IREN Options History — September 2025

In September 2025, IREN traded between $25.95 and $47.42. ATM implied volatility averaged 102.7%, placing in the 48.3% IV rank vs the trailing year. The 30-day expected move averaged 29.4%. IV traded above realized volatility by 7.2% (HV 20d: 95.5%). Max pain ranged from $16.00 to $39.00. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 0.52.

Notable Days

2025-09-24: Highest Volume — 485,319 contracts
2025-09-22: Largest IV spike — 11.4% change
2025-09-24: Highest IV Rank — 68.1%
2025-09-24: Largest Expected Move — 34.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$36.35	$25.95	$47.42	$28.82	$47.42
Max Pain	$23.24	$16.00	$39.00	$16.00	$39.00
ATM IV	102.7%	88.7%	121.4%	96.3%	105.7%
Expected Move	29.4%	25.5%	34.6%	27.9%	29.6%
HV 20d	95.5%	83.5%	111.4%	83.5%	107.9%
HV 60d	78.1%	72.0%	86.4%	72.9%	86.4%
IV Rank	48.3%	33.5%	68.1%	41.5%	51.5%
IV Percentile	48.0%	14.7%	85.3%	30.2%	59.9%
Term Structure	-0.6%	-16.9%	11.0%	-1.5%	3.0%
VWIV	103.9%	90.8%	126.7%	98.3%	100.5%
Skew 25d	-7.8%	-21.9%	3.0%	1.0%	-15.6%
Skew 10d	-6.0%	-21.9%	31.4%	4.1%	-14.3%
Call IV 25d	109.6%	91.2%	136.9%	98.5%	117.7%
Put IV 25d	101.8%	89.9%	118.1%	99.5%	102.0%
Bid-Ask Spread %	29.48	4.93	42.78	4.93	26.89
Gamma HHI	0.10	0.07	0.24	0.10	0.09
Net GEX	10.7M	-3.1M	16.9M	10.9M	10.8M
Net DEX	-3.06B	-4.21B	-1.78B	-2.30B	-4.21B
Net VEX	-8.5M	-11.1M	-6.0M	-6.0M	-11.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.52	0.32	1.15	0.48	0.72
Total Volume	250,886.857	102,918	485,319	320,718	173,633
Total OI	2,082,694.524	1,786,080	2,314,176	1,786,080	2,314,176

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	$28.82	$16.00	96.3%	27.9%	83.5%	41.5%	98.3%	1.0%	-1.5%	10.9M	-2.30B	-6.0M	0.48	4.93	216,183	104,535	1,053,303	732,777
2025-09-03	$28.05	$16.00	92.9%	27.0%	85.3%	38.0%	95.3%	-3.6%	-0.8%	11.4M	-2.15B	-6.3M	0.32	22.71	119,199	38,385	1,085,314	762,521
2025-09-04	$25.95	$16.00	89.1%	25.5%	87.8%	34.0%	91.1%	-1.3%	0.7%	8.6M	-1.78B	-6.4M	0.36	17.91	125,379	44,615	1,089,736	780,322
2025-09-05	$26.19	$18.00	88.7%	25.8%	87.8%	33.5%	91.6%	-0.0%	-16.9%	9.5M	-1.81B	-6.5M	1.15	15.70	114,364	131,047	1,119,752	801,413
2025-09-08	$26.28	$19.00	90.5%	25.5%	88.0%	35.4%	90.8%	-1.3%	-0.7%	9.7M	-1.82B	-6.4M	0.39	31.62	74,599	28,767	1,081,221	759,434
2025-09-09	$30.01	$19.00	95.4%	27.5%	95.0%	40.6%	97.5%	3.0%	-0.4%	14.4M	-2.45B	-6.5M	0.60	33.09	213,665	127,565	1,111,197	771,392
2025-09-10	$32.95	$19.00	98.2%	27.9%	97.0%	43.5%	99.0%	-0.5%	-0.5%	15.6M	-2.90B	-7.2M	0.36	29.25	319,948	116,309	1,147,772	858,749
2025-09-11	$33.14	$20.00	93.0%	27.1%	96.7%	38.0%	94.5%	-6.8%	3.2%	16.9M	-2.90B	-8.2M	0.51	31.36	76,123	39,089	1,200,963	942,219
2025-09-12	$33.71	$20.00	94.0%	27.3%	96.3%	39.1%	96.0%	-2.1%	2.6%	13.9M	-3.01B	-8.2M	0.35	30.23	97,172	33,775	1,208,953	953,925
2025-09-15	$36.70	$20.00	101.9%	29.2%	98.0%	47.5%	103.5%	-3.4%	0.0%	10.0M	-3.30B	-8.4M	0.57	32.45	247,426	140,930	1,162,108	912,046
2025-09-16	$36.14	$20.00	102.1%	29.2%	99.3%	47.6%	104.4%	-7.6%	3.0%	11.1M	-3.22B	-8.9M	0.64	30.71	110,351	71,139	1,215,991	953,632
2025-09-17	$38.34	$22.00	100.4%	28.8%	88.6%	45.9%	101.8%	-4.9%	-9.3%	12.1M	-3.58B	-9.1M	0.43	36.85	71,996	30,922	1,240,420	972,397
2025-09-18	$36.22	$22.00	99.4%	28.5%	94.4%	44.8%	101.7%	-7.3%	0.1%	10.0M	-3.20B	-9.0M	0.33	29.74	106,660	35,707	1,238,051	985,251
2025-09-19	$39.27	$22.00	105.6%	30.2%	95.4%	51.3%	106.7%	-12.7%	-1.1%	16.0M	-3.75B	-9.2M	0.52	31.53	197,989	102,024	1,265,010	1,000,986
2025-09-22	$41.74	$24.00	117.6%	33.6%	94.0%	64.1%	117.8%	-20.3%	1.8%	8.8M	-3.36B	-9.5M	0.38	41.32	232,272	87,662	1,083,021	916,142
2025-09-23	$41.64	$26.00	112.2%	31.8%	93.3%	58.4%	113.8%	-15.4%	1.4%	8.9M	-3.36B	-9.9M	0.48	39.79	92,807	44,227	1,134,463	960,292
2025-09-24	$47.30	$28.00	121.4%	34.6%	98.1%	68.1%	123.7%	-15.7%	11.0%	11.3M	-4.21B	-10.0M	0.54	42.78	314,360	170,959	1,143,083	984,212
2025-09-25	$46.32	$33.00	120.3%	34.5%	97.8%	66.9%	126.7%	-21.9%	0.2%	9.3M	-3.96B	-10.4M	0.81	33.58	172,901	140,798	1,184,932	1,049,803
2025-09-26	$41.29	$34.00	114.7%	31.6%	111.4%	61.0%	112.5%	-12.0%	4.3%	-3.1M	-3.06B	-10.5M	0.57	28.57	297,004	168,630	1,200,027	1,100,938
2025-09-29	$45.91	$35.00	117.4%	33.0%	110.4%	63.8%	114.4%	-16.3%	-11.7%	8.1M	-3.91B	-10.9M	0.48	27.97	160,563	76,945	1,192,881	1,065,760
2025-09-30	$47.42	$39.00	105.7%	29.6%	107.9%	51.5%	100.5%	-15.6%	3.0%	10.8M	-4.21B	-11.1M	0.72	26.89	100,868	72,765	1,236,113	1,078,063