VAW Options History — September 2025

In September 2025, VAW traded between $200.42 and $209.97. ATM implied volatility averaged 15.8%, placing in the 9.0% IV rank vs the trailing year. The 30-day expected move averaged 4.6%. IV traded above realized volatility by 2.5% (HV 20d: 13.4%). Max pain ranged from $196.00 to $199.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 16 of 21 days. Put/call ratio averaged 0.06.

Notable Days

  • 2025-09-30: Highest Volume — 11 contracts
  • 2025-09-08: Largest IV drop — 14.7% change
  • 2025-09-16: Highest IV Rank — 13.4%
  • 2025-09-16: Largest Expected Move — 5.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$205.84$200.42$209.97$206.47$204.45
Max Pain$198.25$196.00$199.00$199.00$196.00
ATM IV15.8%13.5%18.1%16.0%16.0%
Expected Move4.6%4.1%5.2%4.6%4.6%
HV 20d13.4%11.5%14.0%13.1%14.0%
HV 60d15.2%14.7%15.6%15.2%14.7%
IV Rank9.0%4.7%13.4%9.4%9.4%
IV Percentile32.9%7.9%65.5%34.5%32.9%
Term Structure0.6%-2.8%3.2%0.4%0.4%
VWIV14.6%11.7%17.3%15.4%16.0%
Skew 25d1.9%-1.7%6.2%2.1%1.2%
Skew 10d1.5%-4.5%4.5%-0.8%-0.4%
Call IV 25d12.8%9.7%17.3%12.0%11.8%
Put IV 25d14.7%11.5%18.7%14.2%13.0%
Bid-Ask Spread %109.58102.78116.61113.35111.80
Gamma HHI0.260.210.360.220.23
Net GEX48.8K31.7K62.9K58.5K46.0K
Net DEX-553.7K-775.0K-264.1K-645.5K-384.4K
Net VEX-1.5K-1.7K-1.4K-1.7K-1.4K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.060.000.500.500.00
Total Volume1.429011311
Total OI73.76246898255

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-09-02$206.47$199.0016.0%4.6%13.1%9.4%15.4%2.1%0.4%58.5K-645.5K-1.7K0.50113.35N/AN/A215428
2025-09-03$205.19$199.0015.3%4.4%13.2%8.2%0.0%2.5%0.3%60.4K-621.1K-1.7K0.00112.11N/AN/A005428
2025-09-04$206.13$0.0016.4%4.7%13.0%10.0%0.0%6.2%0.2%59.0K-619.9K-1.7K0.00103.75N/AN/A005428
2025-09-05$207.91$0.0015.9%4.9%12.8%9.1%0.0%2.8%-0.7%56.2K-689.1K-1.6K0.00105.81N/AN/A005428
2025-09-08$207.82$0.0013.5%4.3%12.8%4.7%0.0%1.8%1.2%58.0K-702.6K-1.5K0.00107.92N/AN/A005428
2025-09-09$205.04$0.0014.0%4.4%13.9%5.7%0.0%4.1%1.2%62.9K-623.0K-1.6K0.00102.78N/AN/A045428
2025-09-10$205.55$0.0015.7%4.5%13.1%8.9%17.0%3.6%0.6%61.4K-620.2K-1.6K0.00103.80N/AN/A015432
2025-09-11$209.97$199.0016.8%4.8%13.8%10.9%0.0%3.8%0.1%51.0K-775.0K-1.5K0.00105.83N/AN/A005433
2025-09-12$208.38$199.0016.7%4.8%13.8%10.7%0.0%2.1%-1.0%51.1K-691.7K-1.6K0.00108.57N/AN/A005433
2025-09-15$207.45$199.0016.9%4.8%13.9%11.0%0.0%-1.0%1.9%55.3K-693.7K-1.5K0.00110.96N/AN/A005433
2025-09-16$206.42$199.0018.1%5.2%13.9%13.4%0.0%1.3%-1.0%48.5K-654.4K-1.5K0.00109.02N/AN/A015434
2025-09-17$206.24$199.0016.4%4.7%13.9%10.2%0.0%1.4%0.9%47.1K-644.3K-1.4K0.00110.24N/AN/A005434
2025-09-18$206.71$199.0017.3%4.9%13.9%11.7%0.0%5.2%-0.1%48.3K-650.5K-1.4K0.00107.59N/AN/A105434
2025-09-19$207.08$199.0016.1%4.6%13.9%9.6%0.0%0.2%1.4%46.1K-674.4K-1.4K0.00111.06N/AN/A005534
2025-09-22$207.05$199.0015.3%4.4%11.6%8.1%11.9%0.6%1.4%31.7K-350.0K-1.4K0.00108.52N/AN/A203511
2025-09-23$206.10$199.0016.1%4.6%11.5%9.5%17.3%-1.7%1.8%32.1K-364.5K-1.4K0.00111.89N/AN/A103711
2025-09-24$202.43$199.0015.6%4.5%13.0%8.6%12.7%1.9%-2.8%32.7K-306.4K-1.4K0.00111.89N/AN/A203811
2025-09-25$200.42$196.0014.5%4.2%13.2%6.6%11.7%2.2%2.9%34.6K-264.1K-1.4K0.00116.34N/AN/A204011
2025-09-26$202.63$196.0015.5%4.4%14.0%8.4%15.0%-0.4%0.4%38.9K-304.0K-1.5K0.00111.39N/AN/A204211
2025-09-29$203.26$196.0014.1%4.1%14.0%5.9%0.0%-0.4%3.2%45.3K-349.0K-1.5K0.00116.61N/AN/A004411
2025-09-30$204.45$196.0016.0%4.6%14.0%9.4%16.0%1.2%0.4%46.0K-384.4K-1.4K0.00111.80N/AN/A1104411