NDLS Options History — November 2025

In November 2025, NDLS traded between $4.96 and $6.00. ATM implied volatility averaged 280.7%, placing in the 50.5% IV rank vs the trailing year. The 30-day expected move averaged 74.2%. IV traded above realized volatility by 144.9% (HV 20d: 135.8%). Max pain ranged from $20.00 to $20.00. Net GEX was positive for 5 of 19 trading days. Term structure was in contango for 16 of 19 days. Put/call ratio averaged 0.23.

Notable Days

2025-11-05: Highest Volume — 59 contracts
2025-11-07: Largest IV spike — 60.7% change
2025-11-07: Highest IV Rank — 72.9%
2025-11-24: Largest Expected Move — 96.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$5.54	$4.96	$6.00	$5.44	$5.68
Max Pain	$20.00	$20.00	$20.00	$20.00	$20.00
ATM IV	280.7%	200.5%	367.5%	281.9%	320.5%
Expected Move	74.2%	38.7%	96.4%	80.8%	91.9%
HV 20d	135.8%	76.6%	168.2%	165.2%	76.6%
HV 60d	106.3%	101.5%	123.4%	123.4%	102.8%
IV Rank	50.5%	29.9%	72.9%	50.9%	60.8%
IV Percentile	81.1%	47.6%	94.4%	85.7%	90.9%
Term Structure	79.7%	-50.4%	166.2%	-50.4%	16.4%
VWIV	386.2%	314.9%	457.4%	314.9%	457.4%
Bid-Ask Spread %	77.48	24.97	98.15	24.97	27.70
Gamma HHI	0.99	0.96	1.00	1.00	1.00
Net GEX	4	0	40	0	0
Net DEX	131.5K	98.7K	160.5K	135.3K	106.1K
Net VEX	-32	-105	-9	-14	-9
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.23	0.00	3.13	3.13	0.00
Total Volume	8.684	0	59	8	0
Total OI	1,669.053	1,136	1,822	1,780	1,151

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	$5.44	$20.00	281.9%	80.8%	165.2%	50.9%	0.0%	0.0%	-50.4%	0	135.3K	-14	3.13	24.97	N/A	N/A	2	6	1,531	249
2025-11-04	$5.44	$20.00	226.4%	64.9%	164.1%	36.6%	0.0%	0.0%	74.3%	0	133.1K	-14	0.00	27.63	N/A	N/A	17	0	1,533	245
2025-11-05	$5.36	$20.00	236.0%	67.6%	163.4%	39.0%	0.0%	0.0%	79.4%	40	121.1K	-67	0.73	26.17	N/A	N/A	34	25	1,532	245
2025-11-06	$5.84	$20.00	228.7%	38.7%	166.1%	37.1%	314.9%	0.0%	89.2%	0	156.2K	-15	0.00	75.82	N/A	N/A	9	0	1,554	268
2025-11-07	$5.52	$20.00	367.5%	40.8%	167.5%	72.9%	0.0%	0.0%	120.5%	0	147.7K	-15	0.00	75.41	N/A	N/A	1	0	1,549	268
2025-11-10	$5.60	$20.00	275.6%	72.4%	167.6%	49.2%	0.0%	0.0%	82.7%	0	149.8K	-15	0.00	97.92	N/A	N/A	0	0	1,550	268
2025-11-11	$5.84	$20.00	330.9%	73.4%	168.1%	63.5%	0.0%	0.0%	108.4%	0	156.2K	-15	0.00	72.40	N/A	N/A	3	0	1,550	268
2025-11-12	$6.00	$20.00	243.6%	69.8%	168.2%	41.0%	0.0%	0.0%	105.9%	0	160.5K	-15	0.00	96.94	N/A	N/A	0	0	1,549	268
2025-11-13	$5.84	$20.00	246.6%	70.7%	168.1%	41.8%	0.0%	0.0%	106.0%	8	134.0K	-101	0.00	98.15	N/A	N/A	0	0	1,549	268
2025-11-14	$5.76	$20.00	266.6%	76.4%	167.7%	46.9%	0.0%	0.0%	166.2%	0	153.6K	-15	0.00	97.92	N/A	N/A	1	0	1,549	267
2025-11-17	$5.52	$20.00	278.2%	79.7%	167.3%	49.9%	0.0%	0.0%	103.9%	10	129.6K	-105	0.00	97.92	N/A	N/A	1	0	1,549	267
2025-11-18	$5.28	$20.00	282.2%	80.9%	168.0%	50.9%	0.0%	0.0%	103.2%	2	114.2K	-57	0.00	72.00	N/A	N/A	0	0	1,549	267
2025-11-19	$5.28	$20.00	286.8%	82.2%	95.3%	52.1%	0.0%	0.0%	143.1%	7	120.0K	-89	0.00	97.86	N/A	N/A	1	0	1,549	267
2025-11-20	$5.12	$20.00	200.5%	57.5%	89.5%	29.9%	0.0%	0.0%	4.2%	0	136.6K	-15	0.33	94.94	N/A	N/A	30	10	1,549	267
2025-11-21	$4.96	$20.00	296.0%	84.9%	86.0%	54.5%	0.0%	0.0%	1.1%	0	132.3K	-14	0.00	97.39	N/A	N/A	7	0	1,545	267
2025-11-24	$5.28	$20.00	336.2%	96.4%	77.2%	64.8%	0.0%	0.0%	100.7%	0	98.7K	-9	0.00	96.93	N/A	N/A	4	0	949	187
2025-11-25	$5.68	$20.00	321.0%	92.0%	77.7%	60.9%	457.4%	0.0%	0.0%	0	106.1K	-9	0.01	96.82	N/A	N/A	13	0	951	187
2025-11-26	$5.76	$20.00	307.5%	88.2%	76.6%	57.5%	0.0%	0.0%	16.4%	0	107.6K	-9	0.00	97.29	N/A	N/A	1	0	964	187
2025-11-28	$5.68	$20.00	320.5%	91.9%	76.6%	60.8%	0.0%	0.0%	0.0%	0	106.1K	-9	0.00	27.70	N/A	N/A	0	0	964	187