MARA Options History — September 2025

In September 2025, MARA traded between $15.13 and $18.61. ATM implied volatility averaged 72.2%, placing in the 14.9% IV rank vs the trailing year. The 30-day expected move averaged 20.8%. IV traded above realized volatility by 19.1% (HV 20d: 53.1%). Max pain ranged from $15.00 to $16.50. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 17 of 21 days. Put/call ratio averaged 0.34.

Notable Days

2025-09-18: Highest Volume — 940,124 contracts
2025-09-08: Largest IV drop — 9.5% change
2025-09-29: Highest IV Rank — 26.6%
2025-09-29: Largest Expected Move — 24.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$16.74	$15.13	$18.61	$16.02	$18.26
Max Pain	$15.86	$15.00	$16.50	$16.00	$16.50
ATM IV	72.2%	60.7%	83.1%	68.8%	81.8%
Expected Move	20.8%	17.8%	24.2%	19.6%	23.4%
HV 20d	53.1%	43.7%	80.4%	46.0%	80.4%
HV 60d	61.4%	58.9%	67.3%	61.9%	66.0%
IV Rank	14.9%	2.5%	26.6%	11.2%	25.3%
IV Percentile	21.5%	2.0%	40.9%	14.3%	39.3%
Term Structure	0.6%	-1.3%	3.5%	0.0%	1.7%
VWIV	76.9%	64.7%	92.0%	71.1%	84.9%
Skew 25d	-8.6%	-17.0%	-1.7%	-1.7%	-11.8%
Skew 10d	-15.5%	-38.6%	29.4%	-5.0%	-28.7%
Call IV 25d	80.7%	66.1%	94.8%	72.1%	93.0%
Put IV 25d	72.2%	62.0%	82.3%	70.4%	81.1%
Bid-Ask Spread %	5.65	3.21	15.31	4.12	5.00
Gamma HHI	0.11	0.05	0.20	0.12	0.08
Net GEX	21.5M	1.5M	39.5M	18.8M	26.5M
Net DEX	-590.0M	-1.32B	-164.0M	-365.9M	-935.8M
Net VEX	-5.4M	-6.5M	-4.5M	-4.9M	-6.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.34	0.18	0.67	0.34	0.43
Total Volume	341,576.667	125,368	940,124	172,008	125,368
Total OI	2,627,384.81	2,425,723	2,996,999	2,425,723	2,688,683

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	$16.02	$16.00	68.8%	19.6%	46.0%	11.2%	71.1%	-1.7%	0.0%	18.8M	-365.9M	-4.9M	0.34	4.12	N/A	N/A	128,128	43,880	1,467,446	958,277
2025-09-03	$15.77	$16.00	68.2%	19.4%	43.7%	10.6%	70.1%	-2.4%	-1.1%	17.5M	-317.6M	-4.8M	0.36	3.84	N/A	N/A	111,271	39,910	1,505,747	969,109
2025-09-04	$15.13	$15.00	66.8%	19.3%	44.9%	9.0%	70.7%	-2.3%	0.4%	8.4M	-164.0M	-4.5M	0.22	4.03	N/A	N/A	255,922	55,658	1,528,715	978,494
2025-09-05	$15.18	$15.00	67.0%	19.6%	44.9%	9.3%	71.2%	-1.8%	0.2%	11.5M	-172.8M	-4.6M	0.25	5.38	N/A	N/A	332,702	81,542	1,614,891	994,355
2025-09-08	$15.23	$15.00	60.7%	17.8%	44.2%	2.5%	64.7%	-4.2%	1.2%	15.2M	-205.2M	-4.5M	0.49	3.88	N/A	N/A	96,135	47,575	1,499,500	973,907
2025-09-09	$15.96	$15.00	64.9%	18.6%	47.4%	7.1%	67.2%	-4.1%	0.4%	26.1M	-421.2M	-4.8M	0.25	15.31	N/A	N/A	127,174	32,148	1,539,611	999,393
2025-09-10	$15.82	$15.00	64.3%	18.6%	47.3%	6.3%	66.6%	-4.1%	0.2%	27.3M	-385.1M	-4.7M	0.18	4.17	N/A	N/A	367,249	67,387	1,568,999	1,015,744
2025-09-11	$15.79	$16.00	64.6%	18.7%	47.3%	6.7%	69.7%	-5.6%	0.5%	29.6M	-380.7M	-4.8M	0.36	4.60	N/A	N/A	180,115	65,479	1,611,683	1,033,369
2025-09-12	$16.38	$16.00	67.2%	19.5%	48.6%	9.5%	71.2%	-5.3%	1.1%	29.8M	-612.4M	-5.1M	0.20	4.80	N/A	N/A	388,540	75,917	1,637,024	1,066,750
2025-09-15	$16.13	$16.00	69.3%	19.9%	48.9%	11.8%	72.7%	-6.9%	0.2%	18.5M	-427.0M	-5.0M	0.64	5.13	N/A	N/A	150,227	96,715	1,558,653	1,031,265
2025-09-16	$17.46	$16.00	75.5%	21.7%	56.0%	18.5%	79.1%	-8.6%	-0.1%	30.0M	-857.6M	-5.6M	0.34	3.21	N/A	N/A	330,576	111,231	1,621,692	1,073,098
2025-09-17	$17.37	$16.00	72.6%	20.8%	52.1%	15.3%	75.2%	-9.9%	-1.3%	34.2M	-864.7M	-5.8M	0.22	8.17	N/A	N/A	269,645	58,099	1,718,089	1,110,265
2025-09-18	$18.61	$16.00	77.8%	22.3%	56.6%	20.9%	83.5%	-16.3%	-0.9%	39.5M	-1.32B	-6.2M	0.22	4.15	N/A	N/A	768,775	171,349	1,740,564	1,116,621
2025-09-19	$18.27	$16.00	73.7%	21.0%	57.4%	16.5%	81.0%	-17.0%	1.2%	24.4M	-1.09B	-6.2M	0.38	5.59	N/A	N/A	225,226	86,073	1,819,227	1,177,772
2025-09-22	$18.17	$16.00	73.6%	21.4%	53.4%	16.3%	78.1%	-15.2%	3.5%	23.7M	-825.0M	-6.1M	0.39	6.26	N/A	N/A	207,762	81,965	1,469,671	987,129
2025-09-23	$17.80	$16.00	77.1%	22.0%	48.4%	20.2%	81.5%	-12.8%	2.0%	21.5M	-738.8M	-6.1M	0.67	6.68	N/A	N/A	168,955	113,213	1,517,062	1,018,951
2025-09-24	$17.63	$16.00	81.2%	23.2%	48.0%	24.5%	89.9%	-14.9%	1.5%	18.7M	-702.1M	-6.1M	0.34	6.53	N/A	N/A	227,709	76,940	1,543,750	1,052,798
2025-09-25	$16.01	$16.50	82.5%	23.8%	60.0%	26.0%	92.0%	-13.4%	0.4%	5.7M	-303.9M	-5.6M	0.37	8.20	N/A	N/A	292,615	107,084	1,578,828	1,077,662
2025-09-26	$16.02	$16.50	76.2%	21.8%	60.0%	19.2%	86.6%	-10.6%	0.9%	1.5M	-285.5M	-5.6M	0.25	5.17	N/A	N/A	368,494	92,258	1,630,937	1,100,097
2025-09-29	$18.59	$16.50	83.1%	24.2%	79.8%	26.6%	87.4%	-11.1%	1.2%	22.3M	-1.02B	-6.5M	0.25	4.48	N/A	N/A	435,926	110,173	1,525,560	1,053,693
2025-09-30	$18.26	$16.50	81.8%	23.4%	80.4%	25.3%	84.9%	-11.8%	1.7%	26.5M	-935.8M	-6.4M	0.43	5.00	N/A	N/A	87,434	37,934	1,597,323	1,091,360