L Options History — September 2025

In September 2025, L traded between $95.75 and $100.56. ATM implied volatility averaged 14.8%, placing in the 12.8% IV rank vs the trailing year. The 30-day expected move averaged 4.2%. IV traded above realized volatility by 2.0% (HV 20d: 12.7%). Max pain ranged from $90.00 to $95.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 16 of 21 days. Put/call ratio averaged 0.43.

Notable Days

2025-09-19: Highest Volume — 802 contracts
2025-09-11: Largest IV drop — 28.8% change
2025-09-05: Highest IV Rank — 18.6%
2025-09-16: Largest Expected Move — 4.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$97.47	$95.75	$100.56	$96.12	$100.56
Max Pain	$94.52	$90.00	$95.00	$90.00	$95.00
ATM IV	14.8%	11.1%	17.8%	16.4%	15.6%
Expected Move	4.2%	3.2%	4.8%	4.7%	4.5%
HV 20d	12.7%	10.8%	14.5%	10.8%	14.5%
HV 60d	15.0%	14.6%	15.6%	14.7%	14.6%
IV Rank	12.8%	5.7%	18.6%	15.9%	14.5%
IV Percentile	16.5%	0.8%	42.5%	27.8%	17.9%
Term Structure	1.7%	-1.8%	6.1%	1.3%	3.0%
VWIV	15.4%	12.6%	19.6%	15.8%	13.6%
Skew 25d	1.3%	-3.9%	7.5%	0.1%	-2.6%
Skew 10d	4.1%	-4.6%	25.5%	-2.5%	-2.2%
Call IV 25d	14.9%	10.2%	20.5%	15.3%	20.5%
Put IV 25d	16.2%	11.4%	18.6%	15.4%	17.9%
Bid-Ask Spread %	97.63	91.57	105.73	100.20	99.03
Gamma HHI	0.42	0.36	0.50	0.40	0.39
Net GEX	522.1K	276.3K	685.4K	550.6K	409.4K
Net DEX	-7.8M	-9.2M	-6.2M	-7.2M	-7.7M
Net VEX	-13.7K	-17.4K	-10.8K	-13.9K	-17.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.43	0.00	2.50	0.20	0.07
Total Volume	95.857	6	802	18	16
Total OI	1,659.429	1,275	1,932	1,722	1,446

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	$96.12	$90.00	16.4%	4.7%	10.8%	15.9%	15.8%	0.1%	1.3%	550.6K	-7.2M	-13.9K	0.20	100.20	15	3	1,262	460
2025-09-03	$96.67	$90.00	16.7%	4.8%	10.8%	16.5%	15.8%	1.3%	-0.9%	544.4K	-7.5M	-13.5K	0.50	100.43	4	2	1,259	460
2025-09-04	$97.64	$95.00	16.0%	4.0%	10.8%	15.1%	0.0%	2.6%	1.6%	526.0K	-8.2M	-12.9K	0.00	105.47	15	0	1,261	459
2025-09-05	$96.47	$95.00	17.8%	4.6%	10.9%	18.6%	0.0%	2.8%	1.8%	515.7K	-7.9M	-13.1K	0.10	105.73	10	1	1,261	459
2025-09-08	$95.75	$95.00	13.8%	4.7%	11.4%	11.0%	16.3%	4.3%	-0.3%	579.8K	-7.0M	-12.9K	0.19	94.90	31	6	1,260	458
2025-09-09	$95.94	$95.00	17.6%	4.7%	11.4%	18.2%	15.8%	2.9%	2.1%	599.3K	-7.3M	-12.7K	0.14	94.76	22	3	1,284	464
2025-09-10	$95.75	$95.00	16.3%	4.7%	11.2%	15.8%	16.2%	3.5%	-1.8%	617.3K	-7.0M	-11.9K	0.42	95.91	12	5	1,264	464
2025-09-11	$97.78	$95.00	11.6%	3.3%	13.0%	6.8%	14.3%	3.1%	-1.0%	520.5K	-8.5M	-10.8K	0.40	93.42	125	50	1,265	462
2025-09-12	$97.94	$95.00	14.5%	4.1%	13.0%	12.3%	15.0%	2.8%	4.1%	519.8K	-9.2M	-11.9K	0.22	91.57	111	24	1,363	486
2025-09-15	$96.84	$95.00	16.6%	4.8%	13.6%	16.4%	16.0%	7.5%	1.9%	599.3K	-8.3M	-12.0K	0.27	97.32	41	11	1,370	498
2025-09-16	$95.92	$95.00	16.8%	4.8%	13.9%	16.8%	0.0%	3.5%	0.4%	685.4K	-7.3M	-12.1K	0.17	95.26	35	6	1,381	499
2025-09-17	$96.56	$95.00	13.0%	3.7%	13.3%	9.5%	14.9%	-2.6%	1.0%	634.2K	-8.2M	-11.6K	0.02	99.98	114	2	1,381	505
2025-09-18	$97.16	$95.00	13.4%	3.9%	13.0%	10.3%	16.4%	-3.9%	-1.4%	276.3K	-9.0M	-11.6K	0.04	99.11	26	1	1,418	504
2025-09-19	$96.62	$95.00	13.1%	3.8%	13.0%	9.7%	17.3%	-3.6%	2.0%	315.2K	-8.8M	-11.5K	0.00	98.64	802	0	1,428	504
2025-09-22	$97.29	$95.00	11.9%	3.4%	13.2%	7.4%	15.6%	-3.0%	6.1%	550.0K	-6.2M	-15.8K	0.79	97.57	39	31	1,129	146
2025-09-23	$97.88	$95.00	11.1%	3.2%	13.1%	5.7%	12.6%	3.4%	4.3%	619.8K	-6.9M	-15.0K	0.92	94.19	26	24	1,148	169
2025-09-24	$99.39	$95.00	12.6%	3.6%	14.0%	8.7%	12.7%	4.0%	4.8%	480.4K	-7.7M	-15.4K	0.62	96.58	73	45	1,153	179
2025-09-25	$98.91	$95.00	15.5%	4.4%	13.9%	14.3%	16.1%	2.8%	2.3%	500.4K	-7.5M	-17.2K	1.44	93.00	43	62	1,195	219
2025-09-26	$100.06	$95.00	14.5%	4.2%	14.3%	12.4%	19.6%	2.4%	2.6%	462.9K	-8.2M	-17.1K	0.12	95.02	145	18	1,212	275
2025-09-29	$99.69	$95.00	15.1%	4.3%	14.5%	13.5%	14.3%	-2.9%	2.7%	456.8K	-7.5M	-16.8K	2.50	102.06	4	10	1,156	282
2025-09-30	$100.56	$95.00	15.6%	4.5%	14.5%	14.5%	13.6%	-2.6%	3.0%	409.4K	-7.7M	-17.4K	0.07	99.03	15	1	1,154	292