GOVT Options History — September 2025

In September 2025, GOVT traded between $22.86 and $23.21. ATM implied volatility averaged 6.7%, placing in the 4.7% IV rank vs the trailing year. The 30-day expected move averaged 1.9%. IV traded above realized volatility by 2.6% (HV 20d: 4.1%). Max pain ranged from $23.00 to $23.00. Net GEX was positive for 17 of 21 trading days. Term structure was in contango for 11 of 21 days. Put/call ratio averaged 0.23.

Notable Days

2025-09-05: Highest Volume — 257 contracts
2025-09-03: Largest IV spike — 401.2% change
2025-09-03: Highest IV Rank — 37.3%
2025-09-03: Largest Expected Move — 8.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$23.11	$22.86	$23.21	$22.86	$23.12
Max Pain	$23.00	$23.00	$23.00	$23.00	$23.00
ATM IV	6.7%	3.7%	28.8%	5.7%	5.9%
Expected Move	1.9%	1.1%	8.2%	1.6%	1.7%
HV 20d	4.1%	3.5%	4.4%	3.6%	3.5%
HV 60d	4.1%	3.9%	4.2%	4.2%	3.9%
IV Rank	4.7%	0.4%	37.3%	3.3%	3.5%
IV Percentile	23.7%	2.4%	92.9%	25.8%	36.1%
Term Structure	-1.4%	-24.5%	1.2%	-0.6%	-0.7%
VWIV	7.8%	4.4%	25.9%	5.7%	5.9%
Skew 25d	-0.3%	-29.3%	15.2%	0.4%	3.3%
Skew 10d	2.1%	-8.6%	9.5%	-0.3%	9.5%
Call IV 25d	7.6%	4.8%	33.1%	6.8%	7.0%
Put IV 25d	7.3%	3.7%	24.9%	7.2%	10.3%
Bid-Ask Spread %	113.30	85.97	149.42	94.36	103.47
Gamma HHI	0.67	0.33	0.97	0.93	0.64
Net GEX	44.0K	-12.6K	146.8K	124.0K	42.5K
Net DEX	-354.3K	-629.7K	-123.2K	-123.2K	-359.2K
Net VEX	-940	-1.6K	-574	-1.5K	-846
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.23	0.00	2.50	2.50	0.50
Total Volume	26.667	0	257	7	6
Total OI	637.333	256	921	914	390

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 Vol	Put Vol	Call OI	Put OI
2025-09-02	$22.86	$23.00	5.7%	1.6%	3.6%	3.3%	5.7%	0.4%	-0.6%	124.0K	-123.2K	-1.5K	2.50	94.36	2	5	526	388
2025-09-03	$22.94	$23.00	28.8%	8.2%	3.8%	37.3%	25.9%	15.2%	-5.4%	69.6K	-241.6K	-1.6K	0.14	108.93	7	1	527	388
2025-09-04	$22.99	$23.00	5.9%	1.6%	3.9%	3.6%	0.0%	0.3%	0.1%	134.8K	-319.5K	-1.5K	0.00	125.27	9	0	532	389
2025-09-05	$23.12	$23.00	3.7%	1.5%	4.4%	0.4%	0.0%	0.6%	-0.6%	146.8K	-629.7K	-1.1K	0.00	103.93	257	0	532	389
2025-09-08	$23.19	$23.00	4.7%	1.5%	4.3%	1.7%	0.0%	0.7%	0.3%	47.8K	-470.4K	-905	0.00	85.97	6	0	422	389
2025-09-09	$23.13	$23.00	4.4%	1.4%	4.4%	1.4%	0.0%	0.4%	0.7%	57.3K	-423.5K	-977	0.00	109.07	0	0	422	389
2025-09-10	$23.18	$23.00	5.5%	1.6%	4.4%	2.9%	0.0%	0.7%	0.3%	47.8K	-490.1K	-840	0.00	103.56	0	60	422	389
2025-09-11	$23.20	$23.00	4.4%	1.3%	4.3%	1.4%	0.0%	-1.3%	-0.6%	43.7K	-477.7K	-1.0K	0.00	105.41	3	0	422	329
2025-09-12	$23.18	$23.00	5.4%	1.5%	4.2%	2.8%	5.4%	0.5%	-0.2%	-8.0K	-404.6K	-788	0.00	99.49	0	1	329	329
2025-09-15	$23.20	$23.00	4.8%	1.4%	4.1%	2.0%	0.0%	-1.3%	-0.8%	-6.5K	-418.5K	-714	0.00	127.24	10	0	329	329
2025-09-16	$23.21	$23.00	4.9%	1.4%	4.1%	2.0%	0.0%	-0.3%	0.0%	12.7K	-295.0K	-816	0.00	109.02	35	0	339	329
2025-09-17	$23.19	$23.00	3.9%	1.1%	4.1%	0.6%	0.0%	-29.3%	1.2%	11.2K	-246.8K	-862	0.00	149.42	10	0	374	329
2025-09-18	$23.12	$23.00	4.9%	1.4%	4.3%	2.1%	4.9%	0.1%	0.1%	-133	-240.0K	-766	0.14	105.30	7	1	370	329
2025-09-19	$23.12	$23.00	5.0%	1.4%	4.2%	2.2%	0.0%	0.1%	0.0%	-12.6K	-435.5K	-574	0.00	104.06	6	0	363	330
2025-09-22	$23.09	$23.00	4.9%	1.4%	4.0%	2.1%	4.9%	-0.0%	-0.1%	26.8K	-249.6K	-574	0.09	129.74	22	2	214	42
2025-09-23	$23.13	$23.00	18.1%	5.2%	4.0%	21.5%	0.0%	-7.1%	-24.5%	30.8K	-268.2K	-650	0.02	128.61	87	2	234	43
2025-09-24	$23.09	$23.00	5.1%	1.5%	4.0%	2.4%	5.1%	-0.0%	0.0%	35.5K	-322.9K	-839	0.50	131.57	12	6	323	45
2025-09-25	$23.06	$23.00	4.3%	1.2%	4.1%	1.2%	0.0%	4.0%	0.8%	38.5K	-326.8K	-866	0.00	130.39	1	0	334	45
2025-09-26	$23.05	$23.00	4.5%	1.3%	4.0%	1.4%	4.4%	4.3%	0.7%	37.6K	-341.8K	-958	0.00	117.39	2	0	345	45
2025-09-29	$23.12	$23.00	5.7%	1.6%	4.2%	3.3%	0.0%	3.2%	-0.5%	42.9K	-355.1K	-921	0.00	107.08	0	0	345	45
2025-09-30	$23.12	$23.00	5.9%	1.7%	3.5%	3.5%	5.9%	3.3%	-0.7%	42.5K	-359.2K	-846	0.50	103.47	4	2	345	45