PCEF Options History — January 2025

In January 2025, PCEF traded between $19.14 and $19.71. ATM implied volatility averaged 28.2%, placing in the 25.6% IV rank vs the trailing year. The 30-day expected move averaged 6.3%. IV traded above realized volatility by 18.2% (HV 20d: 10.0%). Max pain ranged from $19.00 to $20.00. Net GEX was positive for 8 of 20 trading days. Term structure was in contango for 12 of 20 days. Put/call ratio averaged 0.06.

Notable Days

2025-01-23: Highest Volume — 16 contracts
2025-01-29: Largest IV spike — 151.1% change
2025-01-14: Highest IV Rank — 57.3%
2025-01-03: Largest Expected Move — 10.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$19.48	$19.14	$19.71	$19.18	$19.66
Max Pain	$19.15	$19.00	$20.00	$20.00	$19.00
ATM IV	28.2%	8.4%	55.7%	34.7%	21.1%
Expected Move	6.3%	2.4%	10.2%	9.9%	6.1%
HV 20d	10.0%	8.5%	12.1%	9.5%	8.5%
HV 60d	8.2%	7.7%	8.6%	7.7%	8.6%
IV Rank	25.6%	2.9%	57.3%	31.1%	17.6%
IV Percentile	37.2%	0.4%	93.7%	67.1%	8.7%
Term Structure	-1.7%	-18.2%	25.3%	-3.5%	2.0%
VWIV	21.9%	21.9%	21.9%	21.9%	21.9%
Skew 25d	8.5%	-10.4%	20.9%	-0.1%	19.4%
Skew 10d	7.4%	-10.6%	31.5%	-4.3%	12.8%
Call IV 25d	20.1%	5.9%	35.7%	25.0%	8.7%
Put IV 25d	28.6%	16.9%	37.1%	25.0%	28.1%
Bid-Ask Spread %	171.62	165.56	188.67	167.87	165.76
Gamma HHI	0.83	0.50	1.00	1.00	0.80
Net GEX	10	-1.6K	3.7K	-1.6K	3.7K
Net DEX	-1.7K	-41.4K	11.7K	11.1K	-41.4K
Net VEX	-69	-188	-31	-38	-188
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.06	0.00	0.50	0.50	0.00
Total Volume	2.95	0	16	0	0
Total OI	25.2	12	66	14	66

Daily Data (20 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 Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-01-02	$19.18	$20.00	34.7%	9.9%	9.5%	31.1%	0.0%	-0.1%	-3.5%	-1.6K	11.1K	-38	0.00	167.87	N/A	N/A	0	0	2	12
2025-01-03	$19.34	$20.00	35.5%	10.2%	10.1%	34.2%	0.0%	-0.4%	-2.7%	-1.2K	10.1K	-38	0.00	168.35	N/A	N/A	0	0	2	12
2025-01-06	$19.38	$0.00	39.0%	7.3%	10.1%	38.1%	0.0%	5.8%	3.9%	-1.2K	9.6K	-37	0.00	175.94	N/A	N/A	0	0	2	12
2025-01-07	$19.29	$0.00	30.2%	4.7%	10.1%	28.0%	0.0%	0.2%	-16.5%	-1.2K	10.2K	-37	0.00	188.67	N/A	N/A	0	0	2	12
2025-01-08	$19.36	$0.00	31.6%	5.0%	10.3%	29.6%	0.0%	-10.4%	2.2%	-1.2K	10.0K	-36	0.00	173.36	N/A	N/A	0	0	2	12
2025-01-10	$19.19	$0.00	36.5%	5.3%	10.6%	35.2%	0.0%	1.4%	-18.2%	-1.2K	11.3K	-35	0.00	176.85	N/A	N/A	0	0	2	12
2025-01-13	$19.14	$0.00	48.4%	5.6%	10.6%	49.0%	0.0%	1.5%	-17.9%	-1.3K	11.7K	-34	0.00	176.65	N/A	N/A	0	0	2	12
2025-01-14	$19.20	$0.00	55.7%	5.7%	10.7%	57.3%	0.0%	14.8%	-18.0%	-1.3K	11.3K	-33	0.00	175.06	N/A	N/A	0	0	2	12
2025-01-15	$19.48	$0.00	18.1%	5.2%	12.0%	14.1%	21.9%	-2.5%	4.7%	-1.1K	9.4K	-32	0.50	177.12	N/A	N/A	2	1	2	12
2025-01-16	$19.54	$19.00	21.5%	6.2%	12.1%	18.0%	0.0%	1.6%	-1.1%	-1.0K	7.1K	-36	0.00	175.78	N/A	N/A	0	0	4	13
2025-01-17	$19.64	$19.00	28.5%	8.2%	11.9%	26.1%	0.0%	-5.6%	-16.1%	-711	9.2K	-35	0.00	176.78	N/A	N/A	0	1	4	13
2025-01-21	$19.62	$19.00	19.0%	5.4%	9.9%	15.1%	0.0%	15.1%	8.6%	-1.1K	5.4K	-31	0.00	166.55	N/A	N/A	10	0	1	11
2025-01-22	$19.68	$19.00	23.9%	6.8%	9.3%	20.7%	0.0%	17.8%	25.3%	69	-2.3K	-64	0.00	167.65	N/A	N/A	1	0	11	11
2025-01-23	$19.69	$19.00	23.7%	6.8%	9.1%	20.5%	0.0%	17.1%	2.2%	128	-2.5K	-62	0.00	166.91	N/A	N/A	16	0	11	11
2025-01-24	$19.71	$19.00	23.6%	6.8%	9.1%	20.4%	0.0%	19.5%	2.2%	1.7K	-16.6K	-111	0.00	168.44	N/A	N/A	1	0	27	11
2025-01-27	$19.56	$19.00	21.6%	6.2%	9.2%	18.1%	0.0%	20.9%	2.1%	1.6K	-14.9K	-112	0.00	166.50	N/A	N/A	0	0	28	11
2025-01-28	$19.63	$19.00	8.4%	2.4%	9.3%	2.9%	0.0%	13.2%	2.1%	1.7K	-16.2K	-111	0.00	166.11	N/A	N/A	11	0	28	11
2025-01-29	$19.55	$19.00	21.2%	6.1%	8.6%	17.6%	0.0%	20.8%	2.0%	2.5K	-23.6K	-144	0.00	166.41	N/A	N/A	6	0	39	11
2025-01-30	$19.66	$19.00	21.9%	6.3%	8.5%	18.5%	0.0%	19.3%	2.1%	2.9K	-32.7K	-161	0.00	165.56	N/A	N/A	10	0	45	11
2025-01-31	$19.66	$19.00	21.1%	6.1%	8.5%	17.6%	0.0%	19.4%	2.0%	3.7K	-41.4K	-188	0.00	165.76	N/A	N/A	0	0	55	11