IT Options History — September 2025

In September 2025, IT traded between $232.59 and $263.42. ATM implied volatility averaged 35.1%, placing in the 34.2% IV rank vs the trailing year. The 30-day expected move averaged 10.1%. IV traded below realized volatility by 4.9% (HV 20d: 40.0%). Max pain ranged from $230.00 to $240.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 20 of 21 days. Put/call ratio averaged 0.61.

Notable Days

  • 2025-09-12: Highest Volume — 1,370 contracts
  • 2025-09-23: Largest IV drop — 10.4% change
  • 2025-09-25: Highest IV Rank — 39.7%
  • 2025-09-25: Largest Expected Move — 10.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$251.73$232.59$263.42$249.89$263.04
Max Pain$239.05$230.00$240.00$230.00$240.00
ATM IV35.1%33.1%38.0%35.1%37.4%
Expected Move10.1%9.2%10.9%10.1%10.7%
HV 20d40.0%33.7%120.8%120.8%35.5%
HV 60d73.1%71.4%73.9%71.4%73.8%
IV Rank34.2%30.1%39.7%34.2%38.5%
IV Percentile74.2%61.5%83.3%76.6%81.3%
Term Structure6.2%-0.2%11.5%0.4%9.4%
VWIV36.0%34.4%37.6%36.0%37.6%
Skew 25d2.3%0.1%4.1%3.4%0.9%
Skew 10d5.1%1.2%12.8%5.3%4.3%
Call IV 25d34.4%32.3%37.0%34.7%37.0%
Put IV 25d36.8%33.1%38.3%38.1%38.0%
Bid-Ask Spread %77.7473.4489.8589.6079.24
Gamma HHI0.170.120.300.180.12
Net GEX2.1M908.2K3.5M2.7M1.3M
Net DEX-38.7M-68.4M-7.2M-50.0M-29.2M
Net VEX-278.7K-303.8K-259.8K-299.9K-271.2K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.610.081.630.510.11
Total Volume383.333661,370169156
Total OI11,304.0957,39913,54312,3298,052

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-09-02$249.89$230.0035.1%10.1%120.8%34.2%36.0%3.4%0.4%2.7M-50.0M-299.9K0.5189.60112579,0713,258
2025-09-03$247.22$230.0034.2%9.8%35.2%32.3%34.9%4.0%-0.2%2.6M-42.2M-297.9K0.2689.85179469,1093,291
2025-09-04$236.82$240.0033.8%9.2%38.5%31.6%34.4%0.1%7.0%2.3M-20.2M-282.7K1.3974.552463429,1293,296
2025-09-05$244.97$240.0034.2%10.0%34.4%32.3%35.0%4.1%3.7%2.6M-39.1M-303.8K0.1976.22283559,2283,612
2025-09-08$245.71$240.0034.8%10.2%33.8%33.6%35.7%3.0%2.6%2.7M-40.3M-291.5K0.2774.05155429,2763,641
2025-09-09$245.73$240.0033.9%10.2%33.7%31.8%37.1%3.8%2.8%2.8M-40.5M-292.0K1.0375.3491949,2923,667
2025-09-10$232.59$240.0036.1%10.4%39.6%36.1%36.1%2.1%4.1%2.2M-7.2M-272.1K0.6873.443882639,3303,705
2025-09-11$240.43$240.0034.6%9.9%35.8%33.0%36.7%3.0%5.3%2.7M-29.2M-286.2K0.5575.742091149,4663,877
2025-09-12$247.23$240.0034.8%10.0%37.1%33.5%35.6%2.7%5.2%2.8M-46.5M-287.4K0.0877.981,272989,4583,931
2025-09-15$248.88$240.0036.1%10.4%36.6%36.1%36.2%2.0%4.9%2.9M-50.7M-277.6K0.1773.98555969,3563,937
2025-09-16$250.03$240.0035.7%10.2%36.5%35.3%35.6%4.0%5.5%2.9M-53.4M-278.0K0.4575.07174799,5853,958
2025-09-17$253.56$240.0035.0%10.0%36.1%34.0%36.1%3.1%5.5%3.1M-63.7M-271.4K1.6377.342203599,5673,947
2025-09-18$253.21$240.0035.1%10.1%36.1%34.1%36.4%1.1%9.7%3.5M-63.4M-265.9K0.2077.58377749,5413,777
2025-09-19$255.93$240.0034.3%9.8%36.2%32.6%35.6%1.9%9.0%908.2K-68.4M-267.3K1.1473.771842099,6973,807
2025-09-22$262.06$240.0036.9%10.6%36.6%37.6%36.7%1.0%7.3%1.1M-27.3M-259.8K0.5177.793881984,4632,936
2025-09-23$257.63$240.0033.1%9.5%35.5%30.1%36.8%1.8%10.1%1.1M-23.7M-266.9K0.4178.41155634,6823,012
2025-09-24$262.50$240.0034.6%9.9%36.0%33.1%35.6%2.0%11.1%1.2M-29.2M-268.5K0.8277.871711404,6973,033
2025-09-25$262.56$240.0038.0%10.9%35.7%39.7%37.0%1.6%6.8%1.2M-28.8M-275.1K0.5078.3644224,7363,127
2025-09-26$263.42$240.0035.6%10.2%35.7%35.1%37.3%1.9%9.5%1.3M-30.9M-272.1K1.1977.9864764,7463,144
2025-09-29$262.90$240.0034.4%9.9%35.5%32.8%34.4%1.8%11.5%1.3M-29.0M-265.7K0.6778.34120804,7453,204
2025-09-30$263.04$240.0037.4%10.7%35.5%38.5%37.6%0.9%9.4%1.3M-29.2M-271.2K0.1179.24141154,8133,239