PAYO Options History — March 2025

In March 2025, PAYO traded between $7.05 and $8.41. ATM implied volatility averaged 51.9%, placing in the 36.3% IV rank vs the trailing year. The 30-day expected move averaged 18.4%. IV traded below realized volatility by 18.0% (HV 20d: 69.9%). Max pain ranged from $8.00 to $10.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 15 of 21 days. Put/call ratio averaged 0.62.

Notable Days

  • 2025-03-19: Highest Volume — 1,180 contracts
  • 2025-03-18: Largest IV spike — 90.2% change
  • 2025-03-31: Highest IV Rank — 80.6%
  • 2025-03-14: Largest Expected Move — 22.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$7.54$7.05$8.41$8.34$7.31
Max Pain$9.10$8.00$10.00$10.00$8.00
ATM IV51.9%33.1%90.7%64.7%90.7%
Expected Move18.4%14.5%22.8%18.5%19.0%
HV 20d69.9%54.6%77.9%66.3%54.9%
HV 60d52.1%49.8%53.8%49.8%53.8%
IV Rank36.3%17.8%80.6%43.5%80.6%
IV Percentile55.7%16.7%97.6%81.3%97.6%
Term Structure8.8%-54.2%55.6%-17.0%-54.2%
VWIV66.1%54.9%114.3%60.4%60.8%
Skew 25d3.0%-23.0%31.7%19.4%-18.6%
Skew 10d9.4%-42.0%101.8%-3.6%-15.8%
Call IV 25d48.3%34.9%83.5%35.2%83.5%
Put IV 25d51.3%34.5%81.3%54.6%64.9%
Bid-Ask Spread %104.1892.81119.38104.91103.36
Gamma HHI0.450.380.520.400.47
Net GEX88.5K62.9K130.5K130.5K77.4K
Net DEX-969.3K-2.8M294.9K-2.6M-293.9K
Net VEX-26.2K-33.7K-22.6K-33.3K-22.9K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.620.002.330.020.26
Total Volume25041,18062524
Total OI25,209.71422,50327,38125,56723,136

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-03-03$8.34$10.0064.7%18.5%66.3%43.5%60.4%19.4%-17.0%130.5K-2.6M-33.3K0.02104.91N/AN/A6101519,9745,593
2025-03-04$8.07$10.0056.4%16.2%66.4%36.3%55.3%3.2%-9.0%111.8K-1.8M-30.9K0.56106.42N/AN/A362020,0525,599
2025-03-05$8.41$10.0055.3%15.9%68.2%35.4%54.9%-0.5%21.5%115.4K-2.8M-33.7K0.01111.38N/AN/A380520,0535,401
2025-03-06$7.83$10.0050.6%14.5%70.1%31.3%64.4%-1.1%14.6%105.8K-2.0M-29.7K1.74111.20N/AN/A25344120,3895,404
2025-03-07$7.49$10.0059.2%17.0%70.8%38.7%58.6%9.9%3.2%82.1K-959.1K-26.9K0.41112.05N/AN/A2299320,3955,495
2025-03-10$7.05$10.0068.1%19.5%72.3%46.6%69.8%19.1%-13.8%64.8K-46.3K-23.1K1.08104.45N/AN/A19821420,2465,551
2025-03-11$7.13$10.0049.3%17.6%72.9%30.1%0.0%10.4%13.2%71.0K-267.4K-24.7K0.00119.38N/AN/A29020,4195,634
2025-03-12$7.26$10.0055.0%20.6%73.5%39.1%90.6%3.1%24.8%66.9K-667.5K-25.4K2.16108.68N/AN/A5812520,4295,633
2025-03-13$7.14$10.0049.0%22.3%73.2%33.3%114.3%2.5%-9.3%67.5K294.9K-22.6K0.31107.31N/AN/A551720,4275,756
2025-03-14$7.16$10.0033.1%22.8%70.9%17.8%0.0%1.4%55.6%65.8K-667.1K-24.8K0.13110.11N/AN/A8120,4275,760
2025-03-17$7.31$9.0038.3%19.9%71.8%25.0%68.8%8.1%34.1%62.9K-464.7K-24.1K0.03104.73N/AN/A76220,4315,760
2025-03-18$7.29$9.0072.9%17.1%70.9%61.7%57.7%12.8%-37.6%72.1K15.5K-23.5K1.0097.81N/AN/A2220,4885,759
2025-03-19$7.69$9.0034.9%18.9%75.3%21.3%65.8%-3.8%29.9%84.4K-675.6K-25.9K0.07104.11N/AN/A1,1067420,5095,759
2025-03-20$7.54$8.0033.4%18.1%75.2%19.7%61.2%-5.4%25.0%91.4K-1.0M-26.3K1.1394.29N/AN/A161821,5905,770
2025-03-21$7.39$8.0047.6%16.2%74.0%34.9%58.1%31.7%6.5%92.4K-540.4K-24.7K0.80101.27N/AN/A5421,5965,785
2025-03-24$7.81$8.0053.2%17.9%77.9%40.8%62.5%7.7%19.4%108.3K-1.7M-26.8K0.0298.38N/AN/A5791317,0675,436
2025-03-25$7.78$8.0042.3%16.9%77.6%29.2%60.2%-15.3%17.1%111.4K-1.7M-27.5K1.0292.81N/AN/A555617,3485,448
2025-03-26$7.54$8.0041.8%17.9%76.6%28.6%60.8%-5.1%20.2%98.1K-988.1K-24.5K0.0199.42N/AN/A193117,3975,504
2025-03-27$7.49$8.0044.1%18.4%54.8%31.2%59.4%6.4%23.0%96.8K-899.9K-25.3K0.0296.64N/AN/A134317,4715,505
2025-03-28$7.25$8.0049.9%21.5%54.6%37.3%71.4%-23.0%18.2%82.5K-577.4K-23.9K2.3399.12N/AN/A307017,4995,509
2025-03-31$7.31$8.0090.7%19.0%54.9%80.6%60.8%-18.6%-54.2%77.4K-293.9K-22.9K0.26103.36N/AN/A19517,5015,635