IGV Options History — September 2025

In September 2025, IGV traded between $106.71 and $117.80. ATM implied volatility averaged 22.6%, placing in the 16.4% IV rank vs the trailing year. The 30-day expected move averaged 6.4%. IV traded above realized volatility by 6.3% (HV 20d: 16.3%). Max pain ranged from $107.00 to $112.00. Net GEX was positive for 0 of 21 trading days. Term structure was in contango for 14 of 21 days. Put/call ratio averaged 1.98.

Notable Days

2025-09-18: Highest Volume — 11,926 contracts
2025-09-22: Largest IV spike — 13.3% change
2025-09-22: Highest IV Rank — 20.8%
2025-09-02: Largest Expected Move — 7.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$112.63	$106.71	$117.80	$107.09	$114.69
Max Pain	$110.50	$107.00	$112.00	$109.00	$112.00
ATM IV	22.6%	20.8%	24.6%	24.3%	23.5%
Expected Move	6.4%	6.0%	7.2%	7.2%	6.6%
HV 20d	16.3%	14.1%	17.3%	16.7%	16.4%
HV 60d	17.2%	16.9%	17.6%	17.0%	17.1%
IV Rank	16.4%	12.3%	20.8%	20.1%	18.3%
IV Percentile	50.3%	23.0%	71.0%	70.2%	64.3%
Term Structure	0.1%	-1.7%	0.8%	-0.6%	0.5%
VWIV	23.8%	20.6%	26.0%	24.0%	21.1%
Skew 25d	5.8%	-3.1%	12.9%	6.4%	-3.1%
Skew 10d	11.9%	3.5%	19.1%	8.6%	12.4%
Call IV 25d	19.2%	10.0%	23.5%	20.7%	23.5%
Put IV 25d	24.9%	16.6%	29.6%	27.2%	20.4%
Bid-Ask Spread %	45.79	33.10	59.71	48.11	59.71
Gamma HHI	0.09	0.07	0.11	0.08	0.10
Net GEX	-6.8M	-14.3M	-3.0M	-9.5M	-6.9M
Net DEX	-73.5M	-161.0M	94.3M	63.4M	-105.5M
Net VEX	-1.3M	-1.5M	-1.1M	-1.3M	-1.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.98	0.06	7.30	3.38	0.12
Total Volume	4,629.286	712	11,926	8,511	4,689
Total OI	105,903.619	94,034	113,647	94,034	109,840

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	$107.09	$109.00	24.3%	7.2%	16.7%	20.1%	24.0%	6.4%	-0.6%	-9.5M	63.4M	-1.3M	3.38	48.11	1,943	6,568	32,460	61,574
2025-09-03	$107.06	$107.50	23.8%	6.8%	16.7%	19.1%	23.4%	6.8%	-1.7%	-11.5M	79.7M	-1.4M	1.16	56.53	3,445	3,982	33,899	67,827
2025-09-04	$106.71	$108.00	21.8%	6.2%	16.4%	14.4%	23.9%	6.6%	-0.1%	-14.3M	94.3M	-1.5M	1.43	46.21	3,706	5,281	35,200	71,397
2025-09-05	$107.97	$107.00	21.7%	6.2%	15.7%	14.4%	24.8%	12.2%	-0.4%	-3.4M	33.1M	-1.5M	0.70	45.91	741	518	37,821	75,826
2025-09-08	$110.04	$107.00	21.5%	6.1%	17.1%	13.9%	23.6%	6.4%	-0.1%	-4.4M	-41.6M	-1.4M	0.74	34.60	1,457	1,075	35,856	68,455
2025-09-09	$110.44	$107.00	21.1%	6.2%	16.6%	13.1%	23.1%	5.8%	0.4%	-4.0M	-55.9M	-1.4M	1.37	34.61	301	411	35,912	69,163
2025-09-10	$112.37	$107.00	23.0%	6.4%	17.3%	17.3%	24.8%	6.6%	-0.6%	-3.0M	-116.3M	-1.3M	2.68	33.10	2,259	6,043	35,998	69,364
2025-09-11	$112.63	$112.00	20.8%	6.0%	17.2%	12.3%	23.1%	4.7%	0.1%	-5.5M	-126.1M	-1.2M	0.46	35.51	1,147	527	35,711	70,626
2025-09-12	$111.81	$112.00	21.1%	6.2%	17.1%	13.0%	26.0%	2.6%	0.8%	-12.1M	-93.3M	-1.3M	7.30	42.72	779	5,687	35,546	71,853
2025-09-15	$112.67	$112.00	21.9%	6.3%	17.1%	14.7%	23.8%	4.9%	0.7%	-7.1M	-85.2M	-1.2M	4.77	44.26	600	2,863	32,845	71,828
2025-09-16	$112.66	$112.00	22.3%	6.4%	17.1%	15.7%	24.3%	4.2%	0.5%	-7.7M	-97.8M	-1.2M	1.03	37.98	2,904	2,993	32,958	73,847
2025-09-17	$113.13	$112.00	21.6%	6.2%	14.1%	14.2%	20.6%	7.4%	0.2%	-7.7M	-103.6M	-1.2M	0.25	59.54	821	203	30,557	72,085
2025-09-18	$115.28	$112.00	21.8%	6.2%	15.1%	14.4%	23.2%	3.5%	0.5%	-4.6M	-161.0M	-1.1M	4.40	44.77	2,210	9,716	30,892	72,199
2025-09-19	$116.69	$112.00	21.7%	6.2%	15.0%	14.4%	21.6%	4.2%	0.6%	-6.0M	-131.5M	-1.2M	0.32	43.32	2,870	913	28,127	81,478
2025-09-22	$117.80	$112.00	24.6%	6.5%	14.8%	20.8%	23.7%	12.9%	-0.0%	-5.9M	-112.4M	-1.1M	0.06	54.72	6,707	390	25,491	72,425
2025-09-23	$116.33	$112.00	23.9%	6.8%	15.7%	19.2%	25.9%	8.6%	0.7%	-5.1M	-123.9M	-1.3M	0.13	44.80	5,703	757	31,853	72,610
2025-09-24	$114.97	$112.00	24.1%	6.8%	16.4%	19.6%	25.1%	6.1%	0.4%	-5.9M	-117.1M	-1.5M	4.35	43.93	422	1,836	37,012	72,812
2025-09-25	$113.87	$112.00	24.2%	7.0%	17.0%	19.9%	25.4%	5.0%	0.4%	-7.8M	-84.0M	-1.5M	4.56	42.54	516	2,355	37,174	73,137
2025-09-26	$114.97	$112.00	23.2%	6.5%	16.5%	17.6%	24.1%	4.7%	0.5%	-5.6M	-112.6M	-1.4M	1.45	49.89	472	684	37,325	73,515
2025-09-29	$116.09	$112.00	22.9%	6.6%	16.0%	17.0%	23.2%	4.7%	0.4%	-4.1M	-147.5M	-1.3M	0.90	58.73	380	341	36,665	72,813
2025-09-30	$114.69	$112.00	23.5%	6.6%	16.4%	18.3%	21.1%	-3.1%	0.5%	-6.9M	-105.5M	-1.4M	0.12	59.71	4,183	506	36,905	72,935