IHDG Options History — September 2025

In September 2025, IHDG traded between $44.48 and $46.45. ATM implied volatility averaged 27.1%, placing in the 7.5% IV rank vs the trailing year. The 30-day expected move averaged 7.1%. IV traded above realized volatility by 18.0% (HV 20d: 9.1%). Max pain ranged from $45.00 to $48.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 4 of 21 days. Put/call ratio averaged 0.00.

Notable Days

2025-09-18: Highest Volume — 150 contracts
2025-09-26: Largest IV spike — 45.7% change
2025-09-09: Highest IV Rank — 24.1%
2025-09-03: Largest Expected Move — 9.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$45.68	$44.48	$46.45	$44.48	$46.06
Max Pain	$47.33	$45.00	$48.00	$45.00	$47.00
ATM IV	27.1%	18.7%	39.7%	32.7%	20.3%
Expected Move	7.1%	5.4%	9.5%	9.4%	5.8%
HV 20d	9.1%	7.8%	10.9%	7.8%	9.6%
HV 60d	11.0%	10.2%	11.6%	11.3%	10.4%
IV Rank	7.5%	0.0%	24.1%	14.3%	2.0%
IV Percentile	27.1%	0.0%	78.6%	56.7%	0.8%
Term Structure	-2.6%	-8.1%	10.2%	-8.1%	8.9%
VWIV	12.9%	12.9%	12.9%	12.9%	12.9%
Skew 25d	-0.5%	-18.1%	24.4%	3.8%	6.1%
Skew 10d	-2.4%	-18.9%	26.6%	0.9%	-13.8%
Call IV 25d	24.5%	6.8%	39.8%	38.7%	10.4%
Put IV 25d	24.0%	10.1%	42.9%	42.5%	16.5%
Bid-Ask Spread %	179.85	165.97	183.31	180.47	165.97
Gamma HHI	0.86	0.69	1.00	1.00	1.00
Net GEX	25.6K	1.0K	89.8K	1.0K	89.8K
Net DEX	-79.4K	-267.3K	-10.5K	-10.5K	-143.6K
Net VEX	-217	-713	-7	-19	-416
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.00	0.00	0.00	0.00	0.00
Total Volume	7.19	0	150	1	0
Total OI	61.429	5	156	5	151

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	Spread %	Call Wall	Put Wall	Call Vol	Call OI
2025-09-02	$44.48	$45.00	32.7%	9.4%	7.8%	14.3%	0.0%	3.8%	-8.1%	1.0K	-10.5K	-19	180.47	N/A	N/A	1	5
2025-09-03	$44.61	$45.00	33.0%	9.5%	7.8%	14.7%	0.0%	3.1%	-8.0%	1.2K	-11.6K	-23	181.96	N/A	N/A	0	6
2025-09-04	$44.87	$48.00	31.6%	6.4%	8.0%	12.8%	0.0%	1.6%	-3.8%	1.2K	-12.3K	-22	183.31	N/A	N/A	0	6
2025-09-05	$45.00	$48.00	32.0%	6.3%	7.8%	13.3%	0.0%	-15.8%	1.1%	1.3K	-12.3K	-21	182.24	N/A	N/A	0	6
2025-09-08	$45.47	$48.00	37.3%	6.6%	8.1%	20.8%	0.0%	1.1%	-3.1%	1.3K	-14.1K	-20	182.56	N/A	N/A	0	6
2025-09-09	$45.36	$48.00	39.7%	6.8%	8.0%	24.1%	0.0%	1.0%	-3.9%	1.3K	-13.7K	-19	183.02	N/A	N/A	0	6
2025-09-10	$45.37	$48.00	23.8%	6.8%	7.9%	1.7%	0.0%	0.6%	-4.5%	1.3K	-13.7K	-18	183.25	N/A	N/A	0	6
2025-09-11	$45.81	$48.00	22.9%	6.6%	8.5%	0.6%	0.0%	0.6%	-4.2%	1.3K	-15.2K	-18	183.20	N/A	N/A	0	6
2025-09-12	$45.70	$48.00	24.1%	6.9%	8.6%	2.3%	0.0%	-16.6%	-1.0%	1.5K	-14.9K	-16	181.98	N/A	N/A	0	6
2025-09-15	$45.91	$48.00	25.4%	7.3%	8.7%	4.1%	0.0%	-17.4%	-6.3%	1.4K	-15.5K	-14	181.39	N/A	N/A	0	6
2025-09-16	$45.86	$48.00	25.2%	7.2%	8.6%	3.7%	0.0%	-16.5%	-2.4%	1.4K	-15.2K	-12	182.00	N/A	N/A	0	6
2025-09-17	$45.70	$48.00	26.1%	7.5%	8.7%	5.0%	0.0%	-18.1%	-2.1%	1.5K	-14.9K	-10	183.11	N/A	N/A	0	6
2025-09-18	$46.45	$48.00	24.5%	7.0%	10.4%	2.8%	12.9%	8.1%	-4.5%	1.4K	-16.6K	-7	179.20	N/A	N/A	150	6
2025-09-19	$46.22	$47.00	25.5%	7.3%	10.5%	4.1%	0.0%	0.5%	-4.7%	43.0K	-267.3K	-713	180.93	N/A	N/A	0	156
2025-09-22	$46.28	$47.00	26.1%	7.5%	10.2%	5.1%	0.0%	10.0%	-6.5%	67.0K	-187.8K	-586	179.83	N/A	N/A	0	151
2025-09-23	$46.33	$47.00	26.9%	7.7%	10.0%	6.2%	0.0%	5.9%	-6.2%	77.6K	-163.5K	-532	175.43	N/A	N/A	0	151
2025-09-24	$46.26	$47.00	27.5%	7.9%	9.9%	7.0%	0.0%	-15.8%	-6.1%	47.3K	-242.0K	-637	180.38	N/A	N/A	0	151
2025-09-25	$45.72	$47.00	18.7%	5.4%	10.9%	0.0%	0.0%	18.8%	8.9%	67.0K	-119.3K	-434	173.95	N/A	N/A	0	151
2025-09-26	$45.81	$47.00	27.3%	7.8%	10.9%	11.4%	0.0%	4.3%	-7.3%	43.6K	-247.9K	-616	181.19	N/A	N/A	0	151
2025-09-29	$45.98	$47.00	19.4%	5.6%	10.5%	0.9%	0.0%	24.4%	10.2%	85.0K	-115.3K	-397	171.40	N/A	N/A	0	151
2025-09-30	$46.06	$47.00	20.3%	5.8%	9.6%	2.0%	0.0%	6.1%	8.9%	89.8K	-143.6K	-416	165.97	N/A	N/A	0	151