OGE Options History — September 2025

In September 2025, OGE traded between $43.31 and $46.31. ATM implied volatility averaged 21.0%, placing in the 6.6% IV rank vs the trailing year. The 30-day expected move averaged 6.5%. IV traded above realized volatility by 7.2% (HV 20d: 13.8%). Max pain ranged from $40.00 to $45.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 5 of 21 days. Put/call ratio averaged 0.18.

Notable Days

2025-09-09: Highest Volume — 50 contracts
2025-09-17: Largest IV spike — 73.2% change
2025-09-18: Highest IV Rank — 12.4%
2025-09-18: Largest Expected Move — 8.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$44.47	$43.31	$46.31	$44.28	$46.31
Max Pain	$44.52	$40.00	$45.00	$40.00	$45.00
ATM IV	21.0%	12.9%	29.6%	14.6%	15.1%
Expected Move	6.5%	4.0%	8.5%	4.2%	4.3%
HV 20d	13.8%	12.8%	14.5%	14.5%	13.4%
HV 60d	15.1%	14.7%	15.7%	14.9%	14.7%
IV Rank	6.6%	1.3%	12.4%	3.0%	2.0%
IV Percentile	34.4%	2.0%	64.7%	6.7%	9.1%
Term Structure	-3.2%	-17.7%	11.5%	-1.4%	11.5%
VWIV	15.6%	14.7%	16.6%	14.7%	16.6%
Skew 25d	13.9%	-6.5%	80.8%	6.2%	1.2%
Skew 10d	23.2%	-9.8%	113.5%	6.9%	16.7%
Call IV 25d	20.4%	13.5%	27.8%	16.1%	18.9%
Put IV 25d	34.3%	14.9%	94.3%	22.3%	20.1%
Bid-Ask Spread %	106.26	70.87	122.23	91.61	95.59
Gamma HHI	0.66	0.39	0.85	0.78	0.49
Net GEX	110.2K	30.7K	230.4K	157.7K	52.1K
Net DEX	-941.5K	-1.3M	-342.8K	-1.3M	-742.6K
Net VEX	-2.7K	-3.3K	-2.0K	-3.2K	-2.7K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.18	0.00	3.00	0.00	0.00
Total Volume	14.429	0	50	22	8
Total OI	1,021.571	553	1,282	1,220	611

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 Vol	Put Vol	Call OI	Put OI
2025-09-02	$44.28	$40.00	14.6%	4.2%	14.5%	3.0%	14.7%	6.2%	-1.4%	157.7K	-1.3M	-3.2K	0.00	91.61	22	0	756	464
2025-09-03	$44.26	$40.00	16.4%	4.7%	13.9%	4.2%	16.6%	3.8%	-5.5%	150.0K	-1.3M	-2.9K	0.00	70.87	4	0	759	464
2025-09-04	$44.15	$45.00	15.0%	6.2%	13.5%	3.3%	0.0%	-6.5%	-10.8%	156.8K	-1.3M	-2.9K	0.00	109.55	41	0	761	464
2025-09-05	$44.05	$45.00	17.3%	6.7%	13.2%	4.9%	0.0%	2.5%	-4.4%	135.9K	-1.3M	-3.3K	0.00	119.67	0	0	751	464
2025-09-08	$43.31	$45.00	12.9%	6.5%	13.6%	1.8%	0.0%	-6.1%	-17.7%	87.6K	-982.8K	-2.0K	0.07	117.85	15	1	751	464
2025-09-09	$43.78	$45.00	15.8%	7.3%	14.3%	3.8%	0.0%	-6.2%	-10.5%	144.2K	-1.2M	-2.9K	0.02	93.12	49	1	746	465
2025-09-10	$43.89	$45.00	22.8%	6.5%	14.4%	7.5%	0.0%	-6.0%	-9.3%	137.7K	-1.1M	-2.4K	0.00	105.67	0	1	756	466
2025-09-11	$44.15	$45.00	25.6%	7.3%	14.2%	9.5%	0.0%	-2.7%	-12.3%	179.2K	-1.1M	-2.2K	0.00	106.55	2	0	756	467
2025-09-12	$44.59	$45.00	25.3%	7.2%	14.5%	9.3%	0.0%	-0.1%	-8.2%	230.4K	-1.3M	-2.8K	3.00	114.15	10	30	758	467
2025-09-15	$44.37	$45.00	19.6%	5.6%	12.8%	5.3%	0.0%	55.8%	-0.6%	224.2K	-1.1M	-2.8K	0.00	103.94	2	0	768	497
2025-09-16	$43.65	$45.00	14.1%	4.0%	13.8%	1.3%	0.0%	1.0%	2.7%	113.2K	-960.2K	-2.7K	0.00	110.81	2	0	769	497
2025-09-17	$44.13	$45.00	24.4%	7.0%	13.9%	8.7%	0.0%	16.8%	-3.7%	152.1K	-972.2K	-2.6K	0.00	122.23	24	0	770	497
2025-09-18	$43.90	$45.00	29.6%	8.5%	13.8%	12.4%	0.0%	-0.6%	-9.7%	122.6K	-1.2M	-2.4K	0.00	120.08	15	0	785	497
2025-09-19	$44.16	$45.00	25.6%	7.3%	13.9%	9.5%	0.0%	6.6%	-6.2%	30.7K	-883.7K	-2.4K	0.00	118.09	0	1	780	492
2025-09-22	$44.34	$45.00	19.1%	5.5%	13.3%	4.8%	0.0%	80.8%	10.6%	31.8K	-342.8K	-2.4K	0.00	120.36	37	0	329	224
2025-09-23	$44.73	$45.00	23.9%	6.9%	13.6%	8.3%	0.0%	34.4%	7.9%	36.6K	-423.7K	-2.5K	0.00	104.83	4	0	352	224
2025-09-24	$45.16	$45.00	29.1%	8.3%	14.1%	12.0%	0.0%	2.8%	-2.1%	38.8K	-488.3K	-2.7K	0.00	99.76	19	0	356	224
2025-09-25	$45.13	$45.00	26.6%	7.6%	14.0%	10.2%	0.0%	30.8%	-1.3%	43.0K	-536.4K	-2.9K	0.00	92.85	0	0	374	224
2025-09-26	$45.66	$45.00	19.2%	5.5%	13.5%	4.9%	0.0%	16.2%	-3.6%	45.4K	-600.7K	-2.9K	0.00	102.78	8	0	374	224
2025-09-29	$45.91	$45.00	28.9%	8.3%	13.5%	11.9%	0.0%	61.9%	7.5%	44.4K	-640.0K	-2.9K	0.00	111.08	7	0	382	224
2025-09-30	$46.31	$45.00	15.1%	4.3%	13.4%	2.0%	0.0%	1.2%	11.5%	52.1K	-742.6K	-2.7K	0.00	95.59	8	0	387	224