NBIS Options History — September 2025

In September 2025, NBIS traded between $64.28 and $112.91. ATM implied volatility averaged 77.6%, placing in the 17.8% IV rank vs the trailing year. The 30-day expected move averaged 22.0%. IV traded below realized volatility by 52.9% (HV 20d: 130.5%). Max pain ranged from $60.00 to $80.00. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 0.50.

Notable Days

2025-09-09: Highest Volume — 461,505 contracts
2025-09-09: Largest IV spike — 29.3% change
2025-09-25: Highest IV Rank — 34.2%
2025-09-24: Largest Expected Move — 24.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$91.76	$64.28	$112.91	$65.78	$112.91
Max Pain	$71.67	$60.00	$80.00	$60.00	$80.00
ATM IV	77.6%	64.5%	88.7%	71.3%	85.8%
Expected Move	22.0%	18.8%	24.9%	20.5%	23.8%
HV 20d	130.5%	51.3%	150.1%	87.3%	146.1%
HV 60d	102.5%	78.5%	111.8%	80.8%	106.7%
IV Rank	17.8%	0.0%	34.2%	2.3%	30.1%
IV Percentile	16.0%	0.0%	42.7%	1.5%	32.7%
Term Structure	-0.2%	-6.9%	7.0%	2.8%	2.6%
VWIV	78.3%	65.5%	88.5%	73.5%	84.1%
Skew 25d	-5.3%	-14.7%	2.4%	0.1%	-7.8%
Skew 10d	-8.0%	-15.0%	7.1%	0.2%	-11.6%
Call IV 25d	82.0%	64.5%	96.8%	72.7%	94.5%
Put IV 25d	76.6%	64.0%	86.8%	72.8%	86.7%
Bid-Ask Spread %	20.08	9.05	45.08	15.68	13.37
Gamma HHI	0.10	0.07	0.30	0.12	0.07
Net GEX	17.4M	-227.5K	48.3M	6.9M	22.1M
Net DEX	-2.13B	-3.17B	-761.8M	-813.9M	-2.95B
Net VEX	-5.0M	-6.2M	-3.7M	-3.9M	-6.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.50	0.26	0.82	0.66	0.37
Total Volume	134,456.381	34,402	461,505	94,363	116,997
Total OI	595,377.524	477,886	686,828	477,886	592,956

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	$65.78	$60.00	71.3%	20.5%	87.3%	2.3%	73.5%	0.1%	2.8%	6.9M	-813.9M	-3.9M	0.66	15.68	N/A	N/A	56,725	37,638	292,159	185,727
2025-09-03	$65.47	$60.00	68.5%	19.9%	87.3%	0.0%	69.7%	2.4%	-4.9%	7.2M	-814.4M	-4.1M	0.80	45.08	N/A	N/A	19,130	15,272	318,422	205,972
2025-09-04	$64.93	$65.00	66.6%	19.4%	87.1%	0.0%	67.9%	0.8%	-2.6%	-227.5K	-761.8M	-4.0M	0.70	24.87	N/A	N/A	51,442	35,863	322,706	215,825
2025-09-05	$65.03	$65.00	64.5%	18.8%	54.2%	0.0%	65.5%	0.4%	0.1%	1.9M	-805.2M	-4.0M	0.82	32.61	N/A	N/A	45,859	37,625	333,950	231,725
2025-09-08	$64.28	$65.00	65.9%	19.0%	51.3%	2.0%	66.7%	-2.8%	-0.3%	10.0M	-805.2M	-3.9M	0.61	27.18	N/A	N/A	53,641	32,707	299,684	194,773
2025-09-09	$95.20	$65.00	85.2%	23.7%	149.9%	29.3%	83.5%	-0.6%	-2.1%	11.7M	-2.48B	-3.7M	0.66	9.05	N/A	N/A	277,354	184,151	308,193	194,233
2025-09-10	$95.31	$70.00	84.7%	22.9%	149.0%	28.6%	79.7%	-0.5%	-2.9%	14.3M	-2.48B	-4.3M	0.50	12.20	N/A	N/A	144,150	71,946	348,064	266,368
2025-09-11	$89.31	$70.00	70.9%	20.7%	149.1%	9.0%	73.9%	-10.2%	-0.1%	5.1M	-2.09B	-4.5M	0.56	15.48	N/A	N/A	84,005	46,952	367,107	280,047
2025-09-12	$89.19	$70.00	75.0%	20.6%	148.8%	14.9%	75.2%	-6.3%	-6.2%	11.3M	-2.13B	-4.8M	0.42	22.22	N/A	N/A	92,328	39,021	395,831	290,997
2025-09-15	$91.00	$70.00	75.3%	21.7%	148.6%	15.2%	78.2%	-8.4%	-1.0%	18.0M	-2.09B	-5.0M	0.33	13.47	N/A	N/A	71,418	23,617	350,820	225,447
2025-09-16	$89.21	$75.00	74.4%	21.3%	149.0%	13.9%	76.5%	-7.9%	2.3%	16.0M	-1.98B	-5.1M	0.37	22.14	N/A	N/A	36,134	13,380	370,549	235,991
2025-09-17	$94.47	$75.00	76.2%	21.9%	147.3%	16.6%	79.1%	-7.3%	-6.9%	24.1M	-2.40B	-5.2M	0.44	24.17	N/A	N/A	80,200	35,602	383,181	239,938
2025-09-18	$94.33	$70.00	74.2%	21.2%	147.2%	13.7%	77.5%	-7.4%	0.5%	26.3M	-2.37B	-5.2M	0.34	25.92	N/A	N/A	87,426	29,353	391,551	254,536
2025-09-19	$99.28	$75.00	77.4%	22.2%	147.2%	18.3%	79.6%	-7.0%	2.0%	48.3M	-2.79B	-5.3M	0.26	19.59	N/A	N/A	112,569	29,787	401,347	261,703
2025-09-22	$106.12	$75.00	85.5%	24.0%	148.0%	29.7%	85.5%	-7.6%	1.4%	25.2M	-2.72B	-5.4M	0.38	18.44	N/A	N/A	170,927	65,759	347,338	212,232
2025-09-23	$107.48	$75.00	85.3%	23.8%	148.0%	29.5%	84.1%	-14.7%	-4.5%	22.3M	-2.78B	-5.9M	0.43	19.14	N/A	N/A	94,127	40,664	374,024	246,864
2025-09-24	$112.69	$80.00	87.2%	24.9%	148.0%	32.1%	87.8%	-10.3%	5.2%	29.5M	-3.17B	-5.9M	0.44	12.41	N/A	N/A	132,394	57,895	383,734	253,879
2025-09-25	$108.05	$80.00	88.7%	24.7%	149.7%	34.2%	88.5%	-5.8%	-0.9%	23.1M	-2.78B	-6.2M	0.56	14.23	N/A	N/A	88,008	49,720	397,865	268,886
2025-09-26	$107.09	$80.00	83.7%	23.2%	150.1%	27.2%	82.9%	-4.4%	3.8%	21.0M	-2.72B	-6.1M	0.32	16.91	N/A	N/A	82,641	26,461	405,111	271,431
2025-09-29	$109.87	$80.00	83.6%	23.7%	148.0%	27.0%	84.4%	-6.8%	7.0%	21.2M	-2.77B	-6.1M	0.43	17.52	N/A	N/A	36,874	15,822	359,807	221,955
2025-09-30	$112.91	$80.00	85.8%	23.8%	146.1%	30.1%	84.1%	-7.8%	2.6%	22.1M	-2.95B	-6.1M	0.37	13.37	N/A	N/A	85,396	31,601	365,345	227,611