NGL Options History — March 2026

In March 2026, NGL traded between $11.02 and $13.46. ATM implied volatility averaged 60.7%, placing in the 16.9% IV rank vs the trailing year. The 30-day expected move averaged 17.5%. IV traded above realized volatility by 22.1% (HV 20d: 38.6%). Max pain ranged from $4.00 to $10.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 8 of 22 days. Put/call ratio averaged 0.27.

Notable Days

  • 2026-03-26: Highest Volume — 3,097 contracts
  • 2026-03-06: Largest IV spike — 30.9% change
  • 2026-03-03: Highest IV Rank — 21.6%
  • 2026-03-03: Largest Expected Move — 20.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$11.89$11.02$13.46$12.42$12.25
Max Pain$6.27$4.00$10.00$4.00$6.00
ATM IV60.7%51.9%71.5%55.5%63.2%
Expected Move17.5%15.8%20.5%15.9%18.1%
HV 20d38.6%29.1%54.5%38.2%50.6%
HV 60d50.5%49.1%52.7%49.2%52.4%
IV Rank16.9%13.1%21.6%14.7%16.5%
IV Percentile64.9%37.3%91.3%52.8%71.4%
Term Structure-3.4%-29.1%13.0%10.4%-5.8%
VWIV60.6%47.8%73.2%57.8%64.1%
Skew 25d6.8%-10.8%26.5%3.8%3.5%
Skew 10d15.4%-6.8%44.8%-6.8%-0.1%
Call IV 25d59.3%52.3%65.8%58.3%62.4%
Put IV 25d66.1%54.6%80.3%62.1%65.9%
Bid-Ask Spread %67.6541.32118.67110.5244.58
Gamma HHI0.220.180.310.210.21
Net GEX159.5K136.9K190.4K153.0K190.4K
Net DEX-13.8M-17.6M-12.0M-14.4M-15.3M
Net VEX-17.5K-19.1K-15.5K-16.5K-18.0K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.270.003.570.590.04
Total Volume370.22723,097349278
Total OI16,426.81815,34917,80215,34917,758

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2026-03-02$12.42$4.0055.5%15.9%38.2%14.7%57.8%3.8%10.4%153.0K-14.4M-16.5K0.59110.52N/AN/A21913014,919430
2026-03-03$11.84$10.0071.5%20.5%40.4%21.6%73.2%26.5%-12.5%145.5K-13.2M-17.6K0.25118.67N/AN/A2125314,969560
2026-03-04$11.71$10.0058.5%16.8%39.0%16.0%58.0%0.6%1.3%149.3K-12.6M-17.0K0.00107.78N/AN/A23014,974612
2026-03-05$11.59$6.0051.9%15.8%35.3%13.1%56.8%-2.8%4.2%148.2K-12.7M-17.2K0.0788.06N/AN/A15114,977612
2026-03-06$11.38$6.0067.9%18.9%30.4%20.1%63.1%13.2%-8.3%146.8K-12.0M-17.8K0.0791.92N/AN/A15114,977610
2026-03-09$11.54$6.0064.0%16.5%30.1%18.4%57.9%9.1%8.6%153.6K-12.1M-17.6K0.0491.33N/AN/A72314,982611
2026-03-10$11.63$6.0054.5%16.2%29.1%14.3%56.7%2.6%3.2%161.6K-13.3M-18.8K0.0098.25N/AN/A32015,993613
2026-03-11$11.55$6.0055.4%15.9%29.2%14.6%57.4%8.6%13.0%163.0K-13.0M-19.1K0.0396.69N/AN/A40116,005613
2026-03-12$11.02$6.0060.6%16.9%31.4%16.9%47.8%9.7%-3.3%155.9K-12.0M-18.4K3.5753.28N/AN/A145016,005613
2026-03-13$11.25$6.0059.9%17.0%31.5%16.6%57.3%10.7%-1.0%162.3K-12.2M-19.0K0.0557.96N/AN/A106516,015663
2026-03-16$11.44$6.0064.5%18.3%31.8%18.6%63.3%9.6%-3.8%158.6K-12.7M-17.6K0.0055.26N/AN/A18015,995663
2026-03-17$11.61$6.0060.9%18.3%32.3%17.1%62.8%10.2%1.9%160.7K-13.2M-17.7K0.0044.56N/AN/A28016,001663
2026-03-18$11.53$6.0054.4%17.9%32.4%14.2%0.0%3.7%-1.7%159.4K-13.1M-17.3K1.0053.25N/AN/A1116,004663
2026-03-19$11.59$6.0058.9%16.8%32.5%16.2%60.9%8.9%3.0%155.3K-13.0M-16.5K0.0351.08N/AN/A34116,004664
2026-03-20$11.66$6.0058.3%17.4%32.5%15.9%69.3%10.2%-13.8%148.3K-13.3M-17.2K0.0256.94N/AN/A192316,037665
2026-03-23$12.62$6.0062.4%19.2%43.4%17.7%64.5%-10.8%-29.1%159.0K-15.2M-15.6K0.0345.35N/AN/A7092215,285521
2026-03-24$13.46$6.0064.8%19.5%48.5%18.7%67.9%15.4%-7.0%136.9K-17.6M-15.5K0.0744.09N/AN/A1,1548515,340541
2026-03-25$13.03$6.0059.5%16.1%50.1%16.4%56.8%5.3%-3.8%158.6K-17.2M-16.1K0.0141.54N/AN/A8331115,946600
2026-03-26$12.55$6.0061.1%17.5%52.2%17.1%56.6%2.5%-3.5%168.3K-16.1M-17.0K0.0041.32N/AN/A3,096116,148610
2026-03-27$12.02$6.0061.0%17.5%54.5%17.1%58.3%1.6%-10.4%185.6K-15.0M-18.8K0.0642.24N/AN/A5793617,192610
2026-03-30$11.98$6.0066.1%19.0%52.9%19.3%62.2%8.2%-16.2%187.9K-14.4M-18.6K0.0053.52N/AN/A71017,082645
2026-03-31$12.25$6.0063.2%18.1%50.6%16.5%64.1%3.5%-5.8%190.4K-15.3M-18.0K0.0444.58N/AN/A2681017,113645