NGL Options History — March 2025

In March 2025, NGL traded between $4.54 and $4.78. ATM implied volatility averaged 43.3%, placing in the 20.0% IV rank vs the trailing year. The 30-day expected move averaged 12.8%. IV traded below realized volatility by 12.2% (HV 20d: 55.5%). Max pain ranged from $4.00 to $5.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 11 of 21 days. Put/call ratio averaged 0.98.

Notable Days

  • 2025-03-25: Highest Volume — 1,797 contracts
  • 2025-03-28: Largest IV spike — 77.6% change
  • 2025-03-19: Highest IV Rank — 34.6%
  • 2025-03-13: Largest Expected Move — 18.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$4.67$4.54$4.78$4.75$4.54
Max Pain$4.19$4.00$5.00$4.00$4.00
ATM IV43.3%21.7%60.1%46.0%28.2%
Expected Move12.8%8.1%18.2%13.2%12.0%
HV 20d55.5%17.0%103.9%103.8%17.0%
HV 60d66.0%65.2%66.6%66.5%65.2%
IV Rank20.0%1.2%34.6%22.3%6.9%
IV Percentile49.5%0.4%82.9%58.3%6.0%
Term Structure-1.2%-21.2%19.1%-8.2%9.3%
VWIV50.8%30.4%65.5%47.4%42.6%
Skew 25d-4.3%-13.9%14.3%1.8%3.6%
Skew 10d10.8%-20.8%43.3%5.6%27.4%
Call IV 25d43.2%21.0%53.7%45.0%33.6%
Put IV 25d38.9%29.8%46.8%46.8%37.2%
Bid-Ask Spread %75.7646.15112.9562.9892.74
Gamma HHI0.340.290.370.320.32
Net GEX32.6K20.7K41.5K41.1K31.7K
Net DEX-694.3K-938.5K-431.4K-920.7K-632.4K
Net VEX-10.2K-11.7K-8.5K-11.6K-9.3K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.980.008.000.220.34
Total Volume236.33311,797436158
Total OI18,832.04818,44420,06918,53520,069

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-03-03$4.75$4.0046.0%13.2%103.8%22.3%47.4%1.8%-8.2%41.1K-920.7K-11.6K0.2262.98N/AN/A3577914,0184,517
2025-03-04$4.69$4.0048.6%13.9%103.9%24.7%0.0%-7.0%-12.5%35.4K-712.9K-10.9K0.0050.60N/AN/A3013,8724,572
2025-03-05$4.75$4.0048.9%14.0%103.1%24.9%48.9%-13.9%3.7%40.5K-914.2K-11.7K2.0058.31N/AN/A112213,8734,572
2025-03-06$4.68$4.0052.0%14.9%103.0%27.6%0.0%-8.3%0.0%36.4K-777.7K-11.0K2.0051.76N/AN/A1213,8744,594
2025-03-07$4.78$4.0049.3%14.1%103.3%25.3%51.7%4.1%2.8%41.5K-938.5K-11.7K3.8152.15N/AN/A166113,8744,596
2025-03-10$4.75$4.0045.9%13.1%103.1%22.2%41.0%-3.0%11.7%38.6K-840.5K-11.2K0.0448.75N/AN/A26113,8614,626
2025-03-11$4.67$4.0042.1%15.7%102.7%19.0%61.7%-8.1%0.7%35.6K-741.2K-10.6K0.0658.34N/AN/A16113,8544,625
2025-03-12$4.64$4.0040.7%16.6%48.7%17.7%63.5%-8.8%3.8%33.0K-671.8K-10.4K0.2259.88N/AN/A9213,8594,605
2025-03-13$4.58$4.0043.4%18.2%47.7%20.1%0.0%-12.8%2.7%31.3K-615.8K-10.3K0.0046.15N/AN/A6013,8684,607
2025-03-14$4.66$4.0047.4%11.1%44.1%23.6%65.5%-4.4%4.1%32.2K-612.8K-9.8K0.0070.80N/AN/A11013,8734,607
2025-03-17$4.66$5.0050.1%14.2%31.9%25.9%50.0%-7.3%-1.2%32.8K-627.4K-9.7K8.0079.96N/AN/A21613,8824,612
2025-03-18$4.69$5.0052.4%14.9%31.6%28.0%0.0%-2.9%-0.9%35.4K-694.9K-10.0K0.0083.91N/AN/A53013,8824,613
2025-03-19$4.69$5.0060.1%15.0%31.4%34.6%56.1%-6.2%-9.3%36.5K-748.7K-10.2K0.0975.86N/AN/A11113,9134,613
2025-03-20$4.69$0.0048.9%8.7%31.4%24.8%0.0%-9.2%-21.2%26.2K-703.1K-10.3K0.01112.95N/AN/A1,4381713,9234,613
2025-03-21$4.71$0.0044.3%8.3%30.5%20.9%0.0%-8.1%-16.3%25.6K-723.2K-10.3K3.75107.50N/AN/A41514,9884,609
2025-03-24$4.66$0.0032.6%10.5%27.8%10.7%0.0%-6.9%-13.3%22.3K-547.6K-9.8K0.0097.67N/AN/A311014,0354,510
2025-03-25$4.67$0.0039.8%9.1%27.8%17.0%0.0%-1.4%-2.7%20.7K-431.4K-8.5K0.0099.28N/AN/A1,797014,1454,510
2025-03-26$4.63$0.0027.7%8.1%27.4%6.5%30.4%3.9%6.8%27.3K-576.0K-9.2K0.08100.66N/AN/A3102615,2434,510
2025-03-27$4.63$4.0021.7%10.9%27.4%1.2%0.0%14.3%19.1%28.1K-496.1K-8.7K0.0092.10N/AN/A1015,5154,510
2025-03-28$4.59$4.0038.5%12.1%17.5%15.8%42.6%-9.5%-3.8%32.2K-653.1K-9.3K0.0088.68N/AN/A179015,5214,510
2025-03-31$4.54$4.0028.2%12.0%17.0%6.9%0.0%3.6%9.3%31.7K-632.4K-9.3K0.3492.74N/AN/A1184015,5594,510