PCEF Options History — November 2025 In November 2025, PCEF traded between $19.34 and $20.02. ATM implied volatility averaged 31.8%, placing in the 14.2% IV rank vs the trailing year. The 30-day expected move averaged 7.6%. IV traded above realized volatility by 24.2% (HV 20d: 7.5%). Max pain ranged from $20.00 to $20.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 11 of 19 days.
Notable Days 2025-11-21 : Highest Volume — 4 contracts2025-11-05 : Largest IV spike — 179.9% change2025-11-05 : Highest IV Rank — 49.9%2025-11-05 : Largest Expected Move — 29.8%Monthly Statistics Metric Avg Min Max Open Close Price $19.76 $19.34 $20.02 $20.02 $19.90 Max Pain $20.00 $20.00 $20.00 $20.00 $20.00 ATM IV 31.8% 11.7% 103.9% 36.0% 22.1% Expected Move 7.6% 3.4% 29.8% 10.3% 6.4% HV 20d 7.5% 6.2% 9.1% 8.3% 9.1% HV 60d 6.7% 6.1% 7.4% 6.1% 7.4% IV Rank 14.2% 4.3% 49.9% 16.3% 9.5% IV Percentile 51.3% 9.5% 95.6% 75.4% 31.0% Term Structure -0.3% -59.5% 20.9% -34.1% -0.7% Skew 25d 8.8% -12.5% 39.4% 39.4% 9.2% Skew 10d 15.1% 6.0% 37.9% 11.0% 19.7% Call IV 25d 33.7% 10.4% 177.0% 10.4% 11.9% Put IV 25d 42.5% 17.1% 206.7% 49.7% 21.1% Bid-Ask Spread % 154.59 143.04 198.80 165.73 147.69 Gamma HHI 0.81 0.54 0.93 0.81 0.84 Net GEX 737 176 1.5K 786 1.1K Net DEX -5.9K -9.1K 2.0K -9.0K -8.2K Net VEX -27 -34 -20 -34 -20 Div Yield 0.0% 0.0% 0.0% 0.0% 0.0% Total Volume 0.421 0 4 0 0 Total OI 12.474 11 15 13 11
Daily Data (19 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 2025-11-03 $20.02 $20.00 36.0% 10.3% 8.3% 16.3% 0.0% 39.4% -34.1% 786 -9.0K -34 0.00 165.73 N/A N/A 0 0 11 2 2025-11-04 $19.88 $20.00 37.1% 10.6% 8.5% 16.9% 0.0% 38.7% -34.7% 819 -8.1K -33 0.00 165.88 N/A N/A 0 0 11 2 2025-11-05 $19.94 $20.00 103.9% 29.8% 8.5% 49.9% 0.0% 29.7% -59.5% 215 -9.1K -32 0.00 198.80 N/A N/A 0 0 10 2 2025-11-06 $19.86 $20.00 37.2% 4.6% 8.6% 16.9% 0.0% 4.9% 19.2% 741 -7.0K -31 0.00 153.05 N/A N/A 0 0 10 2 2025-11-07 $19.79 $20.00 40.9% 4.6% 6.2% 18.8% 0.0% 3.6% 18.6% 798 -6.4K -30 0.00 151.61 N/A N/A 0 0 10 2 2025-11-10 $19.96 $20.00 42.4% 4.5% 6.4% 19.5% 0.0% 3.7% 20.1% 766 -7.5K -29 0.00 148.91 N/A N/A 0 0 10 2 2025-11-11 $20.02 $20.00 45.4% 4.5% 6.5% 21.0% 0.0% -12.5% 19.8% 818 -7.8K -29 0.00 152.43 N/A N/A 0 0 10 2 2025-11-12 $20.01 $20.00 15.8% 4.5% 6.3% 6.3% 0.0% -12.3% 20.9% 828 -7.7K -29 0.00 152.37 N/A N/A 0 0 10 2 2025-11-13 $19.83 $20.00 16.4% 4.7% 6.6% 6.6% 0.0% -3.5% 18.9% 811 -6.5K -28 0.00 151.65 N/A N/A 0 0 10 2 2025-11-14 $19.80 $20.00 18.1% 5.2% 6.6% 7.4% 0.0% -1.9% 18.9% 789 -6.3K -27 0.00 151.17 N/A N/A 0 1 10 2 2025-11-17 $19.64 $20.00 25.5% 7.3% 7.0% 11.1% 0.0% 2.9% 3.9% 503 -4.6K -26 0.00 149.86 N/A N/A 0 0 10 3 2025-11-18 $19.54 $20.00 26.9% 7.7% 7.2% 11.8% 0.0% 5.0% 3.3% 542 -4.2K -25 0.00 153.15 N/A N/A 0 3 10 3 2025-11-19 $19.50 $20.00 24.6% 7.1% 7.2% 10.7% 0.0% 5.8% -17.3% 176 -1.2K -25 0.00 152.33 N/A N/A 0 0 10 5 2025-11-20 $19.34 $20.00 23.7% 6.8% 7.5% 10.2% 0.0% 7.7% -5.3% 339 -849 -23 0.00 151.52 N/A N/A 0 0 10 5 2025-11-21 $19.45 $20.00 24.4% 7.0% 7.7% 10.6% 0.0% 9.3% -8.0% 725 2.0K -22 0.00 151.94 N/A N/A 0 4 10 5 2025-11-24 $19.48 $20.00 25.5% 7.3% 7.6% 11.1% 0.0% 14.4% -6.8% 858 -5.7K -20 0.00 146.92 N/A N/A 0 0 10 1 2025-11-25 $19.63 $20.00 25.7% 7.4% 8.2% 11.2% 0.0% 19.4% 7.4% 871 -6.8K -21 0.00 149.19 N/A N/A 0 0 10 1 2025-11-26 $19.80 $20.00 11.7% 3.4% 8.9% 4.3% 0.0% 4.0% 8.7% 1.5K -6.8K -20 0.00 143.04 N/A N/A 0 0 10 1 2025-11-28 $19.90 $20.00 22.1% 6.4% 9.1% 9.5% 0.0% 9.2% -0.7% 1.1K -8.2K -20 0.00 147.69 N/A N/A 0 0 10 1
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