	85.4%	0.3%	-2.8%	6.1M	-508.6M	-2.9M	0.78	37.42	N/A	N/A	19,799	15,376	286,599	138,544
2025-07-09	$46.08	$40.00	87.1%	23.8%	75.4%	26.3%	86.6%	-7.3%	-9.6%	4.3M	-445.0M	-3.0M	0.26	41.88	N/A	N/A	27,972	7,133	291,372	149,527
2025-07-10	$46.31	$40.00	80.9%	23.5%	75.5%	16.8%	83.6%	7.6%	2.5%	3.9M	-456.7M	-3.0M	0.30	41.23	N/A	N/A	29,523	8,735	299,029	151,470
2025-07-11	$44.14	$40.00	78.5%	23.0%	76.1%	13.2%	82.8%	-3.3%	3.8%	-1.1M	-354.2M	-2.9M	0.32	34.86	N/A	N/A	39,032	12,491	309,778	154,976
2025-07-14	$52.02	$40.00	88.0%	25.2%	97.3%	27.6%	89.4%	-5.2%	1.0%	10.7M	-816.4M	-3.3M	0.30	36.76	N/A	N/A	112,644	33,485	306,414	145,094
2025-07-15	$53.86	$40.00	88.1%	25.3%	94.6%	27.8%	89.2%	-5.4%	2.1%	14.9M	-953.2M	-3.5M	0.25	36.33	N/A	N/A	66,942	16,588	332,187	157,068
2025-07-16	$53.31	$40.00	86.4%	24.8%	92.3%	25.3%	86.8%	-4.1%	-0.7%	14.9M	-904.6M	-3.4M	0.38	38.85	N/A	N/A	44,308	16,729	335,734	161,497
2025-07-17	$53.64	$40.00	83.5%	23.8%	90.6%	20.7%	84.1%	-5.0%	2.8%	17.7M	-935.0M	-3.4M	0.26	37.41	N/A	N/A	29,682	7,803	343,138	169,345
2025-07-18	$52.53	$40.00	84.1%	23.9%	91.1%	21.7%	84.1%	-3.6%	1.6%	14.4M	-853.7M	-3.4M	0.37	36.79	N/A	N/A	48,581	17,986	345,903	173,319
2025-07-21	$51.95	$40.00	90.5%	25.7%	91.1%	31.5%	90.8%	-4.4%	-2.1%	10.2M	-742.1M	-3.4M	0.22	27.88	N/A	N/A	93,767	20,300	303,460	157,295
2025-07-22	$51.20	$40.00	89.8%	25.4%	91.2%	30.4%	90.3%	-3.7%	-1.6%	9.5M	-691.0M	-3.4M	0.15	27.14	N/A	N/A	62,542	9,448	322,474	164,545
2025-07-23	$51.75	$40.00	85.7%	24.4%	87.9%	24.2%	86.7%	-0.6%	-8.2%	14.1M	-745.8M	-3.4M	0.70	22.56	N/A	N/A	25,005	17,490	339,162	168,512
2025-07-24	$52.55	$40.00	85.1%	23.8%	85.9%	23.2%	85.3%	-5.6%	0.3%	20.8M	-800.3M	-3.5M	0.30	24.02	N/A	N/A	33,986	10,160	347,943	182,179
2025-07-25	$51.84	$40.00	83.3%	22.8%	80.3%	20.4%	81.1%	-3.7%	-0.1%	9.3M	-722.0M	-3.4M	0.84	34.38	N/A	N/A	60,368	50,425	356,898	187,155
2025-07-28	$52.62	$40.00	81.3%	24.7%	79.8%	17.3%	87.6%	-2.4%	-2.4%	12.3M	-778.0M	-3.5M	0.37	40.66	N/A	N/A	32,713	12,250	319,324	172,512
2025-07-29	$50.45	$40.00	83.5%	25.3%	77.3%	20.8%	90.1%	-4.9%	-6.4%	8.3M	-636.6M	-3.4M	0.38	39.44	N/A	N/A	31,088	11,960	328,728	180,249
2025-07-30	$50.75	$40.00	76.3%	25.5%	70.4%	9.7%	90.7%	-2.5%	0.8%	9.6M	-657.9M	-3.5M	0.70	40.47	N/A	N/A	24,373	17,025	335,543	188,170
2025-07-31	$54.44	$40.00	86.1%	27.4%	74.6%	24.7%	98.0%	-3.4%	-3.8%	21.9M	-938.6M	-3.6M	0.40	29.46	N/A	N/A	103,687	41,536	341,315	196,481