NGL Options History — February 2026

In February 2026, NGL traded between $11.67 and $12.32. ATM implied volatility averaged 59.6%, placing in the 16.5% IV rank vs the trailing year. The 30-day expected move averaged 17.0%. IV traded above realized volatility by 9.8% (HV 20d: 49.8%). Max pain ranged from $4.00 to $10.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 0.07.

Notable Days

  • 2026-02-02: Highest Volume — 3,992 contracts
  • 2026-02-04: Largest IV drop — 25.9% change
  • 2026-02-03: Highest IV Rank — 28.2%
  • 2026-02-03: Largest Expected Move — 24.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$12.01$11.67$12.32$12.16$11.98
Max Pain$7.21$4.00$10.00$9.00$4.00
ATM IV59.6%50.7%86.5%85.4%53.4%
Expected Move17.0%14.5%24.8%24.5%15.3%
HV 20d49.8%36.6%66.3%64.4%36.6%
HV 60d53.0%48.8%72.1%72.1%48.8%
IV Rank16.5%12.6%28.2%27.7%13.8%
IV Percentile60.3%38.5%96.4%96.4%44.0%
Term Structure-0.9%-24.6%12.9%-15.0%0.5%
VWIV58.9%46.4%88.9%88.9%51.9%
Skew 25d6.2%-5.9%21.5%-1.9%18.9%
Skew 10d18.6%-2.4%80.5%13.3%34.0%
Call IV 25d60.3%51.9%78.3%78.3%61.8%
Put IV 25d66.5%52.3%92.2%76.4%80.8%
Bid-Ask Spread %106.6387.84115.1687.84107.29
Gamma HHI0.200.180.280.250.21
Net GEX170.7K106.2K239.1K106.2K149.4K
Net DEX-13.9M-15.5M-13.3M-13.8M-13.5M
Net VEX-19.7K-22.2K-17.1K-18.0K-17.2K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.070.000.540.010.01
Total Volume625.68413,9923,992151
Total OI17,113.94714,95718,39315,73115,329

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2026-02-02$12.16$9.0085.4%24.5%64.4%27.7%88.9%-1.9%-15.0%106.2K-13.8M-18.0K0.0187.84N/AN/A3,9573513,9821,749
2026-02-03$11.78$10.0086.5%24.8%65.5%28.2%85.3%17.4%-24.6%136.1K-13.4M-22.2K0.0194.74N/AN/A1,5861615,5051,783
2026-02-04$12.32$10.0064.1%18.4%66.3%18.4%63.4%21.5%4.7%184.8K-15.5M-21.5K0.16115.16N/AN/A96815816,4991,801
2026-02-05$11.67$8.0062.4%15.5%54.4%17.7%51.7%-1.7%5.1%173.5K-14.1M-21.4K0.00114.53N/AN/A130016,4831,910
2026-02-06$11.87$8.0058.6%16.3%47.5%16.0%58.9%-0.4%-6.2%179.0K-14.5M-21.5K0.01110.86N/AN/A900716,4631,909
2026-02-09$12.13$8.0051.1%15.7%47.7%12.8%55.1%-1.2%3.6%185.9K-14.5M-19.8K0.00109.76N/AN/A2,232215,9091,910
2026-02-10$12.11$8.0056.3%15.2%47.8%15.1%0.0%-4.0%-0.7%188.4K-14.3M-22.2K0.54113.08N/AN/A1246716,0721,910
2026-02-11$11.71$8.0050.7%14.5%50.2%12.6%46.4%0.4%12.9%178.4K-13.4M-21.5K0.04109.57N/AN/A170716,0521,921
2026-02-12$11.94$8.0052.2%15.0%49.6%13.3%53.7%3.6%1.7%189.4K-13.6M-20.5K0.11109.93N/AN/A18215,9811,920
2026-02-13$12.08$8.0058.2%16.7%49.1%15.9%56.4%0.7%-1.4%193.8K-14.1M-19.5K0.00106.83N/AN/A35015,9821,920
2026-02-17$11.98$8.0057.6%16.5%49.4%15.6%54.8%7.8%-2.9%187.0K-13.8M-19.9K0.02106.28N/AN/A92215,9991,920
2026-02-18$11.98$8.0058.6%16.8%49.3%16.0%60.5%3.1%-4.0%189.7K-13.9M-19.2K0.07104.12N/AN/A45316,0051,919
2026-02-19$11.98$8.0055.6%15.9%49.4%14.7%48.9%-5.9%2.4%184.1K-13.9M-19.4K0.00105.96N/AN/A68016,0061,921
2026-02-20$12.04$8.0058.0%16.6%49.4%15.8%59.4%13.2%-4.9%239.1K-14.1M-17.1K0.00107.55N/AN/A410016,0381,921
2026-02-23$12.04$4.0054.9%15.7%49.4%14.4%56.1%13.6%0.7%135.8K-13.3M-18.7K0.32102.90N/AN/A22714,546411
2026-02-24$12.21$4.0055.4%15.9%41.5%14.6%58.2%9.8%6.2%143.4K-13.6M-17.4K0.00101.24N/AN/A487114,557418
2026-02-25$12.10$4.0058.0%16.6%40.4%15.8%52.4%17.4%3.7%148.0K-13.4M-19.1K0.06110.60N/AN/A1741114,763418
2026-02-26$12.05$4.0056.3%16.1%38.7%15.0%0.0%4.6%1.6%150.4K-13.4M-17.9K0.00107.78N/AN/A1014,905428
2026-02-27$11.98$4.0053.4%15.3%36.6%13.8%51.9%18.9%0.5%149.4K-13.5M-17.2K0.01107.29N/AN/A149214,901428