NGL Options History — November 2025

In November 2025, NGL traded between $6.72 and $10.22. ATM implied volatility averaged 58.4%, placing in the 16.4% IV rank vs the trailing year. The 30-day expected move averaged 16.5%. IV traded below realized volatility by 26.9% (HV 20d: 85.3%). Max pain ranged from $5.00 to $9.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 5 of 19 days. Put/call ratio averaged 0.28.

Notable Days

  • 2025-11-12: Highest Volume — 5,197 contracts
  • 2025-11-18: Largest IV drop — 19.9% change
  • 2025-11-04: Highest IV Rank — 20.9%
  • 2025-11-04: Largest Expected Move — 19.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$9.35$6.72$10.22$6.72$9.82
Max Pain$8.05$5.00$9.00$6.00$9.00
ATM IV58.4%52.6%68.6%65.4%57.4%
Expected Move16.5%14.8%19.7%18.8%16.4%
HV 20d85.3%26.8%97.9%26.8%97.9%
HV 60d67.4%47.5%71.2%48.3%70.7%
IV Rank16.4%13.9%20.9%19.5%16.0%
IV Percentile69.2%57.5%85.3%82.1%67.5%
Term Structure-2.8%-12.8%6.5%-12.8%-10.5%
VWIV56.4%49.3%68.1%67.1%49.3%
Skew 25d8.2%-10.5%22.6%-10.5%22.6%
Skew 10d16.6%-22.2%43.1%-22.2%35.0%
Call IV 25d55.1%44.7%85.0%82.5%48.7%
Put IV 25d63.3%54.5%97.2%72.0%71.3%
Bid-Ask Spread %95.9676.05111.7577.87111.75
Gamma HHI0.240.190.320.260.20
Net GEX112.0K72.7K166.1K72.7K108.6K
Net DEX-11.9M-14.4M-4.8M-4.8M-13.0M
Net VEX-19.5K-24.6K-15.2K-16.2K-18.8K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.280.002.230.130.00
Total Volume1,108.78945,1971924
Total OI19,495.31616,29322,59916,29317,049

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-11-03$6.72$6.0065.4%18.8%26.8%19.5%67.1%-10.5%-12.8%72.7K-4.8M-16.2K0.1377.87N/AN/A1702212,5173,776
2025-11-04$6.75$6.0068.6%19.7%26.8%20.9%68.1%12.3%1.6%83.1K-4.8M-16.0K0.0082.62N/AN/A1,034512,6223,785
2025-11-05$8.56$6.0061.3%17.6%86.4%17.7%55.7%12.5%6.5%86.9K-9.3M-17.6K0.0376.05N/AN/A1,4654113,9993,790
2025-11-06$8.88$5.0068.5%16.9%86.6%20.8%53.6%2.9%-7.3%80.4K-10.0M-17.9K0.0196.98N/AN/A4,9584013,9303,825
2025-11-07$9.53$5.0059.2%16.7%88.1%16.8%58.0%4.7%-6.0%106.9K-12.2M-18.9K0.0890.50N/AN/A6825615,7073,854
2025-11-10$9.93$8.0054.1%15.2%88.4%14.6%52.7%0.9%-0.4%105.2K-13.5M-18.6K0.3690.64N/AN/A67324116,1453,908
2025-11-11$9.74$9.0057.8%14.8%88.5%16.2%51.5%14.4%-3.3%101.4K-13.7M-15.2K0.1598.33N/AN/A4336516,2644,130
2025-11-12$10.22$9.0053.5%15.3%88.9%14.3%57.2%10.9%-1.6%103.6K-14.4M-16.6K0.0096.97N/AN/A5,193416,3544,190
2025-11-13$9.66$9.0059.2%17.0%92.3%16.8%58.6%11.2%-5.5%136.6K-13.7M-24.6K0.0991.98N/AN/A2,13119418,3944,205
2025-11-14$9.75$9.0059.2%17.0%91.8%16.8%60.3%8.9%-6.5%126.3K-13.7M-23.0K0.01100.59N/AN/A600317,8104,256
2025-11-17$9.46$9.0066.1%19.0%93.8%19.8%53.4%6.3%-2.6%126.7K-12.9M-22.7K0.0292.83N/AN/A1,5992917,7514,257
2025-11-18$9.88$9.0053.0%15.2%93.9%14.1%55.2%7.0%4.8%122.5K-13.5M-22.5K0.0195.04N/AN/A554617,5544,290
2025-11-19$9.83$9.0054.9%15.7%94.4%15.0%59.9%8.4%-2.3%134.0K-13.4M-20.8K0.64104.42N/AN/A533417,3514,286
2025-11-20$9.95$9.0052.9%15.2%93.6%14.1%51.4%4.1%0.4%135.1K-13.6M-19.9K0.36110.10N/AN/A32111517,3844,312
2025-11-21$9.95$9.0054.4%15.6%92.8%14.7%54.4%10.0%-4.2%166.1K-13.5M-20.5K0.0598.26N/AN/A174817,4704,328
2025-11-24$9.80$9.0056.4%16.2%93.7%15.6%56.7%11.8%-2.5%108.7K-12.5M-20.1K0.92105.61N/AN/A242216,304639
2025-11-25$9.31$9.0054.4%15.6%97.3%14.7%55.5%-3.4%0.7%115.5K-11.6M-20.0K2.23100.48N/AN/A224916,305662
2025-11-26$9.86$9.0052.6%15.1%97.6%13.9%52.0%20.2%-1.0%107.1K-12.6M-20.2K0.26102.23N/AN/A34916,301707
2025-11-28$9.82$9.0057.4%16.4%97.9%16.0%49.3%22.6%-10.5%108.6K-13.0M-18.8K0.00111.75N/AN/A4016,335714