HYD Options History — September 2025

In September 2025, HYD traded between $49.30 and $50.94. ATM implied volatility averaged 6.9%, placing in the 9.0% IV rank vs the trailing year. The 30-day expected move averaged 1.9%. IV traded above realized volatility by 2.2% (HV 20d: 4.7%). Max pain ranged from $50.00 to $52.00. Net GEX was positive for 8 of 21 trading days. Term structure was in contango for 17 of 21 days. Put/call ratio averaged 2.72.

Notable Days

2025-09-03: Highest Volume — 698 contracts
2025-09-08: Largest IV spike — 86.3% change
2025-09-08: Highest IV Rank — 22.1%
2025-09-16: Largest Expected Move — 2.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$50.54	$49.30	$50.94	$49.30	$50.92
Max Pain	$50.19	$50.00	$52.00	$52.00	$50.00
ATM IV	6.9%	5.5%	10.6%	6.8%	5.5%
Expected Move	1.9%	1.6%	2.2%	2.0%	1.6%
HV 20d	4.7%	3.2%	5.1%	3.2%	4.5%
HV 60d	4.5%	4.0%	4.6%	4.0%	4.4%
IV Rank	9.0%	4.1%	22.1%	9.5%	4.1%
IV Percentile	28.6%	4.4%	84.1%	30.2%	4.4%
Term Structure	0.5%	-0.2%	2.6%	0.3%	0.9%
VWIV	6.6%	4.0%	9.1%	4.4%	7.1%
Skew 25d	1.5%	-0.4%	4.1%	1.1%	1.9%
Skew 10d	3.2%	-4.1%	10.0%	4.2%	10.0%
Call IV 25d	5.9%	4.3%	7.6%	6.8%	5.2%
Put IV 25d	7.5%	6.3%	9.1%	7.9%	7.1%
Bid-Ask Spread %	28.90	15.32	81.53	18.11	16.73
Gamma HHI	0.36	0.18	0.72	0.72	0.27
Net GEX	-156.0K	-2.0M	485.8K	-2.0M	-41.2K
Net DEX	3.7M	1.6M	11.5M	11.5M	2.8M
Net VEX	-17.4K	-20.6K	-12.3K	-16.8K	-19.1K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	2.72	0.00	40.06	40.06	0.10
Total Volume	99.19	2	698	5	33
Total OI	7,248.81	2,797	9,768	9,650	2,958

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	$49.30	$52.00	6.8%	2.0%	3.2%	9.5%	0.0%	1.1%	0.3%	-2.0M	11.5M	-16.8K	0.00	18.11	0	5	1,880	7,770
2025-09-03	$49.44	$52.00	6.8%	2.0%	3.4%	9.5%	4.4%	0.3%	0.2%	-1.4M	8.4M	-12.3K	40.06	22.72	17	681	1,880	7,257
2025-09-04	$49.66	$50.00	5.9%	1.8%	3.5%	6.4%	0.0%	1.7%	0.2%	-919.5K	7.3M	-13.6K	0.42	31.13	95	40	1,893	7,332
2025-09-05	$50.11	$50.00	5.7%	1.9%	4.6%	5.7%	6.0%	1.0%	0.2%	-162.2K	5.4M	-13.8K	0.02	22.83	124	2	1,985	7,289
2025-09-08	$50.39	$50.00	10.6%	2.0%	4.9%	22.1%	9.1%	1.7%	-0.2%	63.7K	4.4M	-16.4K	2.00	27.66	5	10	2,105	7,287
2025-09-09	$50.41	$50.00	9.5%	2.1%	4.9%	18.2%	6.9%	1.1%	-0.1%	-63.0K	3.5M	-16.9K	2.83	27.03	12	34	2,105	7,128
2025-09-10	$50.63	$50.00	6.1%	1.8%	5.0%	6.8%	0.0%	-0.4%	0.7%	-16.1K	3.0M	-15.4K	0.00	33.65	2	0	2,111	7,162
2025-09-11	$50.80	$50.00	7.0%	2.0%	5.1%	9.2%	7.0%	-0.1%	0.5%	67.8K	2.4M	-16.2K	0.33	52.92	21	7	2,111	7,162
2025-09-12	$50.71	$50.00	7.3%	2.1%	4.9%	9.9%	8.3%	2.4%	0.5%	31.4K	2.7M	-16.0K	0.09	24.40	162	15	2,132	7,161
2025-09-15	$50.84	$50.00	6.1%	1.8%	4.9%	6.1%	4.0%	4.1%	2.6%	153.3K	2.3M	-16.7K	0.02	31.14	402	10	2,151	7,176
2025-09-16	$50.94	$50.00	7.7%	2.2%	4.9%	11.3%	0.0%	0.5%	-0.1%	262.8K	1.6M	-20.6K	0.08	27.04	12	1	2,541	7,186
2025-09-17	$50.93	$50.00	7.4%	2.1%	4.9%	10.2%	4.6%	2.6%	0.4%	451.6K	1.8M	-19.9K	0.03	81.53	35	1	2,540	7,186
2025-09-18	$50.88	$50.00	6.5%	1.9%	4.9%	7.4%	0.0%	2.7%	1.3%	485.8K	1.9M	-20.0K	0.83	27.36	36	30	2,558	7,186
2025-09-19	$50.89	$50.00	7.1%	2.0%	4.8%	9.3%	7.0%	2.6%	0.1%	405.7K	1.9M	-19.9K	0.00	19.45	82	0	2,552	7,216
2025-09-22	$50.82	$50.00	6.9%	2.0%	4.9%	8.6%	7.0%	3.3%	0.3%	-135.7K	2.8M	-19.4K	0.00	20.96	26	0	1,126	1,671
2025-09-23	$50.80	$50.00	6.3%	1.8%	4.8%	6.5%	7.3%	1.5%	-0.2%	-92.5K	2.8M	-17.7K	0.25	15.32	20	5	1,152	1,671
2025-09-24	$50.72	$50.00	6.2%	1.8%	4.9%	6.1%	0.0%	1.2%	0.4%	-119.8K	3.0M	-18.1K	4.40	19.87	5	22	1,172	1,684
2025-09-25	$50.70	$50.00	6.8%	1.9%	4.9%	8.2%	0.0%	0.8%	0.8%	-67.3K	3.3M	-18.3K	0.00	41.65	0	10	1,203	1,706
2025-09-26	$50.67	$50.00	6.5%	1.9%	5.0%	7.4%	0.0%	0.9%	0.2%	-115.6K	3.0M	-20.3K	0.00	20.24	2	0	1,203	1,716
2025-09-29	$50.88	$50.00	6.1%	1.7%	5.1%	5.9%	7.1%	1.6%	0.5%	-52.6K	2.8M	-18.1K	0.19	25.18	100	19	1,205	1,716
2025-09-30	$50.92	$50.00	5.5%	1.6%	4.5%	4.1%	0.0%	1.9%	0.9%	-41.2K	2.8M	-19.1K	0.10	16.73	30	3	1,223	1,735