PAYO Options History — February 2026

In February 2026, PAYO traded between $4.21 and $6.28. ATM implied volatility averaged 126.5%, placing in the 64.3% IV rank vs the trailing year. The 30-day expected move averaged 34.3%. IV traded above realized volatility by 65.0% (HV 20d: 61.5%). Max pain ranged from $5.00 to $5.00. Net GEX was positive for 10 of 19 trading days. Term structure was in contango for 3 of 19 days. Put/call ratio averaged 0.14.

Notable Days

  • 2026-02-19: Highest Volume — 5,455 contracts
  • 2026-02-26: Largest IV drop — 48.3% change
  • 2026-02-05: Highest IV Rank — 90.0%
  • 2026-02-03: Largest Expected Move — 45.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$5.50$4.21$6.28$6.13$4.28
Max Pain$5.00$5.00$5.00$5.00$5.00
ATM IV126.5%66.9%164.9%146.7%69.8%
Expected Move34.3%19.2%45.6%42.0%20.0%
HV 20d61.5%44.5%94.7%44.5%94.4%
HV 60d42.9%35.1%63.0%39.9%63.0%
IV Rank64.3%24.5%90.0%77.8%26.5%
IV Percentile91.7%66.3%99.2%98.8%68.7%
Term Structure-17.1%-53.9%166.2%-53.9%9.7%
VWIV125.5%82.5%158.0%147.5%112.7%
Skew 25d-2.5%-63.4%48.7%4.1%17.4%
Skew 10d26.1%-37.8%251.6%-37.8%41.8%
Call IV 25d120.3%76.9%155.4%132.2%76.9%
Put IV 25d117.8%75.7%153.6%136.3%94.3%
Bid-Ask Spread %89.7778.13102.0882.19102.08
Gamma HHI0.330.220.400.390.36
Net GEX95.3K-33.8K228.1K172.6K-33.8K
Net DEX-4.2M-10.5M1.8M-10.5M1.8M
Net VEX-21.1K-31.1K-10.0K-31.1K-10.6K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.140.000.920.010.02
Total Volume1,0642155,4552,315664
Total OI38,854.52617,13947,47546,30917,896

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2026-02-02$6.13$5.00146.7%42.0%44.5%77.8%147.5%4.1%-53.9%172.6K-10.5M-31.1K0.0182.19N/AN/A2,2991634,57111,738
2026-02-03$5.92$5.00159.1%45.6%46.9%86.1%155.2%-9.0%-45.1%179.6K-8.4M-30.8K0.1487.30N/AN/A6529435,29511,754
2026-02-04$6.12$5.00159.0%45.6%48.0%86.1%158.0%-1.8%-53.5%181.1K-9.7M-31.1K0.0078.13N/AN/A1,184035,55011,826
2026-02-05$5.86$5.00164.9%32.0%50.8%90.0%112.2%-26.3%-23.3%169.0K-8.5M-30.1K0.1382.91N/AN/A4035235,10011,826
2026-02-06$6.28$5.00126.4%30.8%55.7%64.3%111.0%-7.1%-33.2%228.1K-10.2M-30.1K0.0187.86N/AN/A680635,38311,877
2026-02-09$6.09$5.00146.2%32.9%57.3%77.5%115.6%9.9%-40.9%228.0K-9.5M-27.5K0.0987.11N/AN/A4243935,56711,874
2026-02-10$6.03$5.00145.1%33.1%57.5%76.8%117.6%3.8%-38.2%223.1K-8.8M-27.1K0.0185.94N/AN/A9661035,57111,904
2026-02-11$5.87$5.00117.0%33.5%57.3%58.0%121.2%8.3%-34.3%219.1K-7.6M-25.7K0.0288.49N/AN/A1,0021734,87211,907
2026-02-12$5.42$5.00124.7%35.8%64.7%63.2%123.2%7.5%-31.0%168.6K-4.6M-23.3K0.0199.29N/AN/A583734,43611,909
2026-02-13$5.39$5.00110.4%31.6%64.6%53.6%116.6%3.8%-11.5%177.2K-4.2M-22.7K0.2492.63N/AN/A1734234,71811,926
2026-02-17$5.38$5.00127.2%36.5%64.6%64.8%133.7%-0.8%-41.9%-8.1K-935.2K-15.1K0.0087.78N/AN/A1,241634,72711,930
2026-02-18$5.51$5.00124.8%35.8%64.6%63.2%128.1%1.6%-40.5%-6.5K-1.0M-15.1K0.0088.20N/AN/A1,093334,64711,936
2026-02-19$5.42$5.00101.2%29.0%64.0%47.4%126.8%-3.0%54.3%-8.0K-867.8K-14.6K0.0496.16N/AN/A5,23422133,58511,940
2026-02-20$5.42$5.00138.7%39.8%55.3%72.5%130.6%4.4%-43.1%-7.9K-761.2K-14.8K0.9292.05N/AN/A53749230,28412,139
2026-02-23$4.95$5.00123.5%35.4%60.9%62.3%135.8%-63.4%-3.5%-13.9K510.5K-13.8K0.4896.04N/AN/A2801347,10610,033
2026-02-24$5.05$5.00122.4%35.1%61.9%61.6%125.6%-12.5%-19.1%-16.7K653.5K-13.8K0.0683.83N/AN/A727467,07910,165
2026-02-25$5.21$5.00129.4%37.1%61.4%66.3%130.2%-34.2%-41.3%-12.6K291.9K-14.2K0.2485.99N/AN/A262627,34510,207
2026-02-26$4.21$5.0066.9%19.2%94.7%24.5%82.5%48.7%166.2%-27.6K1.7M-10.0K0.28101.59N/AN/A4421237,34810,265
2026-02-27$4.28$5.0069.8%20.0%94.4%26.5%112.7%17.4%9.7%-33.8K1.8M-10.6K0.02102.08N/AN/A654107,56510,331