M Options History — September 2025

In September 2025, M traded between $13.41 and $18.26. ATM implied volatility averaged 39.4%, placing in the 18.8% IV rank vs the trailing year. The 30-day expected move averaged 11.4%. IV traded below realized volatility by 32.0% (HV 20d: 71.4%). Max pain ranged from $13.00 to $17.00. Net GEX was positive for 19 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 0.97.

Notable Days

  • 2025-09-12: Highest Volume — 136,867 contracts
  • 2025-09-03: Largest IV drop — 22.9% change
  • 2025-09-02: Highest IV Rank — 39.1%
  • 2025-09-02: Largest Expected Move — 18.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$17.14$13.41$18.26$13.41$17.96
Max Pain$15.76$13.00$17.00$13.00$17.00
ATM IV39.4%36.6%54.1%54.1%39.8%
Expected Move11.4%10.7%18.2%18.2%11.5%
HV 20d71.4%35.9%74.6%35.9%73.4%
HV 60d54.2%42.4%57.4%42.4%53.9%
IV Rank18.8%14.0%39.1%39.1%17.2%
IV Percentile17.6%8.7%65.9%65.9%20.2%
Term Structure-0.1%-3.5%1.9%-0.2%1.5%
VWIV40.2%37.1%64.4%64.4%41.3%
Skew 25d3.1%1.7%8.4%8.4%2.7%
Skew 10d6.8%1.1%23.3%23.3%7.2%
Call IV 25d38.0%33.7%52.8%52.8%38.8%
Put IV 25d41.2%38.3%61.2%61.2%41.5%
Bid-Ask Spread %11.873.4751.003.874.59
Gamma HHI0.190.130.510.130.14
Net GEX1.5M-464.3K3.8M870.8K-464.3K
Net DEX-90.7M-157.2M-22.1M-22.1M-79.7M
Net VEX-446.0K-593.7K-379.0K-392.6K-593.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.970.082.101.231.20
Total Volume35,205.4295,849136,86743,80624,073
Total OI243,422.571197,090291,678197,090273,196

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-09-02$13.41$13.0054.1%18.2%35.9%39.1%64.4%8.4%-0.2%870.8K-22.1M-392.6K1.233.87N/AN/A19,63824,168104,49092,600
2025-09-03$16.11$13.0041.7%12.9%72.6%24.1%45.7%1.7%-0.9%1.8M-119.3M-379.0K0.5242.94N/AN/A85,27344,175120,928113,214
2025-09-04$17.16$14.0038.9%11.0%74.6%20.7%39.2%1.8%-0.3%2.6M-153.8M-381.5K0.4823.56N/AN/A55,55226,829137,101134,996
2025-09-05$17.27$15.0038.2%10.8%73.9%19.8%37.7%1.9%-0.4%1.6M-157.2M-403.4K1.034.32N/AN/A21,82222,426141,821149,857
2025-09-08$17.14$15.0039.9%10.9%74.2%21.9%39.7%4.3%-3.5%1.1M-111.4M-410.1K2.1023.66N/AN/A5,38411,309118,533128,578
2025-09-09$17.16$15.0040.3%11.1%74.3%22.3%38.7%3.2%-2.1%978.5K-112.3M-401.0K1.844.34N/AN/A4,2527,807120,476130,965
2025-09-10$16.99$15.0038.6%10.8%74.3%20.3%37.9%3.1%-0.9%994.9K-106.3M-403.4K1.273.47N/AN/A4,7736,057121,845131,919
2025-09-11$17.45$15.0036.6%10.8%73.6%17.8%37.8%2.1%0.4%1.4M-129.6M-395.4K0.524.22N/AN/A12,9606,783124,033132,464
2025-09-12$17.01$15.0036.9%10.7%73.8%18.3%37.1%2.1%0.6%3.8M-110.5M-386.9K0.083.95N/AN/A126,66410,203127,634134,976
2025-09-15$17.42$16.0038.5%11.0%73.2%20.1%38.8%2.5%0.1%1.2M-69.6M-402.8K0.4311.50N/AN/A14,8046,33188,308119,120
2025-09-16$17.49$16.0039.2%11.2%73.0%16.4%38.7%2.6%-0.9%1.7M-76.7M-411.0K0.314.40N/AN/A14,4704,43194,499121,944
2025-09-17$17.45$16.0039.1%11.2%72.5%16.3%39.5%2.6%0.2%2.4M-78.3M-414.0K0.4651.00N/AN/A10,4804,825100,585123,027
2025-09-18$17.61$17.0037.3%10.7%71.9%14.0%38.7%2.8%0.7%3.0M-87.5M-418.0K0.555.91N/AN/A8,1274,472104,291124,258
2025-09-19$17.49$17.0038.1%11.0%72.1%15.1%38.1%3.3%0.3%2.8M-82.9M-416.1K0.843.97N/AN/A7,5276,329107,621126,134
2025-09-22$16.95$17.0038.5%11.0%72.9%15.5%37.9%2.9%1.9%1.0M-53.5M-414.2K1.655.16N/AN/A15,31325,19193,516114,255
2025-09-23$17.14$17.0037.6%10.8%72.2%14.4%37.7%6.3%0.9%1.2M-55.2M-548.8K1.724.99N/AN/A3,0795,286106,180135,948
2025-09-24$17.41$17.0038.0%10.8%72.0%14.9%38.1%2.8%0.0%1.6M-68.6M-544.7K1.134.82N/AN/A2,7493,100107,915139,345
2025-09-25$17.05$17.0037.9%10.9%72.8%14.8%37.8%2.4%0.3%963.9K-48.8M-542.9K2.055.20N/AN/A1,9203,938108,896142,084
2025-09-26$17.93$17.0038.1%11.1%73.1%15.0%39.5%2.4%-0.3%704.2K-91.8M-538.7K0.575.67N/AN/A31,76018,111109,619143,425
2025-09-29$18.26$17.0039.7%11.2%72.4%17.1%40.8%4.1%0.1%-205.1K-88.6M-567.7K0.4027.79N/AN/A19,2667,657111,185150,093
2025-09-30$17.96$17.0039.8%11.5%73.4%17.2%41.3%2.7%1.5%-464.3K-79.7M-593.7K1.204.59N/AN/A10,93513,138119,050154,146