OGE Options History — May 2025

In May 2025, OGE traded between $42.87 and $45.38. ATM implied volatility averaged 18.7%, placing in the 5.9% IV rank vs the trailing year. The 30-day expected move averaged 4.9%. IV traded below realized volatility by 2.4% (HV 20d: 21.1%). Max pain ranged from $40.00 to $45.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 17 of 21 days. Put/call ratio averaged 0.20.

Notable Days

2025-05-02: Highest Volume — 218 contracts
2025-05-08: Largest IV spike — 82.7% change
2025-05-13: Highest IV Rank — 12.8%
2025-05-02: Largest Expected Move — 6.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$44.36	$42.87	$45.38	$45.08	$44.30
Max Pain	$40.48	$40.00	$45.00	$45.00	$40.00
ATM IV	18.7%	13.5%	28.6%	21.4%	15.2%
Expected Move	4.9%	4.2%	6.6%	6.1%	4.4%
HV 20d	21.1%	16.3%	32.6%	32.6%	18.5%
HV 60d	23.2%	22.6%	23.8%	22.7%	23.4%
IV Rank	5.9%	2.2%	12.8%	7.8%	3.4%
IV Percentile	12.2%	2.0%	38.1%	13.5%	6.0%
Term Structure	2.1%	-6.3%	11.5%	-2.2%	11.5%
VWIV	18.2%	14.3%	27.0%	21.4%	16.3%
Skew 25d	5.3%	-0.5%	53.4%	3.0%	2.9%
Skew 10d	8.2%	-3.3%	85.6%	5.9%	4.5%
Call IV 25d	16.5%	13.7%	25.3%	24.5%	14.8%
Put IV 25d	21.9%	17.1%	78.8%	27.5%	17.7%
Bid-Ask Spread %	99.50	85.14	111.62	107.02	96.23
Gamma HHI	0.69	0.51	0.77	0.54	0.77
Net GEX	93.5K	72.5K	129.8K	90.6K	102.4K
Net DEX	-1.5M	-2.0M	-621.8K	-1.8M	-1.6M
Net VEX	-7.1K	-7.8K	-5.9K	-5.9K	-6.9K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.20	0.00	2.41	0.50	0.00
Total Volume	46.571	0	218	48	100
Total OI	1,300.81	1,098	1,572	1,098	1,227

Daily Data (21 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 Vol	Put Vol	Call OI	Put OI
2025-05-01	$45.08	$45.00	21.4%	6.1%	32.6%	7.8%	21.4%	3.0%	-2.2%	90.6K	-1.8M	-5.9K	0.50	107.02	32	16	806	292
2025-05-02	$45.14	$45.00	22.9%	6.6%	32.5%	8.8%	0.0%	53.4%	-2.7%	83.7K	-1.7M	-6.0K	2.41	111.62	64	154	811	308
2025-05-05	$45.14	$40.00	19.3%	5.4%	27.2%	6.3%	0.0%	5.1%	2.0%	79.5K	-1.8M	-7.2K	0.31	106.80	65	20	845	459
2025-05-06	$45.38	$40.00	20.5%	5.5%	23.2%	7.2%	0.0%	0.4%	1.5%	101.4K	-2.0M	-7.5K	0.00	101.11	7	0	910	479
2025-05-07	$45.23	$40.00	13.5%	5.5%	22.5%	2.2%	27.0%	4.5%	1.0%	129.8K	-2.0M	-7.3K	0.00	109.88	9	0	917	479
2025-05-08	$44.48	$40.00	24.6%	5.2%	21.0%	10.0%	0.0%	2.8%	3.5%	108.4K	-1.5M	-7.2K	0.00	102.30	0	0	918	479
2025-05-09	$44.35	$40.00	21.6%	5.2%	21.0%	7.9%	18.0%	2.2%	1.7%	106.1K	-1.3M	-7.0K	0.25	98.35	8	2	918	474
2025-05-12	$43.55	$40.00	27.9%	4.5%	20.7%	12.4%	14.3%	2.7%	1.9%	87.2K	-838.2K	-6.2K	0.00	104.56	2	0	912	474
2025-05-13	$43.30	$40.00	28.6%	4.6%	20.1%	12.8%	16.1%	1.7%	2.0%	75.6K	-670.2K	-6.3K	0.18	95.32	111	20	910	474
2025-05-14	$42.87	$40.00	16.4%	4.7%	20.2%	4.2%	23.0%	5.1%	3.0%	72.5K	-621.8K	-6.7K	0.10	85.14	10	1	959	494
2025-05-15	$43.95	$40.00	14.8%	4.2%	22.3%	3.1%	20.3%	-0.5%	6.3%	97.3K	-1.2M	-6.8K	0.00	100.60	163	0	959	495
2025-05-16	$44.29	$40.00	15.2%	4.3%	22.1%	3.4%	15.3%	4.9%	2.7%	84.5K	-1.2M	-7.5K	0.00	101.03	65	0	1,077	495
2025-05-19	$44.58	$40.00	15.8%	4.5%	19.7%	3.8%	16.6%	2.3%	-4.0%	98.8K	-1.7M	-7.6K	0.00	92.81	4	0	876	335
2025-05-20	$45.02	$40.00	16.0%	4.6%	16.3%	4.0%	16.0%	3.3%	1.8%	94.9K	-1.8M	-7.6K	0.00	96.72	1	0	875	337
2025-05-21	$44.27	$40.00	17.1%	4.9%	17.0%	4.7%	17.1%	1.1%	-6.3%	93.4K	-1.5M	-7.7K	0.00	98.29	40	0	874	337
2025-05-22	$43.95	$40.00	16.4%	4.7%	16.9%	4.2%	18.2%	1.3%	4.8%	88.0K	-1.4M	-7.4K	0.00	101.72	20	0	874	337
2025-05-23	$44.26	$40.00	17.2%	4.9%	17.0%	4.8%	17.2%	1.6%	1.5%	89.2K	-1.5M	-7.8K	0.09	94.93	34	3	883	337
2025-05-27	$44.59	$40.00	16.0%	4.6%	16.8%	4.0%	0.0%	2.4%	6.0%	100.8K	-1.8M	-7.4K	0.00	89.10	2	0	889	338
2025-05-28	$43.69	$40.00	16.3%	4.7%	18.0%	4.2%	16.3%	10.5%	3.6%	85.1K	-1.4M	-7.1K	0.00	99.18	3	0	889	338
2025-05-29	$44.14	$40.00	16.2%	4.7%	18.4%	4.1%	16.3%	1.7%	3.4%	93.5K	-1.5M	-7.3K	0.00	96.82	22	0	889	338
2025-05-30	$44.30	$40.00	15.2%	4.4%	18.5%	3.4%	0.0%	2.9%	11.5%	102.4K	-1.6M	-6.9K	0.00	96.23	0	100	889	338