VERX Options History — September 2025

In September 2025, VERX traded between $23.85 and $25.81. ATM implied volatility averaged 48.4%, placing in the 34.4% IV rank vs the trailing year. The 30-day expected move averaged 14.0%. IV traded below realized volatility by 2.7% (HV 20d: 51.2%). Max pain ranged from $22.50 to $25.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 21 of 21 days. Put/call ratio averaged 0.66.

Notable Days

  • 2025-09-16: Highest Volume — 6,811 contracts
  • 2025-09-30: Largest IV spike — 29.6% change
  • 2025-09-18: Highest IV Rank — 46.9%
  • 2025-09-18: Largest Expected Move — 16.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$24.81$23.85$25.81$24.64$24.59
Max Pain$24.76$22.50$25.00$25.00$25.00
ATM IV48.4%34.3%56.8%42.9%50.5%
Expected Move14.0%11.2%16.3%12.3%14.5%
HV 20d51.2%41.2%93.8%93.8%46.8%
HV 60d63.8%61.7%64.8%63.4%63.6%
IV Rank34.4%13.2%46.9%26.0%37.5%
IV Percentile62.7%19.4%81.3%53.2%66.7%
Term Structure8.9%2.0%41.6%3.6%13.2%
VWIV49.5%36.6%57.0%36.6%50.1%
Skew 25d-8.2%-24.2%11.7%-6.7%2.1%
Skew 10d-5.2%-26.4%23.1%15.9%-2.1%
Call IV 25d49.2%34.9%57.8%39.0%50.0%
Put IV 25d41.0%27.4%58.0%32.3%52.2%
Bid-Ask Spread %87.3564.84106.8799.1664.84
Gamma HHI0.670.440.890.550.79
Net GEX469.9K50.5K947.0K52.2K804.8K
Net DEX-9.1M-19.3M-1.1M-1.3M-11.5M
Net VEX-23.4K-41.7K-7.4K-7.4K-28.3K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.660.0011.500.040.02
Total Volume1,565.952276,8111111,872
Total OI10,328.0953,39217,7053,39214,089

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-09-02$24.64$25.0042.9%12.3%93.8%26.0%36.6%-6.7%3.6%52.2K-1.3M-7.4K0.0499.16N/AN/A10742,902490
2025-09-03$24.18$25.0048.2%13.8%93.6%34.1%48.3%-24.2%3.6%50.5K-1.2M-7.5K0.0092.61N/AN/A6503,005490
2025-09-04$23.97$22.5042.7%11.9%45.0%25.9%41.5%-9.6%8.5%54.1K-1.1M-7.5K0.0298.64N/AN/A25663,069489
2025-09-05$24.04$22.5040.8%11.7%41.2%23.0%40.8%-13.1%9.8%62.5K-1.2M-8.0K2.0398.13N/AN/A641303,287492
2025-09-08$25.81$25.0034.3%12.2%41.8%13.2%42.7%0.1%8.8%77.3K-2.0M-8.5K0.0586.53N/AN/A1,012543,291608
2025-09-09$24.61$25.0043.3%12.4%45.0%26.8%0.0%-17.9%6.3%65.2K-1.4M-8.6K0.03100.24N/AN/A3814,151599
2025-09-10$23.85$25.0043.4%12.5%46.2%26.9%0.0%8.1%7.1%61.1K-1.1M-8.9K11.50106.87N/AN/A8924,184600
2025-09-11$24.34$25.0046.0%13.2%44.3%30.7%46.0%-18.1%5.0%60.3K-1.5M-8.5K0.0497.88N/AN/A1,372604,189518
2025-09-12$24.16$25.0047.5%13.6%44.0%33.0%47.5%-20.3%3.7%135.9K-2.5M-11.2K0.0093.73N/AN/A4,619125,376486
2025-09-15$23.91$25.0050.9%14.6%44.1%38.2%50.9%-16.4%4.5%400.4K-6.7M-23.3K0.0285.70N/AN/A1,649349,692498
2025-09-16$25.31$25.0056.0%16.1%48.8%45.8%56.4%-16.9%2.0%502.7K-12.2M-28.8K0.0192.62N/AN/A6,7654611,056531
2025-09-17$25.11$25.0054.5%15.6%48.5%43.5%54.9%-12.0%2.5%798.9K-16.1M-38.8K0.0096.40N/AN/A6,0111515,344535
2025-09-18$25.63$25.0056.8%16.3%49.0%46.9%55.6%-12.5%8.0%790.5K-18.4M-41.0K0.0072.40N/AN/A2,607416,265550
2025-09-19$25.21$25.0054.6%15.7%49.3%43.7%53.8%-16.1%10.0%847.5K-17.7M-41.7K0.0178.24N/AN/A436417,153552
2025-09-22$25.80$25.0056.0%16.0%49.3%45.7%57.0%0.2%8.7%845.0K-19.3M-40.4K0.0174.23N/AN/A633516,048303
2025-09-23$25.53$25.0052.7%15.1%49.2%40.9%52.7%-9.4%10.8%875.6K-17.4M-37.9K0.0080.03N/AN/A1,616315,598308
2025-09-24$24.93$25.0054.0%15.5%48.9%42.8%54.8%-3.0%8.8%789.7K-14.1M-34.5K0.0170.01N/AN/A927814,554311
2025-09-25$24.86$25.0052.2%15.0%48.5%40.1%52.4%1.6%7.6%812.3K-14.1M-36.1K0.0069.58N/AN/A150014,827325
2025-09-26$24.97$25.0050.6%14.5%48.5%37.8%50.6%-0.7%12.3%833.8K-14.5M-34.0K0.1381.04N/AN/A24314,725325
2025-09-29$25.55$25.0039.0%11.2%48.5%20.2%48.3%11.7%41.6%947.0K-16.6M-31.0K0.0095.48N/AN/A2,171214,745330
2025-09-30$24.59$25.0050.5%14.5%46.8%37.5%50.1%2.1%13.2%804.8K-11.5M-28.3K0.0264.84N/AN/A1,8442813,759330