MU Options History — September 2025

In September 2025, MU traded between $118.18 and $168.61. ATM implied volatility averaged 55.6%, placing in the 34.4% IV rank vs the trailing year. The 30-day expected move averaged 15.5%. IV traded above realized volatility by 9.7% (HV 20d: 45.9%). Max pain ranged from $110.00 to $140.00. Net GEX was positive for 19 of 21 trading days. Term structure was in contango for 5 of 21 days. Put/call ratio averaged 0.66.

Notable Days

2025-09-24: Highest Volume — 684,924 contracts
2025-09-24: Largest IV drop — 24.7% change
2025-09-23: Highest IV Rank — 48.1%
2025-09-23: Largest Expected Move — 19.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$149.91	$118.18	$168.61	$118.21	$165.69
Max Pain	$120.95	$110.00	$140.00	$110.00	$140.00
ATM IV	55.6%	45.1%	63.2%	55.6%	48.1%
Expected Move	15.5%	12.4%	19.0%	12.9%	13.9%
HV 20d	45.9%	41.3%	50.3%	43.0%	48.7%
HV 60d	42.7%	38.2%	46.1%	38.3%	45.7%
IV Rank	34.4%	15.5%	48.1%	34.4%	20.8%
IV Percentile	68.1%	32.5%	89.3%	67.5%	50.0%
Term Structure	-1.7%	-3.5%	0.9%	-2.0%	0.1%
VWIV	55.5%	43.4%	68.1%	45.7%	50.1%
Skew 25d	-1.3%	-6.6%	2.4%	2.3%	-0.8%
Skew 10d	-2.3%	-12.5%	5.5%	5.2%	-1.6%
Call IV 25d	57.6%	46.1%	69.0%	54.8%	50.0%
Put IV 25d	56.3%	46.0%	62.5%	57.1%	49.2%
Bid-Ask Spread %	7.30	2.76	16.04	2.76	6.70
Gamma HHI	0.08	0.04	0.38	0.04	0.06
Net GEX	67.5M	-101.1M	126.3M	33.3M	108.9M
Net DEX	-6.43B	-10.54B	-2.22B	-2.22B	-6.50B
Net VEX	-25.0M	-27.3M	-23.1M	-24.2M	-27.3M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.66	0.43	1.10	1.10	0.57
Total Volume	288,248	54,458	684,924	113,807	127,704
Total OI	1,820,678.905	1,636,423	2,109,131	1,636,423	1,735,400

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	$118.21	$110.00	55.6%	12.9%	43.0%	34.4%	45.7%	2.3%	-2.0%	33.3M	-2.22B	-24.2M	1.10	2.76	N/A	N/A	54,235	59,572	741,613	894,810
2025-09-03	$118.18	$110.00	55.1%	12.4%	42.8%	33.4%	43.4%	2.4%	-2.9%	32.4M	-2.22B	-24.1M	0.67	3.76	N/A	N/A	32,704	21,754	757,703	921,298
2025-09-04	$123.67	$110.00	54.5%	14.5%	45.1%	32.3%	51.6%	2.1%	-1.6%	85.7M	-3.51B	-23.7M	0.64	9.00	N/A	N/A	88,944	56,823	766,542	929,791
2025-09-05	$130.65	$110.00	54.6%	14.6%	47.8%	32.5%	51.5%	2.0%	-3.1%	116.0M	-5.12B	-23.4M	0.44	16.04	N/A	N/A	189,804	84,035	786,377	946,772
2025-09-08	$132.06	$110.00	52.9%	14.6%	43.6%	29.5%	51.4%	1.5%	-0.0%	101.2M	-4.95B	-23.1M	0.48	8.46	N/A	N/A	95,555	46,240	761,598	922,862
2025-09-09	$135.14	$115.00	54.4%	14.9%	43.0%	32.2%	53.2%	1.1%	-2.1%	113.0M	-5.54B	-23.7M	0.43	6.88	N/A	N/A	132,827	57,690	784,111	938,893
2025-09-10	$139.88	$115.00	56.3%	15.5%	42.6%	35.6%	56.0%	0.8%	-2.3%	108.5M	-6.38B	-23.6M	0.43	7.17	N/A	N/A	188,806	81,754	787,008	949,731
2025-09-11	$150.69	$115.00	61.3%	16.8%	47.4%	44.7%	60.1%	-3.9%	-3.4%	101.5M	-8.18B	-23.3M	0.50	4.66	N/A	N/A	403,358	202,662	813,286	961,289
2025-09-12	$157.49	$115.00	62.7%	17.3%	48.9%	47.1%	62.2%	-6.6%	-3.5%	87.4M	-9.22B	-24.3M	0.67	3.87	N/A	N/A	234,271	158,071	850,397	1,010,216
2025-09-15	$157.48	$115.00	62.2%	17.5%	46.7%	46.1%	63.2%	-5.4%	-2.5%	74.4M	-8.49B	-24.2M	0.67	9.22	N/A	N/A	120,301	80,783	833,905	992,698
2025-09-16	$158.57	$115.00	58.8%	16.7%	46.8%	40.0%	60.6%	-2.0%	-3.0%	78.9M	-8.62B	-24.4M	0.70	8.07	N/A	N/A	101,900	71,002	861,841	1,022,339
2025-09-17	$160.00	$120.00	59.4%	17.0%	46.3%	41.1%	61.2%	-3.9%	-2.0%	75.4M	-8.84B	-24.7M	0.64	8.44	N/A	N/A	126,858	81,469	891,194	1,054,514
2025-09-18	$168.61	$120.00	60.5%	17.4%	41.3%	43.2%	63.8%	-4.7%	-1.9%	126.3M	-10.54B	-24.6M	0.72	9.55	N/A	N/A	259,717	188,277	931,198	1,078,584
2025-09-19	$162.81	$120.00	59.9%	17.5%	44.9%	42.1%	63.4%	-3.7%	-3.4%	8.8M	-8.88B	-25.9M	0.68	6.75	N/A	N/A	236,021	160,008	966,657	1,142,474
2025-09-22	$165.06	$130.00	62.3%	18.6%	45.0%	46.5%	68.1%	-3.7%	-2.3%	71.7M	-6.88B	-26.3M	0.49	4.10	N/A	N/A	214,816	105,255	799,254	888,202
2025-09-23	$166.90	$130.00	63.2%	19.0%	44.0%	48.1%	67.7%	-2.7%	-3.1%	83.4M	-7.33B	-26.7M	0.68	12.88	N/A	N/A	329,750	224,244	862,571	929,263
2025-09-24	$161.76	$135.00	47.6%	13.7%	47.0%	20.0%	49.6%	-1.2%	0.5%	39.3M	-6.14B	-26.6M	0.76	5.56	N/A	N/A	389,249	295,675	951,628	1,051,981
2025-09-25	$156.29	$135.00	47.0%	13.5%	50.3%	18.9%	48.2%	-0.0%	0.6%	-17.0M	-4.69B	-26.5M	0.93	6.12	N/A	N/A	172,875	160,804	953,096	1,048,322
2025-09-26	$155.56	$135.00	45.1%	12.8%	50.0%	15.5%	46.3%	-0.1%	0.9%	-101.1M	-4.71B	-26.6M	1.01	7.21	N/A	N/A	110,007	110,873	971,697	1,049,567
2025-09-29	$163.41	$135.00	46.9%	13.4%	49.3%	18.7%	48.7%	-1.0%	0.2%	88.7M	-6.08B	-26.8M	0.54	6.18	N/A	N/A	127,884	68,631	800,614	892,961
2025-09-30	$165.69	$140.00	48.1%	13.9%	48.7%	20.8%	50.1%	-0.8%	0.1%	108.9M	-6.50B	-27.3M	0.57	6.70	N/A	N/A	81,583	46,121	826,765	908,635