HIVE Options History — September 2025

In September 2025, HIVE traded between $2.62 and $4.03. ATM implied volatility averaged 128.6%, placing in the 46.3% IV rank vs the trailing year. The 30-day expected move averaged 37.5%. IV traded above realized volatility by 56.5% (HV 20d: 72.1%). Max pain ranged from $1.50 to $3.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 9 of 21 days. Put/call ratio averaged 0.19.

Notable Days

2025-09-15: Highest Volume — 63,284 contracts
2025-09-05: Largest IV spike — 28.1% change
2025-09-15: Highest IV Rank — 71.5%
2025-09-15: Largest Expected Move — 43.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$3.47	$2.62	$4.03	$2.95	$3.99
Max Pain	$2.86	$1.50	$3.00	$1.50	$3.00
ATM IV	128.6%	89.6%	154.8%	123.7%	124.8%
Expected Move	37.5%	33.2%	43.8%	36.4%	36.6%
HV 20d	72.1%	43.5%	94.2%	43.5%	94.2%
HV 60d	66.9%	61.7%	70.0%	63.6%	68.1%
IV Rank	46.3%	13.1%	71.5%	24.9%	50.7%
IV Percentile	87.5%	34.1%	98.8%	90.9%	86.9%
Term Structure	0.3%	-15.7%	55.5%	-7.0%	4.4%
VWIV	132.7%	116.4%	157.9%	124.0%	123.6%
Skew 25d	6.5%	-32.6%	45.1%	1.6%	-0.8%
Skew 10d	-7.3%	-230.4%	124.7%	-94.2%	5.7%
Call IV 25d	114.5%	73.3%	169.3%	73.3%	128.1%
Put IV 25d	120.9%	63.4%	147.3%	74.9%	127.2%
Bid-Ask Spread %	32.12	11.26	43.66	41.17	33.22
Gamma HHI	0.21	0.16	0.27	0.20	0.18
Net GEX	402.3K	289.4K	522.9K	317.7K	487.0K
Net DEX	-43.3M	-64.2M	-20.9M	-29.4M	-52.7M
Net VEX	-164.7K	-201.7K	-120.9K	-135.2K	-201.7K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.19	0.04	0.68	0.28	0.27
Total Volume	23,633.952	4,733	63,284	7,592	11,325
Total OI	288,283.952	254,539	328,512	254,539	305,945

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	$2.95	$1.50	123.7%	36.4%	43.5%	24.9%	124.0%	1.6%	-7.0%	317.7K	-29.4M	-135.2K	0.28	41.17	N/A	N/A	5,935	1,657	212,064	42,475
2025-09-03	$2.87	$1.50	119.2%	34.6%	46.3%	23.4%	120.9%	45.1%	-2.4%	316.4K	-27.2M	-130.1K	0.34	27.15	N/A	N/A	10,597	3,594	214,116	43,558
2025-09-04	$2.73	$3.00	89.6%	33.2%	51.9%	13.1%	116.4%	-32.6%	2.9%	294.2K	-24.0M	-128.7K	0.14	43.66	N/A	N/A	4,143	590	215,817	45,799
2025-09-05	$2.67	$3.00	114.8%	35.5%	52.2%	21.8%	123.3%	40.3%	-4.0%	289.4K	-21.8M	-124.2K	0.68	35.13	N/A	N/A	5,116	3,454	217,287	46,085
2025-09-08	$2.62	$3.00	94.9%	34.6%	52.8%	14.9%	118.5%	-3.6%	55.5%	292.0K	-20.9M	-120.9K	0.27	34.79	N/A	N/A	4,290	1,167	214,449	44,043
2025-09-09	$2.95	$3.00	120.0%	34.0%	64.8%	23.6%	119.2%	44.0%	1.0%	332.7K	-28.2M	-132.3K	0.10	42.78	N/A	N/A	15,708	1,619	215,599	45,045
2025-09-10	$3.10	$3.00	122.0%	34.3%	65.9%	24.3%	120.4%	13.2%	-0.0%	364.6K	-33.1M	-137.5K	0.14	35.27	N/A	N/A	12,014	1,659	219,313	46,690
2025-09-11	$3.38	$3.00	131.9%	36.2%	70.1%	55.6%	132.6%	37.0%	-9.4%	357.8K	-41.3M	-147.2K	0.08	41.36	N/A	N/A	41,473	3,352	219,105	46,638
2025-09-12	$3.75	$3.00	144.4%	41.2%	75.7%	64.3%	144.6%	-24.2%	-15.7%	429.1K	-55.0M	-163.5K	0.04	31.19	N/A	N/A	50,035	2,173	240,071	48,056
2025-09-15	$3.98	$3.00	154.8%	43.8%	76.2%	71.5%	157.9%	-22.0%	-2.9%	500.8K	-64.2M	-176.2K	0.11	11.26	N/A	N/A	56,857	6,427	254,954	46,661
2025-09-16	$3.90	$3.00	145.7%	41.6%	77.9%	65.2%	145.8%	-16.1%	-6.9%	503.5K	-62.1M	-182.6K	0.07	18.72	N/A	N/A	45,233	3,213	265,889	51,309
2025-09-17	$3.92	$3.00	136.0%	39.0%	78.2%	58.5%	140.4%	-7.0%	1.2%	505.1K	-61.3M	-187.5K	0.07	17.37	N/A	N/A	21,739	1,629	265,066	53,214
2025-09-18	$3.80	$3.00	139.6%	40.1%	80.1%	61.0%	135.6%	-25.4%	1.3%	483.5K	-58.4M	-185.8K	0.14	19.54	N/A	N/A	23,653	3,240	268,404	53,789
2025-09-19	$3.75	$3.00	134.3%	39.1%	78.8%	57.3%	135.6%	-18.4%	-8.7%	411.2K	-55.8M	-183.8K	0.15	22.86	N/A	N/A	13,412	2,066	272,859	55,653
2025-09-22	$3.79	$3.00	136.7%	39.6%	76.2%	58.9%	137.6%	42.1%	1.6%	438.1K	-45.7M	-181.0K	0.28	38.55	N/A	N/A	18,771	5,323	232,800	49,082
2025-09-23	$3.74	$3.00	131.3%	35.2%	76.3%	55.2%	143.6%	-23.3%	-0.8%	445.1K	-44.8M	-184.3K	0.14	42.42	N/A	N/A	17,911	2,506	236,671	51,216
2025-09-24	$4.03	$3.00	137.1%	39.4%	77.9%	59.2%	140.9%	-2.8%	2.4%	522.9K	-54.0M	-192.1K	0.12	40.58	N/A	N/A	23,792	2,902	241,546	53,152
2025-09-25	$3.58	$3.00	134.6%	38.3%	90.7%	57.5%	134.9%	8.3%	-2.6%	388.8K	-40.7M	-182.5K	0.21	33.25	N/A	N/A	25,424	5,238	253,662	54,524
2025-09-26	$3.55	$3.00	131.5%	37.2%	90.8%	55.3%	137.3%	41.1%	0.0%	355.1K	-40.9M	-185.9K	0.13	31.93	N/A	N/A	10,644	1,340	259,071	56,099
2025-09-29	$3.83	$3.00	133.8%	38.0%	93.8%	57.0%	133.1%	39.4%	-3.8%	412.7K	-47.6M	-195.6K	0.24	32.36	N/A	N/A	20,239	4,853	244,252	51,935
2025-09-30	$3.99	$3.00	124.8%	36.6%	94.2%	50.7%	123.6%	-0.8%	4.4%	487.0K	-52.7M	-201.7K	0.27	33.22	N/A	N/A	8,940	2,385	251,556	54,389