PCEF Options History — May 2025

In May 2025, PCEF traded between $18.56 and $19.08. ATM implied volatility averaged 20.3%, placing in the 14.8% IV rank vs the trailing year. The 30-day expected move averaged 3.4%. IV traded above realized volatility by 3.4% (HV 20d: 16.9%). Max pain ranged from $19.00 to $20.00. Net GEX was positive for 12 of 21 trading days. Term structure was in contango for 21 of 21 days. Put/call ratio averaged 0.50.

Notable Days

2025-05-21: Highest Volume — 13 contracts
2025-05-14: Largest IV drop — 83.6% change
2025-05-13: Highest IV Rank — 61.2%
2025-05-01: Largest Expected Move — 7.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$18.82	$18.56	$19.08	$18.60	$19.00
Max Pain	$19.90	$19.00	$20.00	$19.00	$20.00
ATM IV	20.3%	6.0%	65.4%	25.2%	9.6%
Expected Move	3.4%	1.7%	7.2%	7.2%	2.7%
HV 20d	16.9%	8.3%	38.9%	38.9%	8.3%
HV 60d	23.2%	23.0%	23.3%	23.0%	23.2%
IV Rank	14.8%	0.2%	61.2%	19.9%	3.8%
IV Percentile	27.5%	0.4%	95.2%	36.9%	3.2%
Term Structure	13.2%	3.0%	18.4%	3.9%	13.8%
VWIV	7.6%	3.8%	12.9%	12.9%	5.9%
Skew 25d	19.5%	6.2%	44.3%	41.4%	15.8%
Skew 10d	21.6%	7.4%	37.4%	36.6%	26.1%
Call IV 25d	13.0%	7.9%	20.7%	10.0%	8.9%
Put IV 25d	32.5%	23.5%	54.2%	51.4%	24.7%
Bid-Ask Spread %	143.09	135.60	153.11	151.56	138.84
Gamma HHI	0.55	0.45	0.63	0.57	0.48
Net GEX	661	-1.1K	2.2K	1.3K	-382
Net DEX	16.9K	11.3K	24.8K	18.0K	13.5K
Net VEX	-121	-141	-93	-138	-133
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.50	0.00	3.00	0.00	0.00
Total Volume	1.286	0	13	0	1
Total OI	58.714	33	69	69	51

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
2025-05-01	$18.60	$19.00	25.2%	7.2%	38.9%	19.9%	0.0%	41.4%	3.9%	1.3K	18.0K	-138	0.00	151.56	N/A	N/A	0	0	41	28
2025-05-02	$18.67	$19.00	23.8%	6.8%	38.2%	18.4%	0.0%	44.3%	3.0%	1.4K	17.6K	-137	0.00	153.11	N/A	N/A	0	0	41	28
2025-05-05	$18.65	$20.00	28.7%	3.0%	30.8%	23.4%	0.0%	19.5%	15.2%	1.4K	17.3K	-131	0.00	147.20	N/A	N/A	3	0	41	28
2025-05-06	$18.56	$20.00	30.6%	3.1%	28.4%	25.5%	0.0%	20.5%	14.2%	704	20.6K	-125	0.00	146.43	N/A	N/A	0	0	41	28
2025-05-07	$18.61	$20.00	32.5%	3.2%	28.4%	27.4%	0.0%	19.9%	15.1%	470	22.3K	-117	0.00	146.86	N/A	N/A	0	0	41	28
2025-05-08	$18.70	$20.00	30.4%	3.3%	19.2%	25.2%	0.0%	20.1%	15.2%	1.4K	18.8K	-121	0.00	146.70	N/A	N/A	0	0	41	28
2025-05-09	$18.68	$20.00	33.6%	4.0%	15.1%	28.5%	0.0%	17.5%	8.1%	1.4K	17.6K	-123	0.00	146.71	N/A	N/A	0	0	41	28
2025-05-12	$18.94	$20.00	39.3%	3.6%	15.3%	34.4%	12.9%	14.7%	11.9%	1.8K	16.5K	-113	0.00	148.36	N/A	N/A	0	1	41	28
2025-05-13	$18.98	$20.00	65.4%	3.0%	14.9%	61.2%	0.0%	8.0%	11.1%	2.0K	11.8K	-113	0.00	141.06	N/A	N/A	0	0	41	28
2025-05-14	$19.02	$20.00	10.7%	3.1%	14.9%	5.0%	0.0%	7.4%	11.8%	2.1K	11.9K	-111	0.00	139.74	N/A	N/A	0	0	41	28
2025-05-15	$19.03	$20.00	10.9%	3.1%	14.0%	5.2%	0.0%	7.5%	13.5%	2.1K	11.3K	-106	0.00	140.85	N/A	N/A	0	0	41	28
2025-05-16	$19.08	$20.00	10.8%	3.1%	14.0%	5.0%	0.0%	6.2%	12.8%	2.2K	13.2K	-98	0.00	139.80	N/A	N/A	1	0	41	28
2025-05-19	$18.89	$20.00	6.0%	1.7%	10.6%	0.2%	3.8%	16.0%	18.1%	-582	22.2K	-93	0.00	138.15	N/A	N/A	0	1	8	25
2025-05-20	$18.87	$20.00	7.3%	2.1%	9.7%	1.4%	5.9%	17.9%	18.1%	-824	21.6K	-95	3.00	143.10	N/A	N/A	1	3	8	25
2025-05-21	$18.71	$20.00	8.3%	2.4%	9.4%	2.5%	0.0%	24.3%	18.2%	-1.1K	24.8K	-103	0.00	137.88	N/A	N/A	13	0	9	27
2025-05-22	$18.75	$20.00	8.6%	2.5%	8.9%	2.8%	0.0%	24.4%	18.4%	-469	17.1K	-134	0.00	143.77	N/A	N/A	3	0	21	27
2025-05-23	$18.75	$20.00	8.7%	2.5%	8.7%	2.9%	0.0%	26.0%	18.4%	-276	15.7K	-141	0.00	138.96	N/A	N/A	0	0	24	27
2025-05-27	$18.90	$20.00	10.3%	2.9%	9.0%	4.5%	0.0%	17.0%	13.4%	-339	15.2K	-136	0.00	136.61	N/A	N/A	0	0	24	27
2025-05-28	$18.87	$20.00	10.5%	3.0%	9.0%	4.7%	0.0%	17.4%	11.5%	-349	16.0K	-132	0.00	135.60	N/A	N/A	0	0	24	27
2025-05-29	$18.93	$20.00	14.1%	4.0%	9.0%	8.4%	0.0%	23.8%	12.2%	-45	12.8K	-138	0.00	143.58	N/A	N/A	0	0	24	27
2025-05-30	$19.00	$20.00	9.6%	2.7%	8.3%	3.8%	0.0%	15.8%	13.8%	-382	13.5K	-133	0.00	138.84	N/A	N/A	1	0	24	27