REI Options History — September 2025

In September 2025, REI traded between $0.97 and $1.15. ATM implied volatility averaged 63.8%, placing in the 18.0% IV rank vs the trailing year. The 30-day expected move averaged 18.2%. IV traded below realized volatility by 2.0% (HV 20d: 65.8%). Max pain ranged from $0.50 to $1.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 8 of 21 days. Put/call ratio averaged 0.47.

Notable Days

  • 2025-09-15: Highest Volume — 21,418 contracts
  • 2025-09-03: Largest IV spike — 99.8% change
  • 2025-09-09: Highest IV Rank — 37.6%
  • 2025-09-08: Largest Expected Move — 24.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$1.04$0.97$1.15$1.06$1.08
Max Pain$0.79$0.50$1.00$1.00$1.00
ATM IV63.8%39.9%96.8%39.9%66.3%
Expected Move18.2%11.4%24.9%11.4%19.0%
HV 20d65.8%52.7%79.1%69.6%58.6%
HV 60d63.2%60.6%66.8%64.4%62.1%
IV Rank18.0%3.8%37.6%3.8%19.5%
IV Percentile38.9%2.8%82.5%3.6%46.0%
Term Structure-7.7%-39.4%43.1%43.1%-21.6%
VWIV66.7%36.3%89.8%36.3%85.3%
Skew 25d2.2%-27.7%26.9%-27.7%-15.5%
Skew 10d28.1%-28.3%53.0%38.6%53.0%
Call IV 25d72.6%61.3%108.5%72.8%86.4%
Put IV 25d74.7%45.1%115.3%45.1%70.8%
Bid-Ask Spread %51.0511.8992.9839.9230.48
Gamma HHI0.670.500.860.770.56
Net GEX153.9K66.8K317.0K201.9K105.4K
Net DEX-5.6M-7.4M-3.4M-6.4M-5.7M
Net VEX-19.0K-24.1K-14.9K-16.8K-22.8K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.470.008.910.130.01
Total Volume3,720.8121921,418567873
Total OI130,657.952109,775155,216115,814134,295

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-09-02$1.06$1.0039.9%11.4%69.6%3.8%36.3%-27.7%43.1%201.9K-6.4M-16.8K0.1339.9250166112,2903,524
2025-09-03$0.97$1.0079.7%22.8%79.1%27.4%63.9%6.8%-25.0%115.4K-4.4M-15.2K0.0640.878,910504112,3953,584
2025-09-04$0.99$0.5063.4%23.7%79.0%17.8%82.6%12.1%-24.2%139.6K-5.1M-16.5K0.0280.5242210119,9874,076
2025-09-05$0.99$0.5065.6%20.6%77.8%19.1%76.1%7.0%3.8%133.5K-5.1M-16.7K0.3882.85317121120,1854,078
2025-09-08$0.98$0.5094.3%24.9%74.5%36.1%88.5%26.7%-18.8%131.3K-4.9M-15.7K0.0468.2546017120,4164,179
2025-09-09$0.99$0.5096.8%21.5%74.5%37.6%75.1%24.3%-2.7%136.3K-5.1M-16.4K0.0126.833905120,7514,188
2025-09-10$1.02$0.5065.9%18.9%74.7%19.2%62.7%2.1%-29.2%317.0K-6.0M-16.6K0.0642.2620613120,7134,193
2025-09-11$1.02$0.5066.8%19.1%74.7%19.8%0.0%2.1%-35.5%169.3K-5.6M-16.5K0.0018.127001120,8784,206
2025-09-12$1.06$0.5070.8%20.3%67.2%22.2%80.7%-17.8%-34.0%219.5K-6.8M-14.9K8.9181.561,12410,014120,9414,207
2025-09-15$1.02$0.5060.2%17.3%67.7%15.9%73.9%8.1%-11.3%152.8K-5.0M-17.0K0.0092.4921,38632121,18614,212
2025-09-16$1.06$0.5082.1%23.5%68.8%28.8%70.6%26.9%-39.4%225.9K-7.4M-20.9K0.0985.491,325113140,01814,240
2025-09-17$1.06$1.0052.2%15.0%57.4%11.1%49.3%10.5%10.8%232.6K-7.4M-20.6K0.0192.986706140,28814,349
2025-09-18$1.04$1.0070.9%20.3%56.7%22.2%89.8%5.9%-21.9%302.8K-7.2M-20.3K0.0464.6156122140,53814,351
2025-09-19$1.00$1.0079.5%22.8%58.6%27.3%83.3%17.1%-30.5%66.8K-3.4M-18.4K0.0171.5588410140,87014,346
2025-09-22$1.02$1.0044.2%12.7%58.5%6.4%59.7%3.7%24.5%71.2K-3.9M-19.4K0.1014.023,91537396,15313,622
2025-09-23$1.04$1.0040.4%11.6%57.9%4.2%47.9%-1.6%13.8%80.1K-4.0M-20.1K0.0011.8917,5926098,49714,003
2025-09-24$1.10$1.0043.3%12.4%58.7%5.9%42.7%-16.0%-16.6%116.7K-5.9M-22.4K0.0044.662,3503115,78814,054
2025-09-25$1.08$1.0058.1%16.7%52.7%14.7%74.5%-13.9%3.5%97.5K-5.9M-24.1K0.0518.4864835117,97314,053
2025-09-26$1.15$1.0052.9%15.2%57.0%11.5%52.2%-7.4%26.9%102.0K-6.9M-23.9K0.0245.401,82437118,32514,074
2025-09-29$1.12$1.0046.1%13.2%57.5%7.5%39.4%-7.9%22.4%113.8K-6.6M-24.1K0.0218.891,60037119,73614,055
2025-09-30$1.08$1.0066.3%19.0%58.6%19.5%85.3%-15.5%-21.6%105.4K-5.7M-22.8K0.0130.488685120,22614,069