NGL Options History — January 2026

In January 2026, NGL traded between $8.76 and $11.77. ATM implied volatility averaged 61.4%, placing in the 17.3% IV rank vs the trailing year. The 30-day expected move averaged 17.9%. IV traded above realized volatility by 1.0% (HV 20d: 60.4%). Max pain ranged from $3.00 to $9.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 6 of 20 days. Put/call ratio averaged 9.29.

Notable Days

  • 2026-01-06: Highest Volume — 1,107 contracts
  • 2026-01-29: Largest IV spike — 24.3% change
  • 2026-01-29: Highest IV Rank — 23.0%
  • 2026-01-29: Largest Expected Move — 21.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$10.19$8.76$11.77$10.04$11.77
Max Pain$8.60$3.00$9.00$3.00$9.00
ATM IV61.4%47.8%74.5%47.8%70.5%
Expected Move17.9%13.7%21.4%13.7%20.2%
HV 20d60.4%42.0%67.4%43.2%63.9%
HV 60d69.6%64.0%72.2%64.0%71.9%
IV Rank17.3%11.9%23.0%11.9%21.2%
IV Percentile72.1%38.1%93.7%38.1%91.3%
Term Structure-4.1%-13.1%6.6%6.6%-10.1%
VWIV62.9%47.9%69.5%47.9%69.5%
Skew 25d0.2%-14.6%15.5%-5.6%-9.6%
Skew 10d11.9%-7.7%47.8%-7.7%14.8%
Call IV 25d64.6%57.2%81.1%58.9%81.1%
Put IV 25d64.8%52.2%75.7%53.3%71.5%
Bid-Ask Spread %100.9389.76112.8299.8292.67
Gamma HHI0.230.190.290.200.26
Net GEX105.6K51.9K139.4K139.4K121.0K
Net DEX-12.5M-15.2M-9.1M-15.2M-13.9M
Net VEX-21.0K-23.3K-16.9K-22.5K-16.9K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio9.290.0267.6757.860.27
Total Volume336.95321,107412166
Total OI18,470.1514,43521,54419,86816,293

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2026-01-02$10.04$3.0047.8%13.7%43.2%11.9%47.9%-5.6%6.6%139.4K-15.2M-22.5K57.8699.82N/AN/A740519,285583
2026-01-05$9.88$8.0048.4%17.8%42.0%12.1%57.8%-14.6%-9.1%122.5K-14.8M-22.5K67.67100.41N/AN/A320319,292959
2026-01-06$9.79$8.0052.2%16.4%42.1%13.3%68.1%-3.0%-2.4%105.9K-14.7M-22.0K43.28107.73N/AN/A251,08219,2911,161
2026-01-07$8.76$9.0053.8%17.2%57.3%14.0%65.6%-4.8%2.7%138.8K-10.9M-22.9K0.06103.11N/AN/A1,0296219,3022,242
2026-01-08$9.54$9.0062.3%17.9%65.3%17.7%59.8%1.5%-5.0%104.3K-12.4M-23.3K1.46102.27N/AN/A131918,8652,240
2026-01-09$9.65$9.0064.5%19.1%64.5%18.6%69.4%-0.2%-11.8%101.5K-13.0M-22.3K0.8597.57N/AN/A393318,8702,247
2026-01-12$9.82$9.0065.2%18.0%64.6%18.9%0.0%-10.8%-6.2%85.1K-13.6M-21.4K0.04110.48N/AN/A51218,8452,266
2026-01-13$9.79$9.0066.2%17.4%64.3%19.3%0.0%-1.8%-6.0%75.7K-13.7M-21.5K0.02109.07N/AN/A43118,8652,267
2026-01-14$9.66$9.0055.6%15.9%63.8%14.7%56.7%2.9%-1.2%51.9K-13.8M-20.8K0.02110.92N/AN/A113218,8692,267
2026-01-15$9.58$9.0063.4%18.2%63.8%18.1%62.8%9.1%0.4%82.9K-12.7M-21.2K0.05112.82N/AN/A3211618,5632,264
2026-01-16$9.80$9.0059.8%17.2%64.2%16.6%60.7%-5.4%3.8%96.1K-12.6M-21.3K0.3096.22N/AN/A36711118,4732,274
2026-01-20$10.02$9.0062.5%17.9%64.0%17.7%60.4%11.7%-7.6%102.9K-9.1M-20.1K0.0398.71N/AN/A4881313,1811,254
2026-01-21$10.12$9.0058.7%16.8%63.9%16.1%61.0%-0.9%2.3%107.3K-9.5M-21.9K11.0096.89N/AN/A1819813,6161,265
2026-01-22$10.20$9.0068.3%19.6%62.0%20.3%67.3%13.1%-13.1%101.9K-9.9M-20.6K2.4397.29N/AN/A6916813,6331,464
2026-01-23$10.23$9.0061.3%17.6%61.6%17.2%57.0%15.5%1.0%102.2K-9.6M-21.8K0.06101.08N/AN/A4062413,6461,632
2026-01-26$11.09$9.0065.0%18.6%67.4%18.9%68.6%8.9%-8.6%113.2K-11.8M-18.9K0.0292.22N/AN/A6601113,9881,656
2026-01-27$11.46$9.0068.2%19.6%64.2%20.2%68.9%1.3%-8.4%121.9K-13.0M-18.6K0.0691.49N/AN/A2351514,4161,667
2026-01-28$11.13$9.0060.0%17.2%62.9%16.6%63.6%3.3%-1.6%123.3K-12.7M-19.6K0.07108.07N/AN/A1481014,5471,682
2026-01-29$11.57$9.0074.5%21.4%63.8%23.0%67.9%-6.6%-7.9%114.5K-13.1M-20.0K0.2889.76N/AN/A1273614,4811,692
2026-01-30$11.77$9.0070.5%20.2%63.9%21.2%69.5%-9.6%-10.1%121.0K-13.9M-16.9K0.2792.67N/AN/A1313514,5761,717