UGE Options History — September 2025

In September 2025, UGE traded between $16.98 and $18.18. ATM implied volatility averaged 35.6%, placing in the 13.5% IV rank vs the trailing year. The 30-day expected move averaged 9.5%. IV traded above realized volatility by 14.4% (HV 20d: 21.2%). Max pain ranged from $17.00 to $20.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 4 of 21 days. Put/call ratio averaged 0.33.

Notable Days

2025-09-04: Highest Volume — 6 contracts
2025-09-10: Largest IV drop — 36.9% change
2025-09-09: Highest IV Rank — 24.8%
2025-09-29: Largest Expected Move — 11.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$17.66	$16.98	$18.18	$18.11	$17.20
Max Pain	$17.60	$17.00	$20.00	$20.00	$17.00
ATM IV	35.6%	26.5%	48.0%	39.4%	40.6%
Expected Move	9.5%	7.6%	11.7%	11.3%	11.7%
HV 20d	21.2%	19.4%	23.5%	23.2%	19.9%
HV 60d	21.1%	20.0%	22.0%	21.3%	20.2%
IV Rank	13.5%	5.2%	24.8%	16.9%	18.1%
IV Percentile	27.0%	2.4%	67.9%	38.1%	45.6%
Term Structure	-3.3%	-10.5%	13.7%	-8.5%	-1.9%
VWIV	26.6%	26.6%	26.6%	26.6%	26.6%
Skew 25d	1.2%	-1.7%	4.4%	1.2%	2.8%
Skew 10d	3.6%	-2.7%	17.2%	4.1%	4.9%
Call IV 25d	37.3%	26.3%	47.4%	46.4%	47.4%
Put IV 25d	38.6%	26.2%	50.2%	47.6%	50.2%
Bid-Ask Spread %	127.88	125.37	129.99	129.41	128.56
Gamma HHI	0.23	0.16	0.41	0.39	0.24
Net GEX	411	260	539	275	374
Net DEX	-7.1K	-10.6K	-4.0K	-4.0K	-5.3K
Net VEX	-34	-50	-8	-8	-29
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.33	0.00	1.00	0.00	0.00
Total Volume	0.714	0	6	0	6
Total OI	17.81	12	20	12	20

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	$18.11	$20.00	39.4%	11.3%	23.2%	16.9%	0.0%	1.2%	-8.5%	275	-4.0K	-8	0.00	129.41	N/A	N/A	0	0	12	0
2025-09-03	$18.05	$20.00	31.5%	9.0%	23.2%	9.8%	0.0%	1.6%	-10.5%	260	-4.0K	-14	0.00	127.41	N/A	N/A	0	0	12	0
2025-09-04	$18.11	$0.00	40.2%	8.3%	19.9%	17.6%	0.0%	3.1%	-4.6%	292	-5.7K	-25	0.00	127.62	N/A	N/A	6	0	12	0
2025-09-05	$18.18	$0.00	35.2%	8.5%	19.5%	13.2%	0.0%	-0.1%	1.6%	530	-8.9K	-36	0.00	127.07	N/A	N/A	0	0	18	0
2025-09-08	$17.95	$0.00	47.2%	8.8%	19.7%	24.0%	0.0%	2.4%	-4.2%	510	-9.6K	-48	0.00	129.05	N/A	N/A	0	0	18	0
2025-09-09	$18.16	$0.00	48.0%	8.8%	20.3%	24.8%	0.0%	2.5%	-4.9%	539	-10.4K	-49	0.00	128.92	N/A	N/A	0	0	18	0
2025-09-10	$17.77	$0.00	30.3%	8.7%	21.4%	8.7%	0.0%	1.9%	0.2%	486	-8.0K	-35	0.00	126.15	N/A	N/A	0	0	18	0
2025-09-11	$18.12	$0.00	31.6%	9.1%	22.8%	9.9%	0.0%	1.9%	-5.0%	521	-10.6K	-50	0.00	129.26	N/A	N/A	0	0	18	0
2025-09-12	$18.00	$0.00	31.6%	9.1%	22.0%	9.9%	0.0%	2.7%	-0.1%	507	-8.6K	-36	0.00	128.10	N/A	N/A	0	0	18	0
2025-09-15	$17.59	$0.00	31.3%	9.0%	23.1%	9.6%	0.0%	-0.3%	-0.8%	436	-7.4K	-33	0.00	126.19	N/A	N/A	0	0	18	0
2025-09-16	$17.75	$0.00	33.1%	9.5%	23.5%	11.2%	0.0%	-0.3%	-6.5%	466	-8.0K	-38	0.00	127.36	N/A	N/A	0	0	18	0
2025-09-17	$17.94	$0.00	34.2%	9.8%	23.0%	12.2%	0.0%	1.0%	-7.5%	499	-9.4K	-44	0.00	127.97	N/A	N/A	0	0	18	0
2025-09-18	$17.63	$0.00	26.5%	7.6%	22.2%	5.2%	26.6%	4.4%	13.7%	459	-7.4K	-30	1.00	127.80	N/A	N/A	1	1	18	0
2025-09-19	$17.59	$17.00	30.2%	8.7%	21.3%	8.6%	0.0%	-0.3%	4.3%	418	-7.6K	-40	0.00	129.99	N/A	N/A	0	0	19	1
2025-09-22	$17.20	$17.00	31.7%	9.1%	22.2%	9.9%	0.0%	0.9%	-2.2%	366	-5.9K	-30	0.00	125.71	N/A	N/A	0	0	18	1
2025-09-23	$17.28	$17.00	37.1%	10.6%	20.1%	14.9%	0.0%	0.6%	-3.7%	375	-6.1K	-31	0.00	127.57	N/A	N/A	0	1	18	1
2025-09-24	$17.25	$17.00	31.1%	8.9%	19.6%	9.4%	0.0%	-1.7%	-4.2%	315	-5.5K	-34	0.00	128.96	N/A	N/A	0	0	18	2
2025-09-25	$17.00	$17.00	37.6%	10.8%	19.9%	15.3%	0.0%	-0.6%	-10.0%	335	-5.8K	-40	0.00	125.37	N/A	N/A	0	0	18	2
2025-09-26	$16.98	$17.00	38.5%	11.0%	19.9%	16.1%	0.0%	1.8%	-8.7%	328	-5.4K	-39	0.00	128.38	N/A	N/A	0	0	18	2
2025-09-29	$17.04	$17.00	40.6%	11.7%	19.4%	18.1%	0.0%	-0.1%	-5.1%	337	-4.5K	-28	0.00	128.64	N/A	N/A	0	0	18	2
2025-09-30	$17.20	$17.00	40.6%	11.7%	19.9%	18.1%	0.0%	2.8%	-1.9%	374	-5.3K	-29	0.00	128.56	N/A	N/A	6	0	18	2