BULL Options History — September 2025

In September 2025, BULL traded between $12.70 and $15.36. ATM implied volatility averaged 95.6%. The 30-day expected move averaged 27.7%. IV traded above realized volatility by 43.3% (HV 20d: 52.3%). Max pain ranged from $15.00 to $15.00. Net GEX was positive for 16 of 21 trading days. Term structure was in contango for 9 of 21 days. Put/call ratio averaged 0.38.

Notable Days

  • 2025-09-12: Highest Volume — 331,069 contracts
  • 2025-09-05: Largest IV spike — 20.6% change
  • 2025-09-25: Largest Expected Move — 35.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$13.64$12.70$15.36$13.45$14.84
Max Pain$15.00$15.00$15.00$15.00$15.00
ATM IV95.6%72.3%123.4%83.3%110.9%
Expected Move27.7%19.9%35.8%20.3%34.2%
HV 20d52.3%46.4%56.5%55.6%48.0%
HV 60d86.0%78.4%87.8%87.6%78.4%
Term Structure2.6%-7.3%22.4%14.2%-6.1%
VWIV101.3%75.4%127.6%90.3%118.4%
Skew 25d-12.9%-27.4%2.6%-20.2%-16.9%
Skew 10d-30.3%-66.4%28.6%-47.1%-66.4%
Call IV 25d103.8%71.6%131.2%93.5%120.0%
Put IV 25d90.9%66.5%114.7%73.3%103.1%
Bid-Ask Spread %27.7017.5944.5644.5630.84
Gamma HHI0.230.110.590.220.12
Net GEX3.1M-5.6M12.9M876.8K5.1M
Net DEX-176.1M-435.4M-27.3M-112.8M-365.0M
Net VEX-1.6M-2.2M-1.3M-1.3M-2.1M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.380.131.000.360.37
Total Volume162,580.23837,618331,069101,443163,712
Total OI796,680.571648,221912,795723,379912,795

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-09-02$13.45$15.0083.3%20.3%55.6%0.0%90.3%-20.2%14.2%876.8K-112.8M-1.3M0.3644.56N/AN/A74,68326,760486,707236,672
2025-09-03$12.98$15.0072.3%19.9%54.1%0.0%75.4%-5.0%20.6%-2.5M-63.0M-1.3M0.7739.68N/AN/A160,964123,453508,516248,430
2025-09-04$13.25$15.0075.1%25.6%53.0%0.0%92.4%-13.2%22.4%1.9M-108.1M-1.4M0.4435.55N/AN/A78,54634,826538,078269,588
2025-09-05$12.89$15.0090.6%25.4%53.5%0.0%102.4%-12.4%17.3%710.0K-70.6M-1.3M0.4722.19N/AN/A69,51332,760545,032275,276
2025-09-08$13.43$15.0086.1%25.5%55.8%0.0%93.2%-8.2%0.4%4.5M-135.4M-1.4M0.7131.18N/AN/A60,54542,876501,085248,348
2025-09-09$13.43$15.0090.3%25.2%55.6%0.0%92.4%-9.1%-5.8%6.0M-135.7M-1.4M0.2625.66N/AN/A29,9407,678517,072260,997
2025-09-10$13.06$15.0091.3%25.1%54.9%0.0%91.9%-8.2%-1.8%2.6M-96.4M-1.3M0.2021.93N/AN/A64,89513,275522,420262,820
2025-09-11$13.50$15.0093.4%25.5%56.5%0.0%91.0%-8.4%-6.7%8.0M-149.8M-1.4M0.1630.68N/AN/A64,93610,373534,413265,265
2025-09-12$13.30$15.0094.6%25.5%55.2%0.0%93.6%2.6%9.2%2.0M-113.4M-1.4M1.0022.95N/AN/A165,864165,205546,252267,903
2025-09-15$13.18$15.0091.4%25.9%53.1%0.0%96.3%-9.1%5.0%-735.6K-85.8M-1.4M0.2820.14N/AN/A48,93613,511499,144271,398
2025-09-16$13.02$15.0091.2%26.0%53.1%0.0%94.3%-12.0%-1.3%-1.7M-69.1M-1.4M0.3619.59N/AN/A42,07314,993511,568273,760
2025-09-17$12.77$15.0087.8%25.2%50.7%0.0%92.2%-14.3%2.1%-3.2M-33.8M-1.4M0.2817.59N/AN/A43,06412,171525,015280,902
2025-09-18$12.70$15.0089.0%25.6%48.4%0.0%92.2%-13.0%-0.8%-5.6M-27.3M-1.4M0.8822.31N/AN/A123,780108,875536,496285,404
2025-09-19$13.44$15.0096.5%27.0%53.3%0.0%98.7%-15.1%7.6%12.9M-152.9M-1.4M0.2127.86N/AN/A155,19132,460548,477254,278
2025-09-22$14.07$15.00100.7%29.8%49.2%0.0%106.2%-13.0%-2.3%3.1M-234.5M-1.6M0.2431.60N/AN/A168,98339,768475,682172,539
2025-09-23$14.14$15.00100.0%31.3%49.0%0.0%111.9%-14.6%-1.1%4.0M-259.1M-1.7M0.2331.93N/AN/A188,36043,588524,371187,098
2025-09-24$13.93$15.00115.6%34.7%49.2%0.0%127.6%-17.6%-2.5%4.4M-259.4M-1.8M0.2023.04N/AN/A206,65340,930570,382210,837
2025-09-25$14.77$15.00123.4%35.8%52.0%0.0%125.6%-16.5%-4.0%6.5M-379.4M-2.1M0.2225.60N/AN/A178,62039,659634,580231,861
2025-09-26$15.00$15.00115.7%35.1%52.1%0.0%126.8%-19.4%-5.5%10.6M-411.7M-2.1M0.1331.85N/AN/A286,95537,161655,016242,368
2025-09-29$15.36$15.00108.4%32.9%46.4%0.0%114.0%-27.4%-7.3%6.5M-435.4M-2.2M0.3225.03N/AN/A149,80747,843654,832236,615
2025-09-30$14.84$15.00110.9%34.2%48.0%0.0%118.4%-16.9%-6.1%5.1M-365.0M-2.1M0.3730.84N/AN/A119,88543,827658,722254,073