GLD Options History — September 2025

In September 2025, GLD traded between $325.88 and $354.91. ATM implied volatility averaged 16.7%, placing in the 26.8% IV rank vs the trailing year. The 30-day expected move averaged 4.8%. IV traded above realized volatility by 4.1% (HV 20d: 12.6%). Max pain ranged from $300.00 to $320.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 7 of 21 days. Put/call ratio averaged 0.61.

Notable Days

2025-09-23: Highest Volume — 1,012,249 contracts
2025-09-22: Largest IV spike — 9.5% change
2025-09-30: Highest IV Rank — 40.0%
2025-09-02: Largest Expected Move — 5.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$338.52	$325.88	$354.91	$325.88	$354.91
Max Pain	$315.76	$300.00	$320.00	$300.00	$320.00
ATM IV	16.7%	14.8%	18.4%	18.4%	18.4%
Expected Move	4.8%	4.3%	5.5%	5.5%	5.5%
HV 20d	12.6%	11.4%	14.1%	12.6%	11.9%
HV 60d	13.4%	12.9%	14.1%	13.9%	13.2%
IV Rank	26.8%	13.2%	40.0%	39.6%	40.0%
IV Percentile	62.7%	27.0%	83.3%	82.9%	83.3%
Term Structure	-0.0%	-0.3%	0.3%	-0.3%	-0.0%
VWIV	17.0%	15.0%	19.3%	19.3%	19.3%
Skew 25d	-1.1%	-1.4%	-0.7%	-1.3%	-0.8%
Skew 10d	-1.5%	-2.1%	-0.7%	-2.0%	-1.2%
Call IV 25d	17.4%	15.4%	19.4%	19.4%	19.0%
Put IV 25d	16.4%	14.5%	18.3%	18.1%	18.3%
Bid-Ask Spread %	3.21	2.36	4.43	3.07	2.47
Gamma HHI	0.12	0.08	0.16	0.10	0.13
Net GEX	3.23B	2.43B	4.07B	2.88B	3.56B
Net DEX	-45.78B	-55.29B	-37.21B	-39.09B	-55.29B
Net VEX	-128.1M	-143.6M	-117.8M	-117.9M	-143.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.61	0.31	1.06	0.38	0.63
Total Volume	606,631.762	319,663	1,012,249	956,176	498,012
Total OI	4,309,329.143	3,659,755	4,940,245	3,659,755	4,523,463

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	$325.88	$300.00	18.4%	5.5%	12.6%	39.6%	19.3%	-1.3%	-0.3%	2.88B	-39.09B	-117.9M	0.38	3.07	692,600	263,576	2,417,311	1,242,444
2025-09-03	$328.01	$300.00	18.2%	5.5%	12.7%	38.1%	19.1%	-0.8%	-0.2%	4.07B	-46.59B	-124.1M	0.48	4.43	611,948	293,830	2,735,557	1,313,520
2025-09-04	$326.73	$310.00	17.0%	4.8%	12.8%	29.0%	17.0%	-1.1%	-0.2%	2.85B	-37.21B	-120.1M	0.50	3.95	256,606	127,118	2,491,404	1,385,189
2025-09-05	$330.78	$310.00	16.8%	4.8%	13.1%	28.1%	17.0%	-1.1%	-0.1%	3.55B	-43.35B	-119.3M	0.46	3.29	413,582	190,401	2,534,053	1,434,022
2025-09-08	$334.68	$310.00	17.7%	5.0%	13.4%	34.8%	17.7%	-1.2%	-0.1%	3.08B	-46.18B	-117.8M	0.53	3.68	535,632	283,587	2,530,019	1,406,050
2025-09-09	$334.31	$310.00	16.6%	4.7%	12.2%	26.1%	16.9%	-1.2%	-0.0%	3.21B	-44.90B	-119.0M	0.33	4.16	749,870	250,956	2,640,820	1,465,430
2025-09-10	$334.76	$313.00	15.9%	4.6%	12.0%	21.2%	16.0%	-0.9%	-0.0%	3.02B	-46.32B	-123.7M	0.72	2.62	371,216	267,900	2,840,372	1,589,900
2025-09-11	$334.68	$318.00	15.1%	4.3%	12.1%	14.9%	15.3%	-0.8%	0.1%	3.30B	-46.22B	-127.0M	0.90	2.46	236,747	213,254	2,908,945	1,676,761
2025-09-12	$335.64	$320.00	14.8%	4.3%	11.6%	13.2%	15.4%	-0.9%	0.3%	3.52B	-47.94B	-129.9M	1.06	3.04	205,523	218,760	2,975,264	1,758,800
2025-09-15	$338.92	$320.00	16.1%	4.6%	11.6%	22.8%	16.5%	-1.2%	-0.1%	3.41B	-50.36B	-126.7M	0.48	2.80	341,851	162,709	2,836,163	1,755,047
2025-09-16	$339.62	$320.00	16.8%	4.8%	11.4%	27.4%	16.9%	-1.2%	-0.2%	3.29B	-50.53B	-130.0M	0.57	2.82	351,804	199,828	2,885,047	1,793,143
2025-09-17	$336.92	$320.00	16.1%	4.6%	11.8%	22.6%	16.3%	-0.8%	-0.1%	2.78B	-45.45B	-130.1M	0.68	4.01	308,503	210,219	2,941,846	1,903,481
2025-09-18	$335.31	$320.00	14.9%	4.3%	12.2%	13.9%	15.0%	-0.7%	-0.1%	2.43B	-42.23B	-127.3M	0.93	2.65	165,914	153,749	2,931,451	1,906,553
2025-09-19	$339.00	$320.00	15.2%	4.4%	12.1%	16.0%	15.4%	-0.9%	0.1%	3.13B	-49.10B	-128.3M	0.49	3.13	309,913	151,593	2,967,887	1,972,358
2025-09-22	$344.80	$320.00	16.7%	4.8%	12.8%	26.8%	17.0%	-1.2%	0.0%	3.70B	-44.84B	-127.1M	0.61	2.90	404,189	246,888	2,446,466	1,426,250
2025-09-23	$346.62	$320.00	17.0%	4.9%	12.6%	29.3%	17.6%	-1.2%	-0.0%	3.23B	-46.64B	-132.4M	0.31	4.03	774,677	237,572	2,494,447	1,454,508
2025-09-24	$343.15	$320.00	16.5%	4.8%	13.7%	25.4%	17.0%	-1.3%	-0.0%	2.80B	-38.93B	-136.2M	0.78	3.32	244,355	191,056	2,604,292	1,539,486
2025-09-25	$344.80	$320.00	17.2%	5.0%	13.7%	30.5%	17.4%	-1.4%	0.0%	2.92B	-41.52B	-138.2M	0.74	2.91	188,751	138,757	2,607,958	1,544,247
2025-09-26	$347.00	$320.00	16.9%	4.8%	13.7%	28.5%	17.1%	-1.3%	0.1%	3.71B	-47.02B	-138.3M	0.74	3.28	271,995	200,663	2,764,231	1,598,575
2025-09-29	$352.43	$320.00	17.6%	5.1%	14.1%	33.8%	18.0%	-1.0%	0.0%	3.32B	-51.79B	-134.2M	0.57	2.36	511,798	291,365	2,682,097	1,571,055
2025-09-30	$354.91	$320.00	18.4%	5.5%	11.9%	40.0%	19.3%	-0.8%	-0.0%	3.56B	-55.29B	-143.6M	0.63	2.47	305,505	192,507	2,831,441	1,692,022