JPM Options History — September 2025

In September 2025, JPM traded between $293.31 and $316.65. ATM implied volatility averaged 24.3%, placing in the 17.0% IV rank vs the trailing year. The 30-day expected move averaged 7.4%. IV traded above realized volatility by 8.0% (HV 20d: 16.3%). Max pain ranged from $275.00 to $300.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 0.81.

Notable Days

2025-09-05: Highest Volume — 90,628 contracts
2025-09-15: Largest IV spike — 7.1% change
2025-09-30: Highest IV Rank — 23.8%
2025-09-30: Largest Expected Move — 8.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$307.58	$293.31	$316.65	$299.61	$314.93
Max Pain	$282.14	$275.00	$300.00	$275.00	$300.00
ATM IV	24.3%	21.1%	27.2%	21.2%	27.2%
Expected Move	7.4%	6.1%	8.5%	6.1%	8.5%
HV 20d	16.3%	12.2%	17.8%	12.6%	16.4%
HV 60d	17.7%	16.6%	18.9%	17.4%	16.6%
IV Rank	17.0%	9.5%	23.8%	9.9%	23.8%
IV Percentile	62.2%	33.7%	83.7%	37.7%	83.7%
Term Structure	0.6%	-1.0%	3.5%	0.5%	-0.7%
VWIV	26.6%	21.9%	31.4%	21.9%	31.4%
Skew 25d	3.7%	2.9%	4.3%	4.3%	3.9%
Skew 10d	8.0%	6.7%	9.9%	9.2%	8.8%
Call IV 25d	22.8%	19.4%	25.8%	19.4%	25.8%
Put IV 25d	26.5%	23.2%	29.7%	23.7%	29.7%
Bid-Ask Spread %	25.93	3.22	53.08	3.27	50.95
Gamma HHI	0.10	0.07	0.29	0.09	0.08
Net GEX	193.3M	85.7M	338.5M	153.7M	153.6M
Net DEX	-5.79B	-7.63B	-3.97B	-5.05B	-5.53B
Net VEX	-23.9M	-25.0M	-22.7M	-23.4M	-24.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.81	0.47	1.47	0.96	1.13
Total Volume	56,039.571	36,060	90,628	36,957	55,266
Total OI	756,044.476	676,968	839,995	731,417	725,783

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	$299.61	$275.00	21.2%	6.1%	12.6%	9.9%	21.9%	4.3%	0.5%	153.7M	-5.05B	-23.4M	0.96	3.27	N/A	N/A	18,848	18,109	348,095	383,322
2025-09-03	$298.48	$275.00	21.2%	6.2%	12.2%	9.7%	22.3%	4.3%	0.2%	144.9M	-4.87B	-23.7M	0.52	3.22	N/A	N/A	27,061	14,004	351,984	390,482
2025-09-04	$303.80	$280.00	21.1%	7.0%	13.5%	9.5%	25.2%	3.8%	0.2%	222.9M	-5.88B	-23.5M	0.91	6.38	N/A	N/A	29,483	26,968	361,944	395,499
2025-09-05	$295.56	$280.00	21.4%	7.1%	16.6%	10.2%	24.7%	3.8%	0.4%	93.6M	-4.30B	-24.7M	0.72	5.17	N/A	N/A	52,594	38,034	368,740	403,981
2025-09-08	$293.31	$280.00	21.6%	7.1%	16.9%	10.7%	25.1%	4.0%	3.3%	85.7M	-3.97B	-24.9M	0.74	3.62	N/A	N/A	29,355	21,787	359,932	398,299
2025-09-09	$298.56	$280.00	22.0%	7.3%	17.8%	11.7%	25.8%	3.9%	3.4%	159.3M	-5.08B	-23.6M	0.47	3.41	N/A	N/A	39,703	18,857	367,658	405,393
2025-09-10	$300.70	$280.00	22.7%	7.4%	17.6%	13.2%	26.6%	3.7%	3.1%	211.0M	-5.36B	-25.0M	0.92	4.37	N/A	N/A	25,296	23,350	376,653	410,341
2025-09-11	$305.24	$280.00	22.6%	7.3%	17.7%	13.1%	27.3%	3.6%	3.4%	274.1M	-6.23B	-24.3M	0.64	4.66	N/A	N/A	39,271	25,257	379,463	414,392
2025-09-12	$307.25	$280.00	23.1%	7.3%	17.5%	14.3%	25.9%	3.5%	3.5%	282.0M	-6.68B	-23.5M	0.61	4.31	N/A	N/A	43,032	26,331	384,359	417,443
2025-09-15	$309.50	$280.00	24.8%	7.3%	17.1%	18.1%	26.7%	4.2%	-0.4%	220.4M	-6.67B	-22.7M	0.65	3.97	N/A	N/A	28,459	18,387	372,103	406,752
2025-09-16	$309.33	$280.00	26.3%	7.6%	17.2%	21.8%	27.3%	3.5%	-0.5%	215.8M	-6.56B	-23.9M	0.54	3.58	N/A	N/A	31,983	17,127	377,164	411,746
2025-09-17	$311.57	$280.00	26.5%	7.6%	17.0%	22.3%	27.3%	3.4%	-1.0%	240.8M	-7.05B	-23.4M	0.90	51.20	N/A	N/A	32,806	29,501	387,091	418,785
2025-09-18	$312.74	$280.00	25.4%	7.3%	16.8%	19.7%	25.0%	3.5%	-0.9%	247.2M	-7.13B	-23.5M	0.50	45.17	N/A	N/A	44,900	22,326	389,729	428,846
2025-09-19	$315.07	$280.00	25.4%	7.4%	16.5%	19.7%	26.4%	3.4%	-0.7%	338.5M	-7.63B	-23.0M	0.71	49.64	N/A	N/A	45,506	32,242	405,550	434,445
2025-09-22	$312.62	$280.00	25.6%	7.6%	16.5%	20.0%	27.0%	2.9%	-0.5%	147.3M	-5.45B	-23.5M	0.67	44.25	N/A	N/A	21,619	14,441	335,435	341,533
2025-09-23	$312.30	$285.00	26.5%	7.9%	16.5%	22.4%	28.5%	3.3%	-0.5%	150.6M	-5.42B	-23.9M	0.81	47.62	N/A	N/A	30,335	24,651	342,021	345,003
2025-09-24	$312.86	$285.00	26.5%	8.0%	16.3%	22.2%	28.5%	3.7%	-0.4%	157.1M	-5.46B	-24.1M	1.47	52.53	N/A	N/A	17,896	26,261	347,981	354,224
2025-09-25	$313.11	$285.00	26.6%	8.0%	16.2%	22.5%	28.9%	3.6%	-0.5%	145.3M	-5.45B	-24.3M	0.99	50.99	N/A	N/A	20,337	20,211	351,260	361,778
2025-09-26	$316.65	$290.00	25.9%	7.7%	16.5%	21.0%	27.8%	3.5%	0.1%	244.7M	-6.07B	-24.0M	0.83	53.03	N/A	N/A	40,099	33,383	356,949	366,625
2025-09-29	$315.92	$290.00	26.2%	8.1%	16.6%	21.5%	28.9%	3.8%	-0.1%	170.9M	-5.76B	-24.1M	1.33	53.08	N/A	N/A	22,191	29,564	345,638	352,513
2025-09-30	$314.93	$300.00	27.2%	8.5%	16.4%	23.8%	31.4%	3.9%	-0.7%	153.6M	-5.53B	-24.7M	1.13	50.95	N/A	N/A	25,934	29,332	353,641	372,142