SMCI Options History — April 2025

In April 2025, SMCI traded between $29.45 and $37.37. ATM implied volatility averaged 102.5%, placing in the 27.2% IV rank vs the trailing year. The 30-day expected move averaged 30.2%. IV traded above realized volatility by 3.4% (HV 20d: 99.2%). Max pain ranged from $35.00 to $39.00. Net GEX was positive for 19 of 21 trading days. Term structure was in contango for 4 of 21 days. Put/call ratio averaged 0.49.

Notable Days

2025-04-30: Highest Volume — 693,464 contracts
2025-04-09: Largest IV drop — 21.8% change
2025-04-08: Highest IV Rank — 45.1%
2025-04-08: Largest Expected Move — 36.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$33.27	$29.45	$37.37	$34.90	$31.34
Max Pain	$36.81	$35.00	$39.00	$39.00	$35.00
ATM IV	102.5%	90.2%	130.3%	91.1%	96.2%
Expected Move	30.2%	27.1%	36.3%	27.4%	31.0%
HV 20d	99.2%	85.7%	115.4%	85.7%	115.4%
HV 60d	118.1%	112.8%	122.7%	114.3%	122.7%
IV Rank	27.2%	19.3%	45.1%	19.9%	23.1%
IV Percentile	65.3%	49.2%	87.3%	50.4%	60.3%
Term Structure	-2.3%	-6.6%	3.8%	2.7%	-0.9%
VWIV	105.3%	95.0%	123.4%	96.5%	107.4%
Skew 25d	10.7%	3.8%	20.0%	4.1%	4.1%
Skew 10d	19.9%	7.4%	36.5%	7.4%	12.4%
Call IV 25d	97.7%	89.6%	122.4%	91.0%	95.2%
Put IV 25d	108.4%	93.4%	136.3%	95.2%	99.3%
Bid-Ask Spread %	6.19	3.54	8.62	3.62	5.52
Gamma HHI	0.06	0.03	0.26	0.04	0.04
Net GEX	9.5M	-13.6M	29.4M	9.1M	2.9M
Net DEX	-92.2M	-861.8M	489.6M	-88.6M	114.1M
Net VEX	-12.4M	-13.9M	-10.6M	-13.4M	-11.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.49	0.23	0.78	0.62	0.48
Total Volume	284,514.476	127,251	693,464	190,979	693,464
Total OI	2,562,821.429	2,248,021	2,770,396	2,615,435	2,451,308

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
2025-04-01	$34.90	$39.00	91.1%	27.4%	85.7%	19.9%	96.5%	4.1%	2.7%	9.1M	-88.6M	-13.4M	0.62	3.62	117,757	73,222	1,469,133	1,146,302
2025-04-02	$35.17	$39.00	90.2%	27.1%	85.8%	19.3%	95.0%	3.8%	3.2%	10.3M	-121.9M	-13.5M	0.66	4.14	100,927	66,914	1,489,574	1,175,321
2025-04-03	$32.14	$39.00	102.5%	30.0%	89.5%	27.2%	104.8%	7.3%	3.8%	-4.9M	339.7M	-12.3M	0.47	3.54	224,239	106,075	1,505,696	1,191,493
2025-04-04	$30.19	$39.00	121.6%	34.5%	90.3%	39.6%	122.2%	16.1%	0.6%	-13.6M	489.6M	-11.8M	0.73	6.85	269,863	197,877	1,541,365	1,202,773
2025-04-07	$32.83	$39.00	126.7%	34.9%	95.8%	42.8%	121.8%	18.8%	-3.9%	7.0M	-36.4M	-13.0M	0.74	5.83	178,020	131,321	1,441,188	1,126,060
2025-04-08	$31.23	$39.00	130.3%	36.3%	87.5%	45.1%	123.4%	14.0%	-4.2%	4.8M	170.4M	-12.3M	0.44	7.35	235,327	103,681	1,475,839	1,155,141
2025-04-09	$36.57	$39.00	101.9%	28.7%	105.2%	26.8%	104.8%	8.5%	-1.8%	20.8M	-553.7M	-13.9M	0.59	7.02	216,537	128,634	1,508,766	1,164,702
2025-04-10	$33.11	$39.00	111.9%	31.3%	107.5%	33.3%	107.7%	20.0%	-4.3%	7.4M	91.8M	-12.6M	0.78	8.46	119,197	92,957	1,550,550	1,188,672
2025-04-11	$33.02	$38.00	108.7%	30.6%	104.5%	31.2%	109.9%	18.4%	-3.9%	1.1M	109.8M	-12.5M	0.23	8.25	291,723	67,858	1,568,986	1,201,410
2025-04-14	$33.37	$38.00	101.5%	29.0%	104.7%	26.6%	98.3%	15.3%	-3.9%	8.7M	73.3M	-12.4M	0.28	6.97	192,963	54,043	1,478,226	1,132,756
2025-04-15	$33.42	$35.00	97.7%	28.0%	100.2%	24.1%	95.2%	14.1%	-6.6%	11.3M	9.6M	-12.3M	0.35	6.96	95,009	32,961	1,532,927	1,133,229
2025-04-16	$31.46	$35.00	105.1%	30.1%	99.4%	28.9%	100.9%	14.4%	-4.2%	2.9M	249.0M	-11.6M	0.60	7.59	153,178	91,394	1,557,990	1,137,537
2025-04-17	$31.46	$35.00	97.1%	28.0%	99.4%	23.7%	96.7%	13.1%	-1.7%	2.3M	207.4M	-11.5M	0.43	6.10	190,228	81,405	1,588,593	1,135,734
2025-04-21	$29.45	$35.00	104.5%	31.0%	96.7%	28.5%	105.1%	12.7%	-3.0%	3.4M	246.5M	-10.6M	0.42	8.62	121,011	50,900	1,302,677	945,344
2025-04-22	$30.67	$35.00	97.5%	29.5%	98.8%	24.0%	101.4%	14.7%	-2.9%	7.3M	109.1M	-11.0M	0.34	7.51	95,306	31,945	1,349,880	957,507
2025-04-23	$32.76	$35.00	94.7%	28.7%	102.5%	22.1%	100.7%	6.3%	-3.5%	17.0M	-211.0M	-11.8M	0.45	6.39	185,482	84,038	1,374,617	966,063
2025-04-24	$35.81	$35.00	93.5%	28.6%	104.5%	21.4%	101.4%	5.4%	-3.2%	29.4M	-803.2M	-13.0M	0.41	6.28	297,195	122,589	1,423,874	987,937
2025-04-25	$36.19	$35.00	92.9%	28.7%	103.0%	21.0%	100.9%	6.0%	-4.1%	27.7M	-830.2M	-13.2M	0.36	4.44	244,182	87,902	1,474,745	1,029,505
2025-04-28	$37.37	$35.00	94.6%	30.5%	102.7%	22.1%	109.0%	4.2%	-2.8%	23.3M	-861.8M	-13.5M	0.37	4.70	145,182	54,323	1,374,400	969,807
2025-04-29	$36.13	$35.00	93.2%	30.2%	103.6%	21.2%	107.3%	4.2%	-2.8%	21.0M	-639.3M	-13.0M	0.43	3.89	103,444	44,531	1,425,850	985,773
2025-04-30	$31.34	$35.00	96.2%	31.0%	115.4%	23.1%	107.4%	4.1%	-0.9%	2.9M	114.1M	-11.2M	0.48	5.52	469,414	224,050	1,450,053	1,001,255