C Options History — September 2025

In September 2025, C traded between $94.64 and $103.63. ATM implied volatility averaged 29.4%, placing in the 18.6% IV rank vs the trailing year. The 30-day expected move averaged 8.9%. IV traded above realized volatility by 9.2% (HV 20d: 20.2%). Max pain ranged from $80.00 to $96.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 8 of 21 days. Put/call ratio averaged 0.77.

Notable Days

2025-09-17: Highest Volume — 125,469 contracts
2025-09-15: Largest IV spike — 7.5% change
2025-09-30: Highest IV Rank — 25.8%
2025-09-30: Largest Expected Move — 10.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$99.86	$94.64	$103.63	$94.64	$101.47
Max Pain	$93.62	$80.00	$96.00	$80.00	$96.00
ATM IV	29.4%	26.6%	33.0%	26.9%	33.0%
Expected Move	8.9%	7.9%	10.2%	7.9%	10.2%
HV 20d	20.2%	17.8%	23.1%	21.1%	18.1%
HV 60d	22.2%	21.3%	23.4%	22.8%	21.4%
IV Rank	18.6%	12.9%	25.8%	13.6%	25.8%
IV Percentile	63.7%	40.9%	85.3%	44.0%	85.3%
Term Structure	0.5%	-1.2%	3.5%	-0.2%	-0.4%
VWIV	31.5%	27.0%	36.3%	27.4%	36.3%
Skew 25d	2.9%	2.3%	4.0%	4.0%	3.3%
Skew 10d	6.9%	5.1%	9.3%	9.3%	7.5%
Call IV 25d	28.3%	25.1%	31.5%	25.4%	31.5%
Put IV 25d	31.2%	27.9%	34.8%	29.4%	34.8%
Bid-Ask Spread %	3.80	1.62	6.05	1.77	4.61
Gamma HHI	0.15	0.09	0.23	0.14	0.10
Net GEX	88.5M	26.3M	132.7M	96.9M	34.8M
Net DEX	-4.49B	-6.08B	-3.59B	-3.67B	-3.59B
Net VEX	-20.6M	-22.6M	-19.1M	-22.6M	-20.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.77	0.34	1.61	0.39	1.29
Total Volume	76,184.476	35,782	125,469	70,123	113,989
Total OI	1,720,399.667	1,438,301	1,922,256	1,789,760	1,517,155

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 Vol	Put Vol	Call OI	Put OI
2025-09-02	$94.64	$80.00	26.9%	7.9%	21.1%	13.6%	27.4%	4.0%	-0.2%	96.9M	-3.67B	-22.6M	0.39	1.77	50,298	19,825	876,361	913,399
2025-09-03	$94.67	$80.00	26.9%	7.9%	20.8%	13.5%	27.0%	4.0%	-0.0%	91.5M	-3.66B	-22.4M	0.74	4.37	43,378	32,191	873,064	922,334
2025-09-04	$97.05	$95.00	27.2%	8.6%	22.2%	14.1%	29.8%	3.6%	0.1%	116.1M	-4.41B	-22.1M	0.34	2.04	62,974	21,552	865,853	938,939
2025-09-05	$95.58	$95.00	26.6%	8.6%	22.8%	12.9%	29.0%	3.4%	0.3%	100.8M	-3.98B	-21.6M	0.51	3.90	72,954	37,124	881,698	949,943
2025-09-08	$95.74	$95.00	26.8%	8.7%	22.4%	13.3%	30.0%	2.9%	3.4%	99.4M	-3.97B	-21.9M	0.76	1.62	22,125	16,829	860,686	926,874
2025-09-09	$97.52	$95.00	26.9%	8.7%	23.1%	13.5%	31.1%	3.0%	3.3%	122.9M	-4.59B	-20.9M	0.76	3.17	51,893	39,649	866,572	932,291
2025-09-10	$97.18	$95.00	27.4%	8.8%	20.5%	14.5%	33.8%	3.1%	3.1%	114.8M	-4.42B	-21.3M	1.01	2.03	31,866	32,142	873,549	948,850
2025-09-11	$98.87	$95.00	27.2%	8.6%	21.2%	14.1%	31.5%	3.0%	3.3%	132.7M	-4.92B	-21.3M	1.61	2.64	35,736	57,586	869,046	961,135
2025-09-12	$99.48	$95.00	27.6%	8.6%	21.2%	14.9%	30.5%	2.8%	3.5%	113.3M	-5.12B	-20.5M	0.67	3.37	37,170	24,916	872,288	989,745
2025-09-15	$99.99	$95.00	29.6%	8.7%	20.6%	19.0%	30.6%	3.0%	-0.5%	116.1M	-5.13B	-20.1M	0.41	2.70	36,930	14,995	853,247	972,359
2025-09-16	$100.67	$95.00	31.0%	9.0%	20.6%	21.7%	31.2%	2.9%	-0.9%	120.4M	-5.34B	-20.1M	0.42	2.90	52,909	22,201	863,550	977,605
2025-09-17	$102.08	$95.00	31.8%	9.1%	20.5%	23.4%	31.4%	2.7%	-1.2%	118.8M	-5.74B	-20.0M	0.74	6.05	72,264	53,205	872,531	989,942
2025-09-18	$102.26	$95.00	31.1%	9.0%	20.3%	21.9%	30.8%	2.4%	-1.2%	112.8M	-5.78B	-19.9M	0.49	5.29	59,251	28,943	893,405	1,028,851
2025-09-19	$103.02	$95.00	30.0%	8.7%	19.8%	19.7%	31.8%	2.5%	-0.7%	89.4M	-6.08B	-19.1M	0.68	5.78	41,663	28,529	894,129	1,027,049
2025-09-22	$103.63	$95.00	30.1%	8.8%	17.8%	19.9%	32.0%	2.5%	-0.2%	52.5M	-4.16B	-19.2M	0.90	3.99	26,821	24,152	646,803	791,498
2025-09-23	$102.89	$95.00	31.6%	9.4%	18.1%	22.9%	33.3%	2.7%	-0.2%	46.8M	-3.99B	-19.2M	0.66	4.24	69,229	45,474	648,208	800,115
2025-09-24	$101.67	$95.00	31.7%	9.5%	19.0%	23.1%	32.9%	2.6%	-0.4%	33.6M	-3.75B	-19.9M	1.08	4.75	25,828	27,952	670,788	820,018
2025-09-25	$101.85	$95.00	32.3%	9.7%	17.9%	24.3%	33.8%	2.5%	-0.5%	26.3M	-3.73B	-20.3M	1.26	4.63	25,235	31,723	676,493	832,351
2025-09-26	$103.55	$95.00	30.8%	9.2%	18.4%	21.3%	32.3%	2.3%	-0.4%	69.9M	-4.17B	-20.0M	0.78	4.99	40,713	31,878	685,439	839,970
2025-09-29	$103.33	$95.00	31.6%	9.7%	18.2%	23.0%	34.4%	2.5%	0.1%	48.7M	-4.01B	-20.4M	0.72	5.01	20,802	14,980	678,586	825,674
2025-09-30	$101.47	$96.00	33.0%	10.2%	18.1%	25.8%	36.3%	3.3%	-0.4%	34.8M	-3.59B	-20.8M	1.29	4.61	49,705	64,284	685,284	831,871