USAR Options History — September 2025

In September 2025, USAR traded between $13.64 and $17.95. ATM implied volatility averaged 107.0%. The 30-day expected move averaged 30.8%. IV traded above realized volatility by 24.6% (HV 20d: 82.3%). Max pain ranged from $14.00 to $15.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 9 of 21 days. Put/call ratio averaged 0.40.

Notable Days

  • 2025-09-23: Highest Volume — 50,252 contracts
  • 2025-09-04: Largest IV drop — 8.7% change
  • 2025-09-25: Largest Expected Move — 34.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$15.40$13.64$17.95$13.87$17.25
Max Pain$14.43$14.00$15.00$14.00$15.00
ATM IV107.0%98.5%119.3%113.4%111.9%
Expected Move30.8%28.8%34.8%31.4%31.7%
HV 20d82.3%62.5%112.2%112.2%75.9%
HV 60d117.9%113.9%126.2%126.2%114.0%
Term Structure-0.6%-9.3%4.4%-9.3%1.7%
VWIV109.0%100.8%122.4%112.1%114.0%
Skew 25d-9.8%-14.0%-6.0%-12.0%-11.4%
Skew 10d-20.6%-72.3%12.7%-16.1%-27.9%
Call IV 25d114.4%105.3%127.9%118.2%120.4%
Put IV 25d104.6%97.5%113.9%106.2%109.0%
Bid-Ask Spread %59.7643.2472.7963.4852.35
Gamma HHI0.130.100.180.130.14
Net GEX1.3M702.7K2.5M910.0K1.6M
Net DEX-95.2M-160.2M-47.0M-51.5M-136.9M
Net VEX-430.3K-523.8K-363.6K-387.2K-523.8K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.400.240.660.600.33
Total Volume23,748.1438,24950,25225,63416,100
Total OI241,635201,950284,862224,185241,526

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-09-02$13.87$14.00113.4%31.4%112.2%0.0%112.1%-12.0%-9.3%910.0K-51.5M-387.2K0.6063.4816,0599,575174,84249,343
2025-09-03$13.69$14.00109.4%29.7%112.0%0.0%107.6%-7.6%-3.2%851.2K-47.3M-386.6K0.2463.947,4591,776181,21253,662
2025-09-04$14.11$15.0099.9%29.6%111.3%0.0%105.1%-6.1%1.9%1.0M-57.2M-392.8K0.2967.287,0062,037183,34853,391
2025-09-05$13.81$15.00100.8%28.8%105.8%0.0%104.9%-6.0%2.7%949.6K-49.1M-377.0K0.4170.299,8794,057186,20254,084
2025-09-08$13.64$15.0099.0%29.1%100.2%0.0%105.5%-8.1%2.5%873.1K-47.0M-363.6K0.4370.129,6994,180177,69151,310
2025-09-09$14.04$15.00101.0%29.3%100.1%0.0%102.3%-7.7%1.1%1.0M-57.7M-376.4K0.4170.906,8442,836182,05854,218
2025-09-10$13.82$15.0098.5%29.2%72.7%0.0%100.8%-6.8%0.4%932.7K-52.2M-367.8K0.2872.796,4401,809184,28755,121
2025-09-11$14.68$14.00102.3%29.8%72.1%0.0%103.8%-7.4%1.7%1.4M-78.0M-397.0K0.3370.5413,3574,370187,52555,809
2025-09-12$14.16$14.00100.9%28.9%68.5%0.0%102.7%-8.4%0.2%1.3M-63.1M-379.8K0.6670.3417,58311,658191,35356,711
2025-09-15$13.67$14.00103.3%29.7%67.3%0.0%106.3%-11.4%-2.8%702.7K-48.9M-380.9K0.4569.0612,0865,431191,09962,789
2025-09-16$14.91$14.00105.8%30.3%69.6%0.0%106.6%-12.1%-0.9%1.4M-87.0M-403.9K0.4661.9124,32011,206196,19361,946
2025-09-17$15.50$14.00106.6%30.6%68.6%0.0%106.7%-10.8%-2.2%1.8M-108.6M-424.1K0.3464.3912,1944,206203,03167,801
2025-09-18$16.45$14.00105.2%30.2%68.8%0.0%106.5%-9.8%-1.3%2.5M-141.7M-439.2K0.2649.3929,2567,725205,81069,410
2025-09-19$16.26$14.00106.2%30.5%62.5%0.0%106.7%-9.9%-1.4%1.2M-135.4M-460.9K0.3355.6625,4358,409211,25473,608
2025-09-22$15.91$14.00106.9%30.7%62.5%0.0%107.5%-9.7%-2.3%1.1M-103.3M-456.1K0.4851.1512,2295,898145,40456,546
2025-09-23$17.87$14.00109.8%32.6%74.8%0.0%114.2%-12.1%-0.2%1.7M-154.0M-484.4K0.5046.4833,51016,742151,49959,362
2025-09-24$16.75$14.00115.3%33.5%78.7%0.0%120.2%-12.8%-3.5%1.4M-127.4M-489.0K0.3746.7624,1549,039158,89069,800
2025-09-25$17.95$15.00119.3%34.8%81.9%0.0%122.4%-14.0%-2.6%1.9M-160.2M-511.8K0.3343.2433,93011,275163,09473,960
2025-09-26$17.46$15.00115.5%33.4%82.5%0.0%115.3%-10.9%4.4%2.2M-149.7M-518.2K0.2847.1822,3286,274170,68981,229
2025-09-29$17.59$15.00115.2%32.6%81.2%0.0%117.3%-11.1%-0.2%1.5M-143.8M-516.5K0.6447.6618,54311,797161,52365,705
2025-09-30$17.25$15.00111.9%31.7%75.9%0.0%114.0%-11.4%1.7%1.6M-136.9M-523.8K0.3352.3512,1363,964169,43072,096