IWM Options History — September 2025

In September 2025, IWM traded between $233.19 and $244.66. ATM implied volatility averaged 20.9%, placing in the 9.0% IV rank vs the trailing year. The 30-day expected move averaged 6.1%. IV traded above realized volatility by 3.5% (HV 20d: 17.4%). Max pain ranged from $225.00 to $235.00. Net GEX was positive for 12 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 1.35.

Notable Days

2025-09-17: Highest Volume — 3,774,042 contracts
2025-09-26: Largest IV drop — 7.0% change
2025-09-02: Highest IV Rank — 12.7%
2025-09-02: Largest Expected Move — 6.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$239.47	$233.19	$244.66	$233.59	$241.17
Max Pain	$230.67	$225.00	$235.00	$225.00	$235.00
ATM IV	20.9%	20.1%	22.1%	22.1%	20.5%
Expected Move	6.1%	5.7%	6.8%	6.8%	5.8%
HV 20d	17.4%	13.0%	20.8%	20.6%	14.1%
HV 60d	17.9%	17.5%	18.2%	18.2%	17.5%
IV Rank	9.0%	6.5%	12.7%	12.7%	7.6%
IV Percentile	30.9%	13.9%	52.4%	52.4%	22.6%
Term Structure	0.0%	-0.3%	0.6%	-0.3%	0.2%
VWIV	22.9%	20.7%	26.5%	26.5%	21.6%
Skew 25d	2.6%	1.9%	3.7%	3.7%	2.7%
Skew 10d	6.1%	4.4%	8.5%	8.5%	6.7%
Call IV 25d	20.1%	19.0%	21.3%	21.2%	19.5%
Put IV 25d	22.7%	21.3%	24.8%	24.8%	22.2%
Bid-Ask Spread %	2.10	1.64	2.97	1.64	1.92
Gamma HHI	0.05	0.03	0.32	0.03	0.03
Net GEX	170.5M	-2.11B	5.51B	-568.5M	-1.45B
Net DEX	-21.38B	-35.97B	-6.13B	-15.74B	-11.92B
Net VEX	-276.1M	-299.1M	-262.5M	-299.1M	-280.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.35	0.16	2.90	2.90	1.02
Total Volume	1,487,641.333	750,409	3,774,042	1,094,777	1,034,705
Total OI	11,992,097.238	10,412,429	13,559,548	11,721,087	10,925,648

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	$233.59	$225.00	22.1%	6.8%	20.6%	12.7%	26.5%	3.7%	-0.3%	-568.5M	-15.74B	-299.1M	2.90	1.64	280,830	813,947	3,646,632	8,074,455
2025-09-03	$233.19	$225.00	22.0%	6.8%	20.6%	12.4%	24.9%	3.6%	-0.3%	-642.5M	-14.43B	-294.5M	0.98	1.79	378,635	371,774	3,601,829	8,222,024
2025-09-04	$236.02	$225.00	21.4%	6.1%	20.8%	10.5%	23.2%	2.9%	-0.2%	329.3M	-22.53B	-286.2M	1.34	1.71	432,812	578,431	3,635,743	8,254,249
2025-09-05	$237.69	$225.00	20.5%	5.9%	20.6%	7.7%	22.7%	2.7%	-0.2%	1.07B	-27.19B	-279.0M	1.54	1.84	553,761	855,238	3,701,691	8,390,986
2025-09-08	$238.01	$227.00	20.3%	5.9%	20.6%	7.2%	23.2%	2.9%	0.2%	772.6M	-27.57B	-270.7M	0.83	2.03	450,502	372,338	3,673,374	8,369,878
2025-09-09	$236.68	$228.00	20.6%	5.9%	20.8%	8.1%	22.9%	3.1%	0.2%	-63.9M	-22.99B	-274.6M	1.81	1.70	469,692	851,482	3,738,636	8,449,959
2025-09-10	$236.28	$230.00	20.8%	6.0%	18.6%	8.5%	22.9%	3.0%	0.1%	-241.5M	-21.78B	-278.5M	1.46	2.02	507,558	742,257	3,786,576	8,686,877
2025-09-11	$240.63	$230.00	20.3%	5.9%	18.3%	7.0%	22.1%	2.0%	0.2%	1.56B	-34.98B	-262.5M	1.07	2.01	789,906	842,190	3,855,427	8,861,159
2025-09-12	$238.80	$230.00	20.2%	5.8%	17.8%	6.9%	21.7%	2.1%	0.2%	228.5M	-29.12B	-267.4M	1.22	2.28	468,006	569,858	3,915,887	9,070,181
2025-09-15	$239.24	$230.00	21.2%	6.1%	17.6%	9.9%	23.0%	2.3%	-0.3%	592.0M	-28.66B	-270.7M	0.16	2.38	2,713,829	429,721	3,883,391	9,071,885
2025-09-16	$238.37	$230.00	21.8%	6.2%	17.8%	11.7%	23.8%	2.1%	-0.3%	355.7M	-18.04B	-275.5M	1.28	2.01	840,759	1,080,366	3,751,350	9,127,670
2025-09-17	$239.33	$230.00	20.9%	6.0%	17.4%	9.0%	22.9%	2.1%	-0.3%	1.25B	-22.71B	-263.1M	2.08	2.97	1,227,265	2,546,777	3,904,374	9,313,109
2025-09-18	$244.66	$231.00	20.5%	5.9%	18.5%	7.6%	22.5%	1.9%	-0.2%	5.51B	-35.97B	-264.4M	0.99	1.82	974,274	960,126	3,897,313	9,651,986
2025-09-19	$242.99	$233.00	20.1%	5.8%	18.9%	6.6%	21.7%	2.1%	-0.1%	131.9M	-29.17B	-270.1M	1.24	2.13	686,552	850,956	3,705,372	9,854,176
2025-09-22	$244.51	$235.00	20.7%	6.0%	13.5%	8.4%	21.8%	2.0%	0.3%	300.7M	-21.02B	-270.4M	0.94	2.44	536,124	502,236	3,057,830	7,354,599
2025-09-23	$244.22	$235.00	21.6%	6.3%	13.0%	11.1%	23.9%	2.4%	0.3%	45.9M	-19.86B	-272.4M	1.62	2.52	718,261	1,161,420	3,101,683	7,442,226
2025-09-24	$241.69	$235.00	21.3%	6.2%	13.7%	10.1%	23.0%	2.5%	0.5%	-1.32B	-12.65B	-279.5M	1.51	2.00	488,031	737,089	3,137,705	7,660,444
2025-09-25	$238.99	$235.00	21.6%	6.3%	14.2%	11.1%	24.0%	2.8%	0.4%	-2.11B	-6.13B	-286.8M	2.02	2.09	504,709	1,018,187	3,168,629	7,805,185
2025-09-26	$241.19	$235.00	20.1%	5.7%	14.5%	6.5%	21.4%	2.3%	0.6%	-1.08B	-13.37B	-273.2M	1.41	2.88	452,143	636,018	3,234,077	7,901,491
2025-09-29	$241.64	$235.00	20.5%	5.8%	14.2%	7.6%	20.7%	2.5%	0.2%	-1.10B	-13.20B	-279.8M	0.92	1.88	423,074	388,629	3,153,348	7,794,988
2025-09-30	$241.17	$235.00	20.5%	5.8%	14.1%	7.6%	21.6%	2.7%	0.2%	-1.45B	-11.92B	-280.7M	1.02	1.92	511,551	523,154	3,141,875	7,783,773