SANM Options History — September 2025

In September 2025, SANM traded between $113.42 and $122.40. ATM implied volatility averaged 35.8%, placing in the 27.4% IV rank vs the trailing year. The 30-day expected move averaged 10.3%. IV traded below realized volatility by 0.3% (HV 20d: 36.1%). Max pain ranged from $115.00 to $120.00. Net GEX was positive for 5 of 21 trading days. Term structure was in contango for 20 of 21 days. Put/call ratio averaged 23.74.

Notable Days

  • 2025-09-24: Highest Volume — 5,864 contracts
  • 2025-09-24: Largest IV spike — 16.4% change
  • 2025-09-25: Highest IV Rank — 33.4%
  • 2025-09-25: Largest Expected Move — 11.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$117.35$113.42$122.40$116.96$114.77
Max Pain$117.38$115.00$120.00$120.00$115.00
ATM IV35.8%32.5%39.4%37.4%37.4%
Expected Move10.3%9.3%11.3%10.7%10.7%
HV 20d36.1%31.8%39.5%36.8%32.7%
HV 60d54.5%53.1%55.5%53.1%55.2%
IV Rank27.4%22.0%33.4%30.1%30.1%
IV Percentile65.2%52.4%75.0%70.6%69.4%
Term Structure9.2%-0.8%13.8%-0.8%12.7%
VWIV35.2%19.8%41.2%36.6%41.2%
Skew 25d2.8%-17.0%13.9%13.9%0.2%
Skew 10d4.0%-13.1%16.4%5.7%2.9%
Call IV 25d32.6%23.9%43.1%23.9%33.2%
Put IV 25d35.3%20.9%40.4%37.8%33.4%
Bid-Ask Spread %88.6580.7995.1683.9690.19
Gamma HHI0.430.240.670.440.58
Net GEX-666.9K-1.9M520.2K-860.3K-1.8M
Net DEX-776.0K-10.3M12.5M2.5M7.8M
Net VEX-50.0K-82.0K-26.2K-82.0K-61.9K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio23.740.00487.670.390.94
Total Volume1,068.619215,8646375,577
Total OI9,922.3812,32413,45111,2998,179

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-09-02$116.96$120.0037.4%10.7%36.8%30.1%36.6%13.9%-0.8%-860.3K2.5M-82.0K0.3983.964591785,1676,132
2025-09-03$115.57$120.0033.8%9.7%37.0%24.2%35.5%3.4%1.0%-1.4M5.8M-77.9K0.0084.132,99825,1216,097
2025-09-04$119.40$115.0036.2%10.1%38.8%28.1%35.5%13.7%8.4%-362.2K-3.1M-71.2K0.1292.043345,6606,102
2025-09-05$121.09$115.0034.7%9.8%38.7%25.7%34.4%3.6%8.1%302.8K-7.4M-60.7K0.0590.96552295,6726,106
2025-09-08$120.40$115.0033.9%9.6%37.8%24.4%33.4%1.9%10.0%415.5K-7.7M-57.4K0.0090.612106,2026,130
2025-09-09$117.45$115.0033.0%10.2%38.3%23.0%35.0%3.8%8.3%-1.1M-688.4K-52.4K0.0089.203,59416,3336,131
2025-09-10$122.40$120.0035.1%10.1%38.9%26.3%35.4%3.2%9.9%520.2K-10.3M-52.3K0.0094.073607,2616,132
2025-09-11$118.36$120.0033.4%9.6%39.5%23.6%33.0%0.9%9.1%-798.3K-3.0M-44.1K0.2990.7638117,2876,132
2025-09-12$117.16$120.0035.9%10.3%37.7%27.6%35.1%7.3%9.5%-1.4M1.0M-48.7K0.9290.454394047,3116,140
2025-09-15$119.25$120.0036.6%10.5%38.2%28.8%19.8%-17.0%8.4%79.1K-5.6M-35.1K0.9593.125465186,9135,750
2025-09-16$117.27$120.0036.5%10.5%38.7%28.6%34.4%1.7%7.9%-935.6K-2.5M-33.6K0.9484.831731626,4455,235
2025-09-17$116.38$120.0035.5%10.2%35.9%27.0%36.8%2.8%12.4%-1.1M-2.0M-31.9K0.8588.351451236,2905,077
2025-09-18$119.41$120.0032.5%9.3%34.7%22.0%0.0%-8.3%13.8%109.5K-6.1M-27.5K0.9291.72106986,2014,971
2025-09-19$118.35$120.0034.4%9.9%34.9%25.3%35.7%0.9%10.5%-31.4K-4.9M-26.2K0.1985.882656,1244,874
2025-09-22$117.78$115.0036.1%10.3%31.9%28.0%36.1%6.2%11.6%-32.4K-5.2M-26.2K0.9488.2116151,1111,213
2025-09-23$118.04$115.0033.3%9.6%31.8%23.5%35.4%-5.9%13.4%-43.7K-5.3M-26.2K0.1495.162841,1241,223
2025-09-24$113.44$115.0038.8%11.1%34.8%32.4%34.7%8.9%8.4%-87.1K-3.4M-27.1K487.6788.86125,8521,1431,227
2025-09-25$113.42$115.0039.4%11.3%34.7%33.4%39.1%7.6%8.7%-1.8M12.5M-72.1K3.0080.7913391,1496,852
2025-09-26$113.82$115.0038.9%11.1%33.6%32.5%38.9%6.8%9.9%-1.8M11.4M-70.8K0.1584.51110161,1586,868
2025-09-29$113.64$115.0038.0%10.9%32.6%31.1%37.2%2.8%11.3%-1.9M9.9M-65.1K0.0783.825441,2616,866
2025-09-30$114.77$115.0037.4%10.7%32.7%30.1%41.2%0.2%12.7%-1.8M7.8M-61.9K0.9490.192,8682,7091,3146,865