PPI Options History — September 2025

In September 2025, PPI traded between $17.19 and $18.33. ATM implied volatility averaged 40.6%, placing in the 2.5% IV rank vs the trailing year. The 30-day expected move averaged 10.6%. IV traded above realized volatility by 30.3% (HV 20d: 10.3%). Max pain ranged from $15.00 to $17.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 0 of 21 days. Put/call ratio averaged 0.00.

Notable Days

2025-09-24: Highest Volume — 236 contracts
2025-09-10: Largest IV drop — 43.5% change
2025-09-09: Highest IV Rank — 6.9%
2025-09-03: Largest Expected Move — 13.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$17.83	$17.19	$18.33	$17.19	$18.33
Max Pain	$15.57	$15.00	$17.00	$17.00	$16.00
ATM IV	40.6%	32.3%	57.5%	45.8%	43.0%
Expected Move	10.6%	9.0%	13.5%	13.1%	12.3%
HV 20d	10.3%	8.2%	11.9%	11.6%	9.2%
HV 60d	10.5%	10.3%	10.7%	10.6%	10.4%
IV Rank	2.5%	0.3%	6.9%	3.8%	3.1%
IV Percentile	15.2%	1.2%	38.1%	21.4%	25.4%
Term Structure	-8.0%	-15.0%	-3.9%	-13.2%	-11.4%
VWIV	41.5%	17.3%	55.8%	52.0%	55.8%
Skew 25d	3.2%	0.9%	12.8%	2.0%	2.6%
Skew 10d	7.4%	3.4%	29.1%	3.4%	4.6%
Call IV 25d	43.3%	28.0%	56.4%	55.0%	51.4%
Put IV 25d	46.5%	39.6%	58.6%	57.0%	54.0%
Bid-Ask Spread %	162.98	159.10	167.93	165.39	159.89
Gamma HHI	0.39	0.21	0.63	0.50	0.63
Net GEX	620	118	1.6K	118	1.4K
Net DEX	-17.7K	-47.9K	-1.6K	-1.6K	-38.6K
Net VEX	-22	-56	-3	-3	-45
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	14.429	0	236	0	0
Total OI	13.714	2	36	2	29

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 Vol	Call OI
2025-09-02	$17.19	$17.00	45.8%	13.1%	11.6%	3.8%	0.0%	2.0%	-13.2%	118	-1.6K	-3	165.39	0	2
2025-09-03	$17.26	$17.00	47.0%	13.5%	11.7%	4.2%	0.0%	2.2%	-15.0%	119	-1.7K	-3	166.31	10	2
2025-09-04	$17.33	$16.00	47.5%	9.6%	11.7%	4.3%	0.0%	6.2%	-4.4%	333	-8.4K	-12	167.93	0	7
2025-09-05	$17.38	$16.00	47.1%	9.0%	11.7%	4.2%	0.0%	4.6%	-3.9%	341	-8.6K	-11	164.68	0	7
2025-09-08	$17.42	$16.00	56.2%	10.0%	11.7%	6.6%	0.0%	3.1%	-7.2%	330	-8.6K	-11	166.96	0	7
2025-09-09	$17.48	$16.00	57.5%	9.9%	11.5%	6.9%	0.0%	3.4%	-5.3%	328	-8.7K	-10	166.99	0	7
2025-09-10	$17.70	$16.00	32.5%	9.3%	11.9%	0.3%	52.0%	3.5%	-6.1%	319	-9.3K	-9	166.56	1	7
2025-09-11	$17.78	$15.00	32.3%	9.3%	11.8%	0.3%	17.3%	12.8%	-4.5%	371	-11.8K	-13	163.05	1	9
2025-09-12	$17.76	$15.00	32.8%	9.4%	11.6%	0.4%	0.0%	2.5%	-5.7%	429	-12.2K	-16	162.44	0	10
2025-09-15	$17.91	$15.00	34.2%	9.8%	10.8%	0.8%	0.0%	3.0%	-6.4%	421	-12.7K	-14	162.27	0	10
2025-09-16	$17.98	$15.00	35.3%	10.1%	8.2%	1.1%	0.0%	1.9%	-7.6%	416	-12.9K	-14	163.61	0	10
2025-09-17	$17.81	$15.00	35.4%	10.1%	8.2%	1.1%	0.0%	2.9%	-6.6%	428	-12.3K	-13	160.83	2	10
2025-09-18	$17.98	$15.00	34.6%	9.9%	8.5%	0.9%	42.0%	3.4%	-7.1%	502	-14.1K	-21	159.10	46	12
2025-09-19	$18.12	$15.00	35.7%	10.2%	8.6%	1.2%	44.1%	2.4%	-6.4%	1.0K	-23.6K	-27	161.93	3	17
2025-09-22	$18.30	$15.00	36.8%	10.5%	8.6%	1.5%	0.0%	3.2%	-7.3%	485	-20.4K	-27	160.21	0	15
2025-09-23	$18.13	$15.00	38.5%	11.0%	9.7%	1.9%	0.0%	0.9%	-9.2%	500	-19.8K	-27	161.21	0	15
2025-09-24	$18.12	$15.00	39.4%	11.3%	9.8%	2.1%	38.1%	0.9%	-8.9%	499	-19.8K	-26	162.22	236	15
2025-09-25	$18.12	$15.00	39.6%	11.3%	9.8%	2.2%	0.0%	1.3%	-9.4%	1.6K	-47.9K	-56	161.46	0	36
2025-09-26	$18.12	$16.00	38.3%	11.0%	9.8%	1.9%	55.8%	2.4%	-10.0%	1.6K	-41.2K	-54	159.16	4	32
2025-09-29	$18.29	$16.00	42.6%	12.2%	9.2%	3.0%	0.0%	1.8%	-13.1%	1.4K	-38.2K	-47	160.34	0	29
2025-09-30	$18.33	$16.00	43.0%	12.3%	9.2%	3.1%	0.0%	2.6%	-11.4%	1.4K	-38.6K	-45	159.89	0	29