SMCI Options History — January 2025

In January 2025, SMCI traded between $27.96 and $36.13. ATM implied volatility averaged 117.4%, placing in the 36.9% IV rank vs the trailing year. The 30-day expected move averaged 32.7%. IV traded above realized volatility by 40.4% (HV 20d: 77.0%). Max pain ranged from $33.50 to $40.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 9 of 20 days. Put/call ratio averaged 0.56.

Notable Days

2025-01-06: Highest Volume — 554,766 contracts
2025-01-27: Largest IV spike — 14.9% change
2025-01-29: Highest IV Rank — 58.2%
2025-01-29: Largest Expected Move — 41.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$31.45	$27.96	$36.13	$30.26	$28.56
Max Pain	$36.02	$33.50	$40.00	$40.00	$33.50
ATM IV	117.4%	93.8%	150.5%	93.8%	142.2%
Expected Move	32.7%	23.8%	41.4%	23.8%	39.3%
HV 20d	77.0%	65.4%	85.4%	65.4%	82.7%
HV 60d	152.2%	130.8%	158.4%	153.1%	130.8%
IV Rank	36.9%	21.6%	58.2%	21.6%	52.8%
IV Percentile	87.8%	69.0%	97.2%	69.0%	94.0%
Term Structure	0.5%	-6.6%	10.4%	10.4%	-6.2%
VWIV	117.4%	87.1%	148.1%	87.5%	139.0%
Skew 25d	-0.6%	-3.7%	3.2%	-1.6%	3.2%
Skew 10d	2.4%	-2.5%	10.7%	0.1%	9.1%
Call IV 25d	120.8%	95.8%	153.3%	95.8%	145.6%
Put IV 25d	120.2%	94.1%	155.5%	94.1%	148.8%
Bid-Ask Spread %	4.67	2.93	7.31	2.93	3.65
Gamma HHI	0.05	0.02	0.28	0.02	0.04
Net GEX	9.4M	2.9M	30.7M	3.2M	4.6M
Net DEX	-103.1M	-721.8M	447.1M	447.1M	26.8M
Net VEX	-13.4M	-15.7M	-12.2M	-13.0M	-12.3M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.56	0.35	0.93	0.51	0.47
Total Volume	297,674.3	155,597	554,766	266,107	526,570
Total OI	3,227,732.85	2,545,901	3,750,387	3,716,423	2,867,575

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 Vol	Put Vol	Call OI	Put OI
2025-01-02	$30.26	$40.00	93.8%	23.8%	65.4%	21.6%	87.5%	-1.6%	10.4%	3.2M	447.1M	-13.0M	0.51	2.93	176,747	89,360	1,963,083	1,753,340
2025-01-03	$33.16	$40.00	95.1%	24.2%	74.4%	22.5%	87.1%	-1.1%	5.7%	18.8M	-183.6M	-14.3M	0.51	3.65	226,727	116,396	1,989,663	1,760,724
2025-01-06	$36.13	$36.00	105.2%	30.0%	81.9%	28.9%	107.3%	-3.1%	1.3%	13.0M	-721.8M	-15.7M	0.42	6.91	390,874	163,892	1,897,210	1,654,139
2025-01-07	$34.31	$36.00	101.5%	29.2%	81.2%	26.6%	103.0%	-3.0%	0.3%	7.0M	-189.6M	-14.7M	0.51	7.31	142,282	72,976	1,948,624	1,702,957
2025-01-08	$32.53	$36.00	103.7%	29.2%	81.8%	28.0%	105.2%	-0.4%	0.3%	3.5M	132.6M	-13.9M	0.45	6.12	201,266	90,406	1,976,617	1,707,949
2025-01-10	$32.71	$36.00	108.1%	30.3%	77.8%	30.8%	109.9%	-3.1%	-0.7%	9.8M	55.4M	-13.9M	0.53	7.01	198,925	105,206	2,027,955	1,713,884
2025-01-13	$30.87	$36.00	110.2%	31.1%	77.2%	32.2%	109.7%	2.3%	-1.8%	3.0M	260.6M	-12.8M	0.93	5.33	135,822	125,656	1,910,583	1,640,563
2025-01-14	$30.55	$36.00	111.5%	31.3%	77.2%	33.0%	110.9%	0.5%	-2.8%	3.0M	276.0M	-12.6M	0.54	4.99	104,783	56,794	1,952,410	1,650,447
2025-01-15	$31.06	$36.00	109.7%	31.0%	77.1%	31.8%	110.2%	-1.5%	-1.6%	5.8M	132.6M	-13.0M	0.38	4.60	209,838	80,013	1,980,416	1,644,000
2025-01-16	$31.54	$36.00	108.5%	30.6%	70.2%	31.1%	109.0%	0.8%	-1.9%	11.1M	-78.1M	-13.3M	0.76	3.99	132,493	100,566	2,016,204	1,636,578
2025-01-17	$30.89	$36.00	106.5%	30.1%	70.2%	29.8%	121.4%	-1.3%	-2.2%	7.4M	-3.8M	-13.0M	0.80	3.22	146,667	117,249	2,028,454	1,641,099
2025-01-21	$32.50	$36.00	111.2%	31.8%	71.1%	32.8%	114.5%	-1.2%	6.6%	11.1M	-349.5M	-13.6M	0.40	3.56	204,589	82,813	1,415,440	1,130,461
2025-01-22	$33.78	$36.00	115.3%	33.1%	71.8%	35.5%	118.9%	-2.9%	8.7%	19.6M	-695.0M	-14.5M	0.52	4.66	207,522	108,261	1,475,045	1,144,159
2025-01-23	$33.41	$36.00	118.5%	33.5%	71.6%	37.6%	119.2%	-3.7%	9.3%	19.7M	-639.8M	-14.4M	0.68	4.62	106,901	72,499	1,507,081	1,163,037
2025-01-24	$33.27	$36.00	124.4%	34.9%	71.6%	41.4%	125.2%	-3.0%	7.5%	30.7M	-621.7M	-14.4M	0.43	5.32	276,382	119,863	1,536,570	1,193,920
2025-01-27	$28.76	$36.00	143.0%	39.3%	85.4%	53.3%	140.8%	1.1%	-6.6%	3.5M	10.8M	-12.2M	0.61	4.11	196,856	121,013	1,459,215	1,148,159
2025-01-28	$28.30	$35.00	145.7%	40.6%	85.4%	55.1%	143.8%	0.4%	-5.7%	2.9M	40.9M	-12.2M	0.35	4.24	278,426	97,751	1,515,874	1,185,580
2025-01-29	$27.96	$34.00	150.5%	41.4%	83.5%	58.2%	148.1%	2.2%	-6.0%	4.6M	22.6M	-12.2M	0.78	3.49	120,046	93,459	1,572,028	1,208,545
2025-01-30	$28.37	$34.00	144.3%	39.0%	82.7%	54.2%	138.2%	3.1%	-4.9%	5.6M	16.4M	-12.3M	0.65	3.68	94,199	61,398	1,597,242	1,237,827
2025-01-31	$28.56	$33.50	142.2%	39.3%	82.7%	52.8%	139.0%	3.2%	-6.2%	4.6M	26.8M	-12.3M	0.47	3.65	358,605	167,965	1,610,598	1,256,977