TEX Options History — November 2025

In November 2025, TEX traded between $41.92 and $47.11. ATM implied volatility averaged 43.8%, placing in the 20.7% IV rank vs the trailing year. The 30-day expected move averaged 12.4%. IV traded below realized volatility by 29.5% (HV 20d: 73.4%). Max pain ranged from $45.00 to $50.00. Net GEX was positive for 8 of 19 trading days. Term structure was in contango for 7 of 19 days. Put/call ratio averaged 2.91.

Notable Days

  • 2025-11-24: Highest Volume — 1,557 contracts
  • 2025-11-06: Largest IV spike — 36.3% change
  • 2025-11-06: Highest IV Rank — 31.9%
  • 2025-11-18: Largest Expected Move — 13.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$45.25$41.92$47.11$46.28$46.25
Max Pain$48.26$45.00$50.00$50.00$45.00
ATM IV43.8%37.7%52.1%40.8%37.7%
Expected Move12.4%10.8%13.8%11.7%10.8%
HV 20d73.4%32.7%81.4%81.0%32.7%
HV 60d53.3%51.8%55.0%54.9%51.8%
IV Rank20.7%12.4%31.9%16.5%12.4%
IV Percentile65.1%34.1%87.3%58.7%34.1%
Term Structure-0.5%-4.9%7.8%-3.3%-0.5%
VWIV44.5%38.5%49.4%45.8%40.0%
Skew 25d4.7%-7.7%10.8%4.4%6.0%
Skew 10d11.8%-0.9%33.9%18.7%15.7%
Call IV 25d42.0%32.6%47.2%42.8%37.9%
Put IV 25d46.7%34.4%53.4%47.2%43.9%
Bid-Ask Spread %79.3157.0789.1389.1385.39
Gamma HHI0.210.130.300.230.17
Net GEX-41.0K-321.4K267.7K10.2K267.7K
Net DEX1.6M-4.3M5.4M1.8M-4.3M
Net VEX-29.7K-41.9K-20.7K-33.8K-29.5K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.910.0828.661.021.00
Total Volume255.316321,55726748
Total OI11,4726,73212,60111,9868,370

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-11-03$46.28$50.0040.8%11.7%81.0%16.5%45.8%4.4%-3.3%10.2K1.8M-33.8K1.0289.13N/AN/A1321358,5273,459
2025-11-04$47.09$50.0046.6%13.4%81.4%24.5%44.6%9.0%-4.5%168.5K217.2K-39.1K0.2288.39N/AN/A225498,5793,536
2025-11-05$47.11$50.0038.2%11.0%80.7%13.0%45.4%3.5%2.9%191.9K-457.9K-41.9K6.4157.07N/AN/A664238,7633,557
2025-11-06$46.32$50.0052.1%13.8%80.6%31.9%45.2%3.6%-4.0%94.0K1.3M-38.8K3.0677.54N/AN/A18558,7753,751
2025-11-07$45.60$50.0043.8%12.9%77.7%20.7%49.4%6.0%-4.9%-7.2K2.5M-35.4K1.1381.23N/AN/A15178,7783,767
2025-11-10$45.45$50.0049.4%12.1%76.6%28.3%45.6%10.8%-2.5%-95.9K3.3M-29.8K1.1284.52N/AN/A34388,7803,776
2025-11-11$44.70$50.0040.7%11.8%74.9%16.4%44.5%-7.7%-2.8%-168.6K4.1M-28.5K0.9684.92N/AN/A45438,7683,775
2025-11-12$46.11$48.0041.2%11.8%76.0%17.1%42.3%5.3%-1.2%-124.5K2.1M-28.5K0.8982.43N/AN/A36328,7863,634
2025-11-13$45.50$48.0046.6%13.4%76.0%24.5%45.3%3.2%7.8%-109.5K2.0M-29.9K0.2986.42N/AN/A2888,7833,648
2025-11-14$45.49$48.0046.7%13.4%76.0%24.6%48.2%8.5%-1.7%-159.1K2.4M-28.9K0.8375.27N/AN/A76638,8103,652
2025-11-17$43.99$48.0043.0%12.3%74.2%19.6%46.2%1.0%2.6%-223.0K4.2M-25.1K1.0279.47N/AN/A1171198,8733,660
2025-11-18$44.14$48.0048.2%13.8%74.4%26.6%48.2%3.8%-4.9%-321.4K4.4M-24.9K28.6674.42N/AN/A298318,9213,680
2025-11-19$43.48$48.0042.1%12.1%73.8%18.3%42.5%3.5%1.4%-308.5K4.1M-26.0K1.1575.49N/AN/A26308,9323,616
2025-11-20$41.92$48.0046.3%13.3%69.0%24.0%45.4%6.7%3.2%-193.5K5.4M-21.1K3.7781.55N/AN/A311178,9473,475
2025-11-21$43.39$48.0044.5%12.7%71.0%21.5%45.6%7.8%1.5%-295.9K5.4M-20.7K3.0078.02N/AN/A391178,9603,466
2025-11-24$45.16$48.0042.8%12.3%72.3%19.2%42.7%6.2%-1.0%23.3K152.1K-22.7K0.0866.02N/AN/A1,4431145,0501,682
2025-11-25$45.78$45.0040.0%11.5%72.8%15.5%40.9%3.4%1.9%227.6K-3.6M-29.0K0.3174.42N/AN/A107336,4351,721
2025-11-26$45.98$45.0041.9%12.0%73.0%18.0%38.5%4.8%-0.3%244.1K-4.0M-30.7K0.4085.21N/AN/A80326,5261,750
2025-11-28$46.25$45.0037.7%10.8%32.7%12.4%40.0%6.0%-0.5%267.7K-4.3M-29.5K1.0085.39N/AN/A24246,5891,781