SNOW Options History — September 2025

In September 2025, SNOW traded between $216.08 and $233.28. ATM implied volatility averaged 36.7%, placing in the 15.0% IV rank vs the trailing year. The 30-day expected move averaged 10.5%. IV traded below realized volatility by 29.4% (HV 20d: 66.1%). Max pain ranged from $195.00 to $210.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 11 of 21 days. Put/call ratio averaged 0.44.

Notable Days

2025-09-04: Highest Volume — 120,908 contracts
2025-09-11: Largest IV drop — 5.1% change
2025-09-30: Highest IV Rank — 23.2%
2025-09-30: Largest Expected Move — 11.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$224.76	$216.08	$233.28	$233.28	$225.75
Max Pain	$206.67	$195.00	$210.00	$195.00	$210.00
ATM IV	36.7%	34.0%	40.4%	35.5%	40.4%
Expected Move	10.5%	9.8%	11.5%	10.1%	11.5%
HV 20d	66.1%	28.8%	75.8%	75.5%	28.8%
HV 60d	51.9%	51.2%	52.6%	51.2%	51.9%
IV Rank	15.0%	8.7%	23.2%	12.2%	23.2%
IV Percentile	22.6%	9.1%	38.9%	15.5%	38.9%
Term Structure	0.0%	-1.2%	0.9%	0.5%	0.8%
VWIV	37.2%	34.3%	40.5%	36.2%	40.5%
Skew 25d	1.8%	0.5%	3.9%	1.3%	3.0%
Skew 10d	3.2%	-13.6%	22.6%	4.1%	-7.6%
Call IV 25d	36.2%	33.2%	39.6%	35.5%	39.1%
Put IV 25d	38.0%	35.1%	42.1%	36.8%	42.1%
Bid-Ask Spread %	50.52	37.24	61.03	51.03	50.85
Gamma HHI	0.09	0.06	0.26	0.11	0.09
Net GEX	62.7M	30.6M	155.2M	76.5M	59.0M
Net DEX	-2.41B	-3.21B	-1.82B	-3.21B	-2.18B
Net VEX	-15.7M	-16.1M	-14.9M	-14.9M	-16.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.44	0.26	0.73	0.52	0.39
Total Volume	47,198.905	22,057	120,908	75,009	22,057
Total OI	513,825.143	446,217	564,478	517,592	465,993

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	$233.28	$195.00	35.5%	10.1%	75.5%	12.2%	36.2%	1.3%	0.5%	76.5M	-3.21B	-14.9M	0.52	51.03	N/A	N/A	49,354	25,655	294,326	223,266
2025-09-03	$229.04	$195.00	35.3%	9.9%	75.4%	11.7%	34.5%	2.2%	-0.9%	67.4M	-2.88B	-15.1M	0.39	55.59	N/A	N/A	36,704	14,424	298,723	229,253
2025-09-04	$223.12	$200.00	34.3%	10.0%	75.8%	9.5%	35.3%	2.3%	-0.1%	48.3M	-2.39B	-15.1M	0.53	56.75	N/A	N/A	78,935	41,973	306,367	232,966
2025-09-05	$225.02	$200.00	34.0%	9.8%	75.2%	8.7%	34.4%	2.0%	-0.7%	92.3M	-2.69B	-15.4M	0.50	48.84	N/A	N/A	35,485	17,863	323,508	240,970
2025-09-08	$227.37	$200.00	34.5%	9.8%	69.9%	9.8%	34.3%	2.1%	-0.4%	71.7M	-2.77B	-15.2M	0.73	38.64	N/A	N/A	27,414	19,924	286,854	226,886
2025-09-09	$224.87	$200.00	34.3%	10.0%	70.1%	9.4%	34.9%	1.8%	0.4%	61.7M	-2.50B	-15.8M	0.58	57.18	N/A	N/A	20,506	11,908	293,213	237,952
2025-09-10	$226.22	$210.00	36.0%	10.2%	70.1%	13.3%	36.1%	2.0%	-0.4%	67.2M	-2.63B	-16.1M	0.41	61.03	N/A	N/A	25,481	10,419	297,960	242,829
2025-09-11	$224.53	$210.00	34.2%	9.9%	70.3%	9.1%	34.3%	1.7%	0.4%	54.9M	-2.44B	-15.8M	0.48	58.21	N/A	N/A	18,929	9,017	298,629	245,774
2025-09-12	$221.28	$210.00	34.8%	10.0%	70.7%	10.5%	35.8%	1.3%	0.3%	30.6M	-2.17B	-15.8M	0.29	56.94	N/A	N/A	35,806	10,272	300,950	246,606
2025-09-15	$225.67	$210.00	36.3%	10.4%	70.4%	13.9%	37.0%	0.5%	-0.4%	66.8M	-2.59B	-15.8M	0.42	56.62	N/A	N/A	21,582	9,078	290,768	233,907
2025-09-16	$216.08	$210.00	37.6%	10.7%	72.3%	16.8%	38.8%	1.0%	-1.2%	36.5M	-1.82B	-15.7M	0.64	52.98	N/A	N/A	35,443	22,630	296,135	236,654
2025-09-17	$217.88	$210.00	36.8%	10.5%	71.6%	15.0%	37.3%	1.2%	-0.4%	50.9M	-2.02B	-15.8M	0.38	57.23	N/A	N/A	27,056	10,328	305,892	246,804
2025-09-18	$221.94	$210.00	36.8%	10.5%	71.7%	15.1%	37.5%	0.7%	0.4%	69.1M	-2.36B	-15.8M	0.27	53.17	N/A	N/A	27,102	7,429	309,768	247,804
2025-09-19	$229.43	$210.00	36.8%	10.6%	72.3%	15.1%	37.9%	1.0%	-0.4%	155.2M	-3.15B	-15.7M	0.28	55.54	N/A	N/A	85,146	23,894	309,557	247,431
2025-09-22	$229.40	$210.00	38.2%	10.9%	72.4%	18.3%	38.3%	1.8%	0.8%	67.5M	-2.45B	-15.7M	0.33	37.24	N/A	N/A	22,736	7,399	254,756	191,461
2025-09-23	$224.46	$210.00	39.5%	11.4%	72.9%	21.1%	40.2%	1.2%	-0.8%	55.0M	-2.12B	-15.7M	0.55	37.97	N/A	N/A	24,170	13,394	259,392	193,933
2025-09-24	$222.07	$210.00	39.0%	11.2%	73.0%	20.0%	39.3%	1.2%	0.9%	42.7M	-1.91B	-15.7M	0.38	43.24	N/A	N/A	17,803	6,780	261,851	199,920
2025-09-25	$221.54	$210.00	39.1%	11.2%	71.9%	20.2%	39.5%	2.4%	0.3%	39.0M	-1.89B	-15.8M	0.35	42.55	N/A	N/A	30,285	10,561	267,127	203,251
2025-09-26	$224.18	$210.00	39.0%	11.0%	29.4%	20.0%	38.9%	2.1%	0.6%	48.1M	-2.09B	-15.9M	0.47	47.52	N/A	N/A	28,477	13,413	274,775	207,139
2025-09-29	$226.91	$210.00	39.6%	11.3%	29.4%	21.5%	39.7%	3.9%	0.4%	57.1M	-2.24B	-16.0M	0.26	41.82	N/A	N/A	27,300	7,045	259,244	199,734
2025-09-30	$225.75	$210.00	40.4%	11.5%	28.8%	23.2%	40.5%	3.0%	0.8%	59.0M	-2.18B	-16.0M	0.39	50.85	N/A	N/A	15,865	6,192	264,422	201,571