TEX Options History — May 2025

In May 2025, TEX traded between $36.59 and $48.23. ATM implied volatility averaged 39.1%, placing in the 15.4% IV rank vs the trailing year. The 30-day expected move averaged 11.1%. IV traded below realized volatility by 26.9% (HV 20d: 66.0%). Max pain ranged from $36.00 to $43.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 17 of 21 days. Put/call ratio averaged 1.19.

Notable Days

  • 2025-05-01: Highest Volume — 1,433 contracts
  • 2025-05-09: Largest IV drop — 25.6% change
  • 2025-05-01: Highest IV Rank — 38.7%
  • 2025-05-01: Largest Expected Move — 16.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$44.25$36.59$48.23$36.59$45.31
Max Pain$40.33$36.00$43.00$36.00$43.00
ATM IV39.1%31.5%56.5%56.5%35.2%
Expected Move11.1%9.0%16.2%16.2%10.1%
HV 20d66.0%53.9%89.9%89.9%62.9%
HV 60d66.3%61.6%68.5%61.6%67.1%
IV Rank15.4%5.1%38.7%38.7%9.5%
IV Percentile43.9%11.1%92.1%92.1%26.2%
Term Structure0.5%-7.4%4.9%-7.4%4.9%
VWIV38.9%27.8%57.6%57.6%38.3%
Skew 25d4.5%-11.6%13.4%9.0%-0.5%
Skew 10d11.4%-7.2%30.0%5.8%-5.0%
Call IV 25d33.0%18.6%53.3%53.3%36.7%
Put IV 25d37.5%21.6%62.3%62.3%36.2%
Bid-Ask Spread %70.2343.5691.2461.4783.06
Gamma HHI0.270.090.390.350.18
Net GEX235.5K97.7K471.3K97.7K128.7K
Net DEX-6.6M-17.8M2.4M2.4M-3.0M
Net VEX-40.1K-43.2K-35.7K-37.4K-38.5K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.190.0410.411.960.56
Total Volume406.19281,4331,43328
Total OI8,237.0487,17810,0697,4828,145

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-05-01$36.59$36.0056.5%16.2%89.9%38.7%57.6%9.0%-7.4%97.7K2.4M-37.4K1.9661.47N/AN/A4849493,8053,677
2025-05-02$40.19$36.0046.9%13.4%84.8%25.8%45.7%-1.7%-4.2%207.0K-2.5M-43.2K0.4374.36N/AN/A4231814,2084,164
2025-05-05$40.75$37.0051.5%12.7%83.6%32.0%39.9%7.5%0.2%259.0K-4.3M-41.0K0.8346.42N/AN/A1521264,5103,529
2025-05-06$39.94$38.0044.0%12.0%80.6%22.0%42.4%13.4%-0.4%304.6K-3.1M-40.0K0.0559.89N/AN/A921424,6343,580
2025-05-07$38.79$38.0046.8%12.3%81.1%25.7%40.7%-9.8%0.6%332.5K-1.8M-39.1K1.3976.54N/AN/A36504,7173,612
2025-05-08$41.00$39.0042.6%11.7%65.3%20.1%41.6%6.8%0.5%281.2K-5.3M-39.6K0.6243.56N/AN/A95594,7173,651
2025-05-09$40.99$39.0031.7%11.5%53.9%5.4%39.2%12.6%0.4%297.5K-5.6M-39.9K0.2265.46N/AN/A65144,7913,688
2025-05-12$45.09$39.0038.4%9.8%61.1%14.4%34.5%5.7%1.4%154.7K-11.4M-37.3K0.1360.70N/AN/A558724,8213,698
2025-05-13$46.82$39.0032.6%10.5%61.7%6.6%34.1%7.7%0.9%197.2K-14.7M-35.7K0.0876.47N/AN/A1,099835,1383,712
2025-05-14$46.78$40.0033.4%9.6%60.4%7.7%33.7%-11.6%2.1%350.6K-16.0M-41.5K1.2384.07N/AN/A1021256,0813,762
2025-05-15$46.91$42.0036.4%10.4%58.7%11.8%37.4%6.9%1.5%320.9K-16.2M-41.2K0.0474.60N/AN/A1,287496,1463,868
2025-05-16$47.86$42.0032.6%9.3%58.7%6.6%34.4%5.8%1.7%471.3K-17.8M-41.9K0.8591.24N/AN/A100856,1723,897
2025-05-19$48.20$42.0035.1%10.1%56.3%10.1%32.5%-11.0%1.6%222.5K-6.8M-41.4K0.3369.45N/AN/A202663,7323,446
2025-05-20$48.23$42.0031.5%9.0%56.6%5.1%27.8%11.6%0.5%251.3K-7.1M-40.8K0.2377.52N/AN/A130303,8573,482
2025-05-21$45.66$42.0037.5%10.7%62.1%13.2%38.3%6.2%-0.8%165.0K-4.0M-41.3K0.9674.08N/AN/A50483,9433,488
2025-05-22$45.89$42.0037.4%10.7%60.0%13.0%36.5%4.0%0.9%169.2K-4.1M-42.0K0.3979.18N/AN/A49193,9673,512
2025-05-23$44.62$42.0038.1%10.9%60.7%14.1%35.1%6.6%0.8%128.5K-2.9M-41.9K0.9867.34N/AN/A41403,9943,521
2025-05-27$47.19$43.0035.8%10.3%62.4%11.0%40.3%9.7%3.5%230.6K-5.9M-39.1K1.4958.84N/AN/A41614,0303,548
2025-05-28$46.20$43.0038.5%11.0%63.5%14.5%43.7%10.8%0.7%203.7K-4.6M-39.0K10.4173.25N/AN/A444584,0573,581
2025-05-29$46.26$43.0039.0%11.2%62.6%15.2%42.5%5.5%0.2%171.6K-4.2M-39.3K1.8777.24N/AN/A23434,0874,010
2025-05-30$45.31$43.0035.2%10.1%62.9%9.5%38.3%-0.5%4.9%128.7K-3.0M-38.5K0.5683.06N/AN/A18104,0974,048