PFFA Options History — September 2025

In September 2025, PFFA traded between $21.66 and $22.43. ATM implied volatility averaged 6.2%, placing in the 8.7% IV rank vs the trailing year. The 30-day expected move averaged 1.9%. IV traded below realized volatility by 0.4% (HV 20d: 6.6%). Max pain ranged from $21.00 to $22.00. Net GEX was positive for 18 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 0.60.

Notable Days

  • 2025-09-15: Highest Volume — 274 contracts
  • 2025-09-10: Largest IV spike — 78.6% change
  • 2025-09-18: Highest IV Rank — 13.7%
  • 2025-09-18: Largest Expected Move — 2.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$22.08$21.66$22.43$21.66$21.73
Max Pain$21.76$21.00$22.00$21.00$22.00
ATM IV6.2%3.8%8.0%5.7%6.8%
Expected Move1.9%1.5%2.3%1.6%1.9%
HV 20d6.6%4.7%8.2%6.0%8.2%
HV 60d6.2%5.6%6.7%6.1%6.6%
IV Rank8.7%2.1%13.7%7.6%9.7%
IV Percentile18.6%1.6%36.1%11.5%23.8%
Term Structure1.1%-2.4%9.4%2.9%1.6%
VWIV10.3%4.9%34.9%14.3%9.1%
Skew 25d5.7%-0.2%18.1%1.9%2.6%
Skew 10d13.7%-0.2%22.8%0.9%-0.2%
Call IV 25d6.2%4.6%8.0%5.3%5.3%
Put IV 25d11.9%6.2%23.7%7.2%7.9%
Bid-Ask Spread %112.3280.27136.21102.0580.27
Gamma HHI0.710.240.970.890.24
Net GEX164.3K-4.4K506.5K143.6K-2.8K
Net DEX-790.6K-1.5M-9.4K-344.9K-9.4K
Net VEX-2.8K-3.2K-2.4K-2.6K-3.2K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.600.004.000.400.53
Total Volume65.9526274726
Total OI1,472.0957701,8711,614985

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-09-02$21.66$21.005.7%1.6%6.0%7.6%14.3%1.9%2.9%143.6K-344.9K-2.6K0.40102.05N/AN/A52990624
2025-09-03$21.71$21.006.1%1.7%6.0%8.8%15.3%3.3%2.8%160.2K-408.5K-2.6K0.0597.10N/AN/A201990625
2025-09-04$21.86$21.004.7%2.2%6.3%4.6%0.0%18.1%-0.2%265.5K-538.9K-2.6K0.36136.21N/AN/A145994626
2025-09-05$22.01$21.003.8%1.5%6.5%2.1%4.9%14.5%-0.7%506.5K-833.1K-2.8K0.09126.14N/AN/A15313998631
2025-09-08$22.11$21.006.0%2.1%6.4%8.1%7.5%11.7%-2.4%411.2K-1.0M-2.9K0.32110.88N/AN/A82261,136634
2025-09-09$22.11$22.003.8%2.1%6.4%2.1%7.3%13.0%-2.4%362.0K-1.1M-3.0K4.00101.41N/AN/A281,133658
2025-09-10$22.14$22.006.8%2.0%6.3%10.6%6.8%11.7%1.0%322.8K-1.2M-2.8K0.18114.07N/AN/A92171,133662
2025-09-11$22.25$22.006.8%1.9%6.2%10.3%6.6%8.3%-0.9%212.7K-1.3M-2.7K0.03115.61N/AN/A15441,155672
2025-09-12$22.27$22.005.7%1.6%6.2%7.4%0.0%3.9%-1.0%176.8K-1.4M-2.8K0.50113.99N/AN/A421,161671
2025-09-15$22.34$22.006.3%1.8%6.3%9.0%0.0%0.7%-1.3%140.0K-1.4M-2.5K0.00116.25N/AN/A27401,160673
2025-09-16$22.41$22.007.8%2.2%6.3%13.1%0.0%2.8%-1.3%243.8K-1.5M-2.6K0.21120.94N/AN/A1431,196674
2025-09-17$22.41$22.006.3%1.8%6.3%9.0%7.0%0.0%-0.9%161.3K-1.5M-2.7K0.08117.58N/AN/A2621,191678
2025-09-18$22.43$22.008.0%2.3%5.0%13.7%9.1%3.3%7.7%148.0K-1.5M-2.5K0.08122.30N/AN/A5341,187676
2025-09-19$22.43$22.007.0%2.0%4.7%10.9%0.0%-0.2%-0.5%111.7K-1.5M-2.4K0.17107.27N/AN/A3561,191680
2025-09-22$22.13$22.007.0%2.0%6.9%11.0%7.6%1.6%5.8%38.8K-309.0K-2.6K0.17107.17N/AN/A488437333
2025-09-23$22.07$22.005.9%1.7%6.9%7.9%0.0%3.3%9.4%28.3K-286.9K-2.6K0.86124.36N/AN/A1412440340
2025-09-24$21.93$22.006.0%1.7%7.4%8.2%6.2%7.2%0.7%16.7K-221.8K-2.7K2.97116.09N/AN/A34101442347
2025-09-25$21.82$22.006.2%1.8%7.6%8.8%0.0%3.4%3.6%-995-62.8K-3.1K0.45119.37N/AN/A3315476435
2025-09-26$21.94$22.006.4%1.8%7.8%9.4%34.9%7.5%0.2%-4.4K-131.8K-3.1K0.10105.72N/AN/A303492433
2025-09-29$21.88$22.006.8%2.0%7.8%10.6%7.3%0.9%-0.8%8.2K-114.7K-3.1K1.11103.98N/AN/A1921521434
2025-09-30$21.73$22.006.8%1.9%8.2%9.7%9.1%2.6%1.6%-2.8K-9.4K-3.2K0.5380.27N/AN/A179530455