PAYO Options History — January 2026

In January 2026, PAYO traded between $5.30 and $6.42. ATM implied volatility averaged 73.6%, placing in the 31.6% IV rank vs the trailing year. The 30-day expected move averaged 21.6%. IV traded above realized volatility by 41.8% (HV 20d: 31.8%). Max pain ranged from $5.00 to $5.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 10 of 20 days. Put/call ratio averaged 0.48.

Notable Days

  • 2026-01-14: Highest Volume — 15,809 contracts
  • 2026-01-08: Largest IV spike — 49.3% change
  • 2026-01-30: Highest IV Rank — 66.5%
  • 2026-01-30: Largest Expected Move — 37.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$5.70$5.30$6.42$5.44$6.42
Max Pain$5.00$5.00$5.00$5.00$5.00
ATM IV73.6%30.1%129.7%35.9%129.7%
Expected Move21.6%10.3%37.2%10.3%37.2%
HV 20d31.8%24.0%43.4%26.3%42.9%
HV 60d35.5%33.2%38.9%34.4%38.7%
IV Rank31.6%4.6%66.5%8.3%66.5%
IV Percentile59.0%1.2%98.0%9.1%98.0%
Term Structure-4.5%-37.8%55.4%-8.3%-37.8%
VWIV78.8%27.3%142.9%27.3%142.9%
Skew 25d10.0%-23.0%71.3%11.6%12.4%
Skew 10d23.5%-32.8%269.5%8.4%20.6%
Call IV 25d68.9%33.4%120.0%37.4%118.4%
Put IV 25d78.9%45.7%130.8%49.1%130.8%
Bid-Ask Spread %99.2880.67118.8693.1891.21
Gamma HHI0.600.370.950.800.38
Net GEX218.4K69.8K427.1K358.4K178.9K
Net DEX-10.2M-15.9M-1.9M-12.1M-11.3M
Net VEX-14.9K-32.3K-7.6K-11.9K-32.3K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.480.007.980.070.01
Total Volume2,763.758715,8094152,232
Total OI33,950.8516,03948,96236,35045,016

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2026-01-02$5.44$5.0035.9%10.3%26.3%8.3%27.3%11.6%-8.3%358.4K-12.1M-11.9K0.0793.18N/AN/A3892634,4241,926
2026-01-05$5.46$5.0052.8%14.0%26.2%19.0%50.6%3.1%-8.3%342.3K-11.1M-13.7K0.00103.08N/AN/A404034,3121,950
2026-01-06$5.50$5.0045.0%13.3%26.4%14.1%49.0%-17.4%10.3%329.8K-12.2M-11.5K0.31104.75N/AN/A1544734,3881,950
2026-01-07$5.45$5.0030.1%14.0%26.6%4.6%48.0%7.1%12.8%169.7K-12.9M-8.1K0.01105.42N/AN/A133134,4451,991
2026-01-08$5.41$5.0045.0%15.3%25.9%14.1%53.8%3.2%10.3%356.8K-11.9M-10.2K0.09107.92N/AN/A80734,3651,992
2026-01-09$5.42$5.0052.8%16.0%24.2%19.1%61.7%7.2%6.5%368.7K-11.7M-10.7K0.01102.15N/AN/A156134,3351,989
2026-01-12$5.46$5.0044.2%15.2%24.0%13.6%53.3%71.3%0.2%145.2K-13.0M-7.6K0.34106.66N/AN/A1485034,3951,989
2026-01-13$5.30$5.0050.0%14.6%25.6%17.3%50.7%15.7%15.7%409.5K-11.8M-8.4K0.02118.86N/AN/A109234,4332,039
2026-01-14$5.33$5.0052.9%15.2%25.9%19.1%79.9%-23.0%9.4%427.1K-11.4M-8.6K0.00105.43N/AN/A15,7911834,3582,041
2026-01-15$5.41$5.0052.1%14.9%26.2%18.6%53.5%-1.9%55.4%69.8K-15.9M-9.2K0.01102.11N/AN/A211246,9072,055
2026-01-16$5.42$5.0053.2%15.3%26.1%19.3%50.9%0.8%1.8%72.2K-12.4M-9.5K0.07102.41N/AN/A2041440,1762,055
2026-01-20$5.30$5.0061.0%17.5%26.8%22.5%66.2%15.3%14.0%70.2K-1.9M-9.1K0.08102.37N/AN/A1,19610114,7251,314
2026-01-21$5.46$5.0063.7%18.3%28.5%24.3%64.2%23.2%-12.4%88.2K-2.3M-10.1K0.00102.45N/AN/A566215,7431,414
2026-01-22$5.95$5.0083.9%24.0%42.4%36.9%83.7%14.9%-15.4%106.7K-3.9M-14.2K0.0199.65N/AN/A5,5824016,2181,416
2026-01-23$6.17$5.00124.8%35.8%41.1%63.8%125.3%26.4%-21.9%119.0K-6.7M-19.0K0.0294.56N/AN/A10,26224121,2171,462
2026-01-26$6.13$5.00122.5%35.1%41.0%62.3%119.4%-1.9%-37.3%187.6K-9.5M-23.2K0.6185.00N/AN/A1,7851,09729,2411,701
2026-01-27$6.36$5.00123.8%35.5%42.6%63.2%130.4%9.8%-31.0%192.2K-10.2M-24.2K0.0080.67N/AN/A2,5091129,9722,692
2026-01-28$6.28$5.00123.0%35.3%43.0%62.0%131.4%2.6%-27.4%199.7K-10.9M-24.7K7.9892.43N/AN/A1,1299,01131,6492,703
2026-01-29$6.42$5.00125.0%35.8%43.4%63.4%133.7%19.9%-26.7%176.7K-10.7M-32.0K0.0185.21N/AN/A1,5501432,30511,714
2026-01-30$6.42$5.00129.7%37.2%42.9%66.5%142.9%12.4%-37.8%178.9K-11.3M-32.3K0.0191.21N/AN/A2,2211133,28811,728