SMCI Options History — November 2025

In November 2025, SMCI traded between $31.54 and $50.68. ATM implied volatility averaged 72.3%, placing in the 14.1% IV rank vs the trailing year. The 30-day expected move averaged 21.2%. IV traded above realized volatility by 0.6% (HV 20d: 71.7%). Max pain ranged from $40.00 to $49.00. Net GEX was positive for 13 of 19 trading days. Term structure was in contango for 7 of 19 days. Put/call ratio averaged 0.48.

Notable Days

2025-11-05: Highest Volume — 517,513 contracts
2025-11-05: Largest IV drop — 14.2% change
2025-11-21: Highest IV Rank — 21.8%
2025-11-03: Largest Expected Move — 26.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$37.32	$31.54	$50.68	$50.68	$33.28
Max Pain	$44.95	$40.00	$49.00	$45.00	$40.00
ATM IV	72.3%	63.1%	83.7%	83.7%	63.1%
Expected Move	21.2%	18.2%	26.8%	26.8%	18.2%
HV 20d	71.7%	66.6%	77.6%	66.6%	69.2%
HV 60d	61.1%	52.0%	64.6%	52.0%	64.1%
IV Rank	14.1%	9.9%	21.8%	19.6%	10.6%
IV Percentile	28.3%	12.3%	44.0%	44.0%	12.3%
Term Structure	-0.9%	-5.3%	2.1%	-5.3%	-0.0%
VWIV	75.8%	65.4%	95.6%	95.6%	65.4%
Skew 25d	3.6%	-0.4%	7.5%	0.8%	6.9%
Skew 10d	6.9%	1.0%	14.5%	1.4%	6.2%
Call IV 25d	72.1%	60.3%	85.2%	85.2%	60.3%
Put IV 25d	75.8%	67.1%	86.0%	86.0%	67.1%
Bid-Ask Spread %	8.46	6.80	10.44	7.04	8.00
Gamma HHI	0.06	0.04	0.14	0.06	0.10
Net GEX	6.0M	-9.4M	33.5M	33.5M	20.5M
Net DEX	121.5M	-1.81B	737.6M	-1.81B	191.5M
Net VEX	-12.8M	-17.1M	-10.8M	-17.1M	-11.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.48	0.19	0.82	0.46	0.41
Total Volume	249,149.789	78,548	517,513	179,305	78,548
Total OI	2,452,032.632	2,289,822	2,625,795	2,294,517	2,455,977

Daily Data (19 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
2025-11-03	$50.68	$45.00	83.7%	26.8%	66.6%	19.6%	95.6%	0.8%	-5.3%	33.5M	-1.81B	-17.1M	0.46	7.04	122,916	56,389	1,284,563	1,009,954
2025-11-04	$48.06	$46.00	81.5%	25.9%	68.5%	18.3%	92.2%	-0.4%	0.2%	24.7M	-1.23B	-16.1M	0.64	7.24	149,672	96,415	1,337,320	1,037,684
2025-11-05	$42.25	$45.00	69.9%	20.5%	77.3%	11.2%	74.6%	2.2%	-2.6%	-3.3M	-63.3M	-14.1M	0.34	9.99	385,403	132,110	1,385,544	1,068,835
2025-11-06	$40.34	$49.00	69.5%	19.9%	77.6%	11.0%	71.0%	-0.1%	-2.6%	-3.3M	152.3M	-13.4M	0.82	9.04	148,777	122,611	1,355,065	1,087,431
2025-11-07	$39.74	$49.00	72.0%	20.3%	71.8%	12.5%	72.8%	0.9%	1.8%	-9.4M	215.4M	-13.5M	0.61	9.94	170,279	103,802	1,415,565	1,108,008
2025-11-10	$40.50	$48.00	68.3%	19.8%	70.8%	10.2%	70.3%	2.0%	2.1%	14.8M	-111.6M	-13.5M	0.53	8.35	118,658	63,321	1,328,158	1,032,201
2025-11-11	$38.95	$47.00	67.7%	19.5%	71.0%	9.9%	68.4%	2.7%	-0.0%	7.1M	146.9M	-13.2M	0.19	8.38	253,157	47,983	1,379,948	1,065,896
2025-11-12	$37.92	$46.00	67.9%	19.3%	70.0%	10.0%	69.0%	1.6%	0.4%	1.7M	261.4M	-12.9M	0.56	9.81	125,483	70,573	1,389,538	1,081,382
2025-11-13	$35.36	$45.00	71.5%	20.3%	72.2%	12.2%	73.8%	4.3%	-0.8%	-6.0M	600.9M	-12.2M	0.42	7.86	233,440	97,451	1,426,756	1,104,666
2025-11-14	$36.41	$45.00	71.3%	20.5%	74.4%	12.1%	73.5%	2.2%	0.7%	3.5M	311.4M	-12.7M	0.77	7.67	171,256	132,422	1,463,476	1,116,192
2025-11-17	$33.95	$45.00	77.4%	22.1%	72.8%	15.8%	79.5%	3.2%	-4.4%	1.1M	539.6M	-11.8M	0.59	7.14	105,762	62,751	1,353,920	1,078,286
2025-11-18	$35.09	$45.00	78.2%	22.4%	75.4%	16.3%	79.4%	3.9%	0.3%	5.7M	343.3M	-12.5M	0.50	7.68	101,121	50,100	1,401,851	1,091,766
2025-11-19	$33.84	$45.00	78.0%	22.4%	75.2%	16.2%	79.0%	5.3%	-0.2%	1.5M	449.1M	-11.9M	0.34	8.27	162,716	55,694	1,436,337	1,084,568
2025-11-20	$31.54	$44.00	77.0%	22.2%	71.8%	17.9%	83.8%	5.3%	-3.3%	-6.2M	737.6M	-10.8M	0.40	10.02	261,176	104,895	1,475,862	1,099,578
2025-11-21	$32.25	$43.00	75.5%	21.8%	71.7%	21.8%	77.8%	6.8%	-2.3%	-8.4M	565.6M	-11.2M	0.52	10.44	211,553	110,638	1,521,411	1,104,384
2025-11-24	$33.34	$43.00	69.0%	20.1%	70.1%	15.9%	70.9%	7.0%	-0.9%	12.7M	296.6M	-11.5M	0.43	8.36	85,299	36,920	1,314,440	975,382
2025-11-25	$32.55	$42.00	68.0%	20.7%	67.7%	15.0%	74.0%	7.3%	0.3%	8.3M	402.1M	-11.2M	0.36	8.74	146,829	52,353	1,347,511	986,411
2025-11-26	$32.97	$42.00	64.8%	19.3%	68.3%	12.1%	69.9%	7.5%	-0.7%	16.2M	305.7M	-11.3M	0.29	6.80	237,600	67,773	1,388,098	994,656
2025-11-28	$33.28	$40.00	63.1%	18.2%	69.2%	10.6%	65.4%	6.9%	-0.0%	20.5M	191.5M	-11.5M	0.41	8.00	55,524	23,024	1,444,349	1,011,628