NNN Options History — February 2025

In February 2025, NNN traded between $38.13 and $42.72. ATM implied volatility averaged 20.5%, placing in the 14.9% IV rank vs the trailing year. The 30-day expected move averaged 5.9%. IV traded below realized volatility by 4.9% (HV 20d: 25.4%). Max pain ranged from $40.00 to $40.00. Net GEX was positive for 11 of 19 trading days. Term structure was in contango for 10 of 19 days. Put/call ratio averaged 1.74.

Notable Days

2025-02-18: Highest Volume — 670 contracts
2025-02-26: Largest IV spike — 60.7% change
2025-02-27: Highest IV Rank — 23.8%
2025-02-27: Largest Expected Move — 7.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$40.49	$38.13	$42.72	$39.14	$42.52
Max Pain	$40.00	$40.00	$40.00	$40.00	$40.00
ATM IV	20.5%	15.1%	26.3%	22.8%	15.9%
Expected Move	5.9%	4.3%	7.5%	6.5%	4.6%
HV 20d	25.4%	19.2%	28.3%	23.6%	25.7%
HV 60d	21.0%	18.0%	22.5%	20.0%	22.3%
IV Rank	14.9%	6.7%	23.8%	18.4%	7.9%
IV Percentile	54.0%	12.7%	80.6%	69.8%	19.8%
Term Structure	-0.4%	-8.1%	1.9%	-1.6%	0.9%
VWIV	21.1%	18.6%	24.4%	23.2%	22.2%
Skew 25d	4.5%	-3.4%	9.9%	-1.4%	6.0%
Skew 10d	6.7%	-3.4%	15.0%	-0.3%	7.9%
Call IV 25d	16.7%	11.7%	21.2%	21.1%	19.3%
Put IV 25d	21.1%	16.4%	25.4%	19.8%	25.3%
Bid-Ask Spread %	73.10	60.29	87.39	76.52	81.22
Gamma HHI	0.46	0.33	0.71	0.37	0.58
Net GEX	43.4K	-110.1K	244.7K	-26.2K	163.6K
Net DEX	-1.6M	-4.8M	2.3M	432.8K	-4.2M
Net VEX	-28.7K	-31.4K	-26.0K	-30.2K	-26.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.74	0.11	11.09	4.35	0.77
Total Volume	219.053	46	670	214	46
Total OI	7,119.316	6,444	7,997	6,444	6,864

Daily Data (19 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-02-03	$39.14	$40.00	22.8%	6.5%	23.6%	18.4%	23.2%	-1.4%	-1.6%	-26.2K	432.8K	-30.2K	4.35	76.52	N/A	N/A	40	174	3,498	2,946
2025-02-04	$38.94	$40.00	20.9%	6.0%	23.5%	15.6%	20.9%	-3.4%	-0.3%	-51.7K	836.3K	-30.4K	0.83	87.39	N/A	N/A	76	63	3,526	3,067
2025-02-05	$38.97	$40.00	21.0%	6.0%	22.6%	15.7%	21.0%	-1.3%	-0.8%	-53.4K	757.9K	-29.3K	2.90	81.07	N/A	N/A	29	84	3,539	3,120
2025-02-06	$38.80	$40.00	20.8%	5.7%	20.6%	15.4%	24.4%	6.3%	0.2%	-75.4K	1.2M	-29.7K	11.09	82.25	N/A	N/A	11	122	3,535	3,204
2025-02-07	$38.50	$40.00	20.1%	5.9%	20.6%	14.3%	21.0%	-2.4%	0.1%	-93.7K	1.6M	-29.6K	0.57	86.64	N/A	N/A	37	21	3,533	3,316
2025-02-10	$38.13	$40.00	19.2%	6.0%	19.2%	13.0%	24.4%	4.7%	-0.6%	-110.1K	2.3M	-29.6K	2.64	63.20	N/A	N/A	88	232	3,536	3,325
2025-02-11	$40.28	$40.00	19.3%	5.9%	27.1%	13.2%	20.5%	5.5%	-0.5%	-22.3K	-1.1M	-30.0K	0.45	61.27	N/A	N/A	326	146	3,600	3,650
2025-02-12	$39.65	$40.00	18.8%	5.4%	27.0%	12.4%	19.6%	9.4%	1.5%	-48.4K	222.0K	-31.4K	0.73	78.47	N/A	N/A	48	35	3,689	3,664
2025-02-13	$40.65	$40.00	20.1%	5.8%	28.3%	14.3%	20.1%	5.2%	0.2%	38.8K	-2.0M	-29.6K	0.42	82.94	N/A	N/A	184	77	3,723	3,638
2025-02-14	$40.44	$40.00	19.7%	5.6%	28.1%	13.7%	19.6%	5.5%	1.1%	14.0K	-1.8M	-28.9K	2.33	83.44	N/A	N/A	39	91	3,929	3,589
2025-02-18	$40.80	$40.00	20.5%	5.9%	28.2%	15.0%	20.5%	7.2%	0.8%	52.6K	-2.4M	-28.2K	0.16	63.07	N/A	N/A	577	93	3,925	3,606
2025-02-19	$41.03	$40.00	20.6%	5.9%	28.1%	15.1%	20.6%	6.8%	0.8%	94.9K	-3.0M	-27.8K	0.83	63.87	N/A	N/A	42	35	4,145	3,653
2025-02-20	$41.16	$40.00	20.7%	5.9%	26.8%	15.3%	20.7%	8.4%	-8.1%	109.6K	-3.2M	-27.6K	0.17	67.60	N/A	N/A	290	48	4,168	3,661
2025-02-21	$41.47	$40.00	21.7%	6.2%	26.8%	16.8%	21.2%	9.9%	-0.1%	141.1K	-3.6M	-28.0K	1.73	65.25	N/A	N/A	100	173	4,326	3,671
2025-02-24	$41.98	$40.00	21.6%	6.2%	27.0%	16.7%	19.2%	9.1%	1.9%	178.7K	-3.7M	-27.4K	0.69	60.29	N/A	N/A	131	91	3,616	3,334
2025-02-25	$42.72	$40.00	15.1%	4.3%	26.4%	6.7%	18.6%	2.2%	0.4%	244.7K	-4.8M	-26.0K	0.11	76.35	N/A	N/A	409	43	3,606	3,379
2025-02-26	$41.86	$40.00	24.2%	6.9%	27.4%	20.6%	22.8%	2.4%	-0.6%	128.4K	-3.4M	-27.5K	1.65	62.81	N/A	N/A	43	71	3,429	3,386
2025-02-27	$42.19	$40.00	26.3%	7.5%	25.7%	23.8%	20.7%	4.8%	-2.3%	139.3K	-3.8M	-26.9K	0.57	65.27	N/A	N/A	30	17	3,421	3,450
2025-02-28	$42.52	$40.00	15.9%	4.6%	25.7%	7.9%	22.2%	6.0%	0.9%	163.6K	-4.2M	-26.4K	0.77	81.22	N/A	N/A	26	20	3,421	3,443