CME Options History — September 2025

In September 2025, CME traded between $258.76 and $272.20. ATM implied volatility averaged 21.2%, placing in the 22.8% IV rank vs the trailing year. The 30-day expected move averaged 6.1%. IV traded above realized volatility by 4.4% (HV 20d: 16.7%). Max pain ranged from $270.00 to $270.00. Net GEX was positive for 9 of 21 trading days. Term structure was in contango for 21 of 21 days. Put/call ratio averaged 0.68.

Notable Days

2025-09-19: Highest Volume — 4,413 contracts
2025-09-26: Largest IV drop — 4.9% change
2025-09-17: Highest IV Rank — 25.8%
2025-09-17: Largest Expected Move — 6.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$264.01	$258.76	$272.20	$264.19	$272.20
Max Pain	$270.00	$270.00	$270.00	$270.00	$270.00
ATM IV	21.2%	20.2%	22.1%	21.1%	21.4%
Expected Move	6.1%	5.8%	6.3%	6.1%	6.1%
HV 20d	16.7%	14.4%	20.6%	18.5%	15.4%
HV 60d	17.7%	17.1%	18.3%	17.9%	17.1%
IV Rank	22.8%	19.6%	25.8%	22.6%	23.5%
IV Percentile	77.8%	68.7%	88.1%	78.6%	78.2%
Term Structure	1.1%	0.0%	2.3%	0.0%	1.4%
VWIV	21.2%	20.2%	22.0%	21.1%	21.8%
Skew 25d	2.1%	1.1%	3.3%	2.4%	1.1%
Skew 10d	5.6%	2.8%	11.8%	11.8%	3.9%
Call IV 25d	20.4%	19.5%	21.4%	19.8%	21.3%
Put IV 25d	22.5%	21.4%	23.8%	22.2%	22.4%
Bid-Ask Spread %	80.41	71.66	83.97	80.99	77.96
Gamma HHI	0.18	0.14	0.34	0.17	0.16
Net GEX	16.0K	-7.6M	7.1M	-751.5K	7.1M
Net DEX	-48.6M	-162.8M	25.7M	-32.8M	-162.8M
Net VEX	-1.9M	-2.0M	-1.8M	-1.9M	-1.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.68	0.10	2.33	0.72	0.62
Total Volume	1,715.333	736	4,413	2,033	1,042
Total OI	49,935.571	43,395	54,087	51,455	45,201

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	$264.19	$270.00	21.1%	6.1%	18.5%	22.6%	21.1%	2.4%	0.0%	-751.5K	-32.8M	-1.9M	0.72	80.99	N/A	N/A	1,183	850	30,118	21,337
2025-09-03	$268.50	$270.00	20.2%	5.8%	19.8%	19.6%	20.2%	1.8%	0.3%	3.7M	-93.2M	-2.0M	0.52	81.28	N/A	N/A	816	423	30,058	21,123
2025-09-04	$267.50	$270.00	20.2%	5.8%	19.4%	19.6%	20.4%	2.8%	1.5%	3.2M	-84.3M	-2.0M	0.25	83.87	N/A	N/A	1,272	313	30,428	21,337
2025-09-05	$261.68	$270.00	20.3%	5.9%	20.6%	19.9%	20.4%	2.1%	1.3%	-2.5M	-3.7M	-1.9M	0.70	80.87	N/A	N/A	1,088	760	30,771	21,349
2025-09-08	$261.22	$270.00	20.5%	6.2%	20.5%	20.8%	21.1%	2.2%	0.7%	-3.4M	492.1K	-1.9M	0.10	83.41	N/A	N/A	2,979	295	31,100	21,507
2025-09-09	$260.94	$270.00	20.6%	5.9%	19.3%	21.1%	20.4%	3.3%	1.4%	-2.4M	-9.3M	-1.9M	0.48	82.23	N/A	N/A	496	240	30,818	21,538
2025-09-10	$259.50	$270.00	21.5%	6.2%	14.6%	23.7%	21.1%	2.2%	0.7%	-3.7M	16.4M	-1.8M	0.57	83.00	N/A	N/A	573	327	30,888	21,570
2025-09-11	$262.37	$270.00	21.0%	6.0%	15.4%	22.3%	20.7%	2.7%	1.0%	-1.8M	-16.4M	-1.9M	2.33	83.92	N/A	N/A	954	2,222	30,826	21,564
2025-09-12	$262.77	$270.00	21.0%	6.0%	15.3%	22.1%	21.0%	2.5%	1.3%	-22.3K	-31.3M	-1.9M	0.75	83.97	N/A	N/A	684	515	31,286	21,686
2025-09-15	$258.76	$270.00	21.2%	6.1%	16.0%	22.8%	21.3%	2.2%	1.3%	-5.1M	25.7M	-1.8M	0.45	79.42	N/A	N/A	933	418	31,509	21,835
2025-09-16	$260.36	$270.00	22.1%	6.3%	16.1%	25.7%	21.9%	3.0%	0.1%	-3.6M	310.7K	-1.8M	0.78	83.76	N/A	N/A	599	468	31,476	21,902
2025-09-17	$262.44	$270.00	22.1%	6.3%	16.4%	25.8%	22.0%	2.7%	0.6%	-1.4M	-24.1M	-1.8M	0.28	81.40	N/A	N/A	1,525	424	31,451	22,057
2025-09-18	$260.79	$270.00	22.0%	6.3%	15.7%	25.5%	22.0%	2.4%	0.2%	-5.6M	-2.2M	-1.8M	1.00	81.26	N/A	N/A	472	471	31,904	22,183
2025-09-19	$261.64	$270.00	21.6%	6.2%	15.8%	24.1%	21.8%	1.3%	1.1%	-7.6M	-32.5M	-1.8M	1.01	79.81	N/A	N/A	2,193	2,220	31,932	21,955
2025-09-22	$260.86	$270.00	21.5%	6.2%	14.8%	23.9%	21.4%	1.8%	1.1%	968.1K	-25.7M	-1.8M	0.87	75.39	N/A	N/A	771	674	24,384	19,011
2025-09-23	$261.87	$270.00	21.7%	6.2%	14.4%	24.4%	21.3%	1.6%	1.2%	1.2M	-37.6M	-1.8M	0.80	78.87	N/A	N/A	483	388	24,612	19,303
2025-09-24	$264.47	$270.00	21.4%	6.1%	15.0%	23.4%	21.4%	1.4%	2.1%	2.5M	-68.1M	-1.9M	0.45	71.66	N/A	N/A	796	360	24,625	19,448
2025-09-25	$269.58	$270.00	21.6%	6.2%	16.7%	24.3%	21.8%	1.3%	2.1%	6.0M	-137.7M	-2.0M	0.25	76.01	N/A	N/A	2,049	508	25,085	19,688
2025-09-26	$270.94	$270.00	20.6%	5.9%	15.8%	20.9%	21.0%	1.3%	2.3%	6.3M	-148.5M	-1.9M	1.03	77.74	N/A	N/A	623	642	24,850	19,765
2025-09-29	$271.63	$270.00	20.8%	6.0%	15.8%	21.5%	20.7%	1.6%	2.0%	7.1M	-153.9M	-1.9M	0.23	81.68	N/A	N/A	1,606	367	25,192	19,975
2025-09-30	$272.20	$270.00	21.4%	6.1%	15.4%	23.5%	21.8%	1.1%	1.4%	7.1M	-162.8M	-1.9M	0.62	77.96	N/A	N/A	644	398	25,240	19,961