DUG Options History — September 2025

In September 2025, DUG traded between $31.44 and $35.98. ATM implied volatility averaged 31.8%, placing in the 9.3% IV rank vs the trailing year. The 30-day expected move averaged 9.2%. IV traded below realized volatility by 2.7% (HV 20d: 34.4%). Max pain ranged from $35.00 to $36.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 9 of 21 days. Put/call ratio averaged 0.72.

Notable Days

2025-09-22: Highest Volume — 14 contracts
2025-09-04: Largest IV spike — 57.6% change
2025-09-22: Highest IV Rank — 12.3%
2025-09-22: Largest Expected Move — 10.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$33.97	$31.44	$35.98	$33.31	$33.40
Max Pain	$35.10	$35.00	$36.00	$36.00	$35.00
ATM IV	31.8%	22.6%	36.2%	27.2%	26.8%
Expected Move	9.2%	6.5%	10.4%	7.8%	7.7%
HV 20d	34.4%	23.5%	40.0%	23.5%	40.0%
HV 60d	33.7%	32.4%	34.5%	32.7%	34.2%
IV Rank	9.3%	3.2%	12.3%	6.3%	6.0%
IV Percentile	17.0%	2.0%	29.8%	4.8%	4.4%
Term Structure	0.2%	-14.9%	13.7%	-14.9%	0.7%
VWIV	36.6%	21.4%	58.4%	33.1%	33.0%
Skew 25d	-2.8%	-16.6%	11.1%	8.3%	2.7%
Skew 10d	-2.5%	-10.2%	13.3%	-5.0%	-2.8%
Call IV 25d	31.6%	21.4%	39.1%	23.8%	29.8%
Put IV 25d	28.8%	19.6%	33.4%	32.1%	32.5%
Bid-Ask Spread %	98.08	90.80	106.80	104.10	101.68
Gamma HHI	0.15	0.12	0.23	0.12	0.13
Net GEX	6.9K	3.1K	14.3K	5.5K	5.6K
Net DEX	-66.8K	-143.9K	-3.9K	-24.9K	-68.7K
Net VEX	-759	-975	-649	-672	-817
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.72	0.00	6.00	1.00	0.00
Total Volume	4.333	0	14	6	5
Total OI	343.476	289	372	339	332

Daily Data (21 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-09-02	$33.31	$36.00	27.2%	7.8%	23.5%	6.3%	33.1%	8.3%	-14.9%	5.5K	-24.9K	-672	0.00	104.10	N/A	N/A	0	6	278	61
2025-09-03	$34.90	$36.00	22.6%	6.5%	29.9%	3.2%	34.7%	5.6%	-2.6%	10.8K	-91.2K	-925	1.00	106.80	N/A	N/A	5	5	278	67
2025-09-04	$34.28	$35.00	35.6%	8.8%	29.1%	11.9%	0.0%	-1.8%	-0.5%	9.0K	-78.1K	-911	0.00	103.12	N/A	N/A	0	0	283	72
2025-09-05	$35.73	$35.00	30.8%	9.6%	33.4%	8.7%	0.0%	1.5%	2.9%	13.0K	-143.5K	-975	0.00	98.43	N/A	N/A	0	0	283	72
2025-09-08	$35.98	$35.00	27.3%	9.5%	33.6%	6.3%	0.0%	-5.3%	2.4%	14.3K	-143.9K	-930	0.00	92.85	N/A	N/A	2	0	283	72
2025-09-09	$35.24	$35.00	34.8%	9.7%	33.8%	11.4%	0.0%	-2.7%	-4.6%	10.5K	-104.1K	-804	0.00	93.39	N/A	N/A	0	0	285	72
2025-09-10	$34.34	$35.00	31.4%	9.0%	34.6%	9.1%	0.0%	-6.4%	0.9%	7.7K	-72.1K	-782	0.00	94.14	N/A	N/A	0	0	285	72
2025-09-11	$34.28	$35.00	32.1%	9.2%	34.5%	9.6%	0.0%	-5.7%	0.1%	5.7K	-58.7K	-715	0.00	94.09	N/A	N/A	0	0	285	72
2025-09-12	$34.51	$35.00	34.2%	9.8%	34.6%	10.9%	0.0%	-1.1%	-3.6%	5.8K	-57.7K	-649	0.00	96.21	N/A	N/A	0	0	285	72
2025-09-15	$34.90	$35.00	32.6%	9.3%	35.0%	9.9%	0.0%	-5.0%	1.9%	7.3K	-78.1K	-703	0.00	98.06	N/A	N/A	12	0	285	72
2025-09-16	$33.77	$35.00	34.2%	9.8%	36.0%	11.0%	58.4%	-9.8%	-0.4%	4.3K	-54.3K	-697	1.00	90.80	N/A	N/A	1	1	297	72
2025-09-17	$33.57	$35.00	27.1%	7.8%	35.9%	6.2%	0.0%	5.8%	13.1%	4.5K	-51.7K	-763	0.00	103.69	N/A	N/A	2	0	298	73
2025-09-18	$33.69	$35.00	34.5%	9.9%	35.1%	11.2%	0.0%	-16.6%	-0.4%	4.4K	-56.2K	-696	0.00	99.96	N/A	N/A	0	0	299	73
2025-09-19	$34.66	$35.00	35.0%	10.0%	36.9%	11.5%	0.0%	-3.8%	-1.2%	7.5K	-83.0K	-709	0.20	97.43	N/A	N/A	5	1	299	73
2025-09-22	$34.63	$35.00	36.2%	10.4%	33.5%	12.3%	32.9%	-7.9%	-1.5%	7.4K	-91.5K	-768	0.40	94.39	N/A	N/A	10	4	228	61
2025-09-23	$33.45	$35.00	34.2%	9.8%	35.6%	10.9%	21.4%	-1.3%	1.7%	6.0K	-48.6K	-695	0.00	104.63	N/A	N/A	0	1	238	65
2025-09-24	$32.49	$35.00	36.0%	10.3%	36.8%	12.2%	0.0%	-7.6%	-3.2%	4.2K	-28.0K	-712	0.00	93.62	N/A	N/A	11	0	238	66
2025-09-25	$32.04	$35.00	27.8%	8.0%	35.8%	6.6%	42.6%	-4.0%	13.7%	4.1K	-24.3K	-685	0.00	96.42	N/A	N/A	11	0	250	65
2025-09-26	$31.44	$35.00	33.5%	9.6%	36.3%	10.5%	0.0%	-15.9%	-0.6%	3.1K	-3.9K	-675	0.00	97.41	N/A	N/A	2	0	260	65
2025-09-29	$32.71	$35.00	33.7%	9.7%	39.3%	10.7%	33.0%	11.1%	-0.7%	5.3K	-40.5K	-655	6.00	98.47	N/A	N/A	1	6	262	65
2025-09-30	$33.40	$35.00	26.8%	7.7%	40.0%	6.0%	0.0%	2.7%	0.7%	5.6K	-68.7K	-817	0.00	101.68	N/A	N/A	5	0	261	71