SPCE Options History — February 2025

In February 2025, SPCE traded between $3.79 and $4.71. ATM implied volatility averaged 106.2%, placing in the 11.2% IV rank vs the trailing year. The 30-day expected move averaged 29.5%. IV traded above realized volatility by 50.2% (HV 20d: 56.0%). Max pain ranged from $5.00 to $5.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 5 of 19 days. Put/call ratio averaged 0.40.

Notable Days

2025-02-10: Highest Volume — 17,723 contracts
2025-02-06: Largest IV drop — 18.8% change
2025-02-19: Highest IV Rank — 16.3%
2025-02-19: Largest Expected Move — 36.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$4.27	$3.79	$4.71	$4.59	$3.79
Max Pain	$5.00	$5.00	$5.00	$5.00	$5.00
ATM IV	106.2%	91.7%	127.0%	111.1%	97.1%
Expected Move	29.5%	25.7%	36.4%	26.7%	25.7%
HV 20d	56.0%	45.5%	65.4%	65.4%	45.5%
HV 60d	64.5%	55.6%	80.0%	80.0%	55.6%
IV Rank	11.2%	7.7%	16.3%	12.4%	9.0%
IV Percentile	37.6%	11.5%	69.8%	52.4%	18.7%
Term Structure	-3.0%	-14.5%	4.3%	-3.1%	-0.2%
VWIV	101.1%	72.9%	112.4%	97.6%	88.5%
Skew 25d	-2.7%	-11.6%	14.0%	-5.1%	-1.8%
Skew 10d	-12.9%	-35.5%	5.0%	-11.4%	0.2%
Call IV 25d	108.7%	98.1%	115.8%	112.4%	98.1%
Put IV 25d	106.0%	96.3%	126.1%	107.4%	96.3%
Bid-Ask Spread %	23.38	3.61	60.95	59.76	6.50
Gamma HHI	0.22	0.14	0.41	0.26	0.15
Net GEX	158.6K	76.6K	317.7K	227.5K	83.3K
Net DEX	-3.3M	-6.8M	-911.3K	-5.4M	-1.7M
Net VEX	-86.6K	-93.9K	-76.8K	-87.4K	-76.8K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.40	0.06	2.00	0.27	2.00
Total Volume	7,846.632	3,573	17,723	4,777	8,060
Total OI	135,913.737	120,869	147,623	120,869	147,623

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
2025-02-03	$4.59	$5.00	111.1%	26.7%	65.4%	12.4%	97.6%	-5.1%	-3.1%	227.5K	-5.4M	-87.4K	0.27	59.76	3,764	1,013	79,066	41,803
2025-02-04	$4.71	$5.00	106.3%	26.2%	56.5%	11.2%	94.6%	-7.2%	-0.0%	284.2K	-6.8M	-87.0K	0.06	58.81	5,653	356	81,744	42,511
2025-02-05	$4.55	$5.00	125.6%	27.7%	56.9%	16.0%	95.2%	-11.6%	0.7%	305.4K	-5.2M	-85.3K	1.02	60.95	4,916	5,011	84,054	42,597
2025-02-06	$4.50	$5.00	102.0%	29.5%	56.3%	10.2%	106.2%	-11.0%	1.3%	317.7K	-4.2M	-88.6K	0.24	15.00	6,243	1,479	87,468	46,752
2025-02-07	$4.31	$5.00	104.2%	29.7%	56.0%	10.7%	106.0%	-4.1%	1.5%	106.1K	-911.3K	-85.7K	0.41	44.22	5,215	2,115	91,743	48,004
2025-02-10	$4.29	$5.00	103.9%	29.3%	56.1%	10.7%	108.5%	-3.4%	-2.5%	146.0K	-1.7M	-85.3K	0.10	15.40	16,106	1,617	79,451	46,741
2025-02-11	$4.06	$5.00	102.5%	28.7%	54.1%	10.3%	103.8%	12.5%	-5.9%	173.5K	-1.8M	-84.6K	0.29	5.35	2,839	820	88,843	47,422
2025-02-12	$4.08	$5.00	105.8%	28.8%	54.5%	11.1%	108.3%	-6.8%	-7.1%	182.0K	-1.6M	-82.7K	0.25	16.19	6,660	1,674	90,082	47,675
2025-02-13	$4.26	$5.00	101.9%	28.9%	58.1%	10.2%	105.7%	-7.3%	-2.8%	220.6K	-3.5M	-90.8K	0.17	4.43	3,047	526	93,211	49,031
2025-02-14	$4.34	$5.00	108.6%	29.0%	58.9%	11.8%	108.0%	-7.0%	-2.8%	121.1K	-4.1M	-91.4K	0.18	3.61	9,162	1,645	94,362	49,182
2025-02-18	$4.55	$5.00	109.9%	31.5%	61.8%	12.1%	111.2%	-7.9%	-11.0%	137.0K	-6.0M	-93.9K	0.21	23.71	6,868	1,451	87,559	48,332
2025-02-19	$4.45	$5.00	127.0%	36.4%	56.8%	16.3%	112.4%	14.0%	-7.0%	153.0K	-5.5M	-92.9K	0.85	32.80	2,194	1,863	90,923	49,162
2025-02-20	$4.42	$5.00	105.5%	30.3%	56.7%	11.1%	87.5%	-1.3%	-0.1%	131.7K	-4.8M	-92.6K	0.29	12.04	6,453	1,888	91,491	50,290
2025-02-21	$4.22	$5.00	105.8%	30.4%	58.0%	11.1%	72.9%	-3.5%	-3.4%	86.9K	-3.3M	-88.9K	0.22	17.16	6,641	1,435	93,385	51,166
2025-02-24	$4.13	$5.00	107.6%	31.5%	58.1%	11.6%	111.7%	0.2%	0.5%	86.1K	-2.5M	-86.2K	0.30	13.15	3,043	918	81,763	49,859
2025-02-25	$4.05	$5.00	102.1%	31.2%	55.2%	10.2%	111.3%	13.5%	4.3%	85.2K	-1.7M	-83.3K	0.33	7.22	2,909	962	83,763	50,437
2025-02-26	$3.92	$5.00	91.7%	31.2%	49.8%	7.7%	96.2%	-10.6%	-14.5%	89.6K	-1.4M	-81.2K	0.22	15.53	7,603	1,665	84,291	50,525
2025-02-27	$3.89	$5.00	98.6%	27.3%	49.3%	9.4%	96.1%	-2.5%	-4.1%	76.6K	-1.3M	-80.5K	0.13	32.32	13,550	1,722	88,631	51,419
2025-02-28	$3.79	$5.00	97.1%	25.7%	45.5%	9.0%	88.5%	-1.8%	-0.2%	83.3K	-1.7M	-76.8K	2.00	6.50	2,686	5,374	95,893	51,730