MAX Options History — September 2025

In September 2025, MAX traded between $10.73 and $13.36. ATM implied volatility averaged 62.5%, placing in the 12.1% IV rank vs the trailing year. The 30-day expected move averaged 17.3%. IV traded above realized volatility by 11.5% (HV 20d: 51.1%). Max pain ranged from $7.50 to $10.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 17 of 21 days. Put/call ratio averaged 2.62.

Notable Days

  • 2025-09-09: Highest Volume — 2,082 contracts
  • 2025-09-10: Largest IV spike — 107.3% change
  • 2025-09-05: Highest IV Rank — 30.3%
  • 2025-09-10: Largest Expected Move — 26.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$12.42$10.73$13.36$10.73$11.43
Max Pain$8.21$7.50$10.00$10.00$7.50
ATM IV62.5%44.5%99.6%53.3%88.5%
Expected Move17.3%14.2%26.4%15.3%25.4%
HV 20d51.1%42.9%70.5%63.8%50.3%
HV 60d52.2%47.7%53.5%47.7%53.3%
IV Rank12.1%3.5%30.3%7.8%24.7%
IV Percentile34.5%6.0%90.9%19.4%82.1%
Term Structure7.3%-29.0%31.2%-3.1%-6.1%
VWIV55.4%34.4%73.8%53.4%53.8%
Skew 25d14.3%-9.8%68.0%17.7%-9.0%
Skew 10d32.1%-17.9%220.7%220.7%-16.5%
Call IV 25d52.2%35.8%82.8%39.8%67.2%
Put IV 25d66.4%43.9%106.9%57.4%58.3%
Bid-Ask Spread %94.1567.56140.46102.57101.58
Gamma HHI0.510.430.650.520.43
Net GEX52.5K27.2K68.4K33.6K45.4K
Net DEX-2.4M-3.5M-1.1M-1.1M-1.4M
Net VEX-6.1K-7.2K-4.7K-4.7K-6.3K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.620.0046.388.000.00
Total Volume28882,082935
Total OI3,816.2382,7704,5812,7704,581

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-09-02$10.73$10.0053.3%15.3%63.8%7.8%53.4%17.7%-3.1%33.6K-1.1M-4.7K8.00102.57N/AN/A182,461309
2025-09-03$10.86$10.0050.6%14.5%63.0%6.5%34.4%15.3%31.2%33.0K-1.2M-4.9K0.00119.33N/AN/A802,462313
2025-09-04$11.94$10.0094.8%21.9%70.5%28.0%73.8%49.4%7.0%27.2K-1.6M-4.9K0.00118.72N/AN/A19802,462313
2025-09-05$12.47$10.0099.6%19.3%67.8%30.3%44.2%68.0%28.8%42.0K-1.8M-5.2K0.00140.46N/AN/A1302,620313
2025-09-08$12.60$10.0055.7%14.6%66.3%9.0%0.0%20.1%13.3%38.7K-2.1M-5.4K0.0192.10N/AN/A20732,618313
2025-09-09$13.23$10.0044.5%16.3%48.9%3.5%55.8%1.3%4.2%40.3K-2.7M-5.5K0.0073.56N/AN/A2,07932,821313
2025-09-10$13.05$7.5092.3%26.4%49.9%26.5%70.1%24.1%-29.0%62.3K-3.5M-7.2K0.07105.49N/AN/A378264,176316
2025-09-11$12.90$7.5052.2%15.0%45.7%7.0%49.6%-9.4%11.2%68.4K-3.1M-6.7K0.0077.09N/AN/A76504,005321
2025-09-12$13.03$7.5052.8%15.1%44.3%7.3%52.9%-5.5%10.1%63.8K-3.0M-6.2K0.0067.56N/AN/A14603,781316
2025-09-15$12.80$7.5058.3%16.7%44.0%10.0%57.8%25.1%7.0%65.6K-2.8M-6.1K0.0089.03N/AN/A27013,756316
2025-09-16$13.04$7.5056.7%16.3%44.0%9.2%57.4%17.7%11.5%59.6K-3.0M-6.0K0.0086.42N/AN/A56103,699317
2025-09-17$13.16$7.5054.0%15.5%44.0%7.9%56.0%24.3%8.6%64.4K-3.2M-7.1K0.0089.50N/AN/A31003,986315
2025-09-18$13.36$7.5082.6%23.7%44.0%21.8%61.6%41.9%-2.6%59.8K-3.3M-7.0K0.0186.39N/AN/A11913,917315
2025-09-19$13.05$7.5053.4%15.3%42.9%7.6%56.2%16.9%10.8%59.1K-3.1M-7.0K0.0087.01N/AN/A12703,935316
2025-09-22$12.77$7.5056.9%16.3%44.5%9.3%56.6%9.6%4.7%61.3K-2.7M-6.7K0.0388.99N/AN/A6823,686302
2025-09-23$12.32$7.5053.0%15.2%46.9%7.4%53.2%-9.8%11.4%56.5K-2.3M-6.5K0.0079.44N/AN/A20003,666304
2025-09-24$12.23$7.5054.9%15.7%46.8%8.3%54.5%2.1%11.0%55.9K-2.2M-6.4K0.0090.64N/AN/A4003,711304
2025-09-25$12.20$7.5053.8%15.4%46.9%7.8%53.8%3.5%9.9%56.5K-2.2M-6.4K0.3180.14N/AN/A61193,745304
2025-09-26$12.06$7.5049.5%14.2%47.4%5.7%0.0%-9.7%11.7%56.7K-2.0M-6.4K0.1899.31N/AN/A1733,761450
2025-09-29$11.57$7.5055.2%15.8%50.3%8.5%0.0%6.5%2.3%52.3K-1.7M-6.0K46.38101.81N/AN/A83713,768454
2025-09-30$11.43$7.5088.5%25.4%50.3%24.7%0.0%-9.0%-6.1%45.4K-1.4M-6.3K0.00101.58N/AN/A3503,775806