MUB Options History — September 2025

In September 2025, MUB traded between $103.94 and $106.68. ATM implied volatility averaged 5.0%, placing in the 6.3% IV rank vs the trailing year. The 30-day expected move averaged 1.4%. IV traded above realized volatility by 0.8% (HV 20d: 4.2%). Max pain ranged from $104.00 to $104.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 20 of 21 days. Put/call ratio averaged 62.00.

Notable Days

  • 2025-09-05: Highest Volume — 21,634 contracts
  • 2025-09-19: Largest IV spike — 24.3% change
  • 2025-09-22: Highest IV Rank — 8.2%
  • 2025-09-22: Largest Expected Move — 1.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$106.01$103.94$106.68$103.94$106.53
Max Pain$104.00$104.00$104.00$104.00$104.00
ATM IV5.0%4.1%5.6%4.4%4.4%
Expected Move1.4%1.2%1.6%1.3%1.3%
HV 20d4.2%2.7%4.5%2.7%3.9%
HV 60d3.2%2.7%3.3%2.7%3.3%
IV Rank6.3%3.5%8.2%4.5%4.4%
IV Percentile33.2%6.0%57.5%17.5%9.9%
Term Structure0.5%-0.1%2.7%0.4%0.3%
VWIV5.1%3.2%6.5%4.2%4.5%
Skew 25d0.3%-0.8%1.3%0.4%1.3%
Skew 10d0.8%-0.4%3.3%0.1%1.1%
Call IV 25d4.8%4.1%5.7%4.5%4.2%
Put IV 25d5.2%4.1%6.3%4.9%5.5%
Bid-Ask Spread %21.619.1984.6123.4712.30
Gamma HHI0.270.190.410.410.25
Net GEX40.4M24.7M57.5M30.9M35.1M
Net DEX-174.5M-285.1M-68.2M-68.2M-106.3M
Net VEX-715.0K-1.4M-354.3K-404.6K-1.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio62.000.001270.000.047.42
Total Volume4,869.5711721,6341005,703
Total OI66,231.95240,51784,86949,18484,869

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-09-02$103.94$104.004.4%1.3%2.7%4.5%4.2%0.4%0.4%30.9M-68.2M-404.6K0.0423.4796431,26617,918
2025-09-03$104.25$104.004.9%1.4%2.9%5.8%0.0%-0.3%-0.1%30.9M-88.9M-383.8K7.5015.4621531,32217,903
2025-09-04$104.53$104.004.7%1.3%3.0%5.4%4.7%0.4%0.3%28.4M-108.6M-354.3K1.0117.955,0085,05231,32117,913
2025-09-05$105.19$104.004.7%1.4%3.7%5.4%3.9%0.2%0.5%32.1M-164.4M-446.0K0.0030.0521,5597536,31622,958
2025-09-08$105.84$104.005.5%1.4%4.2%7.8%4.9%0.3%0.4%55.4M-231.6M-537.4K0.9319.5564459844,26223,026
2025-09-09$105.66$104.005.3%1.5%4.3%7.0%5.4%0.1%0.3%54.6M-225.8M-510.0K0.0020.7111,3975243,85322,533
2025-09-10$106.10$104.004.7%1.4%4.4%5.4%5.1%0.2%0.4%57.5M-244.6M-508.1K0.9020.232,1611,94545,75922,571
2025-09-11$106.50$104.005.6%1.6%4.5%8.2%4.9%0.4%0.2%47.0M-264.1M-503.2K0.2219.3911,3192,52945,01121,685
2025-09-12$106.39$104.005.3%1.5%4.5%7.2%5.4%0.5%0.6%56.4M-266.3M-587.0K0.0320.176151749,20421,492
2025-09-15$106.63$104.005.3%1.5%4.5%7.3%6.5%0.2%0.6%51.8M-285.1M-597.3K1.9617.85285549,77421,507
2025-09-16$106.62$104.005.6%1.6%4.5%8.1%5.6%0.6%0.1%54.7M-271.7M-565.0K0.0017.46412049,77221,554
2025-09-17$106.68$104.005.5%1.6%4.5%7.9%5.3%0.6%0.3%49.2M-282.6M-567.5K0.5884.61573350,08121,554
2025-09-18$106.53$104.004.3%1.2%4.5%4.1%5.6%-0.4%2.7%56.4M-273.0M-578.5K0.2725.16621750,09221,586
2025-09-19$106.48$104.005.3%1.5%4.5%7.2%5.3%0.5%0.6%42.4M-278.4M-550.4K0.3514.20511850,13221,597
2025-09-22$106.48$104.005.6%1.6%4.4%8.2%5.8%0.9%0.4%30.2M-101.9M-534.2K1270.0014.2745,08033,2857,232
2025-09-23$106.46$104.004.9%1.4%4.4%6.1%5.8%-0.8%0.2%30.1M-87.4M-920.7K0.9717.966,9366,69540,42419,311
2025-09-24$106.34$104.004.1%1.2%4.5%3.5%4.8%-0.1%0.9%24.7M-73.2M-1.1M0.0032.1656044,87823,686
2025-09-25$106.28$104.004.8%1.4%4.5%5.8%6.4%0.3%0.7%25.7M-78.2M-1.1M1.019.196,8956,95344,91123,686
2025-09-26$106.25$104.004.8%1.4%4.5%5.8%5.0%0.6%0.6%28.8M-80.4M-1.4M1.459.86111651,70230,609
2025-09-29$106.43$104.005.1%1.5%4.5%6.5%3.2%1.0%0.2%25.4M-83.8M-1.4M7.2711.84118051,70330,613
2025-09-30$106.53$104.004.4%1.3%3.9%4.4%4.5%1.3%0.3%35.1M-106.3M-1.4M7.4212.306775,02654,20330,666