PCEF Options History — April 2025

In April 2025, PCEF traded between $16.90 and $18.88. ATM implied volatility averaged 43.7%, placing in the 40.0% IV rank vs the trailing year. The 30-day expected move averaged 10.4%. IV traded above realized volatility by 12.2% (HV 20d: 31.5%). Max pain ranged from $17.00 to $20.00. Net GEX was positive for 9 of 21 trading days. Term structure was in contango for 1 of 21 days. Put/call ratio averaged 0.54.

Notable Days

2025-04-08: Highest Volume — 32 contracts
2025-04-16: Largest IV spike — 189.6% change
2025-04-07: Highest IV Rank — 100.0%
2025-04-07: Largest Expected Move — 17.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$17.94	$16.90	$18.88	$18.87	$18.40
Max Pain	$19.27	$17.00	$20.00	$20.00	$19.00
ATM IV	43.7%	11.6%	103.2%	39.5%	45.7%
Expected Move	10.4%	3.3%	17.0%	7.9%	13.1%
HV 20d	31.5%	9.4%	38.7%	9.5%	38.7%
HV 60d	19.3%	8.2%	22.9%	8.4%	22.9%
IV Rank	40.0%	5.9%	100.0%	38.7%	41.0%
IV Percentile	69.7%	3.2%	100.0%	82.5%	86.9%
Term Structure	-8.6%	-18.7%	9.2%	-13.3%	-13.6%
VWIV	38.5%	24.2%	45.2%	24.2%	45.2%
Skew 25d	22.8%	-0.5%	45.1%	18.6%	44.6%
Skew 10d	23.3%	-12.3%	59.1%	2.9%	41.0%
Call IV 25d	23.9%	8.6%	75.7%	15.7%	10.5%
Put IV 25d	46.7%	12.1%	85.9%	34.3%	55.1%
Bid-Ask Spread %	155.35	109.28	185.04	166.07	147.25
Gamma HHI	0.56	0.34	0.94	0.48	0.53
Net GEX	-24	-1.5K	1.2K	-328	967
Net DEX	23.1K	4.9K	34.8K	20.2K	21.0K
Net VEX	-107	-168	-44	-107	-132
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.54	0.00	1.00	0.00	1.00
Total Volume	3.095	0	32	0	2
Total OI	54.571	28	74	28	67

Daily Data (21 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
2025-04-01	$18.87	$0.00	39.5%	7.9%	9.5%	38.7%	0.0%	18.6%	-13.3%	-328	20.2K	-107	0.00	166.07	N/A	N/A	0	0	7	21
2025-04-02	$18.88	$0.00	38.3%	7.8%	9.4%	37.4%	0.0%	27.8%	-10.6%	-325	20.2K	-107	0.00	168.92	N/A	N/A	0	0	7	21
2025-04-03	$18.49	$0.00	67.3%	12.4%	11.3%	70.8%	0.0%	26.0%	-6.9%	-275	19.9K	-106	0.00	183.20	N/A	N/A	0	0	7	21
2025-04-04	$17.41	$0.00	73.2%	13.5%	23.6%	77.6%	0.0%	22.6%	-7.6%	-227	22.2K	-92	0.00	177.99	N/A	N/A	0	1	7	21
2025-04-07	$16.90	$0.00	103.2%	17.0%	25.1%	100.0%	0.0%	34.6%	-10.7%	-230	22.2K	-94	0.00	181.98	N/A	N/A	0	0	7	22
2025-04-08	$16.93	$0.00	83.7%	13.9%	25.2%	80.0%	24.2%	26.9%	-9.6%	-238	24.2K	-89	0.00	173.94	N/A	N/A	32	0	7	22
2025-04-09	$17.99	$20.00	56.9%	16.3%	34.4%	52.5%	0.0%	10.2%	-10.4%	920	4.9K	-168	0.00	185.04	N/A	N/A	0	0	39	22
2025-04-10	$17.46	$20.00	51.8%	14.9%	35.7%	47.2%	0.0%	45.1%	-11.9%	789	13.9K	-136	0.00	174.83	N/A	N/A	0	0	39	22
2025-04-11	$17.68	$20.00	14.6%	4.2%	35.9%	9.0%	0.0%	6.2%	-1.7%	-704	34.8K	-44	0.00	145.40	N/A	N/A	0	0	39	22
2025-04-14	$17.89	$20.00	25.6%	7.3%	36.1%	20.3%	0.0%	1.1%	-9.3%	-760	33.1K	-57	0.00	130.20	N/A	N/A	0	0	39	22
2025-04-15	$17.95	$20.00	12.5%	3.6%	36.1%	6.8%	0.0%	-0.5%	-2.3%	-1.5K	29.2K	-80	0.67	140.44	N/A	N/A	3	2	39	22
2025-04-16	$17.75	$20.00	36.1%	10.3%	36.1%	31.1%	40.9%	14.5%	-7.1%	526	26.4K	-79	0.00	154.45	N/A	N/A	0	11	41	23
2025-04-17	$17.86	$17.00	38.9%	11.1%	36.2%	33.9%	0.0%	12.0%	-18.7%	73	25.0K	-129	0.50	130.44	N/A	N/A	2	1	41	33
2025-04-21	$17.42	$17.00	40.1%	11.5%	37.0%	35.2%	0.0%	28.0%	-9.1%	-177	30.5K	-124	0.00	149.40	N/A	N/A	0	0	40	33
2025-04-22	$17.70	$17.00	36.2%	10.4%	37.7%	31.2%	43.6%	35.9%	-6.8%	19	27.4K	-131	0.00	153.21	N/A	N/A	0	10	40	33
2025-04-23	$17.98	$20.00	36.8%	10.6%	38.3%	31.8%	0.0%	37.0%	-8.7%	850	19.5K	-123	0.00	154.99	N/A	N/A	0	0	40	23
2025-04-24	$18.16	$20.00	37.4%	10.7%	38.5%	32.4%	0.0%	38.4%	-10.2%	1.1K	18.3K	-124	0.00	154.66	N/A	N/A	0	0	40	23
2025-04-25	$18.28	$20.00	38.7%	11.1%	38.6%	33.8%	0.0%	39.3%	-10.7%	1.2K	17.7K	-125	0.00	152.72	N/A	N/A	0	1	40	23
2025-04-28	$18.31	$20.00	11.6%	3.3%	38.6%	5.9%	0.0%	3.5%	9.2%	-803	27.8K	-96	0.00	109.28	N/A	N/A	0	0	40	24
2025-04-29	$18.41	$19.00	29.6%	8.5%	38.7%	24.4%	0.0%	6.3%	-10.6%	-1.3K	27.5K	-108	0.00	127.99	N/A	N/A	0	0	40	27
2025-04-30	$18.40	$19.00	45.7%	13.1%	38.7%	41.0%	45.2%	44.6%	-13.6%	967	21.0K	-132	1.00	147.25	N/A	N/A	1	1	40	27