UAN Options History — March 2025

In March 2025, UAN traded between $72.28 and $76.87. ATM implied volatility averaged 27.1%, placing in the 12.3% IV rank vs the trailing year. The 30-day expected move averaged 9.6%. IV traded below realized volatility by 2.4% (HV 20d: 29.5%). Max pain ranged from $70.00 to $80.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 20 of 21 days. Put/call ratio averaged 0.43.

Notable Days

  • 2025-03-28: Highest Volume — 589 contracts
  • 2025-03-05: Largest IV spike — 56.2% change
  • 2025-03-10: Highest IV Rank — 26.2%
  • 2025-03-11: Largest Expected Move — 14.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$75.26$72.28$76.87$74.62$75.47
Max Pain$72.62$70.00$80.00$80.00$70.00
ATM IV27.1%18.7%35.2%33.1%19.8%
Expected Move9.6%6.1%14.2%9.5%10.1%
HV 20d29.5%23.0%32.9%26.6%23.0%
HV 60d26.1%24.9%26.4%24.9%26.0%
IV Rank12.3%0.0%26.2%22.4%1.9%
IV Percentile10.3%0.0%30.6%24.6%0.4%
Term Structure9.3%-0.5%23.5%-0.5%23.5%
VWIV37.3%21.2%108.9%33.8%34.5%
Skew 25d-1.1%-10.2%4.9%2.8%-4.8%
Skew 10d0.6%-13.1%9.9%0.9%-9.1%
Call IV 25d29.7%23.8%41.0%31.4%25.1%
Put IV 25d28.6%19.5%40.6%34.2%20.3%
Bid-Ask Spread %101.5694.29110.29105.7296.49
Gamma HHI0.150.140.170.150.17
Net GEX209.4K162.5K312.3K190.6K312.3K
Net DEX-6.0M-8.2M-3.7M-4.7M-8.2M
Net VEX-56.1K-59.6K-50.4K-56.4K-54.4K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.430.011.150.270.58
Total Volume123.952758915741
Total OI5,451.0955,0056,0655,0056,065

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-03-03$74.62$80.0033.1%9.5%26.6%22.4%33.8%2.8%-0.5%190.6K-4.7M-56.4K0.27105.72N/AN/A124334,403602
2025-03-04$72.28$75.0021.2%6.1%28.2%1.2%21.2%-10.2%1.1%162.5K-3.7M-51.1K0.68106.66N/AN/A31214,488631
2025-03-05$75.19$75.0033.1%9.5%32.1%22.5%32.2%-0.0%7.3%194.4K-5.0M-57.6K0.13100.85N/AN/A5674,507651
2025-03-06$75.00$75.0021.7%6.2%32.1%2.1%23.0%1.0%9.0%175.4K-5.4M-58.6K0.07105.01N/AN/A11684,564656
2025-03-07$76.33$75.0024.7%7.1%32.6%7.5%25.7%3.0%7.6%234.3K-5.6M-55.0K0.53100.31N/AN/A93494,670664
2025-03-10$75.01$75.0035.2%10.1%32.9%26.2%44.1%2.8%1.2%210.0K-5.8M-59.3K0.08101.34N/AN/A203174,746694
2025-03-11$74.80$75.0032.1%14.2%32.8%20.7%39.8%-8.5%8.0%203.2K-5.3M-56.1K0.81106.39N/AN/A43354,751707
2025-03-12$74.50$75.0031.2%8.9%32.8%19.0%108.9%-2.4%8.6%202.1K-6.0M-59.6K0.28110.29N/AN/A39114,790734
2025-03-13$74.91$75.0033.1%8.2%30.3%22.5%28.8%-7.6%8.3%179.5K-5.8M-58.6K1.15106.52N/AN/A13154,783745
2025-03-14$75.50$75.0031.3%9.7%30.5%19.2%33.6%1.8%6.6%186.4K-5.8M-58.0K0.45107.60N/AN/A56254,797758
2025-03-17$75.51$70.0030.7%10.5%30.4%18.2%36.9%0.5%4.9%174.0K-5.7M-57.2K0.15100.20N/AN/A3964,802783
2025-03-18$75.65$70.0032.1%11.3%28.6%20.7%40.3%4.9%7.8%176.3K-5.7M-57.8K0.8894.29N/AN/A16144,823788
2025-03-19$76.87$70.0029.6%10.9%28.7%16.2%35.7%-0.7%8.4%201.9K-6.5M-57.0K1.11100.53N/AN/A35394,837776
2025-03-20$76.27$70.0024.0%9.9%28.7%6.2%37.3%-4.2%11.5%164.0K-5.9M-56.0K0.01100.10N/AN/A40964,827786
2025-03-21$75.46$70.0022.5%9.6%28.6%3.5%39.6%-0.5%11.8%178.3K-7.6M-54.8K0.8098.80N/AN/A40325,225790
2025-03-24$75.92$70.0023.2%10.3%28.7%4.6%37.8%-1.4%10.5%241.6K-7.0M-55.6K0.0696.26N/AN/A6944,470708
2025-03-25$75.50$70.0023.3%9.8%28.7%4.9%29.4%-0.1%13.4%258.3K-7.2M-58.2K0.4798.36N/AN/A75354,539712
2025-03-26$75.42$70.0018.7%10.1%28.2%0.0%0.0%0.0%20.3%240.0K-6.9M-54.9K0.4096.52N/AN/A524,608747
2025-03-27$75.50$70.0024.4%9.7%27.3%9.8%29.9%0.5%13.4%263.6K-6.6M-52.0K0.11101.19N/AN/A137154,606750
2025-03-28$74.80$70.0023.4%10.3%26.8%8.1%33.8%0.1%13.1%248.3K-6.4M-50.4K0.0999.28N/AN/A542474,729761
2025-03-31$75.47$70.0019.8%10.1%23.0%1.9%34.5%-4.8%23.5%312.3K-8.2M-54.4K0.5896.49N/AN/A26155,252813