BTM Options History — September 2025

In September 2025, BTM traded between $23.31 and $27.44. ATM implied volatility averaged 82.7%. The 30-day expected move averaged 24.1%. IV traded above realized volatility by 32.4% (HV 20d: 50.3%). Max pain ranged from $28.00 to $35.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 0.31.

Notable Days

  • 2025-09-22: Highest Volume — 203 contracts
  • 2025-09-18: Largest IV spike — 57.3% change
  • 2025-09-23: Largest Expected Move — 26.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$25.65$23.31$27.44$25.20$23.31
Max Pain$28.67$28.00$35.00$35.00$28.00
ATM IV82.7%55.3%100.4%87.7%64.3%
Expected Move24.1%15.9%26.8%25.1%18.4%
HV 20d50.3%38.4%68.6%63.7%42.9%
HV 60d74.8%62.4%92.7%92.7%62.4%
Term Structure3.3%-8.1%47.2%4.7%14.9%
VWIV83.5%57.8%93.2%87.6%81.8%
Skew 25d-3.0%-30.5%37.8%-11.3%-11.3%
Skew 10d70.3%-3.8%206.1%43.1%23.6%
Call IV 25d71.8%46.9%91.4%81.1%65.0%
Put IV 25d68.7%53.7%106.7%69.8%53.7%
Bid-Ask Spread %83.3665.71132.2185.9670.24
Gamma HHI0.220.200.240.200.20
Net GEX15.3K9.7K20.3K11.7K16.4K
Net DEX-761.6K-1.4M-294.9K-405.5K-566.5K
Net VEX-14.3K-19.9K-10.9K-13.1K-10.9K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.310.001.310.350.10
Total Volume47.238112035130
Total OI2,781.7622,3882,9782,8302,608

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-09-02$25.20$35.0087.7%25.1%63.7%0.0%87.6%-11.3%4.7%11.7K-405.5K-13.1K0.3585.96N/AN/A38132,508322
2025-09-03$24.85$35.0075.5%21.6%62.3%0.0%76.7%-10.2%6.0%11.5K-435.9K-13.1K0.6076.52N/AN/A24142,515319
2025-09-04$23.94$28.0073.3%26.6%62.6%0.0%83.8%37.8%-8.1%10.8K-294.9K-11.7K0.0190.48N/AN/A10712,526332
2025-09-05$24.50$28.0067.7%26.4%64.2%0.0%90.7%26.2%-4.2%14.5K-501.0K-13.1K0.0093.61N/AN/A8502,575332
2025-09-08$25.76$28.0087.3%23.8%68.5%0.0%82.9%-30.5%4.0%14.9K-499.9K-13.1K0.3993.16N/AN/A25102,541330
2025-09-09$25.76$28.00100.4%26.5%68.6%0.0%75.6%-7.2%-5.3%15.8K-816.0K-16.5K0.0187.65N/AN/A4012,537337
2025-09-10$26.53$28.0092.4%26.5%53.4%0.0%88.6%1.6%-5.0%16.7K-1.1M-17.9K0.0480.19N/AN/A3412,543338
2025-09-11$26.32$28.0091.4%26.2%48.8%0.0%71.6%4.4%-5.9%15.1K-612.5K-13.4K0.0881.45N/AN/A1512,545337
2025-09-12$27.44$28.0087.1%25.0%46.0%0.0%86.9%-23.7%-1.4%16.8K-855.2K-15.1K0.5977.29N/AN/A33192,557337
2025-09-15$27.44$28.0088.4%25.3%45.9%0.0%86.7%-16.0%-4.4%15.1K-1.2M-18.4K0.5587.55N/AN/A742,576351
2025-09-16$27.16$28.0089.4%25.6%45.8%0.0%87.3%5.2%-3.4%13.5K-663.2K-13.9K1.3179.31N/AN/A16212,580351
2025-09-17$27.44$28.0055.3%15.9%41.7%0.0%57.8%2.4%32.9%12.6K-827.0K-15.1K0.55132.21N/AN/A32182,587368
2025-09-18$27.30$28.0087.0%24.9%40.7%0.0%80.6%7.7%-5.3%9.7K-1.4M-19.9K0.1479.61N/AN/A1932,596382
2025-09-19$25.97$28.0087.5%25.1%43.4%0.0%86.0%-27.5%0.9%16.5K-542.2K-15.1K0.3976.81N/AN/A32122,596382
2025-09-22$25.41$28.0085.2%24.4%43.9%0.0%85.2%-10.5%7.5%14.1K-1.0M-14.3K0.1090.37N/AN/A185182,197191
2025-09-23$25.41$28.0093.4%26.8%43.7%0.0%93.2%-1.9%-2.6%20.3K-1.1M-15.0K0.0069.71N/AN/A2602,352192
2025-09-24$25.06$28.0091.2%26.1%43.6%0.0%92.8%12.5%0.7%19.5K-883.4K-13.8K0.0265.71N/AN/A2502,360192
2025-09-25$24.57$28.0068.1%19.5%44.0%0.0%73.1%34.9%47.2%17.1K-676.2K-11.5K0.6973.03N/AN/A962,373192
2025-09-26$24.64$28.0071.9%20.6%43.4%0.0%92.0%-25.6%-4.6%19.0K-824.3K-12.7K0.0188.19N/AN/A2802,379198
2025-09-29$24.64$28.0091.5%26.2%38.4%0.0%92.1%-20.4%0.6%19.1K-831.6K-13.5K0.5471.42N/AN/A26142,385198
2025-09-30$23.31$28.0064.3%18.4%42.9%0.0%81.8%-11.3%14.9%16.4K-566.5K-10.9K0.1070.24N/AN/A2732,396212