S Options History — September 2025

In September 2025, S traded between $17.59 and $19.25. ATM implied volatility averaged 40.4%, placing in the 10.4% IV rank vs the trailing year. The 30-day expected move averaged 11.5%. IV traded below realized volatility by 7.2% (HV 20d: 47.6%). Max pain ranged from $17.00 to $19.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 0.37.

Notable Days

  • 2025-09-05: Highest Volume — 20,453 contracts
  • 2025-09-26: Largest IV drop — 5.5% change
  • 2025-09-02: Highest IV Rank — 15.8%
  • 2025-09-02: Largest Expected Move — 12.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$18.28$17.59$19.25$17.70$17.59
Max Pain$17.33$17.00$19.00$19.00$18.00
ATM IV40.4%38.8%43.0%43.0%41.6%
Expected Move11.5%11.1%12.9%12.9%11.8%
HV 20d47.6%34.1%54.6%54.6%34.1%
HV 60d44.3%43.1%45.3%43.1%45.3%
IV Rank10.4%7.0%15.8%15.8%12.9%
IV Percentile28.2%15.1%42.5%42.5%36.9%
Term Structure-0.1%-1.7%1.2%-1.7%0.2%
VWIV41.3%39.6%46.4%46.4%43.0%
Skew 25d-0.5%-2.6%1.3%0.2%-1.0%
Skew 10d0.0%-11.0%12.8%1.9%-0.1%
Call IV 25d41.2%39.6%43.6%43.3%43.1%
Put IV 25d40.6%38.6%43.5%43.5%42.1%
Bid-Ask Spread %53.0310.0471.1163.2771.11
Gamma HHI0.100.090.130.100.09
Net GEX2.9M1.9M4.1M2.5M1.9M
Net DEX-96.0M-134.3M-72.4M-72.4M-74.6M
Net VEX-884.5K-947.6K-829.0K-829.0K-876.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.370.100.710.170.53
Total Volume10,813.7145,00920,45314,74117,397
Total OI295,332.714258,490324,065295,558278,929

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-09-02$17.70$19.0043.0%12.9%54.6%15.8%46.4%0.2%-1.7%2.5M-72.4M-829.0K0.1763.27N/AN/A12,6092,132230,08365,475
2025-09-03$17.94$18.0041.3%11.7%50.9%12.1%44.0%-1.4%0.3%2.9M-83.0M-845.3K0.7158.15N/AN/A6,1344,369233,93066,221
2025-09-04$18.04$17.0040.6%11.6%50.8%10.7%41.2%0.9%-0.2%3.0M-86.7M-853.6K0.5710.04N/AN/A5,0192,850234,96664,797
2025-09-05$18.70$17.0039.1%11.2%49.3%7.7%39.6%0.9%-0.2%3.4M-111.7M-883.3K0.3317.30N/AN/A15,3805,073235,94766,121
2025-09-08$18.57$17.0040.4%11.6%48.2%10.3%40.1%-0.4%1.2%3.4M-102.6M-897.0K0.4810.45N/AN/A5,3632,598233,02967,054
2025-09-09$18.02$17.0039.9%11.6%49.4%9.2%40.6%0.0%0.4%2.6M-82.0M-870.0K0.1615.80N/AN/A8,0031,312234,19369,153
2025-09-10$17.84$17.0039.6%11.3%49.2%8.6%39.8%1.0%-0.2%2.3M-76.6M-857.2K0.4833.76N/AN/A3,4061,640238,23969,823
2025-09-11$18.55$17.0039.1%11.4%48.5%7.5%40.3%0.3%0.9%3.3M-104.4M-898.5K0.2156.06N/AN/A9,4752,013238,90470,220
2025-09-12$18.23$17.0039.6%11.4%47.5%8.7%40.6%-0.1%-0.5%2.6M-89.5M-869.5K0.2052.10N/AN/A10,2112,011242,03170,297
2025-09-15$18.29$17.0040.2%11.5%47.2%10.0%40.9%-1.4%-0.7%2.8M-94.8M-877.4K0.1067.34N/AN/A8,305840240,39969,311
2025-09-16$17.99$17.0038.8%11.1%47.8%7.0%42.7%-2.6%0.1%2.6M-83.5M-850.3K0.3266.19N/AN/A3,7941,215243,97169,380
2025-09-17$18.33$17.0040.0%11.5%48.1%9.6%41.6%0.7%-1.0%2.7M-96.0M-865.0K0.5369.59N/AN/A6,9863,735243,87970,135
2025-09-18$18.74$17.0039.9%11.4%47.9%9.2%40.3%-2.6%0.0%3.7M-115.8M-884.5K0.5470.74N/AN/A10,4385,622245,98871,458
2025-09-19$19.07$17.0039.5%11.2%47.6%8.3%40.6%-0.1%1.1%4.1M-134.3M-925.3K0.1667.07N/AN/A14,7552,392249,65874,407
2025-09-22$19.25$17.0040.3%11.3%47.3%10.1%40.1%1.3%0.2%3.5M-129.0M-947.6K0.2661.42N/AN/A10,3542,738203,37255,118
2025-09-23$18.57$17.0041.6%11.7%48.9%12.9%41.5%-0.6%-0.2%2.9M-107.1M-916.1K0.2765.11N/AN/A7,7852,134206,81556,886
2025-09-24$18.16$17.0041.9%11.8%49.5%13.6%42.8%-2.2%-0.2%2.5M-95.6M-906.6K0.3964.98N/AN/A4,5751,788210,31958,012
2025-09-25$18.11$18.0042.2%11.7%47.2%14.1%41.6%-1.6%-0.6%2.4M-92.7M-905.1K0.5662.92N/AN/A6,5653,685212,10458,955
2025-09-26$18.12$18.0039.9%11.3%46.4%9.2%39.8%-0.8%-0.2%2.4M-91.1M-911.0K0.4465.60N/AN/A4,0271,767215,41961,776
2025-09-29$18.17$18.0040.4%11.1%39.1%10.4%39.6%-1.6%0.1%2.3M-91.6M-906.3K0.3064.66N/AN/A5,0691,524213,97261,241
2025-09-30$17.59$18.0041.6%11.8%34.1%12.9%43.0%-1.0%0.2%1.9M-74.6M-876.7K0.5371.11N/AN/A11,3746,023216,56462,365