PFFA Options History — November 2025

In November 2025, PFFA traded between $21.05 and $21.60. ATM implied volatility averaged 9.7%, placing in the 17.9% IV rank vs the trailing year. The 30-day expected move averaged 2.5%. IV traded above realized volatility by 3.0% (HV 20d: 6.7%). Max pain ranged from $21.00 to $25.00. Net GEX was positive for 14 of 19 trading days. Term structure was in contango for 13 of 19 days. Put/call ratio averaged 2.07.

Notable Days

2025-11-20: Highest Volume — 62 contracts
2025-11-05: Largest IV spike — 108.9% change
2025-11-06: Highest IV Rank — 39.6%
2025-11-05: Largest Expected Move — 4.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$21.42	$21.05	$21.60	$21.38	$21.48
Max Pain	$22.05	$21.00	$25.00	$22.00	$21.00
ATM IV	9.7%	5.5%	17.3%	14.9%	8.2%
Expected Move	2.5%	1.6%	4.6%	4.3%	2.3%
HV 20d	6.7%	5.6%	8.8%	5.8%	8.7%
HV 60d	7.2%	6.9%	7.8%	7.0%	7.7%
IV Rank	17.9%	6.2%	39.6%	32.6%	13.7%
IV Percentile	50.7%	9.5%	87.7%	81.7%	44.8%
Term Structure	1.2%	-17.7%	8.8%	-16.9%	3.9%
VWIV	11.5%	7.3%	26.0%	11.3%	7.3%
Skew 25d	2.9%	-1.7%	6.4%	-1.7%	2.1%
Skew 10d	13.0%	-1.6%	35.7%	22.5%	0.8%
Call IV 25d	5.9%	3.7%	11.4%	10.4%	5.6%
Put IV 25d	8.8%	6.4%	12.9%	8.7%	7.7%
Bid-Ask Spread %	97.35	87.18	106.38	105.70	95.19
Gamma HHI	0.35	0.30	0.45	0.36	0.45
Net GEX	12.1K	-14.6K	45.3K	-3.3K	45.3K
Net DEX	252.6K	-4.3K	525.2K	344.4K	-4.3K
Net VEX	-3.1K	-3.9K	-2.6K	-3.0K	-3.0K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	2.07	0.00	11.40	1.50	0.00
Total Volume	22.684	8	62	20	9
Total OI	1,385.737	1,276	1,467	1,347	1,314

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	$21.38	$22.00	14.9%	4.3%	5.8%	32.6%	11.3%	-1.7%	-16.9%	-3.3K	344.4K	-3.0K	1.50	105.70	N/A	N/A	8	12	680	667
2025-11-04	$21.30	$25.00	7.8%	2.2%	5.8%	12.5%	0.0%	-0.8%	-1.5%	5.8K	343.0K	-3.3K	0.00	104.67	N/A	N/A	0	13	680	677
2025-11-05	$21.45	$25.00	16.2%	4.6%	6.4%	36.3%	26.0%	1.5%	-17.7%	11.3K	353.4K	-3.2K	0.29	106.38	N/A	N/A	7	2	680	690
2025-11-06	$21.48	$22.00	17.3%	2.7%	6.2%	39.6%	8.5%	6.4%	5.7%	12.3K	199.8K	-3.9K	0.44	103.60	N/A	N/A	9	4	685	690
2025-11-07	$21.49	$22.00	13.3%	2.5%	5.6%	28.0%	8.1%	6.0%	6.1%	12.1K	250.5K	-3.7K	3.25	103.44	N/A	N/A	4	13	686	692
2025-11-10	$21.60	$22.00	9.7%	1.6%	5.8%	18.1%	0.0%	2.3%	4.0%	26.8K	188.9K	-3.5K	0.27	96.24	N/A	N/A	15	4	689	697
2025-11-11	$21.59	$22.00	10.1%	1.6%	5.8%	19.1%	0.0%	2.1%	4.1%	19.9K	192.0K	-3.4K	3.00	102.16	N/A	N/A	3	9	704	701
2025-11-12	$21.58	$22.00	5.5%	1.6%	5.6%	6.2%	24.3%	2.1%	4.0%	17.3K	178.8K	-3.2K	1.11	101.22	N/A	N/A	18	20	707	710
2025-11-13	$21.45	$22.00	9.6%	2.8%	5.6%	17.7%	0.0%	5.9%	-2.2%	4.6K	345.3K	-3.1K	0.00	95.53	N/A	N/A	8	0	720	725
2025-11-14	$21.54	$22.00	6.2%	1.8%	5.6%	8.1%	9.3%	6.1%	4.0%	13.0K	220.2K	-3.5K	0.12	94.31	N/A	N/A	25	3	712	725
2025-11-17	$21.46	$22.00	9.1%	2.6%	5.8%	16.2%	10.4%	4.3%	-2.0%	8.6K	345.0K	-2.9K	4.00	96.11	N/A	N/A	2	8	718	724
2025-11-18	$21.46	$22.00	6.8%	1.9%	5.8%	9.6%	9.2%	3.5%	1.7%	-4.8K	343.7K	-2.8K	6.80	94.73	N/A	N/A	5	34	718	732
2025-11-19	$21.39	$22.00	8.9%	2.5%	5.8%	15.7%	11.6%	4.2%	-2.0%	-14.6K	398.8K	-2.7K	1.67	95.01	N/A	N/A	12	20	723	744
2025-11-20	$21.05	$22.00	8.0%	2.3%	8.0%	13.1%	7.8%	2.6%	8.8%	-4.5K	525.2K	-3.3K	11.40	87.68	N/A	N/A	5	57	708	750
2025-11-21	$21.20	$21.00	9.8%	2.8%	8.4%	18.3%	9.9%	3.8%	5.1%	-150	366.4K	-2.6K	2.00	93.42	N/A	N/A	8	16	710	676
2025-11-24	$21.30	$21.00	8.5%	2.4%	8.6%	14.6%	7.8%	3.1%	6.5%	13.1K	128.8K	-2.6K	0.00	94.92	N/A	N/A	23	0	696	580
2025-11-25	$21.38	$21.00	7.6%	2.2%	8.7%	11.9%	9.1%	0.4%	4.6%	28.6K	70.2K	-3.1K	0.44	87.18	N/A	N/A	27	12	719	580
2025-11-26	$21.45	$21.00	6.6%	1.9%	8.8%	9.2%	7.3%	1.9%	6.7%	37.4K	8.4K	-2.9K	1.00	92.19	N/A	N/A	8	8	745	575
2025-11-28	$21.48	$21.00	8.2%	2.3%	8.7%	13.7%	0.0%	2.1%	3.9%	45.3K	-4.3K	-3.0K	0.00	95.19	N/A	N/A	9	0	740	574