NGL Options History — September 2025

In September 2025, NGL traded between $5.36 and $6.96. ATM implied volatility averaged 46.8%, placing in the 11.5% IV rank vs the trailing year. The 30-day expected move averaged 13.7%. IV traded below realized volatility by 6.2% (HV 20d: 53.1%). Max pain ranged from $4.00 to $4.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 17 of 21 days. Put/call ratio averaged 2.35.

Notable Days

  • 2025-09-18: Highest Volume — 6,914 contracts
  • 2025-09-03: Largest IV spike — 140.8% change
  • 2025-09-03: Highest IV Rank — 18.2%
  • 2025-09-03: Largest Expected Move — 17.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$6.11$5.36$6.96$5.54$6.01
Max Pain$4.00$4.00$4.00$4.00$4.00
ATM IV46.8%25.9%62.5%25.9%55.5%
Expected Move13.7%7.4%17.9%7.4%15.9%
HV 20d53.1%37.9%67.6%48.5%66.2%
HV 60d45.1%39.5%50.1%45.7%50.1%
IV Rank11.5%2.4%18.2%2.4%15.2%
IV Percentile50.6%2.4%81.0%2.4%70.2%
Term Structure1.5%-34.2%13.7%13.7%3.3%
VWIV50.5%42.0%77.1%54.3%66.6%
Skew 25d8.1%-21.0%25.8%22.6%-12.2%
Skew 10d34.2%-33.7%150.1%-13.7%-20.2%
Call IV 25d41.6%29.2%65.5%29.3%63.0%
Put IV 25d49.7%32.8%57.3%52.0%50.8%
Bid-Ask Spread %60.9339.2893.1191.1065.54
Gamma HHI0.380.250.560.430.26
Net GEX58.2K43.6K66.5K53.8K65.4K
Net DEX-4.4M-6.1M-3.4M-3.5M-4.3M
Net VEX-10.8K-14.1K-8.4K-8.6K-12.9K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.350.0040.000.3940.00
Total Volume619.429246,91424982
Total OI11,950.71410,27114,00510,27113,927

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-09-02$5.54$4.0025.9%7.4%48.5%2.4%54.3%22.6%13.7%53.8K-3.5M-8.6K0.3991.10N/AN/A179709,0861,185
2025-09-03$5.36$4.0062.5%17.9%50.7%18.2%77.1%25.8%-34.2%52.5K-3.4M-8.5K0.4193.11N/AN/A1779,2371,227
2025-09-04$5.65$4.0025.9%11.8%52.2%2.4%42.4%19.0%2.4%50.3K-3.9M-8.4K0.0250.28N/AN/A585119,2331,235
2025-09-05$5.74$4.0038.7%12.1%51.1%7.9%44.7%12.3%4.5%55.7K-3.8M-9.0K0.0057.06N/AN/A3809,4641,239
2025-09-08$5.89$4.0041.3%12.8%39.9%9.1%43.9%-1.5%3.9%55.1K-4.1M-8.8K0.3653.66N/AN/A92339,4561,239
2025-09-09$5.92$4.0043.8%12.6%37.9%10.1%42.4%19.9%4.4%53.4K-4.1M-8.8K0.0057.82N/AN/A32009,4081,270
2025-09-10$5.89$4.0047.8%13.7%38.3%11.9%48.1%19.6%-1.0%56.2K-4.1M-8.9K0.0056.15N/AN/A2,03749,5241,270
2025-09-11$5.83$4.0051.0%14.6%38.4%13.2%48.0%10.4%-5.5%58.9K-3.9M-9.6K1.3255.79N/AN/A28379,5791,272
2025-09-12$5.88$4.0049.4%14.2%38.4%12.6%49.5%10.7%-1.8%63.2K-3.9M-9.3K4.9052.47N/AN/A10499,5771,296
2025-09-15$5.75$4.0046.2%13.2%39.8%11.2%48.6%11.7%1.9%59.0K-3.7M-9.5K0.7439.28N/AN/A19149,5741,331
2025-09-16$6.43$4.0044.4%12.7%53.9%10.4%42.0%3.9%3.0%49.4K-4.9M-8.8K0.0455.54N/AN/A1,218489,5721,344
2025-09-17$6.63$4.0042.1%12.1%53.4%9.4%43.8%11.0%3.3%47.4K-5.1M-9.4K0.0955.93N/AN/A278259,7521,392
2025-09-18$6.88$4.0047.5%13.6%53.8%11.8%49.7%21.3%2.1%43.6K-5.5M-9.4K0.0254.86N/AN/A6,7901249,8231,413
2025-09-19$6.96$4.0045.7%13.1%53.6%11.0%44.8%16.9%9.2%66.5K-6.1M-13.6K0.0474.24N/AN/A2551012,4811,524
2025-09-22$6.30$4.0052.1%14.9%67.6%13.7%49.2%-3.1%1.6%66.3K-4.9M-13.9K0.1655.59N/AN/A3475612,3121,508
2025-09-23$6.52$4.0049.0%14.0%66.7%12.4%53.8%11.5%4.0%64.6K-5.1M-13.8K0.0862.01N/AN/A24212,2501,531
2025-09-24$6.45$4.0055.2%15.8%66.1%15.1%55.8%3.3%2.7%65.5K-5.0M-14.1K0.3755.43N/AN/A19712,2671,533
2025-09-25$6.38$4.0054.3%15.6%66.5%14.7%54.4%-2.8%3.6%65.4K-5.0M-13.9K0.0360.97N/AN/A77212,2781,538
2025-09-26$6.24$4.0051.4%14.7%65.0%13.4%50.8%-8.8%5.5%65.3K-4.7M-13.5K0.2465.30N/AN/A33812,3521,540
2025-09-29$6.04$4.0053.9%15.5%66.5%14.5%66.6%-21.0%5.0%65.5K-4.3M-13.1K0.2067.44N/AN/A44912,3801,546
2025-09-30$6.01$4.0055.5%15.9%66.2%15.2%0.0%-12.2%3.3%65.4K-4.3M-12.9K40.0065.54N/AN/A28012,3741,553