RLAY Options History — September 2025

In September 2025, RLAY traded between $3.67 and $5.21. ATM implied volatility averaged 160.1%, placing in the 31.0% IV rank vs the trailing year. The 30-day expected move averaged 46.5%. IV traded above realized volatility by 93.5% (HV 20d: 66.6%). Max pain ranged from $2.50 to $5.00. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 18 of 21 days. Put/call ratio averaged 0.02.

Notable Days

  • 2025-09-26: Highest Volume — 6,556 contracts
  • 2025-09-24: Largest IV spike — 265.7% change
  • 2025-09-12: Highest IV Rank — 88.8%
  • 2025-09-12: Largest Expected Move — 113.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$4.35$3.67$5.21$3.67$5.21
Max Pain$3.69$2.50$5.00$2.50$2.50
ATM IV160.1%49.4%394.2%72.8%95.0%
Expected Move46.5%14.2%113.0%20.9%27.2%
HV 20d66.6%53.4%87.7%53.4%86.1%
HV 60d58.6%52.5%66.1%56.8%65.9%
IV Rank31.0%3.6%88.8%9.4%14.9%
IV Percentile68.4%4.4%99.6%29.8%53.2%
Term Structure69.6%-134.7%187.6%-20.2%96.1%
VWIV127.9%53.2%351.6%53.2%98.5%
Skew 25d-49.3%-193.2%73.8%-193.2%-42.3%
Skew 10d-41.7%-137.6%80.9%36.0%-92.5%
Call IV 25d174.5%104.8%300.4%278.6%125.3%
Put IV 25d125.2%55.3%255.9%85.3%83.0%
Bid-Ask Spread %173.23125.13189.76149.60159.83
Gamma HHI0.660.460.810.470.65
Net GEX5.4K-1135.0K-1135.0K
Net DEX-345.2K-1.4M-68.2K-68.2K-1.4M
Net VEX-1.4K-6.5K-305-328-6.5K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.020.000.290.000.00
Total Volume442.52406,5560112
Total OI2,801.4291,5868,8131,8648,813

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-09-02$3.67$2.5072.8%20.9%53.4%9.4%0.0%0.0%-20.2%-11-68.2K-3280.00149.60N/AN/A001,293571
2025-09-03$4.08$2.50106.8%30.6%64.3%17.8%53.2%0.0%9.4%202-92.1K-3050.00125.13N/AN/A17301,293571
2025-09-04$4.00$5.0085.5%25.5%64.7%12.6%76.8%0.0%11.4%1.0K-133.8K-5350.00143.78N/AN/A23201,557571
2025-09-05$4.17$5.0086.6%41.1%64.9%12.8%0.0%0.0%87.5%2.1K-160.1K-7390.00186.31N/AN/A001,737571
2025-09-08$4.04$5.00143.4%38.6%63.3%26.9%0.0%0.0%26.5%1.4K-172.2K-7210.00186.87N/AN/A401,737571
2025-09-09$4.08$5.00146.4%39.1%62.5%27.6%0.0%0.0%111.2%1.2K-178.7K-8130.00185.88N/AN/A301,737571
2025-09-10$4.02$5.00147.3%42.2%62.6%27.8%0.0%0.0%52.2%1.3K-170.4K-7420.00185.75N/AN/A101,740571
2025-09-11$4.08$5.00140.2%40.2%61.7%26.1%0.0%0.0%90.9%1.3K-184.4K-7810.00181.05N/AN/A3101,740571
2025-09-12$4.04$5.00394.2%113.0%60.5%88.8%0.0%0.0%-97.5%1.2K-186.0K-8240.00189.19N/AN/A2101,771571
2025-09-15$4.03$5.00382.3%109.6%59.0%85.9%0.0%0.0%-134.7%2.7K-208.4K-8290.00189.76N/AN/A10401,790571
2025-09-16$4.20$5.00213.2%61.1%59.8%44.1%351.6%0.0%16.0%2.1K-218.7K-9140.08174.88N/AN/A1211,892571
2025-09-17$4.09$5.00220.9%63.3%59.1%46.0%267.7%0.0%19.4%1.6K-219.1K-9160.00187.88N/AN/A21911,904572
2025-09-18$4.59$2.50194.3%55.7%70.0%39.5%147.2%-193.2%123.9%2.8K-322.3K-1.2K0.00180.80N/AN/A13702,100572
2025-09-19$4.59$2.50176.7%50.6%69.8%35.1%0.0%-36.5%173.2%3.0K-315.8K-1.0K0.00177.24N/AN/A10002,135572
2025-09-22$4.62$2.50173.4%49.7%66.0%34.3%59.4%-17.9%157.1%3.4K-343.4K-1.2K0.00179.13N/AN/A50301,224362
2025-09-23$4.49$2.5049.4%14.2%65.3%3.6%0.0%73.8%180.0%3.4K-312.3K-1.2K0.29161.55N/AN/A2161,345362
2025-09-24$4.51$2.50180.7%51.8%64.9%36.1%76.7%-66.7%153.3%3.4K-327.4K-1.2K0.00188.29N/AN/A19901,346366
2025-09-25$4.38$2.5066.6%19.1%66.6%7.9%106.7%-75.2%187.6%4.4K-328.3K-1.2K0.00165.59N/AN/A49601,540366
2025-09-26$5.20$2.50202.8%58.1%87.7%41.5%62.5%-44.5%146.2%7.6K-539.1K-1.5K0.00175.94N/AN/A6,55601,684366
2025-09-29$5.17$2.5083.1%23.8%86.1%12.0%106.6%-41.0%71.4%33.2K-1.3M-6.4K0.00163.47N/AN/A36018,266367
2025-09-30$5.21$2.5095.0%27.2%86.1%14.9%98.5%-42.3%96.1%35.0K-1.4M-6.5K0.00159.83N/AN/A11208,445368