FFAI Options History — September 2025

In September 2025, FFAI traded between $1.29 and $2.08. ATM implied volatility averaged 125.9%, placing in the 32.4% IV rank vs the trailing year. The 30-day expected move averaged 37.9%. IV traded above realized volatility by 32.4% (HV 20d: 93.5%). Max pain ranged from $2.50 to $2.50. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 11 of 21 days. Put/call ratio averaged 0.19.

Notable Days

  • 2025-09-26: Highest Volume — 30,823 contracts
  • 2025-09-11: Largest IV spike — 45.4% change
  • 2025-09-30: Highest IV Rank — 32.4%
  • 2025-09-18: Largest Expected Move — 42.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$1.69$1.29$2.08$2.08$1.29
Max Pain$2.50$2.50$2.50$2.50$2.50
ATM IV125.9%91.5%148.8%122.7%123.5%
Expected Move37.9%28.5%42.8%35.0%42.1%
HV 20d93.5%86.4%105.7%95.4%87.7%
HV 60d141.1%135.8%146.0%146.0%135.9%
IV Rank32.4%32.4%32.4%32.4%32.4%
IV Percentile17.5%17.5%17.5%17.5%17.5%
Term Structure-3.6%-29.2%19.7%1.8%2.9%
VWIV140.4%120.6%157.9%121.8%147.0%
Skew 25d-32.1%-76.3%0.2%-9.2%-13.9%
Skew 10d-13.1%-142.0%202.1%134.2%-23.4%
Call IV 25d137.2%111.3%153.1%133.7%144.4%
Put IV 25d105.1%67.4%130.8%124.5%130.5%
Bid-Ask Spread %43.544.0877.2544.0245.86
Gamma HHI0.180.150.230.200.21
Net GEX49.5K20.8K76.9K43.9K41.3K
Net DEX-3.2M-5.2M-1.1M-3.4M-3.0M
Net VEX-29.5K-33.0K-23.6K-32.3K-28.3K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.190.040.470.080.27
Total Volume11,244.3814,19930,82317,8928,688
Total OI153,194.238127,334171,232127,334168,267

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-09-02$2.08$2.50122.7%35.0%95.4%0.0%121.8%-9.2%1.8%43.9K-3.4M-32.3K0.0844.02N/AN/A16,6351,25793,11034,224
2025-09-03$2.06$2.50119.0%31.2%94.7%0.0%120.6%-10.2%-22.8%53.3K-3.8M-33.0K0.1954.90N/AN/A4,730883101,74034,557
2025-09-04$1.90$2.50119.9%37.4%98.4%0.0%131.0%0.2%-3.1%41.1K-2.6M-29.9K0.2248.15N/AN/A7,1831,554104,15534,408
2025-09-05$1.83$2.50121.2%38.3%98.5%0.0%133.6%-7.1%1.7%45.2K-2.2M-27.5K0.2250.84N/AN/A7,6831,686108,90435,051
2025-09-08$1.77$2.50117.2%38.0%94.7%0.0%132.3%-20.9%16.9%42.7K-2.4M-27.6K0.1115.21N/AN/A14,5941,641105,60732,423
2025-09-09$1.60$2.50121.1%38.4%99.0%0.0%138.3%-31.8%13.0%54.0K-2.5M-27.5K0.368.45N/AN/A6,6722,372116,43632,916
2025-09-10$1.67$2.5091.5%34.9%100.1%0.0%139.1%-68.4%19.7%62.3K-3.5M-29.1K0.1461.44N/AN/A12,1061,723120,88331,872
2025-09-11$1.87$2.50133.1%39.6%105.7%0.0%138.0%-34.8%6.0%76.9K-5.2M-32.1K0.4745.03N/AN/A9,4624,422125,61331,374
2025-09-12$1.73$2.50130.4%40.2%97.5%0.0%144.1%-23.8%15.9%69.6K-3.6M-30.6K0.2575.06N/AN/A6,4291,611127,97134,827
2025-09-15$1.73$2.50139.5%41.2%95.5%0.0%144.9%-20.0%-17.1%74.3K-3.7M-30.0K0.1253.97N/AN/A5,880677123,10933,224
2025-09-16$1.71$2.50140.1%41.4%93.4%0.0%143.8%-76.3%-23.2%76.0K-3.6M-29.6K0.0777.25N/AN/A9,300680126,15833,254
2025-09-17$1.70$2.50148.8%42.7%93.5%0.0%146.4%-70.9%-25.0%41.4K-3.8M-30.0K0.1651.78N/AN/A5,630907130,78533,658
2025-09-18$1.67$2.50141.6%42.8%89.9%0.0%149.2%-48.3%-29.2%42.5K-3.8M-29.8K0.044.08N/AN/A6,933249133,38133,750
2025-09-19$1.77$2.50140.3%41.6%92.9%0.0%157.9%-55.5%-13.5%56.2K-4.6M-31.1K0.345.39N/AN/A9,8523,389138,22733,005
2025-09-22$1.63$2.50130.4%36.1%86.4%0.0%143.8%-28.4%0.1%40.3K-3.0M-29.8K0.0848.31N/AN/A13,1951,029110,07932,537
2025-09-23$1.63$2.50102.7%28.5%86.5%0.0%138.3%-57.1%-13.1%46.3K-3.2M-30.1K0.1141.02N/AN/A5,734634116,58732,780
2025-09-24$1.65$2.50133.5%31.2%86.4%0.0%140.2%-22.9%-10.0%39.7K-3.6M-30.9K0.0943.65N/AN/A3,839360118,43132,804
2025-09-25$1.50$2.50130.6%35.8%88.2%0.0%144.0%-33.3%-3.9%20.8K-2.3M-27.4K0.2653.85N/AN/A14,5183,711119,61732,892
2025-09-26$1.38$2.50127.5%38.5%90.2%0.0%152.2%-8.5%0.8%30.1K-1.1M-23.6K0.2839.51N/AN/A24,1006,723128,23935,581
2025-09-29$1.35$2.50110.2%41.5%89.6%0.0%142.0%-32.6%6.6%40.8K-3.2M-28.5K0.0946.67N/AN/A6,874587133,60431,039
2025-09-30$1.29$2.50123.5%42.1%87.7%32.4%147.0%-13.9%2.9%41.3K-3.0M-28.3K0.2745.86N/AN/A6,8601,828136,87031,397