TTD Options History — September 2025

In September 2025, TTD traded between $43.86 and $53.97. ATM implied volatility averaged 50.3%, placing in the 26.7% IV rank vs the trailing year. The 30-day expected move averaged 14.4%. IV traded below realized volatility by 31.5% (HV 20d: 81.8%). Max pain ranged from $50.00 to $57.50. Net GEX was positive for 13 of 21 trading days. Term structure was in contango for 16 of 21 days. Put/call ratio averaged 0.55.

Notable Days

2025-09-10: Highest Volume — 257,964 contracts
2025-09-10: Largest IV spike — 14.3% change
2025-09-30: Highest IV Rank — 35.3%
2025-09-22: Largest Expected Move — 16.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$48.03	$43.86	$53.97	$53.97	$49.75
Max Pain	$52.98	$50.00	$57.50	$57.50	$50.00
ATM IV	50.3%	43.3%	57.0%	45.2%	57.0%
Expected Move	14.4%	12.0%	16.2%	13.2%	15.6%
HV 20d	81.8%	46.6%	176.1%	175.9%	61.9%
HV 60d	109.7%	107.6%	111.2%	107.6%	110.8%
IV Rank	26.7%	17.9%	35.3%	20.5%	35.3%
IV Percentile	55.5%	35.7%	70.2%	46.0%	70.2%
Term Structure	2.5%	-0.8%	21.9%	-0.3%	21.9%
VWIV	52.6%	43.9%	58.4%	48.1%	56.5%
Skew 25d	-2.3%	-5.0%	0.3%	0.1%	-2.6%
Skew 10d	-5.7%	-24.7%	14.4%	14.4%	-5.7%
Call IV 25d	52.9%	44.1%	60.2%	46.1%	58.9%
Put IV 25d	50.5%	44.4%	56.3%	46.3%	56.3%
Bid-Ask Spread %	19.90	3.18	31.86	5.73	22.61
Gamma HHI	0.07	0.05	0.13	0.06	0.06
Net GEX	3.9M	-7.1M	19.0M	10.1M	17.7M
Net DEX	99.8M	-387.3M	514.8M	-87.0M	-349.1M
Net VEX	-6.6M	-8.0M	-5.2M	-6.4M	-8.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.55	0.24	1.01	0.40	0.24
Total Volume	99,397.619	32,043	257,964	47,866	73,239
Total OI	971,732.905	838,125	1,107,005	838,125	1,006,311

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	$53.97	$57.50	45.2%	13.2%	175.9%	20.5%	48.1%	0.1%	-0.3%	10.1M	-87.0M	-6.4M	0.40	5.73	N/A	N/A	34,084	13,782	531,818	306,307
2025-09-03	$53.59	$57.50	43.3%	12.0%	176.1%	18.0%	43.9%	0.3%	0.3%	8.6M	-43.9M	-6.3M	0.43	3.18	N/A	N/A	22,353	9,690	542,615	315,072
2025-09-04	$51.97	$55.00	44.2%	12.9%	174.9%	19.1%	45.6%	-0.2%	0.2%	903.3K	108.7M	-6.1M	0.55	24.13	N/A	N/A	40,285	22,147	547,783	319,666
2025-09-05	$51.94	$55.00	43.6%	12.8%	175.1%	17.9%	45.6%	-0.2%	0.2%	979.9K	79.8M	-6.2M	1.01	14.49	N/A	N/A	42,670	43,230	565,928	322,851
2025-09-08	$52.08	$55.00	44.6%	13.0%	47.5%	19.1%	45.9%	-0.1%	0.8%	3.0M	67.2M	-6.2M	0.52	15.36	N/A	N/A	38,478	20,127	532,483	335,742
2025-09-09	$52.41	$55.00	44.2%	12.8%	46.6%	18.7%	45.4%	-0.1%	0.4%	4.2M	30.1M	-6.3M	0.58	31.86	N/A	N/A	24,982	14,381	544,030	345,055
2025-09-10	$45.34	$55.00	50.5%	14.4%	69.2%	26.9%	54.2%	-0.8%	-0.2%	-6.9M	514.8M	-5.2M	0.50	17.66	N/A	N/A	172,004	85,960	548,650	345,496
2025-09-11	$45.34	$52.50	48.5%	14.2%	68.5%	24.2%	51.5%	-1.9%	0.4%	-6.3M	505.6M	-5.8M	0.72	23.37	N/A	N/A	70,899	51,114	629,540	383,142
2025-09-12	$45.39	$52.50	49.2%	14.3%	64.2%	25.1%	51.9%	-0.9%	1.1%	-7.1M	421.3M	-5.9M	0.56	20.91	N/A	N/A	63,077	35,558	654,942	379,102
2025-09-15	$45.59	$52.50	50.2%	14.4%	63.0%	26.4%	53.1%	-3.3%	0.0%	-3.6M	332.8M	-6.1M	0.55	7.56	N/A	N/A	47,838	26,544	638,535	374,206
2025-09-16	$45.17	$52.50	51.7%	14.8%	58.9%	28.3%	54.8%	-2.9%	-0.8%	-3.7M	337.7M	-6.2M	0.76	23.68	N/A	N/A	61,749	46,625	655,796	382,149
2025-09-17	$45.05	$52.50	50.9%	14.6%	57.4%	27.3%	54.5%	-3.7%	1.1%	-3.4M	334.8M	-6.3M	0.59	31.10	N/A	N/A	49,077	29,113	671,964	388,233
2025-09-18	$44.05	$52.50	52.9%	15.2%	57.6%	29.9%	57.0%	-5.0%	-0.4%	-6.3M	370.8M	-6.2M	0.81	26.30	N/A	N/A	74,834	60,589	688,881	387,389
2025-09-19	$43.86	$52.50	53.7%	15.4%	57.6%	30.9%	57.8%	-5.0%	-0.0%	-3.4M	303.7M	-6.4M	0.50	22.86	N/A	N/A	90,541	45,578	722,582	384,423
2025-09-22	$46.15	$52.50	56.2%	16.2%	60.8%	34.2%	58.3%	-4.0%	1.6%	7.9M	-40.4M	-7.1M	0.45	16.37	N/A	N/A	118,904	53,753	588,580	336,170
2025-09-23	$46.86	$52.50	56.4%	16.2%	61.3%	34.4%	58.4%	-4.2%	1.2%	11.3M	-118.2M	-7.4M	0.34	22.83	N/A	N/A	96,159	32,640	619,075	350,234
2025-09-24	$46.76	$50.00	53.9%	15.7%	61.3%	31.2%	56.8%	-3.0%	1.4%	11.9M	-114.3M	-7.5M	0.57	20.38	N/A	N/A	43,018	24,641	642,413	363,479
2025-09-25	$46.50	$50.00	54.2%	15.5%	61.1%	31.6%	56.0%	-4.1%	1.7%	10.6M	-69.5M	-7.4M	0.67	21.48	N/A	N/A	47,266	31,492	648,052	378,294
2025-09-26	$46.97	$50.00	51.2%	14.2%	57.2%	27.7%	53.0%	-3.8%	1.4%	19.0M	-102.4M	-7.4M	0.48	24.24	N/A	N/A	48,231	22,972	656,635	386,653
2025-09-29	$49.85	$50.00	55.3%	15.6%	62.0%	33.1%	57.1%	-3.6%	20.4%	16.7M	-387.3M	-8.0M	0.29	21.78	N/A	N/A	122,530	35,196	625,017	361,098
2025-09-30	$49.75	$50.00	57.0%	15.6%	61.9%	35.3%	56.5%	-2.6%	21.9%	17.7M	-349.1M	-8.0M	0.24	22.61	N/A	N/A	58,870	14,369	634,491	371,820