SMCI Options History — March 2025

In March 2025, SMCI traded between $34.15 and $42.56. ATM implied volatility averaged 95.4%, placing in the 22.6% IV rank vs the trailing year. The 30-day expected move averaged 29.6%. IV traded below realized volatility by 41.2% (HV 20d: 136.6%). Max pain ranged from $39.00 to $45.00. Net GEX was positive for 17 of 21 trading days. Term structure was in contango for 6 of 21 days. Put/call ratio averaged 0.58.

Notable Days

2025-03-03: Highest Volume — 526,178 contracts
2025-03-14: Largest IV drop — 9.7% change
2025-03-03: Highest IV Rank — 32.0%
2025-03-10: Largest Expected Move — 35.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$38.84	$34.15	$42.56	$35.74	$34.34
Max Pain	$41.24	$39.00	$45.00	$45.00	$39.00
ATM IV	95.4%	83.0%	109.9%	109.9%	91.7%
Expected Move	29.6%	26.5%	35.4%	33.6%	27.5%
HV 20d	136.6%	93.6%	158.1%	156.8%	93.6%
HV 60d	112.3%	108.7%	114.6%	108.7%	114.3%
IV Rank	22.6%	14.7%	32.0%	32.0%	20.2%
IV Percentile	57.3%	37.7%	77.0%	77.0%	51.6%
Term Structure	0.2%	-3.2%	6.7%	-3.0%	2.3%
VWIV	105.2%	93.5%	124.9%	121.1%	96.2%
Skew 25d	3.6%	0.8%	5.7%	1.9%	3.8%
Skew 10d	7.0%	1.2%	11.0%	4.0%	6.9%
Call IV 25d	94.6%	82.3%	109.8%	109.4%	92.4%
Put IV 25d	98.2%	85.2%	112.3%	111.4%	96.2%
Bid-Ask Spread %	3.33	1.72	4.88	3.50	3.67
Gamma HHI	0.04	0.02	0.10	0.03	0.03
Net GEX	8.5M	-3.8M	31.3M	-3.0M	5.8M
Net DEX	-513.8M	-1.38B	212.7M	198.4M	2.2M
Net VEX	-15.6M	-17.4M	-13.1M	-15.2M	-13.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.58	0.34	0.75	0.75	0.59
Total Volume	376,816.714	211,665	526,178	526,178	251,434
Total OI	3,040,383.381	2,441,816	3,451,634	3,136,184	2,547,710

Daily Data (21 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
2025-03-03	$35.74	$45.00	109.9%	33.6%	156.8%	32.0%	121.1%	1.9%	-3.0%	-3.0M	198.4M	-15.2M	0.75	3.50	301,372	224,806	1,646,696	1,489,488
2025-03-04	$39.55	$45.00	106.2%	32.9%	158.1%	29.6%	120.0%	1.3%	-2.6%	5.9M	-522.3M	-17.0M	0.72	4.88	297,630	215,104	1,720,183	1,513,778
2025-03-05	$39.05	$44.00	105.3%	32.5%	157.2%	29.0%	118.2%	0.8%	-2.6%	4.3M	-423.4M	-16.7M	0.57	3.58	195,991	112,228	1,766,466	1,558,965
2025-03-06	$37.02	$44.00	108.9%	33.8%	157.1%	31.4%	121.0%	2.4%	-2.2%	-2.7M	-24.8M	-16.0M	0.51	3.23	309,268	157,558	1,807,005	1,582,083
2025-03-07	$38.24	$44.00	101.3%	30.8%	156.1%	26.4%	111.4%	3.5%	-1.4%	5.4M	-270.8M	-16.2M	0.51	2.84	272,440	138,692	1,865,892	1,585,742
2025-03-10	$36.83	$44.00	109.5%	35.4%	155.2%	31.7%	124.9%	3.9%	-1.4%	4.3M	-182.1M	-15.4M	0.63	2.97	205,807	129,906	1,621,831	1,425,813
2025-03-11	$40.91	$43.00	105.7%	33.4%	148.0%	29.3%	118.7%	4.8%	-3.2%	16.8M	-963.4M	-17.1M	0.55	3.15	246,905	134,679	1,669,543	1,459,377
2025-03-12	$42.56	$43.00	101.0%	31.9%	145.6%	26.2%	113.9%	4.6%	-2.0%	23.4M	-1.31B	-17.4M	0.66	3.06	243,536	160,387	1,702,954	1,498,902
2025-03-13	$39.40	$43.00	102.8%	31.2%	148.2%	27.4%	111.0%	4.6%	-1.7%	10.4M	-531.0M	-16.2M	0.61	2.47	180,060	109,037	1,735,949	1,525,458
2025-03-14	$41.78	$42.00	92.9%	26.8%	148.6%	21.0%	96.2%	5.7%	-0.1%	15.5M	-1.16B	-16.7M	0.48	1.72	339,588	161,751	1,765,478	1,516,490
2025-03-17	$41.93	$39.00	91.8%	27.8%	141.0%	20.3%	98.6%	4.5%	-0.9%	15.3M	-1.03B	-16.5M	0.49	2.94	141,989	69,676	1,625,116	1,427,753
2025-03-18	$38.21	$39.00	94.3%	28.7%	129.3%	21.9%	100.4%	5.5%	-2.1%	1.7M	-302.9M	-15.1M	0.60	3.76	159,778	96,106	1,652,537	1,449,205
2025-03-19	$40.26	$39.00	86.9%	27.1%	130.1%	17.1%	95.3%	3.9%	-1.5%	9.4M	-745.9M	-15.6M	0.36	4.12	231,879	83,538	1,682,215	1,457,232
2025-03-20	$39.22	$39.00	84.5%	26.8%	128.9%	15.6%	94.5%	3.4%	-2.1%	3.7M	-531.0M	-15.1M	0.69	3.85	191,010	132,029	1,739,809	1,465,085
2025-03-21	$41.95	$39.00	83.4%	26.6%	131.6%	14.9%	93.5%	3.4%	-0.3%	31.3M	-1.38B	-16.1M	0.66	2.97	299,176	196,685	1,761,908	1,451,849
2025-03-24	$41.81	$39.00	83.1%	26.5%	129.9%	14.7%	95.4%	3.0%	5.2%	21.0M	-1.05B	-15.7M	0.66	3.22	245,490	161,804	1,352,227	1,089,589
2025-03-25	$40.35	$39.00	83.0%	26.6%	123.2%	14.7%	93.8%	2.7%	6.0%	15.7M	-764.8M	-15.1M	0.54	3.35	189,154	101,317	1,409,353	1,147,190
2025-03-26	$37.13	$39.00	86.9%	27.4%	120.0%	17.1%	96.3%	3.2%	6.6%	2.3M	-164.2M	-14.0M	0.71	3.41	217,859	154,803	1,453,340	1,164,952
2025-03-27	$35.29	$39.00	85.9%	27.0%	105.0%	16.5%	93.8%	4.1%	6.7%	-3.6M	157.5M	-13.3M	0.34	3.40	277,220	95,087	1,504,975	1,202,354
2025-03-28	$34.15	$39.00	88.6%	27.3%	104.8%	18.2%	95.2%	4.8%	4.9%	-3.8M	212.7M	-13.1M	0.65	3.97	290,880	189,492	1,602,869	1,202,690
2025-03-31	$34.34	$39.00	91.7%	27.5%	93.6%	20.2%	96.2%	3.8%	2.3%	5.8M	2.2M	-13.2M	0.59	3.67	158,229	93,205	1,427,054	1,120,656