PAYO Options History — September 2025

In September 2025, PAYO traded between $5.97 and $6.80. ATM implied volatility averaged 54.1%, placing in the 20.6% IV rank vs the trailing year. The 30-day expected move averaged 14.8%. IV traded above realized volatility by 16.8% (HV 20d: 37.3%). Max pain ranged from $6.00 to $7.00. Net GEX was positive for 10 of 21 trading days. Term structure was in contango for 15 of 21 days. Put/call ratio averaged 1.05.

Notable Days

  • 2025-09-16: Highest Volume — 23,213 contracts
  • 2025-09-24: Largest IV spike — 112.9% change
  • 2025-09-24: Highest IV Rank — 31.6%
  • 2025-09-24: Largest Expected Move — 20.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$6.56$5.97$6.80$6.74$5.97
Max Pain$6.90$6.00$7.00$7.00$7.00
ATM IV54.1%34.0%72.5%54.8%65.2%
Expected Move14.8%9.8%20.8%15.7%18.7%
HV 20d37.3%30.0%64.9%64.9%33.7%
HV 60d49.1%48.5%49.6%49.6%48.8%
IV Rank20.6%7.1%31.6%24.2%27.0%
IV Percentile52.8%7.9%79.4%56.7%72.2%
Term Structure3.9%-31.3%32.1%3.4%-31.3%
VWIV47.5%32.7%65.8%52.6%47.8%
Skew 25d6.4%-25.6%41.4%-15.5%-11.5%
Skew 10d18.7%-29.6%217.8%-29.6%3.7%
Call IV 25d52.0%31.9%77.4%61.0%64.9%
Put IV 25d58.4%31.0%79.0%45.5%53.4%
Bid-Ask Spread %119.10110.93138.36113.74114.97
Gamma HHI0.550.350.650.560.58
Net GEX35.6K-43.3K115.7K-31.7K114.9K
Net DEX-6.3M-13.8M-52.4K-482.4K-10.8M
Net VEX-18.3K-31.4K-8.3K-9.8K-30.6K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.050.0015.501.790.01
Total Volume1,288.857523,213170424
Total OI20,943.76210,22833,92110,29132,399

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-09-02$6.74$7.0054.8%15.7%64.9%24.2%52.6%-15.5%3.4%-31.7K-482.4K-9.8K1.79113.74N/AN/A611095,4184,873
2025-09-03$6.75$7.0056.5%16.2%64.6%25.3%0.0%-3.3%-19.5%-35.5K-419.1K-9.1K1.67113.66N/AN/A6105,3834,881
2025-09-04$6.75$7.0053.1%11.8%40.7%23.2%0.0%2.0%8.4%-43.3K-462.5K-9.5K0.00126.43N/AN/A1505,3834,883
2025-09-05$6.63$7.0049.8%12.7%38.1%21.2%40.7%7.6%8.7%-34.7K-203.2K-8.9K15.50114.33N/AN/A2315,3724,883
2025-09-08$6.75$7.0055.7%10.7%32.6%20.9%0.0%19.3%32.1%-4.1K-437.4K-8.7K0.00121.03N/AN/A5505,3744,903
2025-09-09$6.80$7.0052.7%10.5%32.4%19.0%0.0%9.7%21.7%-6.4K-500.7K-8.5K0.00122.65N/AN/A505,3264,903
2025-09-10$6.49$7.0063.3%18.1%35.4%25.7%32.7%-6.2%-15.1%-38.4K-52.4K-8.7K0.00126.15N/AN/A4105,3254,903
2025-09-11$6.63$7.0044.8%12.8%36.3%14.0%0.0%1.7%2.9%-31.3K-321.6K-8.5K0.60138.36N/AN/A20125,3464,903
2025-09-12$6.49$7.0060.5%17.4%36.5%24.0%0.0%4.5%0.2%-38.3K-95.7K-8.5K0.00121.42N/AN/A1305,3444,897
2025-09-15$6.50$7.0058.6%16.8%36.5%22.8%49.7%9.2%9.3%-39.4K-93.3K-8.3K0.37120.09N/AN/A41155,3554,897
2025-09-16$6.56$6.0048.1%13.8%35.7%16.1%0.0%-23.2%6.1%-39.4K-137.4K-8.3K0.00117.42N/AN/A23,20855,3924,912
2025-09-17$6.75$6.0053.3%15.3%36.5%19.4%53.8%23.4%12.3%109.0K-13.2M-31.4K0.02117.42N/AN/A1,5873228,3224,917
2025-09-18$6.63$7.0050.4%14.5%36.8%17.5%51.8%-13.2%-12.9%99.3K-13.8M-29.3K0.05122.69N/AN/A2851428,9294,927
2025-09-19$6.54$7.0041.2%11.8%37.1%11.7%0.0%32.1%20.1%106.4K-13.1M-29.6K0.08110.93N/AN/A1461128,9874,934
2025-09-22$6.66$7.0042.9%12.3%32.8%12.8%32.9%-1.0%18.6%108.0K-13.5M-28.5K0.03114.95N/AN/A183528,9023,234
2025-09-23$6.58$7.0034.0%9.8%30.5%7.1%65.8%36.3%23.0%103.9K-13.7M-26.3K0.01115.05N/AN/A240228,9213,236
2025-09-24$6.50$7.0072.5%20.8%30.8%31.6%33.4%41.4%1.7%107.9K-13.4M-25.7K0.02119.53N/AN/A84229,0293,237
2025-09-25$6.38$7.0069.2%19.8%31.2%29.5%56.2%31.9%5.2%112.6K-12.8M-27.4K1.47119.64N/AN/A6810029,0273,238
2025-09-26$6.33$7.0052.4%15.0%30.5%18.8%48.2%14.5%-1.5%112.5K-12.6M-28.8K0.26114.97N/AN/A782028,9923,338
2025-09-29$6.31$7.0056.6%16.2%30.0%21.5%51.6%-25.6%-10.7%115.7K-12.3M-29.5K0.15115.63N/AN/A1181829,0363,358
2025-09-30$5.97$7.0065.2%18.7%33.7%27.0%47.8%-11.5%-31.3%114.9K-10.8M-30.6K0.01114.97N/AN/A421329,0263,373