TQQQ Options History — September 2025

In September 2025, TQQQ traded between $43.39 and $52.36. ATM implied volatility averaged 49.6%, placing in the 10.6% IV rank vs the trailing year. The 30-day expected move averaged 14.1%. IV traded above realized volatility by 16.3% (HV 20d: 33.2%). Max pain ranged from $39.00 to $47.50. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 16 of 21 days. Put/call ratio averaged 0.84.

Notable Days

2025-09-05: Highest Volume — 614,290 contracts
2025-09-04: Largest IV drop — 8.2% change
2025-09-02: Highest IV Rank — 15.4%
2025-09-02: Largest Expected Move — 16.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$48.71	$43.39	$52.36	$43.39	$51.42
Max Pain	$44.81	$39.00	$47.50	$39.00	$47.50
ATM IV	49.6%	45.3%	54.6%	54.6%	51.9%
Expected Move	14.1%	13.2%	16.2%	16.2%	13.9%
HV 20d	33.2%	22.6%	38.5%	38.3%	22.6%
HV 60d	35.0%	32.3%	37.7%	37.4%	32.3%
IV Rank	10.6%	6.6%	15.4%	15.4%	12.9%
IV Percentile	26.4%	8.3%	50.0%	46.4%	40.9%
Term Structure	0.8%	-1.1%	2.6%	-0.7%	0.5%
VWIV	52.5%	49.0%	61.5%	61.5%	51.2%
Skew 25d	15.0%	12.3%	20.6%	20.6%	15.7%
Skew 10d	30.5%	25.0%	39.3%	39.3%	30.2%
Call IV 25d	43.7%	38.6%	48.0%	45.8%	46.3%
Put IV 25d	58.7%	53.5%	66.4%	66.4%	62.0%
Bid-Ask Spread %	13.43	4.72	35.19	28.81	15.08
Gamma HHI	0.07	0.04	0.20	0.04	0.06
Net GEX	54.7M	4.2M	121.9M	18.9M	33.4M
Net DEX	-2.58B	-3.67B	-1.48B	-1.48B	-2.35B
Net VEX	-10.2M	-10.8M	-9.8M	-9.9M	-10.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.84	0.62	1.07	0.71	0.93
Total Volume	414,066.857	228,936	614,290	509,796	273,588
Total OI	1,924,995.905	1,537,756	2,161,672	1,845,442	1,705,008

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 Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-09-02	$43.39	$39.00	54.6%	16.2%	38.3%	15.4%	61.5%	20.6%	-0.7%	18.9M	-1.48B	-9.9M	0.71	28.81	N/A	N/A	298,776	211,020	1,098,684	746,758
2025-09-03	$44.27	$39.50	53.7%	15.3%	38.5%	14.5%	52.5%	15.3%	-1.1%	37.1M	-1.81B	-10.1M	0.64	35.19	N/A	N/A	214,304	136,532	1,160,176	829,482
2025-09-04	$45.58	$43.00	49.3%	14.1%	38.0%	10.3%	52.6%	17.6%	-0.4%	74.7M	-2.33B	-10.1M	0.77	10.22	N/A	N/A	202,324	155,568	1,205,518	852,602
2025-09-05	$45.75	$43.00	47.6%	13.9%	38.0%	8.8%	51.0%	17.6%	-0.1%	104.7M	-2.46B	-10.0M	0.81	11.65	N/A	N/A	339,664	274,626	1,230,942	875,512
2025-09-08	$46.59	$43.00	47.4%	13.7%	37.0%	8.6%	50.2%	16.2%	0.4%	61.7M	-2.47B	-10.1M	0.77	8.96	N/A	N/A	207,614	159,672	1,123,562	774,280
2025-09-09	$46.81	$43.50	46.6%	13.3%	37.0%	7.8%	50.5%	17.7%	-0.2%	65.9M	-2.54B	-10.1M	0.86	11.37	N/A	N/A	123,204	105,732	1,164,538	829,036
2025-09-10	$46.91	$44.00	47.0%	13.7%	34.7%	8.2%	49.5%	16.8%	0.6%	67.9M	-2.56B	-10.1M	0.85	9.90	N/A	N/A	206,302	174,608	1,191,448	861,506
2025-09-11	$47.92	$44.50	45.6%	13.3%	35.6%	6.9%	49.0%	13.2%	1.1%	106.7M	-3.05B	-10.1M	1.00	10.00	N/A	N/A	178,764	178,174	1,220,272	887,142
2025-09-12	$48.44	$45.00	45.3%	13.2%	35.8%	6.6%	49.1%	12.6%	1.1%	121.9M	-3.27B	-10.0M	0.78	10.12	N/A	N/A	292,164	226,682	1,215,332	917,150
2025-09-15	$49.45	$45.00	47.5%	13.7%	35.9%	8.7%	52.2%	13.6%	0.4%	58.3M	-3.07B	-9.8M	0.80	6.92	N/A	N/A	199,020	159,150	1,097,096	800,908
2025-09-16	$49.56	$45.00	48.5%	13.9%	35.8%	9.6%	52.7%	13.2%	0.3%	58.1M	-3.01B	-10.2M	0.72	4.72	N/A	N/A	137,764	99,078	1,140,356	858,740
2025-09-17	$49.19	$45.00	48.4%	13.9%	31.8%	9.5%	49.6%	13.0%	0.8%	51.5M	-2.92B	-9.9M	0.81	9.35	N/A	N/A	274,506	222,810	1,152,730	883,148
2025-09-18	$50.55	$45.00	47.7%	13.6%	31.7%	8.9%	51.4%	12.3%	0.8%	76.4M	-3.49B	-10.0M	0.86	7.73	N/A	N/A	300,852	259,176	1,190,250	936,036
2025-09-19	$51.33	$45.50	47.6%	13.6%	30.6%	8.8%	51.7%	12.6%	1.3%	78.5M	-3.67B	-10.1M	0.62	6.83	N/A	N/A	343,858	214,160	1,197,508	964,164
2025-09-22	$52.36	$46.00	49.6%	13.9%	28.0%	10.6%	54.3%	12.8%	2.2%	41.4M	-2.73B	-10.2M	1.07	15.05	N/A	N/A	209,984	224,334	893,638	644,118
2025-09-23	$51.31	$47.50	52.4%	14.8%	29.5%	13.3%	55.3%	14.0%	1.7%	24.2M	-2.39B	-10.5M	0.99	17.55	N/A	N/A	178,370	175,760	944,764	730,096
2025-09-24	$50.45	$47.50	52.7%	14.9%	30.6%	13.6%	57.5%	14.9%	2.5%	13.5M	-2.08B	-10.7M	0.90	17.38	N/A	N/A	190,132	170,412	982,130	775,746
2025-09-25	$49.86	$47.50	54.3%	15.3%	31.2%	15.1%	56.1%	16.3%	2.5%	4.2M	-1.90B	-10.8M	0.89	16.78	N/A	N/A	268,292	239,316	1,028,200	819,832
2025-09-26	$50.56	$47.50	51.2%	14.0%	30.8%	12.2%	51.0%	14.4%	2.6%	21.0M	-2.27B	-10.6M	0.91	14.66	N/A	N/A	286,072	261,342	1,054,550	836,164
2025-09-29	$51.26	$47.50	51.6%	13.8%	26.3%	12.6%	52.7%	15.5%	0.7%	29.1M	-2.31B	-10.6M	0.89	13.76	N/A	N/A	170,380	151,318	909,072	696,720
2025-09-30	$51.42	$47.50	51.9%	13.9%	22.6%	12.9%	51.2%	15.7%	0.5%	33.4M	-2.35B	-10.7M	0.93	15.08	N/A	N/A	141,530	132,058	957,916	747,092