NDLS Options History — February 2025

In February 2025, NDLS traded between $11.20 and $13.68. ATM implied volatility averaged 128.3%, placing in the 20.0% IV rank vs the trailing year. The 30-day expected move averaged 34.4%. IV traded above realized volatility by 23.5% (HV 20d: 104.8%). Max pain ranged from $20.00 to $20.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 15 of 19 days. Put/call ratio averaged 0.31.

Notable Days

2025-02-05: Highest Volume — 70 contracts
2025-02-21: Largest IV spike — 341.8% change
2025-02-21: Highest IV Rank — 80.0%
2025-02-21: Largest Expected Move — 106.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$12.36	$11.20	$13.68	$12.64	$11.36
Max Pain	$20.00	$20.00	$20.00	$20.00	$20.00
ATM IV	128.3%	84.4%	372.8%	121.9%	117.9%
Expected Move	34.4%	23.4%	106.9%	34.9%	33.8%
HV 20d	104.8%	70.0%	136.6%	136.6%	77.3%
HV 60d	105.1%	100.3%	112.7%	112.6%	104.8%
IV Rank	20.0%	9.2%	80.0%	18.4%	17.4%
IV Percentile	43.5%	19.4%	98.4%	46.8%	40.9%
Term Structure	35.5%	-204.3%	166.6%	34.6%	126.0%
VWIV	136.7%	91.5%	291.6%	91.5%	111.9%
Bid-Ask Spread %	78.80	11.60	124.00	57.58	54.48
Gamma HHI	1.00	0.99	1.00	0.99	1.00
Net GEX	2.1K	1.5K	2.5K	1.5K	1.7K
Net DEX	-155.0K	-215.2K	-61.7K	-166.8K	-110.4K
Net VEX	-1.2K	-1.5K	-810	-1.1K	-986
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.31	0.00	4.50	0.01	0.00
Total Volume	13	0	70	40	1
Total OI	534.684	457	572	457	537

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
2025-02-03	$12.64	$20.00	121.9%	34.9%	136.6%	18.4%	0.0%	0.0%	34.6%	1.5K	-166.8K	-1.1K	0.01	57.58	N/A	N/A	39	1	419	38
2025-02-04	$12.80	$20.00	126.9%	36.4%	133.9%	19.6%	0.0%	0.0%	22.2%	1.9K	-182.0K	-1.3K	0.00	89.46	N/A	N/A	1	0	455	38
2025-02-05	$12.56	$20.00	128.2%	36.8%	134.9%	19.9%	0.0%	0.0%	33.0%	1.9K	-165.3K	-1.3K	0.00	11.60	N/A	N/A	70	0	456	38
2025-02-06	$12.24	$20.00	127.7%	25.9%	134.3%	19.8%	91.5%	0.0%	36.1%	2.0K	-169.0K	-1.3K	0.01	85.45	N/A	N/A	22	0	493	38
2025-02-07	$11.84	$20.00	138.8%	34.9%	119.3%	22.5%	146.9%	0.0%	-16.6%	1.9K	-165.4K	-1.3K	0.00	84.60	N/A	N/A	14	0	506	38
2025-02-10	$12.40	$20.00	136.2%	25.5%	119.1%	21.9%	97.7%	0.0%	43.4%	2.1K	-172.5K	-1.3K	0.00	84.15	N/A	N/A	0	0	505	38
2025-02-11	$12.32	$20.00	140.9%	23.4%	119.4%	23.1%	0.0%	0.0%	44.8%	2.1K	-170.7K	-1.3K	0.00	83.81	N/A	N/A	16	0	505	38
2025-02-12	$12.32	$20.00	97.7%	28.0%	112.3%	12.4%	0.0%	0.0%	31.4%	2.2K	-172.3K	-1.4K	0.00	87.79	N/A	N/A	0	0	521	38
2025-02-13	$13.04	$20.00	89.5%	25.6%	105.7%	10.4%	0.0%	0.0%	36.4%	2.3K	-207.3K	-1.4K	0.00	85.10	N/A	N/A	16	0	521	38
2025-02-14	$12.96	$20.00	90.2%	25.9%	106.6%	10.6%	0.0%	0.0%	37.3%	2.4K	-203.7K	-1.4K	0.00	85.43	N/A	N/A	18	0	534	38
2025-02-18	$13.68	$20.00	114.8%	32.9%	101.7%	16.7%	138.9%	0.0%	39.0%	2.5K	-215.2K	-1.5K	0.40	85.33	N/A	N/A	1	1	516	38
2025-02-19	$12.96	$20.00	89.5%	25.7%	98.0%	10.4%	0.0%	0.0%	39.9%	2.3K	-189.6K	-1.3K	0.00	85.10	N/A	N/A	0	0	516	39
2025-02-20	$13.12	$20.00	84.4%	24.2%	93.1%	9.2%	0.0%	0.0%	-12.8%	2.4K	-191.3K	-1.3K	0.01	84.08	N/A	N/A	19	0	516	39
2025-02-21	$12.00	$20.00	372.8%	106.9%	100.8%	80.0%	291.6%	0.0%	-204.3%	2.4K	-150.3K	-1.2K	4.50	124.00	N/A	N/A	0	1	532	39
2025-02-24	$11.20	$20.00	105.2%	30.2%	70.0%	14.3%	0.0%	0.0%	166.6%	1.8K	-61.7K	-847	0.00	55.54	N/A	N/A	2	0	475	37
2025-02-25	$12.32	$20.00	111.7%	32.0%	74.4%	15.9%	103.2%	0.0%	-32.7%	2.0K	-90.7K	-975	0.00	84.74	N/A	N/A	19	0	475	37
2025-02-26	$11.84	$20.00	118.8%	34.1%	75.9%	17.6%	111.8%	0.0%	121.2%	1.9K	-93.8K	-950	0.00	84.60	N/A	N/A	6	0	494	37
2025-02-27	$11.20	$20.00	124.4%	35.7%	78.2%	19.0%	0.0%	0.0%	128.2%	1.9K	-66.1K	-810	0.00	84.43	N/A	N/A	0	0	500	37
2025-02-28	$11.36	$20.00	117.9%	33.8%	77.3%	17.4%	111.9%	0.0%	126.0%	1.7K	-110.4K	-986	0.00	54.48	N/A	N/A	0	1	500	37