SPXS Options History — September 2025

In September 2025, SPXS traded between $38.10 and $43.30. ATM implied volatility averaged 46.5%, placing in the 17.4% IV rank vs the trailing year. The 30-day expected move averaged 12.3%. IV traded above realized volatility by 20.7% (HV 20d: 25.9%). Max pain ranged from $40.00 to $40.00. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 0.14.

Notable Days

  • 2025-09-17: Highest Volume — 7,321 contracts
  • 2025-09-29: Largest IV spike — 256.8% change
  • 2025-09-29: Highest IV Rank — 100.0%
  • 2025-09-29: Largest Expected Move — 19.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$40.02$38.10$43.30$43.30$38.14
Max Pain$40.00$40.00$40.00$40.00$40.00
ATM IV46.5%29.7%153.6%47.8%38.0%
Expected Move12.3%10.1%19.7%14.7%10.9%
HV 20d25.9%20.4%28.4%28.3%20.4%
HV 60d29.0%26.2%31.2%31.0%26.2%
IV Rank17.4%2.5%100.0%19.6%8.7%
IV Percentile38.5%3.6%100.0%59.9%20.6%
Term Structure-3.0%-92.5%13.4%1.6%4.4%
VWIV44.3%39.4%52.5%52.5%41.5%
Skew 25d-6.7%-59.7%34.5%-19.5%-13.3%
Skew 10d8.5%-59.2%78.9%-5.0%-14.7%
Call IV 25d51.7%40.9%73.8%56.4%46.8%
Put IV 25d45.0%14.1%88.8%36.9%33.6%
Bid-Ask Spread %85.730.18152.79135.6647.16
Gamma HHI0.510.291.000.311.00
Net GEX1.5M03.9M1.2M111.1K
Net DEX-780.4K-12.0M5.1M-5.3M-11.4M
Net VEX-216.6K-261.0K0-251.7K-12.5K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.140.060.280.090.17
Total Volume3,049.09507,3213,1371,231
Total OI45,085059,48139,3573,387

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-09-02$43.30$40.0047.8%14.7%28.3%19.6%52.5%-19.5%1.6%1.2M-5.3M-251.7K0.09135.66N/AN/A2,89124628,59710,760
2025-09-03$42.80$40.0049.4%14.1%27.9%21.1%48.8%-10.0%-1.6%1.1M-4.0M-251.4K0.07152.79N/AN/A1,86813828,52110,907
2025-09-04$41.60$40.0051.4%10.1%28.3%23.0%51.5%18.6%7.0%924.1K1.5M-235.6K0.2288.00N/AN/A1,80040129,95610,954
2025-09-05$42.00$40.0033.1%10.3%28.4%5.7%42.0%-17.0%-4.7%1.0M2.0M-231.9K0.1186.00N/AN/A2,23225531,33411,181
2025-09-08$41.70$40.0029.7%10.4%27.5%2.5%42.5%-12.9%4.1%1.1M1.8M-233.1K0.2068.91N/AN/A1,45429430,65911,209
2025-09-09$41.30$40.0035.7%10.1%27.5%8.2%48.8%32.6%-1.1%1.0M3.1M-228.9K0.0787.82N/AN/A1,84013431,60211,412
2025-09-10$41.10$40.0033.6%10.7%25.9%6.2%43.0%-16.4%4.1%1.2M829.0K-234.8K0.1185.13N/AN/A2,97733133,17011,509
2025-09-11$39.90$40.0037.3%10.9%27.7%9.7%39.4%-7.9%1.2%1.5M4.4M-229.5K0.1691.72N/AN/A3,22850235,23411,749
2025-09-12$40.00$40.0034.2%12.3%27.7%6.8%42.8%-12.5%13.4%909.9K5.1M-233.7K0.1281.44N/AN/A2,23426736,50112,207
2025-09-15$39.60$40.0041.3%12.0%27.7%13.5%41.9%32.9%-0.7%1.0M5.0M-231.6K0.0675.42N/AN/A4,14323735,64912,066
2025-09-16$39.60$40.0040.1%11.4%27.6%12.3%39.6%-19.1%2.0%1.5M1.4M-237.0K0.1377.00N/AN/A3,36143238,92912,204
2025-09-17$39.80$40.0040.5%11.6%26.3%12.8%40.5%34.5%-0.8%2.3M-2.7M-240.9K0.1973.16N/AN/A6,1671,15441,91712,314
2025-09-18$39.20$40.0039.8%11.4%26.4%12.0%39.6%33.6%0.8%2.4M1.4M-239.2K0.2084.39N/AN/A3,82475644,62312,999
2025-09-19$38.70$40.0045.7%13.2%25.6%17.6%46.0%-16.6%-0.8%1.6M2.2M-231.9K0.1786.09N/AN/A2,39241646,89512,586
2025-09-22$38.10$40.0047.5%13.8%22.2%19.4%48.2%-32.3%-2.6%1.6M1.4M-234.2K0.15114.34N/AN/A3,21549141,99512,172
2025-09-23$38.40$40.0045.9%13.3%22.5%17.9%46.4%-16.2%0.6%2.1M-1.7M-236.8K0.16118.25N/AN/A2,96148243,18612,527
2025-09-24$38.80$40.0044.5%13.1%23.1%16.5%45.9%-13.6%0.7%2.7M-7.7M-255.0K0.08102.87N/AN/A2,14316445,08212,750
2025-09-25$39.50$40.0045.2%12.6%24.2%17.2%44.0%-13.7%-0.2%3.9M-12.0M-261.0K0.1167.77N/AN/A4,19645845,92812,796
2025-09-26$38.80$40.0043.0%12.3%24.7%15.1%42.1%-13.1%1.4%1.7M-1.7M-237.7K0.2876.34N/AN/A2,11859846,37412,944
2025-09-29$38.16$0.00153.6%19.7%23.3%100.0%0.0%-59.7%-92.5%0000.000.18N/AN/A0000
2025-09-30$38.14$0.0038.0%10.9%20.4%8.7%41.5%-13.3%4.4%111.1K-11.4M-12.5K0.1747.16N/AN/A1,0561753,3870