QQQ Options History — September 2025

In September 2025, QQQ traded between $564.98 and $602.23. ATM implied volatility averaged 16.8%, placing in the 8.9% IV rank vs the trailing year. The 30-day expected move averaged 4.8%. IV traded above realized volatility by 5.8% (HV 20d: 11.0%). Max pain ranged from $550.00 to $588.00. Net GEX was positive for 16 of 21 trading days. Term structure was in contango for 19 of 21 days. Put/call ratio averaged 1.30.

Notable Days

  • 2025-09-25: Highest Volume — 5,041,678 contracts
  • 2025-09-26: Largest IV drop — 6.6% change
  • 2025-09-02: Highest IV Rank — 13.7%
  • 2025-09-02: Largest Expected Move — 5.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$587.78$564.98$602.23$564.98$599.25
Max Pain$574.90$550.00$588.00$550.00$588.00
ATM IV16.8%15.4%18.6%18.6%17.8%
Expected Move4.8%4.5%5.5%5.5%4.7%
HV 20d11.0%7.5%12.8%12.8%7.5%
HV 60d11.6%10.7%12.5%12.4%10.7%
IV Rank8.9%5.1%13.7%13.7%11.4%
IV Percentile25.8%8.3%50.4%45.6%41.3%
Term Structure0.3%-0.2%0.9%-0.2%0.2%
VWIV18.6%17.3%21.0%21.0%19.0%
Skew 25d5.3%4.5%7.1%7.1%5.5%
Skew 10d11.2%9.8%14.6%14.6%11.1%
Call IV 25d14.6%13.5%16.0%15.5%15.4%
Put IV 25d20.0%18.2%22.5%22.5%21.0%
Bid-Ask Spread %2.251.932.882.012.31
Gamma HHI0.040.020.100.040.02
Net GEX1.52B-5.78B7.60B-5.78B51.1M
Net DEX-58.20B-99.47B-11.88B-11.88B-56.26B
Net VEX-505.4M-547.6M-484.0M-517.5M-519.1M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.301.051.641.171.34
Total Volume3,963,274.3333,177,4095,041,6784,375,4613,729,094
Total OI9,505,472.6198,386,80910,803,9369,151,0829,204,669

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-09-02$564.98$550.0018.6%5.5%12.8%13.7%21.0%7.1%-0.2%-5.78B-11.88B-517.5M1.172.01N/AN/A2,012,8962,362,5653,362,1005,788,982
2025-09-03$568.75$550.0017.7%5.1%12.8%11.3%18.9%6.6%-0.1%-1.77B-28.46B-511.2M1.051.98N/AN/A1,988,2332,080,2833,420,3805,934,757
2025-09-04$574.48$570.0016.8%4.9%12.7%8.7%18.5%6.0%0.0%1.23B-46.31B-500.5M1.321.93N/AN/A1,396,2801,849,9663,444,5216,014,049
2025-09-05$575.36$571.0016.3%4.7%12.7%7.4%18.0%5.9%0.1%918.6M-47.17B-500.3M1.142.03N/AN/A2,162,9802,467,5113,462,7606,114,934
2025-09-08$578.87$572.0016.1%4.7%12.3%6.9%18.4%5.9%0.2%2.37B-54.22B-486.6M1.152.09N/AN/A1,683,0031,941,2433,398,2245,919,105
2025-09-09$579.90$570.0015.8%4.6%12.3%6.2%17.5%5.7%0.2%2.00B-55.36B-492.8M1.271.99N/AN/A1,481,4531,882,1663,435,4256,029,779
2025-09-10$580.29$571.0016.2%4.7%11.5%7.2%18.4%5.5%0.2%1.84B-55.10B-497.3M1.202.33N/AN/A1,785,7102,134,2833,447,3716,093,252
2025-09-11$584.60$572.0015.5%4.5%11.8%5.2%17.6%4.5%0.3%4.97B-69.44B-484.0M1.522.24N/AN/A1,350,2122,053,2553,473,3656,218,881
2025-09-12$586.87$572.0015.4%4.5%11.9%5.1%18.2%4.6%0.4%4.72B-73.88B-486.5M1.642.55N/AN/A1,359,3772,223,8163,520,3456,288,120
2025-09-15$591.01$572.0016.2%4.7%11.9%7.2%18.6%4.8%0.3%7.60B-81.30B-485.0M1.342.29N/AN/A1,447,1891,936,3493,557,6686,243,694
2025-09-16$591.56$575.0016.5%4.7%11.9%7.9%17.3%4.6%0.3%3.32B-78.75B-494.2M1.162.30N/AN/A1,471,0471,706,3623,650,6976,421,170
2025-09-17$590.09$575.0016.3%4.7%10.6%7.4%18.4%5.0%0.3%1.19B-72.99B-495.7M1.282.88N/AN/A1,794,6672,290,6873,786,2856,548,251
2025-09-18$595.57$575.0016.0%4.6%10.6%6.7%18.0%4.5%0.4%7.57B-92.72B-494.1M1.322.45N/AN/A1,856,1642,453,0933,835,7956,724,507
2025-09-19$598.84$578.0016.2%4.6%10.2%7.2%17.4%4.5%0.4%5.67B-99.47B-494.1M1.272.41N/AN/A1,751,4352,226,0103,803,1707,000,766
2025-09-22$602.23$580.0016.9%4.8%9.2%9.2%19.0%4.8%0.8%4.24B-69.09B-491.9M1.622.36N/AN/A1,684,4342,735,9003,054,7275,332,082
2025-09-23$598.27$585.0017.9%5.1%9.7%11.9%19.6%5.1%0.7%-1.66B-50.79B-520.5M1.532.14N/AN/A1,813,9352,776,3563,159,8835,566,413
2025-09-24$595.13$587.0018.0%5.1%10.1%12.1%19.6%5.4%0.7%-4.47B-40.50B-538.7M1.282.19N/AN/A1,862,9822,381,1903,239,1605,724,582
2025-09-25$592.88$587.0018.5%5.2%10.2%13.4%19.2%5.6%0.7%-4.08B-33.16B-547.6M1.422.09N/AN/A2,082,6422,959,0363,290,8925,849,871
2025-09-26$595.82$586.0017.3%4.7%10.1%10.0%18.2%5.1%0.9%185.3M-48.80B-534.8M1.202.20N/AN/A1,788,6272,138,5083,350,1765,924,062
2025-09-29$598.55$587.0017.6%4.7%8.7%10.9%19.1%5.3%0.2%1.75B-56.60B-521.4M1.082.48N/AN/A1,981,6582,146,1643,269,7725,710,283
2025-09-30$599.25$588.0017.8%4.7%7.5%11.4%19.0%5.5%0.2%51.1M-56.26B-519.1M1.342.31N/AN/A1,596,8782,132,2163,305,2205,899,449