AMZN Options History — September 2025

In September 2025, AMZN traded between $217.32 and $238.48. ATM implied volatility averaged 27.8%, placing in the 13.0% IV rank vs the trailing year. The 30-day expected move averaged 7.8%. IV traded below realized volatility by 0.2% (HV 20d: 28.0%). Max pain ranged from $215.00 to $220.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 18 of 21 days. Put/call ratio averaged 0.38.

Notable Days

2025-09-23: Highest Volume — 1,205,122 contracts
2025-09-23: Largest IV spike — 10.0% change
2025-09-30: Highest IV Rank — 30.9%
2025-09-25: Largest Expected Move — 9.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$227.98	$217.32	$238.48	$225.63	$219.59
Max Pain	$218.57	$215.00	$220.00	$215.00	$220.00
ATM IV	27.8%	24.7%	35.6%	25.6%	35.6%
Expected Move	7.8%	7.1%	9.0%	7.4%	8.4%
HV 20d	28.0%	24.1%	30.5%	24.2%	29.0%
HV 60d	29.7%	28.2%	30.5%	28.5%	30.1%
IV Rank	13.0%	5.7%	30.9%	7.8%	30.9%
IV Percentile	33.9%	11.5%	71.8%	20.2%	71.8%
Term Structure	1.5%	-0.4%	6.6%	0.1%	-0.4%
VWIV	27.6%	24.2%	32.2%	26.7%	30.2%
Skew 25d	2.1%	0.4%	4.7%	4.7%	0.8%
Skew 10d	4.7%	1.8%	9.6%	9.6%	3.1%
Call IV 25d	27.1%	22.9%	36.5%	23.4%	36.5%
Put IV 25d	29.2%	26.3%	37.3%	28.1%	37.3%
Bid-Ask Spread %	2.00	1.37	3.13	1.37	1.90
Gamma HHI	0.08	0.04	0.11	0.07	0.06
Net GEX	571.7M	217.2M	998.5M	403.2M	462.1M
Net DEX	-15.18B	-22.10B	-7.98B	-13.27B	-11.26B
Net VEX	-121.1M	-132.8M	-113.0M	-113.3M	-132.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.38	0.20	0.54	0.50	0.37
Total Volume	651,846.429	311,216	1,205,122	387,870	578,490
Total OI	3,989,047	3,586,725	4,396,523	3,647,802	4,237,179

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	$225.63	$215.00	25.6%	7.4%	24.2%	7.8%	26.7%	4.7%	0.1%	403.2M	-13.27B	-113.3M	0.50	1.37	N/A	N/A	258,639	129,231	1,965,965	1,681,837
2025-09-03	$225.57	$215.00	25.4%	7.4%	24.1%	7.4%	25.8%	4.4%	-0.0%	424.0M	-13.54B	-113.0M	0.43	1.55	N/A	N/A	217,068	94,148	1,995,073	1,707,222
2025-09-04	$235.44	$215.00	24.8%	7.2%	25.6%	6.0%	25.3%	3.0%	0.2%	961.7M	-21.18B	-114.9M	0.37	3.13	N/A	N/A	715,800	263,004	2,039,172	1,730,351
2025-09-05	$232.39	$215.00	24.7%	7.2%	26.2%	5.8%	24.2%	3.4%	0.2%	697.7M	-17.87B	-115.6M	0.54	2.27	N/A	N/A	323,079	173,531	2,091,540	1,776,001
2025-09-08	$236.41	$215.00	25.2%	7.3%	26.7%	6.9%	25.6%	3.1%	0.1%	819.7M	-20.36B	-114.2M	0.47	2.19	N/A	N/A	344,899	163,532	2,033,621	1,718,121
2025-09-09	$238.48	$215.00	24.7%	7.1%	26.5%	5.7%	25.5%	2.9%	0.2%	954.2M	-22.10B	-114.5M	0.53	1.62	N/A	N/A	239,852	127,364	2,096,027	1,738,904
2025-09-10	$229.38	$220.00	26.5%	7.6%	30.5%	9.8%	26.6%	2.8%	0.1%	466.7M	-14.98B	-117.1M	0.39	1.96	N/A	N/A	541,945	211,542	2,127,029	1,785,356
2025-09-11	$230.09	$220.00	25.9%	7.5%	30.3%	8.5%	25.3%	2.1%	0.0%	569.4M	-15.84B	-118.2M	0.33	2.46	N/A	N/A	343,331	111,750	2,217,522	1,813,310
2025-09-12	$227.90	$220.00	26.1%	7.5%	28.2%	9.0%	26.2%	1.8%	0.1%	274.0M	-14.22B	-118.4M	0.36	1.63	N/A	N/A	576,032	209,286	2,272,583	1,836,959
2025-09-15	$230.93	$220.00	27.1%	7.7%	28.7%	11.2%	27.1%	1.7%	0.1%	691.9M	-17.32B	-119.1M	0.20	1.47	N/A	N/A	539,187	108,063	2,180,623	1,787,415
2025-09-16	$234.50	$220.00	26.7%	7.6%	29.2%	10.3%	27.1%	1.7%	0.4%	998.5M	-20.43B	-121.3M	0.25	2.22	N/A	N/A	473,338	119,024	2,285,736	1,812,946
2025-09-17	$230.68	$220.00	26.6%	7.6%	29.1%	10.2%	26.8%	2.1%	0.2%	702.7M	-16.81B	-120.2M	0.28	1.84	N/A	N/A	429,492	119,824	2,297,592	1,831,431
2025-09-18	$231.07	$220.00	26.5%	7.6%	28.5%	10.0%	26.6%	1.4%	0.3%	711.5M	-17.25B	-120.8M	0.39	1.74	N/A	N/A	504,046	198,041	2,324,136	1,856,471
2025-09-19	$231.81	$220.00	26.4%	7.5%	28.2%	9.6%	27.0%	1.5%	0.4%	730.6M	-18.05B	-120.9M	0.36	2.91	N/A	N/A	560,170	201,540	2,389,586	1,876,852
2025-09-22	$227.87	$220.00	27.7%	8.0%	27.0%	12.6%	28.8%	0.9%	6.3%	379.3M	-13.25B	-120.9M	0.42	1.77	N/A	N/A	450,879	188,868	1,983,155	1,603,570
2025-09-23	$221.03	$220.00	30.4%	8.8%	29.1%	19.0%	31.0%	1.4%	5.8%	224.8M	-9.43B	-123.2M	0.41	2.16	N/A	N/A	857,312	347,810	2,138,206	1,659,024
2025-09-24	$219.59	$220.00	30.7%	8.9%	29.1%	19.6%	31.7%	1.4%	6.2%	292.5M	-9.31B	-129.1M	0.31	2.00	N/A	N/A	614,281	189,782	2,344,880	1,746,905
2025-09-25	$217.32	$220.00	32.4%	9.0%	29.2%	23.5%	32.2%	1.2%	6.0%	217.2M	-7.98B	-130.0M	0.42	1.89	N/A	N/A	639,340	270,573	2,456,244	1,792,855
2025-09-26	$220.04	$220.00	31.5%	8.3%	29.2%	21.4%	29.6%	0.4%	6.6%	485.7M	-11.35B	-132.8M	0.35	2.30	N/A	N/A	564,399	195,439	2,579,453	1,817,070
2025-09-29	$221.94	$220.00	34.4%	8.3%	29.3%	28.2%	29.7%	0.9%	-0.3%	538.3M	-13.06B	-132.7M	0.28	1.72	N/A	N/A	388,094	106,750	2,374,639	1,767,426
2025-09-30	$219.59	$220.00	35.6%	8.4%	29.0%	30.9%	30.2%	0.8%	-0.4%	462.1M	-11.26B	-132.7M	0.37	1.90	N/A	N/A	420,974	157,516	2,443,477	1,793,702