TEX Options History — March 2025

In March 2025, TEX traded between $37.84 and $40.88. ATM implied volatility averaged 46.2%, placing in the 50.0% IV rank vs the trailing year. The 30-day expected move averaged 13.7%. IV traded above realized volatility by 4.4% (HV 20d: 41.8%). Max pain ranged from $40.00 to $46.00. Net GEX was positive for 0 of 21 trading days. Term structure was in contango for 9 of 21 days. Put/call ratio averaged 3.08.

Notable Days

  • 2025-03-04: Highest Volume — 1,573 contracts
  • 2025-03-10: Largest IV spike — 21.6% change
  • 2025-03-10: Highest IV Rank — 89.5%
  • 2025-03-10: Largest Expected Move — 17.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$39.62$37.84$40.88$38.22$37.84
Max Pain$43.79$40.00$46.00$46.00$40.00
ATM IV46.2%39.3%60.8%48.2%45.9%
Expected Move13.7%11.9%17.4%13.8%13.2%
HV 20d41.8%34.8%46.9%46.2%34.8%
HV 60d37.3%36.3%38.6%36.6%38.5%
IV Rank50.0%31.4%89.5%55.5%49.3%
IV Percentile81.9%59.9%99.6%91.7%84.1%
Term Structure-0.6%-5.8%13.8%-4.7%0.1%
VWIV47.5%40.1%67.1%48.5%46.3%
Skew 25d6.6%4.2%17.6%5.0%5.9%
Skew 10d10.0%-11.1%28.7%12.7%11.4%
Call IV 25d42.1%34.0%49.6%46.6%43.8%
Put IV 25d48.7%42.0%56.4%51.6%49.6%
Bid-Ask Spread %50.8717.0690.4160.9121.45
Gamma HHI0.120.100.280.120.13
Net GEX-166.0K-279.9K-102.3K-175.7K-125.9K
Net DEX6.5M4.2M8.9M8.7M6.4M
Net VEX-42.5K-48.8K-35.3K-35.4K-39.8K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio3.080.0515.000.691.75
Total Volume309.19661,573150132
Total OI8,531.6197,0839,7087,3567,745

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-03-03$38.22$46.0048.2%13.8%46.2%55.5%48.5%5.0%-4.7%-175.7K8.7M-35.4K0.6960.91N/AN/A89613,1594,197
2025-03-04$38.14$45.0050.8%14.6%44.9%62.5%43.3%4.9%-4.7%-167.0K8.9M-35.3K6.8757.79N/AN/A2001,3733,2724,220
2025-03-05$38.86$45.0048.9%14.0%43.5%57.3%51.1%4.9%-1.8%-195.2K8.7M-44.4K0.1163.73N/AN/A91103,4475,187
2025-03-06$40.49$45.0052.9%15.2%46.9%68.0%51.8%4.6%-3.1%-190.5K7.0M-47.8K0.2062.72N/AN/A332663,4485,202
2025-03-07$40.88$44.0050.0%14.3%46.5%60.3%48.9%6.3%-1.6%-160.8K6.2M-48.6K0.1058.27N/AN/A358363,7115,219
2025-03-10$40.61$44.0060.8%17.4%45.0%89.5%67.1%6.8%-4.8%-121.5K5.8M-48.8K1.3051.80N/AN/A54704,0395,191
2025-03-11$40.67$44.0048.4%16.0%45.1%56.0%57.0%6.3%-3.3%-139.4K6.2M-48.2K2.3856.01N/AN/A1202864,0845,239
2025-03-12$39.84$45.0048.7%15.0%43.7%56.8%51.5%17.6%-5.8%-172.8K7.2M-44.0K0.0580.60N/AN/A719394,0255,095
2025-03-13$39.26$44.0050.0%15.6%43.4%60.4%50.4%5.3%-4.9%-159.8K7.0M-43.4K5.8174.12N/AN/A16934,1654,974
2025-03-14$40.42$44.0044.5%13.9%45.1%45.6%47.3%14.5%0.1%-167.7K5.9M-43.5K0.8975.53N/AN/A64574,1774,992
2025-03-17$39.61$45.0043.6%12.3%44.8%43.2%42.8%6.3%-0.7%-209.8K7.2M-41.0K1.5544.69N/AN/A44684,2075,035
2025-03-18$39.91$45.0045.4%12.5%39.9%47.9%44.0%6.6%-1.8%-215.3K6.9M-41.3K2.1651.74N/AN/A501084,2375,044
2025-03-19$39.76$45.0042.3%11.9%40.0%39.4%40.1%7.4%-0.9%-220.1K7.1M-40.5K13.5061.12N/AN/A283784,2905,088
2025-03-20$39.00$0.0042.8%14.7%38.9%40.7%0.0%6.2%13.8%-225.4K8.2M-40.2K15.0090.41N/AN/A223304,2975,411
2025-03-21$38.98$0.0041.5%12.6%35.5%37.4%43.8%5.8%2.5%-279.9K6.9M-39.7K5.1322.54N/AN/A472414,3155,004
2025-03-24$40.84$46.0039.3%12.0%38.7%31.4%40.6%5.8%2.6%-126.2K4.2M-41.8K0.1125.54N/AN/A352402,7934,290
2025-03-25$40.38$45.0039.6%12.1%38.6%32.1%42.2%4.2%3.1%-107.5K4.4M-42.7K0.6024.53N/AN/A158953,0674,317
2025-03-26$40.13$40.0041.0%12.2%38.5%36.1%41.8%5.9%1.4%-102.3K4.3M-42.6K0.3528.89N/AN/A89313,1954,388
2025-03-27$40.03$40.0040.7%12.1%37.2%35.1%44.1%5.0%1.3%-103.6K4.5M-42.4K4.3338.83N/AN/A15653,2604,411
2025-03-28$38.21$40.0044.3%13.0%39.9%44.9%47.6%4.4%0.9%-120.5K5.9M-40.4K1.8717.06N/AN/A23433,2714,456
2025-03-31$37.84$40.0045.9%13.2%34.8%49.3%46.3%5.9%0.1%-125.9K6.4M-39.8K1.7521.45N/AN/A48843,2694,476