NNN Options History — November 2025

In November 2025, NNN traded between $39.72 and $41.28. ATM implied volatility averaged 19.1%, placing in the 20.7% IV rank vs the trailing year. The 30-day expected move averaged 5.6%. IV traded above realized volatility by 3.3% (HV 20d: 15.8%). 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 12 of 19 days. Put/call ratio averaged 3.44.

Notable Days

2025-11-04: Highest Volume — 1,024 contracts
2025-11-06: Largest IV drop — 34.4% change
2025-11-21: Highest IV Rank — 35.5%
2025-11-03: Largest Expected Move — 6.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$40.77	$39.72	$41.28	$40.72	$41.28
Max Pain	$40.00	$40.00	$40.00	$40.00	$40.00
ATM IV	19.1%	13.4%	22.6%	22.6%	19.2%
Expected Move	5.6%	4.4%	6.5%	6.5%	5.5%
HV 20d	15.8%	11.9%	17.2%	11.9%	15.5%
HV 60d	14.9%	13.8%	15.8%	14.5%	13.8%
IV Rank	20.7%	6.6%	35.5%	20.2%	27.2%
IV Percentile	41.6%	8.7%	72.6%	71.4%	35.7%
Term Structure	0.6%	-2.2%	4.0%	-1.5%	-1.8%
VWIV	19.4%	16.7%	22.7%	22.7%	19.2%
Skew 25d	8.0%	2.2%	36.7%	6.5%	6.6%
Skew 10d	18.3%	5.2%	54.5%	9.4%	20.0%
Call IV 25d	15.7%	11.7%	21.1%	16.7%	13.1%
Put IV 25d	23.7%	16.9%	53.6%	23.2%	19.7%
Bid-Ask Spread %	88.82	78.07	96.47	88.08	79.89
Gamma HHI	0.45	0.34	0.74	0.37	0.73
Net GEX	3.5K	-190.6K	157.9K	-3.2K	157.9K
Net DEX	-2.6M	-3.9M	46.4K	-1.5M	-3.8M
Net VEX	-30.8K	-32.7K	-28.0K	-30.9K	-28.0K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	3.44	0.13	36.83	2.59	36.83
Total Volume	227.895	59	1,024	212	227
Total OI	8,537.421	7,157	9,198	7,157	8,498

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
2025-11-03	$40.72	$40.00	22.6%	6.5%	11.9%	20.2%	22.7%	6.5%	-1.5%	-3.2K	-1.5M	-30.9K	2.59	88.08	N/A	N/A	59	153	3,358	3,799
2025-11-04	$39.75	$40.00	17.2%	4.9%	14.2%	12.2%	17.2%	36.7%	1.1%	-142.5K	46.4K	-30.6K	5.32	94.97	N/A	N/A	162	862	3,367	3,895
2025-11-05	$39.82	$40.00	20.5%	5.9%	14.2%	17.1%	20.5%	3.2%	-2.1%	-95.2K	-311.8K	-30.2K	2.21	81.79	N/A	N/A	146	322	3,412	4,666
2025-11-06	$39.72	$40.00	13.4%	5.2%	14.1%	6.6%	18.3%	9.1%	0.3%	-190.6K	-303.5K	-30.7K	0.92	93.47	N/A	N/A	189	174	3,411	4,871
2025-11-07	$40.53	$40.00	15.9%	5.3%	16.3%	10.3%	18.6%	10.4%	1.0%	-163.0K	-1.6M	-31.4K	0.63	92.34	N/A	N/A	75	47	3,585	5,042
2025-11-10	$40.61	$40.00	21.2%	5.9%	15.6%	18.2%	20.7%	3.9%	-0.1%	-86.4K	-1.7M	-32.7K	1.36	93.47	N/A	N/A	25	34	3,585	5,087
2025-11-11	$41.24	$40.00	20.0%	5.7%	16.8%	16.3%	17.9%	6.8%	3.9%	48.9K	-3.6M	-32.7K	0.24	82.62	N/A	N/A	130	31	3,602	5,077
2025-11-12	$40.95	$40.00	18.3%	5.3%	16.3%	13.9%	18.4%	2.2%	2.8%	9.5K	-3.1M	-31.5K	2.77	78.07	N/A	N/A	26	72	3,688	5,083
2025-11-13	$41.01	$40.00	20.4%	5.8%	16.2%	16.9%	20.3%	3.8%	0.5%	12.1K	-3.2M	-31.5K	6.10	90.51	N/A	N/A	21	128	3,688	5,103
2025-11-14	$41.25	$40.00	20.5%	5.9%	16.1%	17.1%	20.2%	3.6%	1.2%	29.1K	-3.5M	-31.4K	2.59	91.27	N/A	N/A	17	44	3,707	5,146
2025-11-17	$40.99	$40.00	20.8%	6.0%	16.1%	31.4%	18.4%	8.0%	0.7%	32.8K	-3.4M	-30.8K	0.15	95.75	N/A	N/A	205	30	3,709	5,112
2025-11-18	$41.27	$40.00	21.4%	6.1%	16.2%	32.9%	21.6%	2.7%	0.3%	57.1K	-3.5M	-31.9K	0.16	92.01	N/A	N/A	51	8	3,890	5,132
2025-11-19	$40.67	$40.00	21.0%	6.0%	16.8%	31.9%	20.0%	10.2%	1.5%	-70.1K	-2.9M	-31.3K	1.15	96.47	N/A	N/A	52	60	3,938	5,137
2025-11-20	$40.57	$40.00	19.5%	5.6%	16.7%	28.0%	18.4%	8.9%	4.0%	-86.2K	-2.4M	-30.8K	0.13	93.30	N/A	N/A	106	14	3,967	5,181
2025-11-21	$40.91	$40.00	22.3%	6.4%	17.1%	35.5%	22.5%	11.5%	-2.2%	150.2K	-3.9M	-30.0K	0.22	89.58	N/A	N/A	265	59	4,009	5,189
2025-11-24	$40.95	$40.00	17.5%	5.0%	17.2%	22.7%	17.6%	5.2%	-0.5%	135.7K	-3.6M	-30.0K	1.30	87.21	N/A	N/A	53	69	3,724	4,635
2025-11-25	$41.15	$40.00	16.0%	4.6%	16.9%	18.7%	18.6%	7.1%	-0.0%	136.8K	-3.6M	-29.8K	0.15	81.84	N/A	N/A	61	9	3,753	4,678
2025-11-26	$41.22	$40.00	15.2%	4.4%	15.5%	16.6%	16.7%	5.1%	2.9%	132.9K	-3.9M	-29.2K	0.54	84.93	N/A	N/A	224	120	3,808	4,679
2025-11-28	$41.28	$40.00	19.2%	5.5%	15.5%	27.2%	19.2%	6.6%	-1.8%	157.9K	-3.8M	-28.0K	36.83	79.89	N/A	N/A	6	221	3,719	4,779