S Options History — January 2025

In January 2025, S traded between $21.74 and $24.20. ATM implied volatility averaged 40.0%, placing in the 4.8% IV rank vs the trailing year. The 30-day expected move averaged 11.5%. IV traded above realized volatility by 6.5% (HV 20d: 33.5%). Max pain ranged from $20.00 to $23.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 12 of 20 days. Put/call ratio averaged 0.48.

Notable Days

  • 2025-01-24: Highest Volume — 29,975 contracts
  • 2025-01-27: Largest IV spike — 7.9% change
  • 2025-01-28: Highest IV Rank — 9.6%
  • 2025-01-10: Largest Expected Move — 12.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$22.83$21.74$24.20$22.42$23.96
Max Pain$22.20$20.00$23.00$20.00$23.00
ATM IV40.0%36.3%43.3%40.5%41.5%
Expected Move11.5%10.4%12.2%11.8%11.9%
HV 20d33.5%19.2%67.1%67.1%25.5%
HV 60d47.4%46.7%49.3%49.3%47.6%
IV Rank4.8%0.0%9.6%4.5%9.2%
IV Percentile17.6%0.0%33.7%20.2%31.0%
Term Structure0.4%-1.1%2.2%-0.8%2.2%
VWIV39.8%32.3%42.9%39.9%40.8%
Skew 25d1.2%-1.0%4.3%1.3%4.3%
Skew 10d2.1%-1.7%6.4%1.2%3.9%
Call IV 25d39.4%35.8%42.7%40.0%39.5%
Put IV 25d40.6%36.8%43.8%41.3%43.8%
Bid-Ask Spread %39.8029.9049.3838.6941.10
Gamma HHI0.170.090.470.110.47
Net GEX2.6M713.0K8.1M2.2M8.1M
Net DEX-58.9M-88.4M-34.2M-55.0M-80.0M
Net VEX-668.3K-741.1K-606.4K-640.6K-738.4K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.480.052.840.250.24
Total Volume8,605.62,91329,9753,3936,622
Total OI205,972.55149,471252,603236,952175,354

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-01-02$22.42$20.0040.5%11.8%67.1%4.5%39.9%1.3%-0.8%2.2M-55.0M-640.6K0.2538.69N/AN/A2,720673171,07965,873
2025-01-03$22.66$20.0039.3%11.1%65.4%2.1%32.3%2.4%1.1%3.1M-61.1M-644.0K1.0142.41N/AN/A3,5813,601172,58466,117
2025-01-06$22.66$22.0040.1%11.7%43.0%3.6%40.9%0.5%-0.2%1.8M-59.9M-650.6K0.2130.60N/AN/A6,5931,400168,88166,896
2025-01-07$22.39$22.0040.3%12.2%40.0%4.1%42.2%-0.4%0.7%1.9M-54.8M-642.5K0.1040.92N/AN/A6,856714172,27867,440
2025-01-08$22.55$22.0040.6%11.8%37.4%4.7%41.3%2.8%0.8%2.0M-52.7M-632.8K0.9929.90N/AN/A1,5531,542170,53167,615
2025-01-10$22.42$22.0042.0%12.2%34.0%7.1%42.7%2.8%-1.1%1.3M-50.9M-619.5K2.8434.45N/AN/A2,2406,360170,82167,684
2025-01-13$22.02$22.0043.3%12.2%34.1%9.5%42.9%1.1%-1.1%927.1K-37.6M-619.5K0.0542.78N/AN/A11,227592167,53871,215
2025-01-14$21.80$22.0042.0%12.1%34.0%7.3%42.4%0.8%0.6%713.0K-34.2M-606.4K0.1738.63N/AN/A6,5671,125169,22270,626
2025-01-15$21.74$22.0040.0%11.3%33.8%3.5%39.5%-0.2%-0.2%757.6K-42.1M-635.1K0.6241.37N/AN/A4,7352,913176,80970,084
2025-01-16$22.37$23.0039.2%11.4%35.7%2.0%39.5%1.7%0.1%1.9M-57.3M-654.3K1.0646.62N/AN/A4,4834,744178,49070,233
2025-01-17$22.45$22.0038.3%11.0%35.8%0.2%38.4%1.4%0.7%2.9M-57.7M-655.0K0.2549.38N/AN/A4,9311,243181,01871,585
2025-01-21$22.59$22.0037.1%10.6%19.2%0.0%36.0%2.1%1.0%1.4M-44.3M-658.1K0.0831.91N/AN/A9,59280299,35750,114
2025-01-22$23.27$22.0036.3%10.4%21.5%0.0%36.5%0.9%0.7%2.6M-62.0M-681.7K0.1937.10N/AN/A5,9171,108102,95750,244
2025-01-23$23.02$23.0037.3%10.6%22.0%1.7%37.4%0.7%0.9%3.5M-57.6M-684.4K0.4141.74N/AN/A2,5721,060106,15651,032
2025-01-24$23.18$23.0037.6%10.8%22.0%2.3%37.4%-0.2%0.9%4.6M-63.7M-687.7K0.0746.82N/AN/A28,0641,911107,53851,945
2025-01-27$23.17$23.0040.6%11.7%21.8%7.6%40.8%1.6%1.8%1.9M-58.2M-704.7K0.0935.02N/AN/A8,805774108,61352,004
2025-01-28$24.20$23.0041.7%12.1%26.1%9.6%41.8%1.2%-0.5%3.2M-88.4M-737.4K0.0840.68N/AN/A13,6511,135112,80952,217
2025-01-29$23.73$23.0041.3%12.0%26.0%8.8%41.3%1.0%-0.2%3.6M-77.9M-732.9K0.6342.47N/AN/A4,1692,624117,21352,702
2025-01-30$23.99$23.0041.1%11.9%26.0%8.5%41.8%-1.0%-0.3%4.0M-83.2M-741.1K0.3243.38N/AN/A2,204709119,68554,892
2025-01-31$23.96$23.0041.5%11.9%25.5%9.2%40.8%4.3%2.2%8.1M-80.0M-738.4K0.2441.10N/AN/A5,3481,274120,12055,234