SNAP Options History — September 2025

In September 2025, SNAP traded between $7.05 and $8.57. ATM implied volatility averaged 57.5%, placing in the 16.8% IV rank vs the trailing year. The 30-day expected move averaged 15.3%. IV traded above realized volatility by 17.1% (HV 20d: 40.4%). Max pain ranged from $8.00 to $8.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 16 of 21 days. Put/call ratio averaged 0.22.

Notable Days

2025-09-22: Highest Volume — 640,064 contracts
2025-09-29: Largest IV spike — 21.9% change
2025-09-30: Highest IV Rank — 50.6%
2025-09-22: Largest Expected Move — 17.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$7.75	$7.05	$8.57	$7.29	$7.72
Max Pain	$8.00	$8.00	$8.00	$8.00	$8.00
ATM IV	57.5%	47.4%	86.1%	49.0%	86.1%
Expected Move	15.3%	13.6%	17.9%	14.2%	16.9%
HV 20d	40.4%	28.3%	72.9%	72.9%	54.9%
HV 60d	58.5%	57.0%	60.6%	58.8%	59.5%
IV Rank	16.8%	4.9%	50.6%	6.9%	50.6%
IV Percentile	36.7%	9.5%	64.7%	17.1%	64.7%
Term Structure	6.4%	-0.9%	25.1%	0.5%	3.5%
VWIV	57.7%	49.4%	70.8%	49.6%	67.7%
Skew 25d	-5.7%	-14.8%	0.5%	0.5%	-14.8%
Skew 10d	-13.0%	-32.4%	1.0%	1.0%	-24.8%
Call IV 25d	62.2%	48.7%	99.9%	48.7%	99.9%
Put IV 25d	56.5%	47.2%	87.0%	49.2%	85.1%
Bid-Ask Spread %	4.34	2.05	8.55	2.65	2.87
Gamma HHI	0.16	0.12	0.22	0.13	0.13
Net GEX	6.8M	2.9M	11.2M	3.7M	5.2M
Net DEX	-203.4M	-415.8M	-48.3M	-70.2M	-181.2M
Net VEX	-2.5M	-3.0M	-2.1M	-2.1M	-2.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.22	0.09	0.47	0.15	0.47
Total Volume	254,192.095	81,429	640,064	195,219	459,089
Total OI	2,100,131.905	1,868,044	2,297,964	1,868,044	2,167,745

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	$7.29	$8.00	49.0%	14.2%	72.9%	6.9%	49.6%	0.5%	0.5%	3.7M	-70.2M	-2.1M	0.15	2.65	169,111	26,108	1,350,481	517,563
2025-09-03	$7.21	$8.00	49.2%	14.2%	72.9%	7.1%	52.9%	-4.6%	-0.2%	5.1M	-83.1M	-2.1M	0.14	3.15	210,472	29,534	1,443,922	532,276
2025-09-04	$7.09	$8.00	48.6%	13.9%	29.4%	6.4%	49.8%	-3.7%	-0.9%	3.5M	-61.6M	-2.1M	0.37	2.05	77,968	28,624	1,492,806	542,953
2025-09-05	$7.28	$8.00	48.6%	13.9%	30.1%	6.4%	51.0%	-2.3%	-0.4%	5.1M	-105.4M	-2.2M	0.31	2.83	93,658	29,326	1,515,764	558,739
2025-09-08	$7.24	$8.00	47.4%	13.7%	29.9%	5.0%	49.4%	-0.3%	0.7%	5.2M	-83.0M	-2.2M	0.33	2.33	76,422	25,111	1,466,754	533,664
2025-09-09	$7.25	$8.00	47.4%	13.6%	28.3%	4.9%	49.8%	-1.4%	0.6%	5.6M	-90.2M	-2.2M	0.21	3.12	67,558	13,871	1,494,339	552,757
2025-09-10	$7.05	$8.00	47.7%	14.1%	30.0%	5.3%	51.1%	-4.1%	0.4%	2.9M	-48.3M	-2.1M	0.37	2.13	81,861	30,387	1,510,095	555,890
2025-09-11	$7.29	$8.00	48.2%	13.8%	32.3%	5.9%	51.3%	-2.9%	-0.2%	6.8M	-111.4M	-2.3M	0.18	2.31	154,990	27,857	1,541,253	574,441
2025-09-12	$7.31	$8.00	49.8%	14.1%	30.2%	7.8%	51.3%	-3.1%	-0.5%	4.5M	-107.8M	-2.3M	0.23	2.28	134,453	30,254	1,565,435	581,269
2025-09-15	$7.44	$8.00	53.1%	15.1%	30.7%	11.7%	55.0%	-3.1%	4.7%	6.3M	-149.2M	-2.4M	0.16	2.18	216,956	34,300	1,544,328	552,586
2025-09-16	$7.75	$8.00	54.5%	15.6%	32.3%	13.4%	55.5%	-1.9%	2.4%	7.9M	-216.5M	-2.5M	0.10	2.90	216,226	21,136	1,565,028	566,185
2025-09-17	$7.97	$8.00	54.7%	15.7%	31.4%	13.6%	58.7%	-5.4%	1.3%	10.2M	-281.5M	-2.6M	0.09	4.03	435,544	39,847	1,624,635	576,450
2025-09-18	$8.46	$8.00	56.7%	16.1%	36.8%	15.9%	59.8%	-5.7%	2.4%	11.2M	-415.8M	-2.8M	0.19	3.12	472,045	88,471	1,629,788	574,628
2025-09-19	$8.09	$8.00	56.6%	15.4%	40.1%	15.8%	60.5%	-6.9%	4.6%	9.9M	-301.5M	-2.7M	0.22	3.00	232,572	51,309	1,688,680	609,284
2025-09-22	$8.57	$8.00	63.9%	17.9%	43.8%	24.4%	70.8%	-11.1%	19.4%	9.2M	-392.6M	-3.0M	0.26	8.35	508,297	131,767	1,462,686	502,350
2025-09-23	$8.48	$8.00	62.2%	16.9%	42.8%	22.4%	64.0%	-9.7%	22.0%	9.1M	-346.9M	-2.9M	0.18	8.55	265,947	48,179	1,544,633	534,200
2025-09-24	$8.25	$8.00	62.0%	16.6%	44.7%	22.1%	65.2%	-10.1%	22.1%	7.9M	-290.6M	-2.8M	0.20	8.38	151,366	30,701	1,588,161	550,417
2025-09-25	$8.32	$8.00	67.8%	17.4%	44.5%	29.0%	67.8%	-8.0%	23.3%	8.8M	-311.3M	-2.9M	0.17	8.17	161,694	27,582	1,624,343	562,726
2025-09-26	$8.25	$8.00	69.1%	15.8%	44.8%	30.6%	64.0%	-8.7%	25.1%	6.7M	-292.4M	-2.9M	0.19	8.48	118,861	22,890	1,647,942	575,449
2025-09-29	$8.39	$8.00	84.3%	17.0%	44.8%	48.5%	65.7%	-12.8%	2.9%	8.1M	-331.9M	-2.9M	0.11	8.28	265,421	30,269	1,547,329	532,796
2025-09-30	$7.72	$8.00	86.1%	16.9%	54.9%	50.6%	67.7%	-14.8%	3.5%	5.2M	-181.2M	-2.6M	0.47	2.87	312,975	146,114	1,623,851	543,894