PCEF Options History — July 2025

In July 2025, PCEF traded between $19.53 and $19.72. ATM implied volatility averaged 51.6%, placing in the 41.0% IV rank vs the trailing year. The 30-day expected move averaged 14.9%. IV traded above realized volatility by 45.8% (HV 20d: 5.8%). Max pain ranged from $20.00 to $20.00. Net GEX was positive for 14 of 22 trading days. Term structure was in contango for 2 of 22 days. Put/call ratio averaged 0.33.

Notable Days

2025-07-09: Highest Volume — 15 contracts
2025-07-25: Largest IV spike — 278.1% change
2025-07-15: Highest IV Rank — 100.0%
2025-07-29: Largest Expected Move — 40.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$19.63	$19.53	$19.72	$19.65	$19.61
Max Pain	$20.00	$20.00	$20.00	$20.00	$20.00
ATM IV	51.6%	21.2%	142.8%	22.7%	39.6%
Expected Move	14.9%	6.1%	40.9%	6.5%	11.3%
HV 20d	5.8%	4.7%	6.6%	5.3%	4.7%
HV 60d	10.1%	6.3%	22.4%	22.4%	6.3%
IV Rank	41.0%	15.7%	100.0%	17.3%	24.6%
IV Percentile	71.0%	21.0%	100.0%	32.9%	87.7%
Term Structure	-44.7%	-143.9%	22.3%	22.1%	-35.3%
Skew 25d	17.0%	-63.0%	127.9%	-9.7%	4.1%
Skew 10d	50.6%	-5.3%	196.5%	2.1%	17.8%
Call IV 25d	44.2%	11.5%	103.1%	32.7%	51.7%
Put IV 25d	61.2%	20.2%	197.4%	23.1%	55.8%
Bid-Ask Spread %	161.29	155.33	179.35	160.24	159.32
Gamma HHI	0.53	0.46	0.64	0.56	0.53
Net GEX	360	-496	1.6K	1.2K	411
Net DEX	-30	-9.0K	27.5K	-7.1K	-8.1K
Net VEX	-97	-129	-81	-98	-81
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.33	0.00	1.00	0.00	1.00
Total Volume	1.727	0	15	0	1
Total OI	38.636	23	61	37	23

Daily Data (22 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
2025-07-01	$19.65	$20.00	22.7%	6.5%	5.3%	17.3%	0.0%	-9.7%	22.1%	1.2K	-7.1K	-98	0.00	160.24	N/A	N/A	0	0	21	16
2025-07-02	$19.68	$20.00	21.2%	6.1%	5.3%	15.7%	0.0%	-11.5%	22.3%	1.4K	-7.3K	-97	0.00	160.22	N/A	N/A	0	0	21	16
2025-07-03	$19.72	$0.00	21.9%	7.8%	5.3%	16.5%	0.0%	2.7%	-22.6%	1.4K	-8.1K	-96	0.00	163.76	N/A	N/A	0	0	21	16
2025-07-07	$19.55	$0.00	25.9%	8.6%	6.3%	20.5%	0.0%	26.5%	-24.7%	1.4K	-4.1K	-88	0.00	159.52	N/A	N/A	0	0	21	16
2025-07-08	$19.61	$0.00	28.4%	8.6%	6.3%	23.1%	0.0%	2.8%	-24.8%	1.6K	-4.8K	-88	0.00	163.23	N/A	N/A	1	0	21	16
2025-07-09	$19.70	$0.00	29.8%	8.5%	6.4%	24.6%	0.0%	2.6%	-24.7%	1.6K	-6.6K	-89	0.00	162.79	N/A	N/A	0	15	21	16
2025-07-10	$19.72	$0.00	98.3%	28.2%	6.4%	95.0%	0.0%	27.6%	-98.3%	-491	23.8K	-95	0.00	179.35	N/A	N/A	0	0	21	31
2025-07-11	$19.66	$0.00	30.1%	8.6%	6.6%	24.9%	0.0%	2.2%	-25.7%	-470	12.4K	-101	0.00	162.00	N/A	N/A	0	0	21	31
2025-07-14	$19.66	$0.00	29.3%	8.4%	6.6%	24.1%	0.0%	4.4%	-21.5%	-468	12.8K	-92	0.00	161.71	N/A	N/A	0	1	21	31
2025-07-15	$19.64	$0.00	106.1%	30.4%	6.3%	100.0%	0.0%	-63.0%	-106.8%	-496	6.5K	-90	0.00	155.33	N/A	N/A	9	0	21	31
2025-07-16	$19.63	$0.00	32.5%	9.3%	6.3%	26.5%	0.0%	3.5%	-27.0%	-35	5.6K	-129	0.00	161.22	N/A	N/A	0	0	30	31
2025-07-17	$19.67	$0.00	33.0%	9.5%	6.0%	27.1%	0.0%	3.3%	-27.2%	-26	4.8K	-123	0.00	160.52	N/A	N/A	0	0	30	31
2025-07-18	$19.63	$0.00	33.0%	9.5%	6.1%	27.1%	0.0%	3.5%	-28.0%	-32	27.5K	-111	1.00	161.52	N/A	N/A	1	1	30	31
2025-07-21	$19.55	$0.00	33.1%	9.5%	6.3%	27.1%	0.0%	4.2%	-28.3%	27	-2.8K	-106	0.00	158.31	N/A	N/A	0	1	15	15
2025-07-22	$19.53	$0.00	33.8%	9.7%	5.9%	27.8%	0.0%	4.2%	-29.1%	83	-3.4K	-103	0.00	161.15	N/A	N/A	0	1	15	14
2025-07-23	$19.56	$0.00	33.9%	9.7%	5.6%	27.9%	0.0%	2.6%	-29.5%	139	-4.3K	-99	0.00	160.57	N/A	N/A	0	1	15	13
2025-07-24	$19.59	$0.00	34.0%	9.7%	5.5%	28.0%	0.0%	2.7%	-28.7%	198	-5.3K	-96	0.00	160.65	N/A	N/A	0	1	15	12
2025-07-25	$19.65	$0.00	128.4%	36.8%	5.3%	100.0%	0.0%	127.9%	-128.9%	-134	-9.0K	-90	0.00	159.67	N/A	N/A	0	1	15	11
2025-07-28	$19.64	$0.00	138.8%	39.8%	5.2%	100.0%	0.0%	111.5%	-139.5%	161	-8.1K	-90	0.00	159.23	N/A	N/A	0	2	15	10
2025-07-29	$19.62	$0.00	142.8%	40.9%	5.0%	100.0%	0.0%	118.2%	-143.9%	175	-8.0K	-90	0.00	158.71	N/A	N/A	0	1	15	10
2025-07-30	$19.60	$0.00	38.3%	11.0%	4.7%	23.7%	0.0%	3.9%	-34.2%	353	-7.3K	-84	0.00	159.44	N/A	N/A	0	1	15	9
2025-07-31	$19.61	$0.00	39.6%	11.3%	4.7%	24.6%	0.0%	4.1%	-35.3%	411	-8.1K	-81	0.00	159.32	N/A	N/A	0	1	15	8