IP Options History — September 2025

In September 2025, IP traded between $45.34 and $49.04. ATM implied volatility averaged 30.5%, placing in the 21.7% IV rank vs the trailing year. The 30-day expected move averaged 8.5%. IV traded above realized volatility by 8.5% (HV 20d: 22.1%). Max pain ranged from $49.50 to $50.00. Net GEX was positive for 14 of 21 trading days. Term structure was in contango for 11 of 21 days. Put/call ratio averaged 0.72.

Notable Days

  • 2025-09-18: Highest Volume — 1,957 contracts
  • 2025-09-29: Largest IV spike — 8.7% change
  • 2025-09-30: Highest IV Rank — 34.1%
  • 2025-09-23: Largest Expected Move — 8.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$46.71$45.34$49.04$49.04$46.22
Max Pain$49.98$49.50$50.00$50.00$49.50
ATM IV30.5%27.1%36.5%29.1%36.5%
Expected Move8.5%8.1%8.9%8.3%8.8%
HV 20d22.1%19.5%26.5%25.1%20.0%
HV 60d36.9%35.1%37.8%37.1%35.1%
IV Rank21.7%14.5%34.1%18.7%34.1%
IV Percentile52.8%27.0%87.7%43.3%87.7%
Term Structure0.6%-13.8%5.8%0.3%-0.7%
VWIV29.4%27.4%31.2%28.9%31.2%
Skew 25d3.8%2.2%14.3%2.9%4.3%
Skew 10d7.8%-2.7%23.0%6.8%23.0%
Call IV 25d28.2%18.2%35.3%27.7%35.3%
Put IV 25d32.1%29.4%39.6%30.6%39.6%
Bid-Ask Spread %68.7360.3977.6473.1269.03
Gamma HHI0.150.120.230.140.12
Net GEX329.7K-520.6K1.9M1.9M60.9K
Net DEX4.0M-16.5M16.1M-16.5M3.4M
Net VEX-278.4K-339.3K-251.9K-339.3K-266.6K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.720.092.480.841.04
Total Volume997.4763431,957657820
Total OI54,912.76242,38761,35760,26045,190

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-09-02$49.04$50.0029.1%8.3%25.1%18.7%28.9%2.9%0.3%1.9M-16.5M-339.3K0.8473.1235730041,14919,111
2025-09-03$48.03$50.0029.5%8.7%26.5%19.5%28.2%2.7%-0.6%1.2M-3.5M-321.0K0.2068.5894118841,34419,292
2025-09-04$48.27$50.0028.6%8.2%26.5%17.5%29.5%2.3%-0.1%1.4M-6.1M-320.8K2.4866.0925563241,37619,362
2025-09-05$48.67$50.0027.1%8.2%22.7%14.5%27.4%2.2%-13.8%1.6M-9.9M-322.9K0.5577.6422212141,46519,892
2025-09-08$47.26$50.0029.4%8.3%24.7%19.2%28.4%2.9%-0.3%711.2K6.8M-290.5K0.5366.4370237341,22119,260
2025-09-09$46.82$50.0029.7%8.4%24.8%19.8%29.6%2.3%-0.4%360.6K12.1M-280.1K0.2467.6968816641,43319,476
2025-09-10$46.50$50.0029.8%8.4%22.7%20.1%30.4%2.8%-0.4%167.3K10.9M-275.1K0.5467.7854129141,65718,713
2025-09-11$46.48$50.0028.4%8.1%22.4%17.1%28.4%3.3%0.1%4.0K11.3M-271.8K0.2070.8891718541,78518,698
2025-09-12$46.09$50.0029.0%8.4%21.6%18.5%29.4%2.6%0.4%-520.6K14.2M-264.2K2.0268.6923046542,10418,659
2025-09-15$45.52$50.0030.0%8.5%20.4%20.5%29.9%2.5%-1.1%-264.8K16.1M-251.9K0.4067.2788935841,92118,036
2025-09-16$46.13$50.0030.9%8.9%21.0%22.4%29.6%3.4%-0.3%-29.1K8.7M-259.4K0.0972.651,19810242,07917,361
2025-09-17$46.90$50.0029.3%8.4%21.8%19.2%30.2%2.8%1.6%383.5K550.0K-271.2K0.2271.391,16125142,38217,407
2025-09-18$47.23$50.0030.2%8.6%21.9%20.9%29.6%3.1%1.6%561.9K-3.2M-274.7K0.4573.261,35260542,59817,361
2025-09-19$46.34$50.0029.8%8.5%22.1%20.1%29.6%3.8%0.8%-192.5K4.3M-262.6K0.7773.4860646943,22617,480
2025-09-22$46.14$50.0030.8%8.9%20.0%22.2%29.9%9.2%4.3%25.6K4.1M-263.5K0.2766.371,14131126,99015,397
2025-09-23$46.27$50.0032.0%8.9%19.8%24.8%29.9%14.3%5.2%79.9K3.3M-267.7K0.8364.0326922227,73015,643
2025-09-24$46.16$50.0030.4%8.6%19.5%21.4%28.9%3.4%5.5%-70.8K4.6M-266.0K0.2260.3945610227,87715,786
2025-09-25$45.38$50.0032.2%8.8%20.2%25.1%30.7%2.6%5.8%-256.3K8.8M-257.0K1.2266.0438346828,16315,841
2025-09-26$45.34$50.0033.0%8.4%19.6%26.7%28.3%2.4%5.8%-353.8K9.3M-256.2K0.7167.5749535028,37516,089
2025-09-29$46.06$50.0035.8%8.7%20.1%32.7%29.4%4.2%-1.6%39.1K4.0M-264.7K1.3364.9258578028,48215,757
2025-09-30$46.22$49.5036.5%8.8%20.0%34.1%31.2%4.3%-0.7%60.9K3.4M-266.6K1.0469.0340141928,78616,404