SMCI Options History — September 2025

In September 2025, SMCI traded between $39.97 and $47.61. ATM implied volatility averaged 59.0%, placing in the 4.5% IV rank vs the trailing year. The 30-day expected move averaged 16.8%. IV traded above realized volatility by 14.0% (HV 20d: 45.0%). Max pain ranged from $44.00 to $49.00. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 19 of 21 days. Put/call ratio averaged 0.35.

Notable Days

2025-09-19: Highest Volume — 645,580 contracts
2025-09-09: Largest IV spike — 7.2% change
2025-09-30: Highest IV Rank — 10.1%
2025-09-30: Largest Expected Move — 18.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$44.30	$39.97	$47.61	$40.42	$47.61
Max Pain	$47.24	$44.00	$49.00	$44.00	$47.00
ATM IV	59.0%	51.5%	68.1%	56.7%	68.1%
Expected Move	16.8%	14.9%	18.5%	16.0%	18.5%
HV 20d	45.0%	31.0%	80.3%	80.3%	31.0%
HV 60d	66.2%	62.2%	69.8%	68.5%	62.3%
IV Rank	4.5%	0.0%	10.1%	2.5%	10.1%
IV Percentile	8.2%	0.0%	20.2%	4.4%	20.2%
Term Structure	1.4%	-0.6%	7.5%	0.5%	7.5%
VWIV	61.5%	55.1%	67.1%	58.5%	66.2%
Skew 25d	-1.8%	-5.3%	1.9%	1.0%	-3.1%
Skew 10d	-4.4%	-11.6%	1.0%	1.0%	-0.8%
Call IV 25d	62.7%	53.6%	74.1%	56.7%	74.1%
Put IV 25d	60.9%	53.6%	71.0%	57.7%	71.0%
Bid-Ask Spread %	8.58	4.89	21.88	4.89	6.75
Gamma HHI	0.10	0.06	0.20	0.07	0.09
Net GEX	45.3M	-4.0M	81.6M	11.4M	64.0M
Net DEX	-1.06B	-1.81B	62.5M	-16.8M	-1.81B
Net VEX	-14.7M	-15.8M	-12.9M	-13.3M	-15.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.35	0.15	0.68	0.68	0.38
Total Volume	274,718.429	100,441	645,580	202,948	256,969
Total OI	2,362,163.143	2,122,757	2,557,292	2,312,530	2,291,433

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 Vol	Put Vol	Call OI	Put OI
2025-09-02	$40.42	$44.00	56.7%	16.0%	80.3%	2.5%	58.5%	1.0%	0.5%	11.4M	-16.8M	-13.3M	0.68	4.89	120,813	82,135	1,286,415	1,026,115
2025-09-03	$39.97	$44.00	54.7%	15.5%	80.3%	1.3%	56.0%	1.9%	-0.6%	3.5M	62.5M	-13.1M	0.18	5.18	173,586	31,858	1,329,000	1,047,531
2025-09-04	$40.50	$49.00	53.2%	15.4%	41.2%	0.4%	57.1%	1.9%	0.3%	12.9M	-87.1M	-13.1M	0.30	7.84	204,189	62,283	1,332,839	1,055,340
2025-09-05	$40.09	$49.00	52.9%	15.2%	41.2%	0.2%	55.2%	1.1%	0.2%	-4.0M	-67.3M	-13.2M	0.40	6.59	125,223	49,772	1,411,237	1,059,376
2025-09-08	$40.05	$49.00	51.5%	14.9%	38.1%	0.0%	55.1%	0.0%	0.5%	23.4M	-86.3M	-12.9M	0.15	7.50	255,971	38,649	1,274,200	988,465
2025-09-09	$42.89	$49.00	55.3%	16.1%	45.5%	2.3%	57.8%	0.1%	0.3%	58.3M	-1.03B	-14.6M	0.35	6.91	252,703	87,726	1,340,790	1,004,727
2025-09-10	$43.89	$48.00	57.7%	16.4%	45.8%	3.8%	59.5%	-1.3%	0.1%	69.8M	-1.36B	-15.0M	0.19	7.89	456,263	87,338	1,379,647	1,033,828
2025-09-11	$44.19	$48.00	55.5%	16.1%	45.9%	2.4%	58.8%	-0.9%	0.7%	81.6M	-1.43B	-15.1M	0.60	7.92	84,213	50,901	1,472,477	1,052,572
2025-09-12	$44.95	$48.00	56.8%	16.4%	46.2%	3.2%	59.9%	-1.7%	0.4%	68.1M	-1.74B	-15.3M	0.19	9.16	329,360	64,136	1,485,173	1,072,119
2025-09-15	$45.53	$47.00	58.5%	16.8%	46.5%	4.2%	61.1%	-3.8%	0.5%	50.8M	-1.36B	-14.9M	0.39	8.57	116,457	44,984	1,342,778	1,007,160
2025-09-16	$44.69	$47.00	58.8%	16.9%	46.9%	4.4%	60.3%	-3.6%	-0.1%	43.4M	-1.11B	-15.0M	0.31	9.57	76,627	23,814	1,373,148	1,025,075
2025-09-17	$44.84	$47.00	58.3%	16.7%	42.5%	4.1%	63.0%	-2.7%	0.8%	46.8M	-1.14B	-14.9M	0.68	10.60	78,978	53,408	1,390,954	1,033,504
2025-09-18	$45.74	$47.00	60.2%	17.2%	42.4%	5.3%	65.0%	-4.7%	0.5%	64.4M	-1.36B	-15.1M	0.36	7.32	166,262	59,383	1,403,678	1,061,785
2025-09-19	$46.00	$47.00	59.7%	17.0%	41.7%	5.0%	66.5%	-2.4%	0.7%	61.7M	-1.38B	-15.1M	0.27	10.92	508,186	137,394	1,439,225	1,082,205
2025-09-22	$46.64	$47.00	63.5%	18.2%	39.1%	7.3%	67.1%	-4.0%	1.5%	46.4M	-1.45B	-15.6M	0.19	8.08	311,705	58,381	1,215,126	907,631
2025-09-23	$46.73	$47.00	64.5%	18.4%	39.1%	7.9%	66.9%	-5.3%	1.8%	52.6M	-1.47B	-15.6M	0.38	8.57	147,458	55,348	1,286,043	932,784
2025-09-24	$46.55	$47.00	63.8%	17.9%	39.1%	7.5%	65.2%	-3.5%	1.8%	55.3M	-1.44B	-15.4M	0.42	21.88	125,728	53,003	1,312,093	953,497
2025-09-25	$46.88	$47.00	63.7%	17.9%	39.0%	7.4%	64.6%	-2.7%	2.3%	66.7M	-1.46B	-15.7M	0.42	8.73	144,177	60,971	1,336,470	969,274
2025-09-26	$45.79	$47.00	61.8%	16.9%	39.7%	6.2%	63.7%	-3.5%	3.0%	23.8M	-1.13B	-15.3M	0.16	8.52	456,968	72,280	1,359,663	1,001,497
2025-09-29	$46.35	$47.00	64.5%	17.6%	33.2%	7.9%	63.7%	-0.9%	7.5%	51.4M	-1.43B	-15.5M	0.40	6.74	145,188	58,299	1,263,757	964,795
2025-09-30	$47.61	$47.00	68.1%	18.5%	31.0%	10.1%	66.2%	-3.1%	7.5%	64.0M	-1.81B	-15.8M	0.38	6.75	185,900	71,069	1,298,740	992,693