A Options History — September 2025

In September 2025, A traded between $121.70 and $128.67. ATM implied volatility averaged 29.0%, placing in the 12.8% IV rank vs the trailing year. The 30-day expected move averaged 8.3%. IV traded above realized volatility by 0.4% (HV 20d: 28.6%). Max pain ranged from $120.00 to $125.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 11 of 21 days. Put/call ratio averaged 0.57.

Notable Days

  • 2025-09-05: Highest Volume — 2,231 contracts
  • 2025-09-08: Largest IV spike — 14.5% change
  • 2025-09-24: Highest IV Rank — 15.6%
  • 2025-09-24: Largest Expected Move — 8.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$125.88$121.70$128.67$124.28$128.17
Max Pain$124.52$120.00$125.00$120.00$125.00
ATM IV29.0%26.1%30.8%28.9%30.1%
Expected Move8.3%7.8%8.8%8.3%8.6%
HV 20d28.6%22.2%31.3%29.3%24.9%
HV 60d30.5%30.3%31.1%30.5%31.1%
IV Rank12.8%7.5%15.6%14.9%13.5%
IV Percentile45.8%27.8%58.7%47.2%52.8%
Term Structure0.3%-1.4%3.6%-1.4%0.5%
VWIV28.5%27.2%30.3%29.1%29.7%
Skew 25d3.7%2.8%4.7%3.3%4.0%
Skew 10d7.5%4.0%10.1%6.6%9.4%
Call IV 25d27.2%25.6%29.1%27.9%29.1%
Put IV 25d30.9%28.9%33.0%31.3%33.0%
Bid-Ask Spread %75.6768.3981.0775.0278.86
Gamma HHI0.230.160.320.180.30
Net GEX2.8M1.9M3.6M2.0M3.2M
Net DEX-90.1M-117.0M-44.9M-44.9M-97.1M
Net VEX-572.7K-619.3K-383.5K-383.5K-610.0K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.570.093.750.110.09
Total Volume953.3811772,2311,6921,066
Total OI31,860.23825,64636,02829,17928,107

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-09-02$124.28$120.0028.9%8.3%29.3%14.9%29.1%3.3%-1.4%2.0M-44.9M-383.5K0.1175.02N/AN/A1,52316915,46013,719
2025-09-03$125.10$120.0028.5%8.2%29.2%14.2%29.5%3.3%-1.2%2.4M-60.4M-433.7K0.1078.25N/AN/A1,11610716,62813,760
2025-09-04$128.58$125.0026.4%7.8%29.6%10.6%27.2%2.9%1.0%3.0M-88.2M-464.7K0.3074.06N/AN/A1,21236517,55413,820
2025-09-05$128.67$125.0026.1%7.8%29.6%7.5%27.2%4.0%0.8%3.1M-96.9M-504.0K0.8374.91N/AN/A1,2191,01218,50013,954
2025-09-08$127.08$125.0029.9%8.5%30.3%14.3%28.1%3.1%2.7%2.9M-94.9M-551.3K0.1373.84N/AN/A1,06014319,43414,216
2025-09-09$126.34$125.0028.9%8.1%30.5%12.4%28.5%3.8%3.6%3.0M-99.6M-583.9K0.1677.02N/AN/A1,02616020,30914,224
2025-09-10$124.28$125.0028.7%8.2%30.7%12.1%27.7%3.6%0.4%2.7M-93.6M-619.2K0.3278.34N/AN/A1534921,21714,250
2025-09-11$126.52$125.0028.8%8.3%29.7%12.2%28.3%3.3%-0.0%3.3M-110.3M-619.3K0.4676.99N/AN/A1758021,29614,259
2025-09-12$123.56$125.0027.8%8.0%30.7%10.5%28.2%2.9%0.5%2.7M-89.6M-610.8K0.4278.95N/AN/A1807521,32014,302
2025-09-15$125.86$125.0029.6%8.5%31.3%13.7%29.0%3.2%-0.1%3.2M-104.4M-603.6K0.1275.72N/AN/A8409821,26614,294
2025-09-16$126.97$125.0030.3%8.7%31.1%15.0%28.5%4.0%-0.1%3.4M-110.6M-618.0K0.1580.12N/AN/A2684021,46514,362
2025-09-17$127.05$125.0029.5%8.5%31.0%13.6%28.4%4.0%-0.8%3.5M-113.0M-601.9K0.3579.16N/AN/A66023321,47414,373
2025-09-18$127.82$125.0028.3%8.1%30.8%11.3%28.5%3.9%-0.1%3.6M-117.0M-598.8K0.3679.30N/AN/A36713321,48214,493
2025-09-19$127.00$125.0029.3%8.4%30.1%13.1%27.3%4.0%0.3%2.4M-112.1M-593.2K0.2476.03N/AN/A1,50036121,52414,504
2025-09-22$126.25$125.0029.5%8.4%27.5%13.5%28.0%4.1%-0.2%1.9M-81.6M-594.9K0.1069.61N/AN/A1,51614514,67510,971
2025-09-23$126.19$125.0029.9%8.6%25.5%14.2%28.5%3.5%-0.1%2.8M-87.7M-605.2K0.6471.35N/AN/A15910116,02911,085
2025-09-24$124.75$125.0030.8%8.8%26.0%15.6%29.6%4.3%0.0%2.5M-81.0M-605.4K2.7468.39N/AN/A9726616,09011,170
2025-09-25$121.70$125.0030.1%8.6%27.7%14.3%30.3%2.8%-0.5%1.9M-66.1M-600.9K3.7571.33N/AN/A4011,50516,09511,262
2025-09-26$123.23$125.0028.2%8.1%22.2%10.0%28.2%4.1%0.8%2.1M-70.0M-618.5K0.3381.07N/AN/A1334416,27311,762
2025-09-29$123.99$125.0029.3%8.4%22.2%12.0%28.0%4.7%0.3%2.4M-73.1M-605.8K0.3370.74N/AN/A1996516,32511,762
2025-09-30$128.17$125.0030.1%8.6%24.9%13.5%29.7%4.0%0.5%3.2M-97.1M-610.0K0.0978.86N/AN/A9759116,31611,791