FN Options History — September 2025

In September 2025, FN traded between $334.74 and $389.26. ATM implied volatility averaged 50.6%, placing in the 17.5% IV rank vs the trailing year. The 30-day expected move averaged 14.4%. IV traded below realized volatility by 14.9% (HV 20d: 65.4%). Max pain ranged from $310.00 to $320.00. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 19 of 21 days. Put/call ratio averaged 0.68.

Notable Days

  • 2025-09-02: Highest Volume — 970 contracts
  • 2025-09-05: Largest IV spike — 6.1% change
  • 2025-09-25: Highest IV Rank — 20.4%
  • 2025-09-25: Largest Expected Move — 15.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$364.34$334.74$389.26$334.74$364.26
Max Pain$319.52$310.00$320.00$320.00$320.00
ATM IV50.6%47.6%52.7%50.5%49.9%
Expected Move14.4%13.5%15.1%14.5%14.3%
HV 20d65.4%39.3%82.5%78.7%39.3%
HV 60d54.0%52.9%56.2%54.9%53.1%
IV Rank17.5%14.3%20.4%18.3%16.4%
IV Percentile57.1%43.7%62.7%58.3%52.0%
Term Structure8.3%-1.7%15.5%-0.6%15.5%
VWIV50.8%47.3%52.7%52.7%50.1%
Skew 25d0.9%-2.8%4.5%2.8%-0.4%
Skew 10d6.0%-1.7%25.1%9.7%6.2%
Call IV 25d50.1%46.2%53.8%49.8%51.8%
Put IV 25d51.0%48.4%53.0%52.6%51.3%
Bid-Ask Spread %71.2552.0380.2052.0380.20
Gamma HHI0.180.130.260.260.20
Net GEX994.3K-185.6K3.0M-185.6K1.3M
Net DEX-68.0M-106.8M-34.1M-34.1M-42.5M
Net VEX-188.2K-244.8K-150.3K-217.2K-153.2K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.680.051.720.150.33
Total Volume282.4762797097053
Total OI7,919.7144,00610,1168,6264,043

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-09-02$334.74$320.0050.5%14.5%78.7%18.3%52.7%2.8%-0.6%-185.6K-34.1M-217.2K0.1552.038421283,9884,638
2025-09-03$335.67$320.0049.6%14.2%78.6%17.2%52.3%4.5%-1.7%345.4K-45.8M-244.8K0.8554.441681434,7624,711
2025-09-04$359.26$310.0047.6%13.5%82.0%14.3%47.3%2.2%8.0%1.1M-82.8M-231.8K1.0269.623883954,8424,786
2025-09-05$369.27$320.0050.5%14.3%82.5%17.3%50.0%2.6%7.0%1.1M-98.6M-223.7K0.3368.316512184,9145,111
2025-09-08$368.98$320.0051.3%14.3%81.7%18.4%50.0%1.3%6.6%846.2K-84.1M-226.8K0.2164.96406844,6955,265
2025-09-09$367.57$320.0050.9%14.3%80.4%17.9%49.1%1.2%6.9%715.4K-81.9M-217.8K1.1267.1257644,6515,312
2025-09-10$370.70$320.0049.2%14.1%79.0%15.4%49.3%0.6%7.1%710.3K-85.9M-208.5K0.7869.08100784,6605,330
2025-09-11$364.77$320.0050.0%14.3%78.6%16.5%49.7%0.6%6.2%580.4K-79.9M-206.9K1.7271.85781344,6795,325
2025-09-12$357.74$320.0049.6%14.2%75.6%15.9%49.7%1.1%6.1%184.6K-74.0M-199.9K1.1071.1742464,7065,336
2025-09-15$359.19$320.0050.7%14.5%74.8%17.6%51.1%0.4%6.2%372.6K-77.4M-186.1K0.2768.7592254,7265,336
2025-09-16$355.63$320.0050.8%14.6%74.5%17.7%51.3%0.4%6.9%55.4K-72.0M-184.0K1.0072.0763634,7235,340
2025-09-17$359.82$320.0051.8%14.8%56.5%19.1%51.7%0.9%5.8%476.3K-79.5M-175.7K0.2575.484021024,7505,366
2025-09-18$379.13$320.0052.2%15.0%57.4%19.7%52.3%0.5%10.3%2.7M-106.8M-170.3K0.3371.14269884,7745,295
2025-09-19$383.44$320.0049.8%14.3%56.2%16.3%49.9%1.7%12.3%3.0M-106.7M-164.6K0.6274.87105654,7285,341
2025-09-22$389.26$320.0050.6%14.5%53.6%17.4%52.0%0.1%11.2%1.2M-59.3M-156.8K1.0674.3064682,5101,496
2025-09-23$381.57$320.0052.5%15.1%52.1%20.1%52.0%-2.8%9.8%1.2M-53.9M-156.2K0.2878.8969192,5101,523
2025-09-24$365.52$320.0051.7%14.8%52.6%18.9%51.4%-2.1%12.5%1.2M-44.3M-160.1K0.7977.9239312,5281,525
2025-09-25$363.83$320.0052.7%15.1%52.7%20.4%52.0%1.4%11.4%1.2M-40.8M-159.9K0.0575.96201112,5301,532
2025-09-26$359.11$320.0049.7%14.3%47.8%16.2%52.6%2.0%13.3%1.2M-38.0M-156.9K1.7079.2710172,4691,537
2025-09-29$361.63$320.0050.1%14.4%39.4%16.7%50.5%-0.3%14.3%1.3M-40.1M-150.3K0.3878.7939152,4701,551
2025-09-30$364.26$320.0049.9%14.3%39.3%16.4%50.1%-0.4%15.5%1.3M-42.5M-153.2K0.3380.2040132,4871,556