ETQ Options History — September 2025

In September 2025, ETQ traded between $1.40 and $1.90. ATM implied volatility averaged 131.8%, placing in the 25.4% IV rank vs the trailing year. The 30-day expected move averaged 58.0%. IV traded below realized volatility by 10.0% (HV 20d: 141.9%). Max pain ranged from $1.00 to $4.00. Net GEX was positive for 4 of 21 trading days. Term structure was in contango for 6 of 21 days. Put/call ratio averaged 0.19.

Notable Days

2025-09-18: Highest Volume — 526 contracts
2025-09-25: Largest IV spike — 1243.7% change
2025-09-22: Highest IV Rank — 100.0%
2025-09-29: Largest Expected Move — 61.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$1.62	$1.40	$1.90	$1.69	$1.69
Max Pain	$2.33	$1.00	$4.00	$3.00	$2.00
ATM IV	131.8%	14.1%	499.7%	199.3%	208.3%
Expected Move	58.0%	54.5%	61.0%	54.5%	59.7%
HV 20d	141.9%	91.9%	174.7%	171.4%	103.6%
HV 60d	138.5%	132.9%	145.8%	144.2%	136.3%
IV Rank	25.4%	1.3%	100.0%	39.5%	40.8%
IV Percentile	49.2%	11.6%	100.0%	80.6%	80.2%
Term Structure	-24.1%	-388.1%	301.4%	263.8%	234.4%
VWIV	170.5%	160.2%	180.8%	160.2%	180.8%
Skew 25d	-58.5%	-181.1%	64.1%	-181.1%	64.1%
Call IV 25d	338.4%	294.3%	382.5%	382.5%	294.3%
Put IV 25d	279.9%	201.4%	358.4%	201.4%	358.4%
Bid-Ask Spread %	182.04	117.59	191.38	117.59	190.00
Gamma HHI	0.73	0.31	1.00	0.61	0.87
Net GEX	-211	-833	5	-5	-436
Net DEX	13.9K	3.9K	35.3K	6.8K	26.5K
Net VEX	-30	-118	-1	-1	-73
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.19	0.00	3.17	0.00	0.00
Total Volume	82.714	0	526	37	0
Total OI	481.143	212	1,149	212	410

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	$1.69	$3.00	0.0%	0.0%	171.4%	0.0%	0.0%	0.0%	263.8%	-5	6.8K	-1	0.00	117.59	37	0	165	47
2025-09-03	$1.54	$3.00	199.3%	0.0%	170.5%	39.5%	0.0%	0.0%	0.0%	-2	5.1K	-6	0.01	119.53	78	1	203	45
2025-09-04	$1.67	$0.00	201.4%	0.0%	174.7%	39.9%	0.0%	-181.1%	-326.5%	-5	5.4K	-7	0.00	188.92	84	0	287	46
2025-09-05	$1.63	$0.00	16.0%	0.0%	171.6%	2.0%	0.0%	0.0%	-370.1%	-3	3.9K	-1	0.04	187.48	55	2	376	46
2025-09-08	$1.65	$0.00	15.5%	0.0%	169.4%	1.8%	0.0%	0.0%	-376.3%	-6	4.3K	-2	0.00	189.36	26	0	433	48
2025-09-09	$1.65	$0.00	15.5%	0.0%	164.7%	1.7%	0.0%	0.0%	-382.1%	-6	6.8K	-2	0.00	189.34	0	0	430	48
2025-09-10	$1.63	$0.00	16.2%	0.0%	160.1%	1.8%	0.0%	0.0%	-388.1%	-4	6.7K	-2	0.00	188.93	0	0	430	48
2025-09-11	$1.56	$0.00	18.6%	0.0%	157.6%	2.3%	0.0%	0.0%	0.0%	1	6.4K	-1	0.00	188.55	30	0	430	48
2025-09-12	$1.40	$0.00	0.0%	0.0%	160.5%	0.0%	0.0%	0.0%	0.0%	5	5.8K	-2	0.00	185.29	18	0	461	48
2025-09-15	$1.48	$0.00	0.0%	0.0%	159.7%	0.0%	0.0%	0.0%	0.0%	-3	5.1K	-6	0.03	186.84	80	2	481	48
2025-09-16	$1.50	$0.00	0.0%	0.0%	159.5%	0.0%	0.0%	0.0%	0.0%	4	6.5K	-2	0.00	187.58	120	0	566	50
2025-09-17	$1.48	$0.00	0.0%	0.0%	155.7%	0.0%	0.0%	0.0%	0.0%	4	6.4K	-2	0.00	187.58	78	0	692	50
2025-09-18	$1.42	$0.00	0.0%	0.0%	153.3%	0.0%	0.0%	0.0%	0.0%	-4	5.7K	-6	3.17	185.26	126	400	771	50
2025-09-19	$1.50	$0.00	39.5%	0.0%	153.6%	6.6%	0.0%	0.0%	0.0%	-167	35.3K	-19	0.00	186.80	487	0	899	250
2025-09-22	$1.73	$4.00	499.7%	0.0%	106.0%	100.0%	0.0%	0.0%	301.4%	-676	28.3K	-79	0.00	190.43	7	0	110	229
2025-09-23	$1.71	$4.00	0.0%	0.0%	94.2%	0.0%	0.0%	0.0%	0.0%	-643	32.3K	-66	0.00	190.43	14	0	103	229
2025-09-24	$1.71	$1.00	14.1%	0.0%	91.9%	1.3%	0.0%	0.0%	0.0%	-643	30.1K	-66	0.00	190.43	2	0	117	229
2025-09-25	$1.90	$1.00	190.1%	54.5%	98.0%	37.1%	160.2%	64.1%	287.7%	-833	20.3K	-118	0.00	191.38	75	0	119	229
2025-09-26	$1.81	$1.00	198.6%	56.9%	99.0%	38.8%	180.8%	0.0%	224.1%	-667	17.0K	-113	0.00	190.91	15	0	194	229
2025-09-29	$1.65	$2.00	212.7%	61.0%	104.1%	41.7%	0.0%	0.0%	267.0%	-335	27.3K	-61	0.00	190.22	0	0	181	229
2025-09-30	$1.69	$2.00	208.3%	59.7%	103.6%	40.8%	0.0%	0.0%	234.4%	-436	26.5K	-73	0.00	190.00	0	0	181	229