RZLV Options History — September 2025

In September 2025, RZLV traded between $3.69 and $7.66. ATM implied volatility averaged 161.0%, placing in the 37.2% IV rank vs the trailing year. The 30-day expected move averaged 45.4%. IV traded above realized volatility by 53.0% (HV 20d: 108.0%). Max pain ranged from $3.00 to $5.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 4 of 21 days. Put/call ratio averaged 0.13.

Notable Days

2025-09-30: Highest Volume — 78,192 contracts
2025-09-26: Largest IV spike — 62.8% change
2025-09-29: Highest IV Rank — 65.4%
2025-09-30: Largest Expected Move — 63.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$5.98	$3.69	$7.66	$3.69	$5.00
Max Pain	$4.02	$3.00	$5.00	$3.00	$5.00
ATM IV	161.0%	118.1%	235.3%	141.1%	190.3%
Expected Move	45.4%	25.7%	63.9%	40.5%	63.9%
HV 20d	108.0%	75.9%	138.9%	75.9%	138.9%
HV 60d	105.6%	96.8%	115.5%	102.8%	103.1%
IV Rank	37.2%	16.0%	65.4%	16.0%	46.4%
IV Percentile	70.2%	15.1%	97.2%	15.1%	84.5%
Term Structure	-5.6%	-33.0%	40.9%	-18.8%	22.4%
VWIV	168.3%	114.7%	245.1%	143.5%	245.1%
Skew 25d	-41.8%	-81.8%	14.9%	-18.0%	-29.9%
Skew 10d	-54.1%	-195.3%	155.5%	44.2%	-195.3%
Call IV 25d	190.1%	101.2%	351.1%	154.9%	125.7%
Put IV 25d	148.4%	76.2%	269.3%	136.8%	95.8%
Bid-Ask Spread %	26.17	10.69	55.52	33.50	24.86
Gamma HHI	0.21	0.11	0.34	0.30	0.11
Net GEX	427.5K	197.3K	580.3K	197.3K	373.5K
Net DEX	-60.3M	-96.8M	-17.2M	-17.2M	-46.8M
Net VEX	-126.7K	-183.5K	-68.3K	-69.0K	-168.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.13	0.04	0.37	0.04	0.37
Total Volume	35,832.381	13,516	78,192	19,415	78,192
Total OI	180,570.19	119,664	251,016	119,664	251,016

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	P/C	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-09-02	$3.69	$3.00	141.1%	40.5%	75.9%	0.0%	143.5%	-18.0%	-18.8%	197.3K	-17.2M	-69.0K	0.04	33.50	N/A	N/A	18,639	776	102,810	16,854
2025-09-03	$4.04	$3.00	126.1%	36.1%	81.0%	0.0%	129.3%	-11.5%	-9.0%	283.5K	-21.1M	-70.4K	0.10	36.77	N/A	N/A	21,830	2,114	112,949	17,376
2025-09-04	$4.44	$3.00	119.5%	25.7%	84.4%	0.0%	121.3%	-58.8%	-12.2%	377.9K	-27.9M	-68.3K	0.09	55.52	N/A	N/A	16,715	1,485	114,235	17,633
2025-09-05	$4.29	$3.50	130.6%	35.1%	85.8%	0.0%	117.5%	-15.6%	-11.6%	384.7K	-26.2M	-71.4K	0.10	39.26	N/A	N/A	12,316	1,200	118,635	17,723
2025-09-08	$4.63	$3.50	118.1%	33.5%	88.2%	16.0%	114.7%	14.9%	-10.4%	418.3K	-31.6M	-80.6K	0.09	39.78	N/A	N/A	18,286	1,669	121,267	18,401
2025-09-09	$5.50	$3.50	141.3%	36.3%	103.0%	25.8%	126.7%	-19.0%	-3.6%	418.9K	-47.8M	-85.6K	0.09	27.80	N/A	N/A	41,378	3,912	122,582	19,693
2025-09-10	$6.17	$3.50	119.3%	34.2%	107.3%	16.5%	128.5%	-29.8%	-2.3%	483.6K	-63.8M	-87.8K	0.10	26.40	N/A	N/A	43,271	4,535	134,793	20,823
2025-09-11	$6.94	$3.50	135.7%	38.9%	110.5%	23.4%	143.0%	-39.7%	-11.2%	462.9K	-80.9M	-98.2K	0.08	24.31	N/A	N/A	43,803	3,372	146,856	21,910
2025-09-12	$6.83	$3.50	150.0%	43.0%	110.0%	29.4%	151.4%	-66.1%	-10.2%	515.6K	-77.8M	-115.2K	0.11	31.66	N/A	N/A	31,762	3,593	155,812	23,023
2025-09-15	$7.66	$4.00	165.1%	47.3%	111.1%	35.8%	175.2%	-66.4%	-18.8%	580.3K	-96.8M	-118.1K	0.13	12.32	N/A	N/A	50,028	6,516	163,897	24,792
2025-09-16	$7.61	$4.00	157.6%	45.2%	109.8%	32.6%	164.1%	-52.6%	-9.8%	556.0K	-96.5M	-137.7K	0.13	25.01	N/A	N/A	39,780	5,295	171,080	25,786
2025-09-17	$7.00	$4.00	169.2%	48.5%	109.3%	37.5%	167.7%	-57.7%	-16.5%	497.8K	-82.0M	-149.5K	0.07	24.35	N/A	N/A	46,495	3,156	175,480	28,011
2025-09-18	$6.78	$4.00	169.6%	48.6%	109.8%	37.7%	176.0%	-53.2%	-13.5%	383.6K	-76.6M	-150.8K	0.08	24.98	N/A	N/A	37,919	3,037	178,923	30,113
2025-09-19	$6.64	$4.50	160.2%	45.9%	110.7%	33.7%	180.5%	-60.0%	-7.4%	398.8K	-74.5M	-159.7K	0.12	19.24	N/A	N/A	15,203	1,812	183,337	31,722
2025-09-22	$6.41	$4.50	186.0%	53.3%	113.8%	44.6%	199.7%	-52.2%	-21.4%	387.7K	-62.3M	-156.5K	0.19	23.31	N/A	N/A	30,638	5,880	159,437	20,188
2025-09-23	$7.17	$4.50	193.1%	55.4%	116.8%	47.6%	199.6%	-45.1%	-29.1%	475.3K	-79.2M	-175.8K	0.14	10.69	N/A	N/A	23,189	3,181	170,307	23,731
2025-09-24	$6.79	$5.00	194.2%	55.7%	119.1%	48.1%	200.3%	-57.1%	-33.0%	461.9K	-74.4M	-179.0K	0.19	16.17	N/A	N/A	15,333	2,858	176,426	25,031
2025-09-25	$6.66	$5.00	144.4%	53.9%	120.8%	27.1%	204.5%	-61.6%	24.7%	487.1K	-72.5M	-183.5K	0.17	13.18	N/A	N/A	14,369	2,432	182,281	25,700
2025-09-26	$6.00	$5.00	235.1%	52.4%	125.4%	65.3%	206.9%	-16.2%	32.7%	424.9K	-60.5M	-169.8K	0.08	21.51	N/A	N/A	23,109	1,932	186,188	27,710
2025-09-29	$5.28	$5.00	235.3%	59.7%	136.6%	65.4%	237.8%	-81.8%	40.9%	406.9K	-49.7M	-166.3K	0.29	18.92	N/A	N/A	55,297	16,173	198,187	29,256
2025-09-30	$5.00	$5.00	190.3%	63.9%	138.9%	46.4%	245.1%	-29.9%	22.4%	373.5K	-46.8M	-168.4K	0.37	24.86	N/A	N/A	57,113	21,079	211,990	39,026