PCEF Options History — January 2026

In January 2026, PCEF traded between $19.84 and $20.15. ATM implied volatility averaged 37.2%, placing in the 16.9% IV rank vs the trailing year. The 30-day expected move averaged 7.3%. IV traded above realized volatility by 30.8% (HV 20d: 6.4%). Max pain ranged from $19.00 to $22.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 8 of 20 days. Put/call ratio averaged 1.25.

Notable Days

2026-01-13: Highest Volume — 16 contracts
2026-01-28: Largest IV spike — 109.4% change
2026-01-13: Highest IV Rank — 35.0%
2026-01-29: Largest Expected Move — 9.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$20.05	$19.84	$20.15	$19.86	$20.11
Max Pain	$20.55	$19.00	$22.00	$19.00	$20.00
ATM IV	37.2%	16.3%	73.8%	24.8%	31.2%
Expected Move	7.3%	4.4%	9.8%	7.1%	8.9%
HV 20d	6.4%	4.8%	7.4%	5.8%	6.9%
HV 60d	7.1%	6.5%	7.7%	7.7%	7.3%
IV Rank	16.9%	6.6%	35.0%	10.7%	13.9%
IV Percentile	65.8%	13.5%	92.5%	42.1%	63.9%
Term Structure	4.1%	-20.7%	22.3%	20.8%	-6.9%
VWIV	28.2%	27.0%	29.4%	27.0%	29.4%
Skew 25d	3.6%	-22.1%	25.7%	-22.1%	7.9%
Skew 10d	22.2%	-5.6%	43.8%	7.5%	26.7%
Call IV 25d	35.5%	19.1%	43.3%	41.6%	39.6%
Put IV 25d	39.1%	19.5%	48.4%	19.5%	47.5%
Bid-Ask Spread %	167.82	153.32	183.06	153.32	164.65
Gamma HHI	0.49	0.37	0.73	0.73	0.39
Net GEX	707	98	2.3K	1.3K	329
Net DEX	-17.4K	-47.5K	-2.3K	-23.4K	-5.0K
Net VEX	-102	-156	-28	-37	-135
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.25	0.00	5.00	0.00	0.00
Total Volume	2.75	0	16	0	0
Total OI	47	24	74	24	58

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
2026-01-02	$19.86	$19.00	24.8%	7.1%	5.8%	10.7%	0.0%	-22.1%	20.8%	1.3K	-23.4K	-37	0.00	153.32	N/A	N/A	0	0	20	4
2026-01-05	$19.91	$22.00	43.4%	4.6%	5.9%	20.0%	0.0%	4.7%	20.9%	1.0K	-22.2K	-34	0.00	163.32	N/A	N/A	0	0	20	4
2026-01-06	$20.01	$22.00	43.5%	4.4%	6.1%	20.0%	0.0%	3.8%	20.4%	1.0K	-23.3K	-33	0.00	168.26	N/A	N/A	0	0	20	4
2026-01-07	$19.97	$22.00	45.9%	4.4%	6.0%	21.2%	0.0%	3.6%	21.2%	583	-20.6K	-33	0.00	168.46	N/A	N/A	0	0	20	4
2026-01-08	$19.98	$22.00	49.8%	4.6%	6.0%	23.1%	0.0%	3.9%	22.0%	1.0K	-22.9K	-31	0.00	168.50	N/A	N/A	0	0	20	4
2026-01-09	$20.08	$22.00	49.6%	4.5%	6.1%	23.1%	0.0%	-3.7%	22.3%	1.1K	-24.2K	-28	0.00	168.09	N/A	N/A	0	14	20	4
2026-01-12	$20.13	$22.00	63.9%	8.1%	6.1%	30.2%	27.0%	4.9%	-2.2%	371	-17.5K	-62	0.00	166.83	N/A	N/A	8	0	20	18
2026-01-13	$20.14	$20.00	73.8%	8.4%	5.2%	35.0%	0.0%	4.9%	-2.5%	973	-25.9K	-81	0.00	170.68	N/A	N/A	16	0	28	18
2026-01-14	$20.14	$20.00	29.0%	8.3%	5.2%	12.9%	29.4%	4.9%	-20.7%	2.3K	-43.1K	-127	5.00	170.18	N/A	N/A	2	10	44	18
2026-01-15	$20.15	$20.00	29.4%	8.4%	5.2%	13.1%	0.0%	4.7%	-2.9%	1.7K	-36.2K	-156	0.00	170.24	N/A	N/A	0	0	46	28
2026-01-16	$20.13	$20.00	29.3%	8.4%	4.8%	13.0%	0.0%	4.5%	-3.4%	98	-47.5K	-147	0.00	168.77	N/A	N/A	0	0	46	28
2026-01-20	$19.84	$20.00	29.7%	8.5%	7.2%	13.2%	0.0%	5.2%	-4.2%	358	-2.3K	-142	0.00	168.44	N/A	N/A	0	0	25	27
2026-01-21	$20.00	$20.00	29.5%	8.5%	7.4%	13.1%	0.0%	-2.4%	-3.5%	266	-3.9K	-146	0.00	177.57	N/A	N/A	0	0	25	28
2026-01-22	$20.07	$20.00	30.5%	8.7%	7.3%	13.6%	0.0%	25.7%	-5.0%	241	-5.0K	-145	0.00	183.06	N/A	N/A	0	1	25	28
2026-01-23	$20.06	$20.00	31.1%	8.9%	7.3%	13.9%	0.0%	4.8%	-4.5%	246	-4.2K	-147	0.00	168.32	N/A	N/A	4	0	25	29
2026-01-26	$20.06	$20.00	23.9%	6.8%	7.2%	10.3%	0.0%	2.7%	4.4%	421	-4.9K	-139	0.00	163.35	N/A	N/A	0	0	29	29
2026-01-27	$20.10	$20.00	16.3%	4.7%	7.3%	6.6%	0.0%	3.6%	21.1%	184	-5.0K	-138	0.00	163.46	N/A	N/A	0	0	29	29
2026-01-28	$20.11	$20.00	34.2%	9.8%	7.1%	15.4%	0.0%	4.7%	-7.1%	343	-5.2K	-140	0.00	166.92	N/A	N/A	0	0	29	29
2026-01-29	$20.14	$20.00	34.3%	9.8%	7.0%	15.5%	0.0%	5.1%	-8.3%	375	-5.8K	-137	0.00	164.06	N/A	N/A	0	0	29	29
2026-01-30	$20.11	$20.00	31.2%	8.9%	6.9%	13.9%	0.0%	7.9%	-6.9%	329	-5.0K	-135	0.00	164.65	N/A	N/A	0	0	29	29