SMCI Options History — May 2025

In May 2025, SMCI traded between $31.90 and $45.77. ATM implied volatility averaged 79.9%, placing in the 12.6% IV rank vs the trailing year. The 30-day expected move averaged 22.9%. IV traded below realized volatility by 20.6% (HV 20d: 100.5%). Max pain ranged from $31.00 to $40.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 3 of 21 days. Put/call ratio averaged 0.40.

Notable Days

2025-05-14: Highest Volume — 1,401,495 contracts
2025-05-14: Largest IV spike — 31.0% change
2025-05-14: Highest IV Rank — 25.4%
2025-05-01: Largest Expected Move — 28.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$38.67	$31.90	$45.77	$32.88	$40.09
Max Pain	$35.81	$31.00	$40.00	$31.00	$36.00
ATM IV	79.9%	66.9%	99.7%	88.0%	70.2%
Expected Move	22.9%	19.0%	28.0%	28.0%	19.8%
HV 20d	100.5%	81.8%	116.9%	116.9%	84.2%
HV 60d	111.1%	95.6%	122.2%	122.2%	95.8%
IV Rank	12.6%	4.3%	25.4%	17.8%	6.4%
IV Percentile	31.1%	10.3%	63.9%	44.4%	12.7%
Term Structure	-1.0%	-4.4%	0.4%	-1.8%	-0.1%
VWIV	83.1%	68.3%	101.6%	99.0%	72.3%
Skew 25d	-1.9%	-15.6%	5.5%	5.0%	-2.0%
Skew 10d	-3.5%	-23.0%	11.7%	11.7%	-4.7%
Call IV 25d	83.2%	64.2%	112.4%	86.5%	73.3%
Put IV 25d	81.3%	68.5%	96.8%	91.5%	71.3%
Bid-Ask Spread %	4.52	3.00	8.99	3.96	3.26
Gamma HHI	0.06	0.04	0.19	0.04	0.06
Net GEX	26.0M	13.2M	56.4M	13.5M	16.8M
Net DEX	-1.32B	-3.56B	-150.7M	-238.1M	-1.04B
Net VEX	-13.8M	-16.4M	-11.1M	-11.8M	-14.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.40	0.26	0.67	0.33	0.31
Total Volume	437,101.857	156,158	1,401,495	387,167	361,954
Total OI	2,689,247.905	2,471,790	3,091,912	2,610,927	2,723,401

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
2025-05-01	$32.88	$31.00	88.0%	28.0%	116.9%	17.8%	99.0%	5.0%	-1.8%	13.5M	-238.1M	-11.8M	0.33	3.96	291,567	95,600	1,557,433	1,053,494
2025-05-02	$33.61	$31.00	85.0%	27.7%	112.5%	15.9%	99.7%	4.0%	-1.9%	18.9M	-432.1M	-12.1M	0.67	4.17	161,259	108,709	1,593,406	1,064,907
2025-05-05	$32.27	$40.00	86.1%	23.6%	111.1%	16.6%	83.9%	5.5%	-1.3%	14.4M	-200.5M	-11.5M	0.64	5.05	95,437	60,721	1,465,303	1,006,487
2025-05-06	$33.21	$40.00	91.1%	24.8%	107.5%	19.9%	89.2%	5.0%	-1.3%	18.1M	-424.6M	-12.0M	0.59	5.13	187,627	110,110	1,500,668	1,035,190
2025-05-07	$32.92	$40.00	74.8%	22.1%	105.9%	9.3%	78.1%	5.5%	0.4%	21.5M	-287.2M	-11.6M	0.35	7.82	338,545	119,679	1,574,230	1,088,817
2025-05-08	$32.12	$35.00	75.3%	21.3%	88.9%	9.7%	76.6%	2.1%	-0.0%	17.8M	-165.6M	-11.3M	0.31	3.58	288,082	88,994	1,628,093	1,090,619
2025-05-09	$31.90	$34.00	72.1%	20.7%	81.8%	7.6%	73.0%	1.7%	0.2%	15.0M	-150.7M	-11.1M	0.40	3.00	177,292	71,650	1,707,136	1,099,020
2025-05-12	$33.56	$34.00	66.9%	19.0%	83.9%	4.3%	68.3%	4.3%	-0.4%	27.8M	-485.5M	-11.4M	0.38	3.48	187,123	71,577	1,531,393	1,003,647
2025-05-13	$38.59	$34.00	76.1%	21.4%	97.4%	10.2%	76.6%	-0.9%	-1.7%	38.1M	-1.79B	-13.5M	0.26	5.12	742,986	194,312	1,576,489	1,013,750
2025-05-14	$44.72	$36.00	99.7%	27.3%	109.3%	25.4%	101.6%	-15.6%	-4.4%	41.2M	-3.49B	-16.0M	0.33	8.99	1,054,320	347,175	1,678,968	1,079,220
2025-05-15	$44.08	$36.00	85.2%	23.9%	106.2%	16.0%	88.0%	-11.0%	-2.2%	47.5M	-3.03B	-16.0M	0.42	5.51	448,342	189,363	1,798,325	1,181,495
2025-05-16	$45.77	$36.00	86.6%	24.2%	106.3%	17.0%	91.1%	-11.7%	-3.4%	56.4M	-3.56B	-16.4M	0.30	5.48	763,365	225,579	1,880,021	1,211,891
2025-05-19	$44.96	$36.00	82.6%	23.5%	102.5%	14.4%	83.5%	-8.7%	-0.8%	33.1M	-2.31B	-16.3M	0.35	3.91	263,256	92,520	1,540,436	1,030,800
2025-05-20	$42.95	$36.00	76.6%	21.9%	104.9%	10.5%	80.6%	-4.6%	-0.8%	26.6M	-1.77B	-15.5M	0.41	3.58	204,326	82,978	1,596,139	1,060,397
2025-05-21	$41.81	$36.00	78.4%	22.5%	104.3%	11.6%	81.3%	-3.0%	-0.5%	20.8M	-1.50B	-15.2M	0.36	4.01	248,328	90,290	1,610,290	1,080,297
2025-05-22	$41.27	$36.00	75.6%	21.7%	100.6%	9.9%	80.1%	-2.7%	0.3%	17.0M	-1.37B	-15.0M	0.26	3.99	223,518	57,096	1,650,978	1,100,388
2025-05-23	$40.34	$36.00	74.8%	21.5%	101.1%	9.3%	78.0%	-2.8%	-0.1%	13.2M	-1.18B	-14.7M	0.49	3.93	211,927	104,093	1,708,033	1,111,430
2025-05-27	$41.63	$36.00	79.3%	22.9%	101.1%	12.3%	83.0%	-3.7%	-0.8%	29.2M	-1.45B	-14.8M	0.53	3.57	200,046	106,149	1,519,832	1,005,845
2025-05-28	$42.19	$37.00	80.6%	23.1%	100.0%	13.1%	85.3%	-4.3%	-0.8%	32.5M	-1.58B	-15.1M	0.36	4.10	162,328	58,382	1,576,900	1,051,082
2025-05-29	$41.23	$36.00	73.2%	20.9%	84.0%	8.3%	75.8%	-3.0%	-0.3%	26.3M	-1.30B	-14.5M	0.34	3.30	217,574	74,960	1,614,995	1,072,961
2025-05-30	$40.09	$36.00	70.2%	19.8%	84.2%	6.4%	72.3%	-2.0%	-0.1%	16.8M	-1.04B	-14.0M	0.31	3.26	275,608	86,346	1,638,609	1,084,792