SQQQ Options History — May 2025

In May 2025, SQQQ traded between $117.45 and $147.75. ATM implied volatility averaged 66.3%, placing in the 23.9% IV rank vs the trailing year. The 30-day expected move averaged 18.6%. IV traded below realized volatility by 31.7% (HV 20d: 98.0%). Max pain ranged from $125.00 to $167.50. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 14 of 21 days. Put/call ratio averaged 0.21.

Notable Days

2025-05-21: Highest Volume — 49,250 contracts
2025-05-12: Largest IV drop — 16.7% change
2025-05-06: Highest IV Rank — 32.1%
2025-05-06: Largest Expected Move — 21.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$128.45	$117.45	$147.75	$147.30	$118.85
Max Pain	$139.64	$125.00	$167.50	$167.50	$125.00
ATM IV	66.3%	58.0%	76.3%	73.4%	65.2%
Expected Move	18.6%	16.7%	21.8%	21.7%	17.6%
HV 20d	98.0%	55.3%	201.7%	201.7%	56.4%
HV 60d	129.3%	127.9%	130.7%	128.2%	128.8%
IV Rank	23.9%	16.9%	32.1%	29.8%	22.9%
IV Percentile	68.2%	48.4%	86.1%	83.7%	66.7%
Term Structure	1.1%	-3.2%	5.9%	1.3%	2.8%
VWIV	72.3%	63.5%	90.1%	90.1%	65.9%
Skew 25d	-21.3%	-29.8%	-13.5%	-24.6%	-19.9%
Skew 10d	-29.3%	-65.2%	6.5%	-33.7%	-31.7%
Call IV 25d	79.4%	66.8%	91.8%	89.9%	74.8%
Put IV 25d	58.0%	41.5%	67.4%	65.4%	55.0%
Bid-Ask Spread %	41.78	22.26	52.53	41.26	48.43
Gamma HHI	0.12	0.05	0.48	0.05	0.13
Net GEX	8.6M	2.0M	25.8M	3.2M	11.0M
Net DEX	-66.3M	-228.2M	32.4M	-34.8M	-90.1M
Net VEX	-1.5M	-1.7M	-1.4M	-1.4M	-1.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.21	0.11	0.48	0.17	0.25
Total Volume	34,136.429	19,129	49,250	45,323	38,199
Total OI	113,854.095	89,759	147,207	90,725	124,120

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 Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-05-01	$147.30	$167.50	73.4%	21.7%	201.7%	29.8%	90.1%	-24.6%	1.3%	3.2M	-34.8M	-1.4M	0.17	41.26	N/A	N/A	38,883	6,440	66,855	23,870
2025-05-02	$143.15	$160.00	72.1%	20.3%	193.0%	28.6%	77.7%	-23.2%	1.3%	4.2M	-29.3M	-1.4M	0.24	36.93	N/A	N/A	32,470	7,664	81,881	24,735
2025-05-05	$144.75	$150.00	73.0%	21.0%	184.7%	29.4%	82.6%	-24.9%	2.4%	7.3M	-111.8M	-1.5M	0.48	22.26	N/A	N/A	19,793	9,447	67,458	22,301
2025-05-06	$147.75	$150.00	76.3%	21.8%	183.4%	32.1%	84.1%	-25.5%	0.1%	10.2M	-161.4M	-1.7M	0.15	29.08	N/A	N/A	20,863	3,186	75,718	26,594
2025-05-07	$147.05	$150.00	73.2%	20.2%	180.0%	29.6%	80.5%	-22.2%	4.1%	9.1M	-130.1M	-1.7M	0.20	39.36	N/A	N/A	19,809	3,919	75,896	27,426
2025-05-08	$141.80	$150.00	71.0%	20.6%	93.1%	27.8%	81.5%	-22.6%	-0.8%	5.2M	-54.5M	-1.6M	0.20	41.14	N/A	N/A	35,158	7,034	77,410	28,237
2025-05-09	$143.85	$150.00	73.8%	20.5%	81.7%	30.1%	75.7%	-20.7%	-3.2%	11.6M	-110.1M	-1.6M	0.20	41.24	N/A	N/A	28,451	5,818	86,210	27,594
2025-05-12	$128.40	$150.00	61.5%	17.5%	86.0%	19.8%	71.5%	-24.4%	0.6%	2.0M	32.4M	-1.4M	0.23	36.73	N/A	N/A	38,973	8,810	67,067	24,901
2025-05-13	$120.05	$130.00	60.8%	16.7%	87.5%	19.3%	67.6%	-16.6%	-1.7%	4.1M	17.1M	-1.4M	0.26	38.70	N/A	N/A	32,524	8,493	93,493	28,146
2025-05-14	$119.55	$140.00	60.2%	17.3%	86.7%	18.8%	67.5%	-20.2%	0.0%	6.7M	18.8M	-1.4M	0.19	45.38	N/A	N/A	20,555	3,868	102,907	29,995
2025-05-15	$119.30	$140.00	58.1%	16.9%	74.1%	17.0%	64.9%	-15.7%	-0.3%	8.1M	6.8M	-1.4M	0.23	47.51	N/A	N/A	31,231	7,131	109,604	29,894
2025-05-16	$117.55	$135.00	58.0%	16.8%	74.2%	16.9%	63.6%	-13.5%	0.6%	4.9M	22.8M	-1.4M	0.23	50.99	N/A	N/A	22,742	5,190	117,107	30,100
2025-05-19	$117.45	$135.00	59.3%	17.0%	62.7%	18.0%	65.7%	-18.1%	1.2%	7.6M	-28.6M	-1.4M	0.16	38.74	N/A	N/A	24,770	4,069	76,975	26,317
2025-05-20	$118.70	$130.00	59.7%	17.0%	60.5%	18.3%	64.5%	-29.8%	4.4%	10.7M	-66.4M	-1.5M	0.12	36.21	N/A	N/A	22,070	2,616	85,437	27,629
2025-05-21	$122.25	$130.00	64.7%	18.6%	60.7%	22.5%	69.6%	-19.4%	5.9%	13.7M	-142.2M	-1.6M	0.12	44.64	N/A	N/A	44,130	5,120	89,220	28,277
2025-05-22	$121.15	$130.00	65.1%	18.6%	55.3%	22.8%	71.0%	-20.2%	0.8%	15.9M	-143.0M	-1.6M	0.14	45.61	N/A	N/A	26,003	3,590	95,041	28,982
2025-05-23	$124.90	$130.00	70.3%	19.8%	57.3%	27.2%	76.0%	-22.0%	4.4%	25.8M	-228.2M	-1.6M	0.11	52.25	N/A	N/A	42,900	4,916	97,067	29,868
2025-05-27	$117.60	$130.00	65.6%	17.3%	59.8%	23.2%	66.9%	-23.3%	-0.1%	5.1M	-31.1M	-1.4M	0.26	43.75	N/A	N/A	22,611	5,791	76,196	26,894
2025-05-28	$117.95	$125.00	65.8%	17.5%	60.1%	23.4%	67.2%	-20.6%	-0.2%	6.2M	-53.9M	-1.5M	0.18	44.76	N/A	N/A	16,198	2,931	84,483	29,215
2025-05-29	$118.15	$125.00	65.9%	16.9%	59.6%	23.5%	63.5%	-20.3%	-0.5%	8.0M	-75.4M	-1.5M	0.22	52.53	N/A	N/A	26,632	5,867	90,019	29,797
2025-05-30	$118.85	$125.00	65.2%	17.6%	56.4%	22.9%	65.9%	-19.9%	2.8%	11.0M	-90.1M	-1.5M	0.25	48.43	N/A	N/A	30,545	7,654	93,614	30,506