DIA Options History — September 2025

In September 2025, DIA traded between $452.31 and $464.10. ATM implied volatility averaged 12.6%, placing in the 6.8% IV rank vs the trailing year. The 30-day expected move averaged 3.6%. IV traded above realized volatility by 2.5% (HV 20d: 10.0%). Max pain ranged from $445.00 to $458.00. Net GEX was positive for 19 of 21 trading days. Term structure was in contango for 17 of 21 days. Put/call ratio averaged 1.23.

Notable Days

  • 2025-09-18: Highest Volume — 83,234 contracts
  • 2025-09-15: Largest IV spike — 6.8% change
  • 2025-09-25: Highest IV Rank — 10.0%
  • 2025-09-02: Largest Expected Move — 3.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$459.51$452.31$464.10$453.24$463.26
Max Pain$453.10$445.00$458.00$445.00$457.00
ATM IV12.6%11.6%13.6%12.9%13.2%
Expected Move3.6%3.4%3.9%3.9%3.6%
HV 20d10.0%8.2%11.2%10.3%8.3%
HV 60d11.0%9.7%11.8%11.7%9.7%
IV Rank6.8%3.5%10.0%7.8%8.8%
IV Percentile33.8%13.5%54.8%36.1%44.0%
Term Structure0.2%-0.3%0.6%-0.2%0.1%
VWIV13.5%11.7%16.0%16.0%13.2%
Skew 25d3.4%2.4%4.5%4.5%3.7%
Skew 10d7.6%5.4%9.3%8.4%7.9%
Call IV 25d11.2%10.1%12.1%11.0%11.5%
Put IV 25d14.6%13.4%15.5%15.5%15.3%
Bid-Ask Spread %6.033.408.734.034.10
Gamma HHI0.040.030.090.040.03
Net GEX115.1M-22.9M342.2M49.3M134.3M
Net DEX-1.89B-2.85B-1.07B-1.53B-1.55B
Net VEX-23.4M-25.2M-22.5M-23.9M-25.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.230.392.292.221.61
Total Volume38,161.52419,15283,23429,42924,452
Total OI483,444.143437,001522,203471,717479,626

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-09-02$453.24$445.0012.9%3.9%10.3%7.8%16.0%4.5%-0.2%49.3M-1.53B-23.9M2.224.039,14020,289176,331295,386
2025-09-03$452.31$445.0012.4%3.7%10.4%6.3%13.8%4.4%0.0%29.9M-1.40B-23.9M1.204.4110,31412,347178,718299,759
2025-09-04$456.94$450.0011.7%3.4%10.9%4.1%12.3%3.3%0.1%180.3M-2.17B-23.7M0.827.7420,13616,494181,769304,485
2025-09-05$454.88$450.0011.6%3.4%10.7%3.5%11.8%3.6%0.2%123.7M-1.83B-23.5M1.228.1619,13223,388191,227311,906
2025-09-08$455.64$450.0011.7%3.4%10.7%4.0%14.8%3.4%0.2%97.0M-1.83B-23.2M1.218.128,67210,480177,046300,771
2025-09-09$458.03$450.0011.6%3.4%10.6%3.7%12.5%3.1%0.2%168.3M-2.09B-23.3M1.078.6613,22314,132179,224304,736
2025-09-10$455.61$451.0011.9%3.5%10.5%4.5%12.7%3.4%0.2%42.7M-1.66B-23.6M1.307.8316,83521,871181,002309,729
2025-09-11$462.06$451.0012.0%3.5%10.9%4.8%12.6%2.5%0.5%342.2M-2.85B-23.2M0.877.4531,42527,252185,480314,048
2025-09-12$459.72$452.0011.8%3.4%11.1%4.4%12.6%2.4%0.3%-1.6M-2.35B-23.0M1.487.6815,53222,978194,513323,317
2025-09-15$459.87$452.0012.6%3.6%11.1%7.0%13.7%2.9%0.1%137.5M-2.24B-23.0M0.668.3714,9099,876183,043311,460
2025-09-16$458.95$453.0013.1%3.8%11.1%8.5%14.1%2.9%-0.1%107.7M-2.05B-23.4M1.187.7213,56715,995186,413314,172
2025-09-17$461.05$455.0013.0%3.7%11.2%8.2%14.5%2.9%-0.1%173.4M-2.39B-23.4M1.107.3924,78527,360189,144319,670
2025-09-18$462.43$455.0013.1%3.8%11.2%8.3%14.2%2.9%-0.3%282.7M-2.64B-23.5M0.398.7359,69523,539192,941329,262
2025-09-19$463.10$456.0012.4%3.5%10.9%6.3%13.1%3.1%0.4%149.8M-1.73B-23.3M1.253.8720,16925,226181,657339,794
2025-09-22$464.10$457.0012.8%3.7%8.6%7.6%13.3%3.2%0.4%90.8M-1.79B-22.9M1.093.4010,27811,192158,817278,184
2025-09-23$462.96$457.0013.4%3.8%8.2%9.4%13.9%3.6%0.4%67.6M-1.61B-23.6M1.123.4914,77916,618163,321281,717
2025-09-24$461.10$457.0013.3%3.8%8.4%9.3%14.4%3.6%0.5%27.5M-1.40B-23.5M1.623.5010,58217,138167,953285,447
2025-09-25$459.08$457.0013.6%3.8%8.4%10.0%15.1%3.8%0.4%-22.9M-1.07B-23.8M1.074.0927,34929,366171,568290,333
2025-09-26$462.26$457.0012.7%3.6%8.7%7.2%11.7%3.5%0.6%130.0M-1.73B-22.6M1.043.8519,69120,462176,320292,446
2025-09-29$463.08$458.0013.2%3.6%8.7%8.9%13.1%3.7%0.1%107.6M-1.74B-22.5M2.293.9615,42935,295165,556284,036
2025-09-30$463.26$457.0013.2%3.6%8.3%8.8%13.2%3.7%0.1%134.3M-1.55B-25.2M1.614.109,36315,089172,324307,302