NBIS Options History — November 2025

In November 2025, NBIS traded between $83.75 and $120.41. ATM implied volatility averaged 104.5%, placing in the 56.6% IV rank vs the trailing year. The 30-day expected move averaged 30.6%. IV traded above realized volatility by 10.7% (HV 20d: 93.8%). Max pain ranged from $80.00 to $100.00. Net GEX was positive for 16 of 19 trading days. Term structure was in contango for 4 of 19 days. Put/call ratio averaged 0.59.

Notable Days

2025-11-11: Highest Volume — 304,579 contracts
2025-11-11: Largest IV drop — 17.8% change
2025-11-10: Highest IV Rank — 70.8%
2025-11-05: Largest Expected Move — 36.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$97.91	$83.75	$120.41	$120.41	$94.61
Max Pain	$96.84	$80.00	$100.00	$80.00	$100.00
ATM IV	104.5%	87.2%	114.6%	113.1%	87.2%
Expected Move	30.6%	25.7%	36.8%	35.8%	25.7%
HV 20d	93.8%	88.1%	101.4%	88.2%	98.9%
HV 60d	110.1%	105.4%	115.1%	105.4%	115.1%
IV Rank	56.6%	32.1%	70.8%	68.7%	32.1%
IV Percentile	71.7%	32.9%	90.5%	88.7%	32.9%
Term Structure	-2.2%	-5.5%	3.1%	-2.6%	1.4%
VWIV	107.9%	91.5%	127.8%	124.0%	91.5%
Skew 25d	0.4%	-12.9%	8.1%	-12.9%	8.1%
Skew 10d	3.8%	-6.0%	16.7%	-6.0%	8.8%
Call IV 25d	105.4%	86.4%	121.5%	121.5%	86.4%
Put IV 25d	105.8%	94.5%	114.6%	108.5%	94.5%
Bid-Ask Spread %	25.20	14.71	50.09	43.37	26.29
Gamma HHI	0.06	0.04	0.09	0.06	0.06
Net GEX	10.0M	-2.9M	21.2M	21.1M	15.6M
Net DEX	-1.84B	-3.14B	-837.9M	-3.14B	-1.76B
Net VEX	-8.8M	-9.5M	-8.2M	-8.7M	-9.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.59	0.27	1.73	0.40	1.73
Total Volume	135,464.947	70,828	304,579	91,810	74,327
Total OI	816,647.895	695,441	955,305	695,441	818,440

Daily Data (19 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
2025-11-03	$120.41	$80.00	113.1%	35.8%	88.2%	68.7%	124.0%	-12.9%	-2.6%	21.1M	-3.14B	-8.7M	0.40	43.37	N/A	N/A	65,637	26,173	444,009	251,432
2025-11-04	$111.28	$80.00	112.8%	36.1%	90.6%	68.3%	127.8%	-3.0%	-5.5%	13.7M	-2.46B	-8.7M	0.50	50.09	N/A	N/A	81,039	40,870	463,731	264,145
2025-11-05	$116.74	$80.00	110.7%	36.8%	91.6%	65.3%	127.3%	-1.7%	1.0%	21.2M	-2.89B	-8.9M	0.28	49.27	N/A	N/A	64,372	17,870	475,724	276,183
2025-11-06	$109.36	$100.00	110.6%	31.5%	90.1%	65.1%	109.5%	-2.8%	-2.6%	13.7M	-2.37B	-8.7M	0.27	14.71	N/A	N/A	80,388	21,827	487,503	280,506
2025-11-07	$110.56	$100.00	113.8%	30.8%	90.4%	69.7%	109.2%	4.3%	-3.0%	13.1M	-2.43B	-8.7M	0.52	15.19	N/A	N/A	75,327	39,184	497,308	282,938
2025-11-10	$110.81	$100.00	114.6%	31.2%	88.1%	70.8%	109.1%	0.5%	-3.9%	17.4M	-2.59B	-8.6M	0.63	15.68	N/A	N/A	96,199	60,342	445,645	259,834
2025-11-11	$100.64	$100.00	94.2%	27.5%	92.1%	42.0%	98.2%	-1.9%	3.1%	4.9M	-1.79B	-8.2M	0.43	17.76	N/A	N/A	212,510	92,069	494,251	300,740
2025-11-12	$94.60	$100.00	96.9%	27.7%	93.7%	45.8%	98.6%	-1.3%	-1.1%	1.3M	-1.43B	-8.3M	0.50	18.45	N/A	N/A	160,647	80,308	539,547	316,702
2025-11-13	$89.13	$100.00	103.0%	29.4%	95.0%	54.4%	104.6%	-0.6%	-1.7%	-2.9M	-1.08B	-8.5M	0.69	26.95	N/A	N/A	130,405	90,629	580,473	338,572
2025-11-14	$84.40	$100.00	100.1%	29.4%	93.3%	50.3%	103.6%	-0.6%	1.5%	-2.9M	-837.9M	-8.3M	0.77	21.10	N/A	N/A	95,202	73,711	608,194	347,111
2025-11-17	$85.13	$100.00	105.5%	30.2%	92.5%	58.0%	106.9%	-1.6%	-4.6%	7.2M	-1.22B	-8.5M	0.64	23.81	N/A	N/A	83,294	53,090	529,755	311,280
2025-11-18	$91.91	$100.00	109.9%	31.4%	96.5%	64.1%	110.5%	1.4%	-5.5%	12.2M	-1.72B	-9.2M	0.35	19.39	N/A	N/A	82,882	29,058	550,805	324,532
2025-11-19	$95.19	$100.00	106.0%	30.4%	97.1%	58.6%	107.4%	2.2%	-3.0%	15.5M	-1.97B	-9.4M	0.41	22.35	N/A	N/A	62,185	25,260	555,587	333,295
2025-11-20	$85.64	$100.00	109.0%	31.5%	101.4%	62.9%	111.2%	0.1%	-1.3%	7.3M	-1.28B	-8.7M	0.44	24.22	N/A	N/A	113,818	50,482	566,965	336,992
2025-11-21	$83.75	$100.00	106.8%	31.1%	93.6%	59.8%	109.9%	2.1%	-5.1%	-1.6M	-1.18B	-8.6M	0.86	26.13	N/A	N/A	85,143	73,636	578,559	341,914
2025-11-24	$92.36	$100.00	100.4%	29.5%	95.4%	50.8%	104.5%	5.9%	-0.9%	9.5M	-1.60B	-9.4M	0.43	20.11	N/A	N/A	61,512	26,227	468,898	281,525
2025-11-25	$88.72	$100.00	97.8%	27.8%	95.5%	47.1%	100.9%	4.6%	-4.8%	8.3M	-1.39B	-9.1M	0.91	22.41	N/A	N/A	37,014	33,814	483,229	291,753
2025-11-26	$95.00	$100.00	93.5%	27.5%	99.1%	41.0%	95.2%	4.4%	-2.9%	14.8M	-1.78B	-9.5M	0.37	21.46	N/A	N/A	56,294	21,089	487,698	300,535
2025-11-28	$94.61	$100.00	87.2%	25.7%	98.9%	32.1%	91.5%	8.1%	1.4%	15.6M	-1.76B	-9.4M	1.73	26.29	N/A	N/A	27,253	47,074	512,665	305,775