CALF Options History — September 2025

In September 2025, CALF traded between $43.25 and $44.27. ATM implied volatility averaged 20.8%, placing in the 9.5% IV rank vs the trailing year. The 30-day expected move averaged 5.8%. IV traded above realized volatility by 6.2% (HV 20d: 14.6%). Max pain ranged from $39.00 to $41.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 13 of 21 days. Put/call ratio averaged 0.00.

Notable Days

2025-09-25: Highest Volume — 394 contracts
2025-09-10: Largest IV drop — 27.5% change
2025-09-09: Highest IV Rank — 21.9%
2025-09-02: Largest Expected Move — 6.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$43.77	$43.25	$44.27	$43.42	$43.81
Max Pain	$39.19	$39.00	$41.00	$41.00	$39.00
ATM IV	20.8%	17.6%	26.5%	23.6%	21.2%
Expected Move	5.8%	5.1%	6.8%	6.8%	6.1%
HV 20d	14.6%	10.0%	18.3%	17.9%	11.3%
HV 60d	17.4%	16.6%	17.8%	17.8%	16.6%
IV Rank	9.5%	2.8%	21.9%	15.6%	10.6%
IV Percentile	18.9%	0.8%	67.5%	44.8%	23.8%
Term Structure	0.4%	-2.8%	5.0%	-1.1%	-0.1%
VWIV	18.4%	12.3%	22.8%	22.8%	22.1%
Skew 25d	2.5%	-3.4%	10.8%	0.9%	0.6%
Skew 10d	2.1%	-9.0%	15.8%	15.8%	-4.9%
Call IV 25d	16.9%	8.5%	24.7%	24.2%	18.0%
Put IV 25d	19.4%	13.9%	25.1%	25.1%	18.5%
Bid-Ask Spread %	115.65	89.33	135.83	132.96	99.58
Gamma HHI	0.48	0.29	0.61	0.61	0.30
Net GEX	58.2K	38.8K	64.1K	58.2K	41.9K
Net DEX	-1.6M	-1.9M	-850.4K	-1.6M	-850.4K
Net VEX	-3.0K	-3.8K	-1.3K	-3.7K	-1.5K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.00	0.00	0.00	0.00	0.00
Total Volume	21.095	0	394	2	0
Total OI	489.667	264	530	515	274

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	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-09-02	$43.42	$41.00	23.6%	6.8%	17.9%	15.6%	22.8%	0.9%	-1.1%	58.2K	-1.6M	-3.7K	132.96	N/A	N/A	2	0	509	6
2025-09-03	$43.25	$41.00	22.2%	6.4%	18.1%	12.6%	0.0%	0.0%	-2.8%	57.8K	-1.6M	-3.8K	135.83	N/A	N/A	17	0	508	6
2025-09-04	$43.55	$39.00	21.4%	5.8%	18.0%	10.9%	0.0%	7.5%	0.2%	60.7K	-1.7M	-3.6K	118.16	N/A	N/A	0	0	523	6
2025-09-05	$43.72	$39.00	20.3%	5.9%	17.8%	8.6%	0.0%	1.4%	0.0%	60.1K	-1.8M	-3.5K	117.60	N/A	N/A	0	0	523	6
2025-09-08	$43.77	$39.00	23.0%	5.7%	17.9%	14.3%	0.0%	1.9%	-0.4%	61.3K	-1.8M	-3.3K	121.68	N/A	N/A	0	0	523	6
2025-09-09	$43.42	$39.00	26.5%	5.4%	18.3%	21.9%	0.0%	6.4%	2.5%	62.9K	-1.7M	-3.5K	121.00	N/A	N/A	1	0	523	6
2025-09-10	$43.41	$39.00	19.2%	5.5%	16.5%	6.2%	0.0%	3.7%	0.8%	64.1K	-1.7M	-3.5K	120.86	N/A	N/A	0	0	524	6
2025-09-11	$44.05	$39.00	19.5%	5.6%	15.0%	6.8%	0.0%	10.8%	1.5%	59.9K	-1.8M	-3.3K	119.83	N/A	N/A	1	0	524	6
2025-09-12	$43.64	$39.00	18.5%	5.3%	15.2%	4.6%	0.0%	1.2%	-0.2%	62.6K	-1.8M	-3.3K	120.58	N/A	N/A	0	0	524	6
2025-09-15	$43.56	$39.00	18.6%	5.3%	15.2%	4.9%	0.0%	1.2%	0.6%	63.5K	-1.8M	-3.2K	124.02	N/A	N/A	0	0	524	6
2025-09-16	$43.67	$39.00	21.0%	6.0%	15.2%	10.1%	0.0%	0.7%	-0.6%	62.2K	-1.7M	-3.4K	122.62	N/A	N/A	0	0	524	6
2025-09-17	$43.80	$39.00	21.5%	6.2%	15.2%	11.2%	12.3%	7.1%	-1.3%	61.3K	-1.8M	-3.2K	116.41	N/A	N/A	6	0	524	6
2025-09-18	$44.27	$39.00	19.9%	5.7%	15.4%	7.6%	0.0%	1.4%	0.5%	58.9K	-1.9M	-2.9K	122.71	N/A	N/A	1	0	523	6
2025-09-19	$43.91	$39.00	19.8%	5.7%	15.8%	7.5%	0.0%	1.1%	0.3%	60.9K	-1.8M	-3.1K	122.19	N/A	N/A	1	0	524	6
2025-09-22	$44.04	$39.00	20.4%	5.8%	10.5%	8.7%	0.0%	4.9%	0.5%	60.5K	-1.8M	-3.1K	124.39	N/A	N/A	0	0	518	4
2025-09-23	$44.09	$39.00	17.6%	5.1%	10.3%	2.8%	16.2%	-3.1%	5.0%	60.4K	-1.8M	-3.0K	99.83	N/A	N/A	8	0	518	4
2025-09-24	$44.11	$39.00	21.0%	6.0%	10.0%	10.0%	22.1%	0.9%	-0.4%	61.2K	-1.8M	-3.1K	100.50	N/A	N/A	1	0	526	4
2025-09-25	$43.59	$39.00	20.3%	5.8%	10.5%	8.6%	0.0%	-3.4%	1.2%	64.0K	-1.7M	-3.3K	107.90	N/A	N/A	393	1	509	4
2025-09-26	$44.13	$39.00	19.4%	5.6%	11.2%	6.6%	0.0%	1.8%	2.5%	38.8K	-857.2K	-1.3K	90.80	N/A	N/A	10	0	259	5
2025-09-29	$44.00	$39.00	20.9%	6.0%	11.3%	9.9%	0.0%	5.6%	0.8%	41.2K	-875.8K	-1.4K	89.33	N/A	N/A	1	0	269	5
2025-09-30	$43.81	$39.00	21.2%	6.1%	11.3%	10.6%	0.0%	0.6%	-0.1%	41.9K	-850.4K	-1.5K	99.58	N/A	N/A	0	0	269	5