TEX Options History — September 2025

In September 2025, TEX traded between $48.99 and $53.52. ATM implied volatility averaged 38.1%, placing in the 12.9% IV rank vs the trailing year. The 30-day expected move averaged 10.8%. IV traded below realized volatility by 1.6% (HV 20d: 39.7%). Max pain ranged from $45.00 to $50.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 18 of 21 days. Put/call ratio averaged 2.89.

Notable Days

  • 2025-09-11: Highest Volume — 2,447 contracts
  • 2025-09-08: Largest IV spike — 15.5% change
  • 2025-09-08: Highest IV Rank — 16.8%
  • 2025-09-30: Largest Expected Move — 11.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$51.93$48.99$53.52$49.91$51.16
Max Pain$48.24$45.00$50.00$50.00$50.00
ATM IV38.1%35.4%41.0%38.6%39.6%
Expected Move10.8%9.4%11.3%11.1%11.3%
HV 20d39.7%30.0%46.7%41.5%30.1%
HV 60d39.4%37.7%41.5%40.1%37.7%
IV Rank12.9%9.2%16.8%13.5%14.8%
IV Percentile41.0%20.2%57.5%44.8%52.8%
Term Structure1.8%-2.0%4.2%-2.0%3.6%
VWIV38.2%35.7%40.7%38.5%40.7%
Skew 25d2.8%1.6%4.1%3.4%2.7%
Skew 10d5.8%-0.1%14.7%8.9%14.7%
Call IV 25d36.3%33.8%38.0%37.3%38.0%
Put IV 25d39.1%36.9%41.2%40.7%40.7%
Bid-Ask Spread %55.5142.0674.3755.8143.59
Gamma HHI0.410.260.640.290.36
Net GEX593.0K334.2K972.1K447.4K369.6K
Net DEX-10.9M-15.7M-6.3M-7.7M-7.2M
Net VEX-40.6K-45.1K-36.1K-43.5K-36.1K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.890.0014.470.251.70
Total Volume305.524132,44730973
Total OI9,256.4768,22710,7039,1458,488

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-09-02$49.91$50.0038.6%11.1%41.5%13.5%38.5%3.4%-2.0%447.4K-7.7M-43.5K0.2555.81N/AN/A247625,6823,463
2025-09-03$48.99$50.0039.0%11.2%42.0%14.1%40.6%4.1%-1.9%403.7K-6.3M-40.9K7.2546.81N/AN/A12875,8683,506
2025-09-04$51.46$45.0038.1%10.2%45.1%12.9%36.2%2.8%2.5%641.7K-11.1M-44.5K0.2150.63N/AN/A76165,8703,581
2025-09-05$52.96$45.0035.5%9.4%45.9%9.3%35.7%3.4%3.5%783.2K-14.3M-45.1K0.6552.83N/AN/A111725,8553,590
2025-09-08$52.45$45.0041.0%10.6%46.1%16.8%37.5%3.0%0.7%770.9K-12.9M-42.4K0.1742.06N/AN/A224395,8373,610
2025-09-09$51.53$45.0039.4%10.4%46.7%14.7%37.9%2.5%1.5%518.7K-10.0M-37.7K5.5056.99N/AN/A2115,7523,627
2025-09-10$52.41$45.0036.8%10.5%44.2%11.1%37.7%3.2%1.4%780.1K-12.6M-40.9K3.0048.23N/AN/A6185,7533,628
2025-09-11$53.13$45.0035.8%10.3%42.8%9.7%35.7%2.2%1.5%944.5K-14.7M-40.7K0.0064.19N/AN/A2,43895,7583,639
2025-09-12$52.90$45.0035.4%10.2%42.6%9.2%37.9%2.5%1.9%945.2K-15.0M-41.9K14.4755.93N/AN/A152176,0363,636
2025-09-15$53.52$49.0037.0%10.6%41.5%11.4%38.6%2.8%-0.2%972.1K-15.7M-42.3K0.3658.47N/AN/A53196,0353,838
2025-09-16$52.85$49.0037.3%10.7%41.8%11.8%39.4%3.6%0.4%844.4K-13.9M-41.2K9.5666.60N/AN/A434116,0373,847
2025-09-17$52.54$50.0036.9%10.6%41.7%11.3%37.4%1.6%0.3%491.8K-12.6M-40.3K0.0974.37N/AN/A337296,0554,238
2025-09-18$53.47$50.0037.4%10.7%41.2%11.9%40.5%2.7%1.8%969.8K-14.7M-41.3K8.9259.36N/AN/A373306,1604,247
2025-09-19$52.06$50.0039.1%11.2%40.9%14.2%37.8%1.8%3.3%336.7K-11.2M-41.2K0.7363.52N/AN/A91666,1634,540
2025-09-22$52.07$50.0039.3%11.3%34.0%14.4%37.9%3.5%1.6%336.0K-8.6M-40.3K1.4251.96N/AN/A3545024,5233,704
2025-09-23$51.94$50.0038.7%11.1%33.8%13.7%38.2%2.5%3.7%396.5K-9.0M-40.2K0.4952.21N/AN/A100494,6923,580
2025-09-24$51.63$50.0038.9%11.1%33.9%13.9%37.4%2.2%3.9%393.8K-8.7M-38.9K0.3560.80N/AN/A48174,7183,612
2025-09-25$50.50$50.0039.3%11.3%33.6%14.5%39.7%2.8%2.9%334.2K-6.6M-38.1K1.2256.37N/AN/A36444,7463,626
2025-09-26$51.56$50.0038.4%11.0%34.1%13.2%36.8%2.7%3.3%386.4K-8.0M-38.0K1.0047.21N/AN/A34344,7463,657
2025-09-29$51.44$50.0038.7%11.1%30.0%13.7%39.1%3.3%4.2%385.4K-7.7M-36.1K3.2757.70N/AN/A11364,7523,691
2025-09-30$51.16$50.0039.6%11.3%30.1%14.8%40.7%2.7%3.6%369.6K-7.2M-36.1K1.7043.59N/AN/A27464,7753,713