S Options History — March 2025

In March 2025, S traded between $18.10 and $20.13. ATM implied volatility averaged 55.8%, placing in the 36.0% IV rank vs the trailing year. The 30-day expected move averaged 19.0%. IV traded above realized volatility by 10.7% (HV 20d: 45.1%). Max pain ranged from $20.00 to $23.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 5 of 21 days. Put/call ratio averaged 0.44.

Notable Days

  • 2025-03-12: Highest Volume — 36,534 contracts
  • 2025-03-13: Largest IV drop — 35.7% change
  • 2025-03-10: Highest IV Rank — 84.8%
  • 2025-03-12: Largest Expected Move — 36.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$19.33$18.10$20.13$20.02$18.10
Max Pain$21.75$20.00$23.00$23.00$21.00
ATM IV55.8%39.4%83.1%70.2%44.4%
Expected Move19.0%6.7%36.5%23.7%12.6%
HV 20d45.1%36.6%50.8%36.6%48.4%
HV 60d38.8%35.1%46.8%46.8%38.3%
IV Rank36.0%6.6%84.8%60.8%17.3%
IV Percentile59.0%13.9%98.0%88.5%45.2%
Term Structure-1.9%-6.6%2.0%-3.2%-0.2%
VWIV65.0%38.5%120.4%81.0%43.2%
Skew 25d4.7%3.0%8.1%3.4%5.3%
Skew 10d9.2%4.5%17.9%6.2%10.0%
Call IV 25d53.1%37.0%77.0%67.1%41.6%
Put IV 25d57.8%40.9%83.2%70.5%46.9%
Bid-Ask Spread %36.8514.9385.8331.7839.48
Gamma HHI0.100.060.250.080.09
Net GEX943.4K160.2K1.7M267.6K861.9K
Net DEX-16.7M-51.0M14.9M-7.6M-22.2M
Net VEX-576.4K-687.2K-478.7K-567.1K-597.9K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.440.071.860.070.25
Total Volume12,223.6672,09836,5349,03513,136
Total OI185,793.905158,079225,455178,597163,983

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-03-03$20.02$23.0070.2%23.7%36.6%60.8%81.0%3.4%-3.2%267.6K-7.6M-567.1K0.0731.78N/AN/A8,410625122,26756,330
2025-03-04$19.90$23.0071.0%24.7%36.6%62.2%85.2%4.1%-3.2%297.0K-4.1M-548.5K0.6034.36N/AN/A4,3532,599122,02956,749
2025-03-05$20.13$23.0071.9%25.3%37.3%63.9%85.8%4.4%-4.5%408.8K-8.2M-567.2K0.2533.93N/AN/A5,1141,280124,06957,094
2025-03-06$20.05$23.0075.3%27.5%36.7%69.9%93.7%4.0%-5.1%351.0K-5.9M-550.0K1.8630.41N/AN/A2,6904,996123,26457,852
2025-03-07$19.72$23.0077.0%29.0%36.7%72.9%96.0%6.3%-6.6%302.9K-1.7M-545.0K0.3029.85N/AN/A4,0611,200124,35259,482
2025-03-10$18.20$23.0083.1%34.8%43.9%84.8%112.4%5.9%-5.1%160.2K14.9M-485.3K1.2444.99N/AN/A7,6959,571122,87258,282
2025-03-11$18.69$23.0082.3%35.0%44.3%83.4%119.0%8.1%-6.1%354.5K3.8M-521.0K0.8428.46N/AN/A17,69014,872128,44758,983
2025-03-12$19.44$23.0077.6%36.5%48.0%74.9%120.4%5.9%-3.6%889.9K-16.7M-548.3K0.2231.57N/AN/A29,9766,558140,98357,583
2025-03-13$18.56$22.0049.9%16.3%49.3%24.6%57.4%4.2%-2.4%1.2M6.4M-510.4K0.3530.17N/AN/A25,2948,888163,25562,200
2025-03-14$18.37$22.0046.8%13.6%47.0%19.0%48.7%6.3%2.0%1.4M7.3M-478.7K0.9914.93N/AN/A6,1206,064164,52158,445
2025-03-17$19.02$21.0045.2%14.8%50.0%16.1%49.9%5.5%-0.9%494.7K-7.4M-503.3K0.3334.63N/AN/A10,5253,441137,12750,108
2025-03-18$19.26$21.0047.0%14.7%50.8%22.9%49.4%3.6%-1.8%860.5K-18.3M-554.3K0.2135.01N/AN/A3,718774145,35050,689
2025-03-19$19.62$21.0043.5%14.2%47.6%15.2%48.0%4.6%1.2%1.4M-25.6M-571.9K0.3753.65N/AN/A6,3702,372147,69351,071
2025-03-20$19.45$0.0043.1%6.7%47.6%14.5%38.7%3.3%-1.2%1.7M-23.8M-583.8K0.1485.83N/AN/A16,6512,407151,09952,619
2025-03-21$19.29$21.0041.5%12.2%47.2%11.1%40.7%3.0%-1.4%1.7M-24.0M-629.1K0.2532.88N/AN/A5,7901,445164,74953,159
2025-03-24$20.13$20.0039.9%11.5%50.4%7.6%39.0%3.9%-0.2%1.4M-50.4M-683.9K0.1132.85N/AN/A5,582640114,76743,312
2025-03-25$20.10$20.0039.6%11.5%47.5%6.9%38.5%3.3%0.8%1.7M-51.0M-681.1K0.0840.12N/AN/A5,152431117,69743,394
2025-03-26$19.84$20.0039.4%11.5%47.5%6.6%39.3%5.8%-0.0%1.7M-47.7M-687.2K0.4335.88N/AN/A1,468630120,80343,520
2025-03-27$19.42$21.0039.9%11.7%46.3%7.6%39.3%4.2%0.7%1.5M-40.0M-661.8K0.1636.73N/AN/A1,853300121,59943,804
2025-03-28$18.72$21.0042.6%12.1%47.7%13.3%39.9%3.7%1.6%990.8K-28.0M-628.4K0.1536.39N/AN/A5,183773122,34943,721
2025-03-31$18.10$21.0044.4%12.6%48.4%17.3%43.2%5.3%-0.2%861.9K-22.2M-597.9K0.2539.48N/AN/A10,5482,588121,09242,891