PAYO Options History — November 2025

In November 2025, PAYO traded between $5.29 and $5.84. ATM implied volatility averaged 49.2%, placing in the 16.8% IV rank vs the trailing year. The 30-day expected move averaged 14.7%. IV traded above realized volatility by 4.7% (HV 20d: 44.5%). Max pain ranged from $3.00 to $5.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 3 of 19 days. Put/call ratio averaged 0.20.

Notable Days

  • 2025-11-10: Highest Volume — 3,870 contracts
  • 2025-11-05: Largest IV drop — 66.0% change
  • 2025-11-04: Highest IV Rank — 44.4%
  • 2025-11-04: Largest Expected Move — 26.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$5.57$5.29$5.84$5.78$5.79
Max Pain$4.37$3.00$5.00$5.00$5.00
ATM IV49.2%31.5%92.6%76.0%57.2%
Expected Move14.7%9.0%26.5%21.8%16.4%
HV 20d44.5%28.8%48.7%29.1%46.4%
HV 60d36.5%31.6%38.2%31.6%37.1%
IV Rank16.8%5.5%44.4%33.9%21.9%
IV Percentile39.7%5.2%90.1%82.1%59.9%
Term Structure-8.5%-53.2%24.9%-5.1%-12.6%
VWIV52.8%26.0%79.7%79.7%57.5%
Skew 25d-11.8%-29.6%1.8%-1.0%-4.3%
Skew 10d20.1%-53.6%148.8%1.9%-4.1%
Call IV 25d56.6%42.2%94.3%61.3%54.6%
Put IV 25d44.8%32.4%72.8%60.3%50.3%
Bid-Ask Spread %111.2896.41123.3296.41113.38
Gamma HHI0.750.540.940.670.65
Net GEX284.1K163.3K420.5K230.0K252.1K
Net DEX-13.5M-16.0M-10.9M-14.8M-13.3M
Net VEX-26.7K-30.9K-23.7K-29.6K-23.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.200.001.340.060.00
Total Volume781.737313,870247170
Total OI43,628.42135,80446,83643,85237,406

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-11-03$5.78$5.0076.0%21.8%29.1%33.9%79.7%-1.0%-5.1%230.0K-14.8M-29.6K0.0696.41N/AN/A2341340,4633,389
2025-11-04$5.84$5.0092.6%26.5%28.8%44.4%60.3%-21.5%-28.9%213.9K-14.9M-30.9K0.13100.16N/AN/A3925140,5723,392
2025-11-05$5.30$5.0031.5%9.0%43.6%5.5%26.0%-2.2%24.9%420.5K-11.1M-27.9K0.03115.55N/AN/A2,5408740,6313,442
2025-11-06$5.29$3.0048.9%18.2%43.4%16.6%52.0%-7.0%-53.2%379.4K-10.9M-28.0K0.08123.32N/AN/A4013140,1073,505
2025-11-07$5.37$3.0035.3%12.9%43.3%7.9%56.4%1.8%-13.8%370.6K-11.5M-27.4K0.28114.48N/AN/A1414039,9853,530
2025-11-10$5.63$3.0039.5%13.4%47.1%10.6%46.9%-9.8%1.5%226.2K-13.7M-26.0K0.01112.46N/AN/A3,8383239,9663,524
2025-11-11$5.71$3.0039.1%13.5%47.2%10.3%49.1%-18.9%-11.4%215.0K-15.8M-27.5K0.00112.99N/AN/A656042,6973,539
2025-11-12$5.72$3.0044.7%12.8%47.1%13.9%69.2%-25.1%-5.9%163.3K-16.0M-26.8K0.10108.47N/AN/A4214042,8843,539
2025-11-13$5.59$3.0043.2%12.4%47.0%13.0%42.1%-22.9%-5.2%248.5K-15.3M-27.6K0.01114.13N/AN/A173243,1893,561
2025-11-14$5.56$5.0049.8%14.3%46.8%17.1%48.9%-29.6%-5.0%262.4K-14.5M-27.6K0.13117.01N/AN/A1522043,2403,562
2025-11-17$5.39$5.0047.0%13.5%46.6%15.4%57.5%-19.4%-19.6%377.1K-13.2M-26.6K0.07115.03N/AN/A1501143,2423,582
2025-11-18$5.38$5.0054.2%15.5%46.1%19.9%53.5%1.7%-6.0%385.3K-13.0M-26.9K1.07111.63N/AN/A151643,2533,579
2025-11-19$5.46$5.0045.3%13.0%46.6%14.3%53.3%-19.6%-17.3%366.4K-13.9M-25.6K0.42117.77N/AN/A622643,2493,587
2025-11-20$5.42$5.0035.4%10.1%46.4%8.0%0.0%-12.3%8.2%267.3K-13.7M-25.9K0.01111.07N/AN/A472643,2653,563
2025-11-21$5.55$5.0049.3%14.1%47.4%16.8%49.6%-15.3%-1.7%257.9K-14.2M-25.1K1.34114.43N/AN/A1,2071,61642,9833,557
2025-11-24$5.51$5.0047.5%13.6%46.4%15.7%46.4%-15.2%-4.2%248.0K-11.1M-24.9K0.09104.04N/AN/A58534,1101,694
2025-11-25$5.72$5.0045.8%13.1%48.7%14.6%49.3%-4.0%-0.2%267.0K-12.3M-23.7K0.00106.92N/AN/A1,621134,1181,695
2025-11-26$5.78$5.0051.9%14.9%46.8%18.5%52.4%0.8%-5.3%246.4K-13.1M-25.4K0.01105.06N/AN/A151235,6451,695
2025-11-28$5.79$5.0057.2%16.4%46.4%21.9%57.5%-4.3%-12.6%252.1K-13.3M-23.7K0.00113.38N/AN/A170035,7101,696