PCEF Options History — September 2025

In September 2025, PCEF traded between $19.88 and $20.23. ATM implied volatility averaged 48.6%, placing in the 28.7% IV rank vs the trailing year. The 30-day expected move averaged 15.0%. IV traded above realized volatility by 44.1% (HV 20d: 4.5%). Max pain ranged from $20.00 to $23.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 2 of 21 days. Put/call ratio averaged 0.00.

Notable Days

2025-09-08: Highest Volume — 25 contracts
2025-09-26: Largest IV spike — 528.7% change
2025-09-26: Highest IV Rank — 100.0%
2025-09-26: Largest Expected Move — 58.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$20.05	$19.88	$20.23	$19.88	$19.96
Max Pain	$20.50	$20.00	$23.00	$20.00	$20.00
ATM IV	48.6%	16.8%	205.0%	21.0%	36.3%
Expected Move	15.0%	4.8%	58.8%	6.0%	10.4%
HV 20d	4.5%	3.8%	5.1%	5.1%	4.1%
HV 60d	4.9%	4.4%	5.2%	5.2%	4.4%
IV Rank	28.7%	9.8%	100.0%	12.9%	16.5%
IV Percentile	65.2%	13.9%	100.0%	24.6%	81.7%
Term Structure	-20.8%	-84.1%	23.7%	22.5%	-10.9%
VWIV	97.7%	25.6%	234.9%	25.6%	234.9%
Skew 25d	15.0%	2.7%	153.4%	6.6%	4.6%
Skew 10d	19.2%	-6.8%	153.4%	10.1%	13.8%
Call IV 25d	56.4%	16.8%	167.0%	42.4%	48.3%
Put IV 25d	71.4%	37.6%	194.9%	49.0%	52.9%
Bid-Ask Spread %	174.54	150.29	199.17	150.29	169.41
Gamma HHI	0.82	0.45	0.98	0.88	0.47
Net GEX	2.5K	236	8.0K	2.0K	963
Net DEX	-36.8K	-81.6K	-9.9K	-28.2K	-10.0K
Net VEX	-97	-142	-38	-119	-44
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.00	0.00	0.00	0.00	0.00
Total Volume	2.048	0	25	0	0
Total OI	37.857	10	56	34	23

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	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-09-02	$19.88	$20.00	21.0%	6.0%	5.1%	12.9%	0.0%	6.6%	22.5%	2.0K	-28.2K	-119	150.29	N/A	N/A	0	0	31	3
2025-09-03	$19.91	$20.00	20.9%	6.0%	5.1%	12.8%	0.0%	6.9%	23.7%	2.0K	-28.6K	-118	150.48	N/A	N/A	0	0	31	3
2025-09-04	$19.97	$0.00	77.0%	41.2%	5.1%	52.9%	0.0%	17.6%	-77.3%	536	-33.3K	-117	198.74	N/A	N/A	0	0	31	3
2025-09-05	$20.00	$0.00	20.8%	7.7%	5.1%	12.7%	0.0%	3.9%	-13.7%	2.1K	-29.7K	-117	171.24	N/A	N/A	0	0	31	3
2025-09-08	$20.05	$0.00	27.0%	8.0%	5.0%	17.1%	0.0%	4.4%	-14.3%	2.1K	-30.2K	-114	171.38	N/A	N/A	25	0	31	3
2025-09-09	$20.05	$0.00	27.4%	8.1%	5.0%	17.4%	0.0%	4.2%	-15.5%	4.5K	-53.8K	-142	171.57	N/A	N/A	0	0	53	3
2025-09-10	$20.09	$0.00	28.6%	8.2%	4.8%	18.3%	0.0%	4.5%	-15.7%	4.9K	-55.0K	-140	170.59	N/A	N/A	0	0	53	3
2025-09-11	$20.14	$0.00	97.3%	27.9%	4.8%	67.4%	0.0%	22.1%	-84.1%	1.3K	-58.3K	-137	198.62	N/A	N/A	0	0	53	3
2025-09-12	$20.16	$0.00	28.8%	8.3%	4.8%	18.4%	0.0%	3.0%	-16.0%	3.9K	-56.1K	-135	166.67	N/A	N/A	0	0	53	3
2025-09-15	$20.23	$0.00	29.5%	8.5%	4.8%	18.9%	0.0%	4.2%	-16.8%	4.4K	-58.1K	-125	169.75	N/A	N/A	1	0	53	3
2025-09-16	$20.17	$0.00	30.6%	8.8%	4.4%	19.7%	0.0%	3.9%	-18.6%	4.0K	-56.2K	-122	169.28	N/A	N/A	0	0	53	3
2025-09-17	$20.14	$0.00	30.0%	8.6%	4.2%	19.3%	0.0%	4.3%	-17.0%	4.0K	-55.5K	-117	169.70	N/A	N/A	0	0	53	3
2025-09-18	$20.17	$0.00	31.1%	8.9%	4.0%	20.0%	0.0%	3.5%	-6.7%	4.1K	-56.2K	-111	170.21	N/A	N/A	3	0	53	3
2025-09-19	$20.20	$0.00	31.6%	9.1%	3.9%	20.4%	0.0%	4.2%	-6.9%	8.0K	-81.6K	-99	169.83	N/A	N/A	0	0	53	3
2025-09-22	$20.12	$0.00	31.6%	9.1%	3.8%	20.4%	0.0%	3.8%	-7.5%	659	-10.4K	-39	167.22	N/A	N/A	0	0	10	0
2025-09-23	$20.09	$0.00	59.8%	17.2%	3.8%	40.6%	0.0%	153.4%	-41.7%	236	-11.2K	-38	198.70	N/A	N/A	0	0	10	0
2025-09-24	$20.00	$0.00	16.8%	4.8%	4.0%	9.8%	25.6%	2.7%	-7.3%	651	-9.9K	-38	166.05	N/A	N/A	12	0	10	0
2025-09-25	$19.91	$23.00	32.6%	9.3%	4.3%	21.1%	32.7%	5.7%	-7.0%	962	-10.9K	-44	167.75	N/A	N/A	0	1	22	0
2025-09-26	$19.88	$20.00	205.0%	58.8%	4.4%	100.0%	234.9%	24.8%	-49.2%	438	-20.9K	-62	198.74	N/A	N/A	0	1	22	1
2025-09-29	$19.93	$20.00	137.8%	39.5%	4.3%	66.7%	0.0%	27.9%	-56.9%	489	-19.9K	-60	199.17	N/A	N/A	0	0	22	1
2025-09-30	$19.96	$20.00	36.3%	10.4%	4.1%	16.5%	0.0%	4.6%	-10.9%	963	-10.0K	-44	169.41	N/A	N/A	0	0	22	1