WULF Options History — September 2025

In September 2025, WULF traded between $8.84 and $11.61. ATM implied volatility averaged 87.8%, placing in the 16.7% IV rank vs the trailing year. The 30-day expected move averaged 25.3%. IV traded below realized volatility by 16.0% (HV 20d: 103.7%). Max pain ranged from $7.00 to $9.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 0.29.

Notable Days

2025-09-10: Highest Volume — 300,338 contracts
2025-09-09: Largest IV spike — 10.2% change
2025-09-24: Highest IV Rank — 27.9%
2025-09-24: Largest Expected Move — 27.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$10.58	$8.84	$11.61	$9.61	$11.61
Max Pain	$8.52	$7.00	$9.00	$7.00	$9.00
ATM IV	87.8%	77.8%	97.5%	88.5%	90.7%
Expected Move	25.3%	23.1%	27.2%	25.2%	26.2%
HV 20d	103.7%	59.8%	171.6%	167.3%	66.3%
HV 60d	120.0%	111.6%	125.7%	125.7%	111.6%
IV Rank	16.7%	5.2%	27.9%	17.6%	20.0%
IV Percentile	8.6%	1.2%	23.4%	6.0%	13.1%
Term Structure	0.2%	-4.4%	8.4%	-0.8%	8.4%
VWIV	89.1%	79.5%	97.0%	89.6%	92.2%
Skew 25d	-4.9%	-7.5%	-2.2%	-5.4%	-5.3%
Skew 10d	3.3%	-13.6%	36.9%	-9.7%	14.9%
Call IV 25d	91.2%	80.3%	98.8%	92.2%	95.4%
Put IV 25d	86.4%	76.2%	94.3%	86.9%	90.1%
Bid-Ask Spread %	29.43	4.76	56.52	40.96	30.45
Gamma HHI	0.12	0.10	0.15	0.15	0.11
Net GEX	5.7M	3.5M	7.3M	4.3M	7.3M
Net DEX	-588.1M	-728.2M	-384.2M	-492.9M	-686.5M
Net VEX	-1.9M	-2.4M	-1.5M	-1.5M	-2.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.29	0.09	0.79	0.31	0.14
Total Volume	127,269.429	43,126	300,338	88,418	88,711
Total OI	1,496,373.524	1,275,579	1,681,620	1,279,918	1,615,635

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	$9.61	$7.00	88.5%	25.2%	167.3%	17.6%	89.6%	-5.4%	-0.8%	4.3M	-492.9M	-1.5M	0.31	40.96	N/A	N/A	67,708	20,710	883,326	396,592
2025-09-03	$9.04	$7.00	84.0%	23.4%	170.6%	12.3%	83.6%	-4.1%	0.0%	3.6M	-412.7M	-1.5M	0.40	29.06	N/A	N/A	118,450	47,393	899,235	407,793
2025-09-04	$8.84	$8.00	80.8%	23.9%	171.6%	8.6%	83.2%	-2.2%	0.6%	3.5M	-384.2M	-1.5M	0.17	4.76	N/A	N/A	65,066	10,941	931,373	412,019
2025-09-05	$9.14	$8.00	78.7%	23.3%	170.2%	6.2%	82.0%	-3.7%	1.5%	3.9M	-419.9M	-1.5M	0.23	10.28	N/A	N/A	35,076	8,050	925,440	415,528
2025-09-08	$9.23	$8.00	77.8%	23.1%	170.0%	5.2%	79.5%	-4.1%	1.1%	3.8M	-418.6M	-1.5M	0.64	8.05	N/A	N/A	64,845	41,575	878,347	397,232
2025-09-09	$10.16	$8.00	85.7%	24.4%	170.4%	14.3%	85.7%	-3.3%	-1.8%	5.1M	-545.0M	-1.6M	0.16	10.83	N/A	N/A	196,865	30,756	894,055	421,801
2025-09-10	$10.64	$8.00	89.4%	25.7%	168.8%	18.5%	91.4%	-4.6%	0.2%	6.1M	-627.0M	-1.7M	0.38	8.20	N/A	N/A	218,226	82,112	947,638	439,448
2025-09-11	$10.77	$8.00	86.9%	24.7%	169.0%	15.7%	86.3%	-7.1%	0.4%	7.0M	-646.5M	-1.9M	0.38	4.84	N/A	N/A	115,870	43,795	1,013,354	486,421
2025-09-12	$10.73	$9.00	86.2%	25.1%	64.9%	14.9%	88.5%	-5.5%	1.9%	5.5M	-636.0M	-1.9M	0.17	26.95	N/A	N/A	80,928	13,552	1,029,639	519,436
2025-09-15	$10.29	$9.00	86.3%	24.6%	66.1%	14.9%	87.4%	-5.4%	1.5%	5.1M	-546.5M	-1.8M	0.56	32.21	N/A	N/A	72,290	40,296	991,509	487,065
2025-09-16	$10.98	$9.00	90.0%	25.8%	66.2%	19.3%	89.9%	-4.2%	-0.6%	6.1M	-648.7M	-1.9M	0.79	4.82	N/A	N/A	85,455	67,363	1,008,576	514,300
2025-09-17	$11.46	$9.00	89.2%	25.6%	59.8%	18.4%	88.8%	-6.5%	-3.3%	6.9M	-728.2M	-2.1M	0.27	56.52	N/A	N/A	176,536	47,858	1,035,399	539,570
2025-09-18	$11.09	$9.00	87.0%	25.0%	61.1%	15.8%	88.7%	-5.3%	-1.2%	7.1M	-680.2M	-2.1M	0.20	50.03	N/A	N/A	98,712	19,529	1,085,175	565,648
2025-09-19	$11.21	$9.00	86.4%	24.8%	60.7%	15.1%	88.8%	-5.9%	-0.5%	5.7M	-708.8M	-2.2M	0.18	36.29	N/A	N/A	63,658	11,335	1,114,753	566,864
2025-09-22	$11.50	$9.00	91.5%	26.9%	61.0%	21.0%	96.0%	-4.2%	-0.1%	6.2M	-664.3M	-2.3M	0.09	39.25	N/A	N/A	155,077	13,886	1,011,504	503,857
2025-09-23	$11.18	$9.00	93.0%	26.6%	60.4%	22.8%	94.8%	-7.5%	-1.4%	6.4M	-627.1M	-2.3M	0.17	44.64	N/A	N/A	75,919	12,575	1,069,024	511,816
2025-09-24	$11.41	$9.00	97.5%	27.2%	60.4%	27.9%	97.0%	-4.0%	-0.1%	6.8M	-667.1M	-2.3M	0.12	39.30	N/A	N/A	90,850	10,856	1,079,095	520,182
2025-09-25	$10.91	$9.00	90.5%	26.6%	63.4%	19.8%	93.0%	-3.5%	4.3%	5.9M	-578.8M	-2.3M	0.36	48.72	N/A	N/A	114,032	40,717	1,096,337	527,620
2025-09-26	$10.77	$9.00	91.6%	26.1%	63.1%	21.1%	91.6%	-3.3%	-1.7%	5.5M	-555.5M	-2.4M	0.32	43.82	N/A	N/A	36,926	11,677	1,139,839	541,781
2025-09-29	$11.55	$9.00	91.1%	26.7%	66.5%	20.5%	93.1%	-7.4%	-4.4%	6.9M	-676.6M	-2.4M	0.15	48.14	N/A	N/A	66,677	9,805	1,099,132	500,486
2025-09-30	$11.61	$9.00	90.7%	26.2%	66.3%	20.0%	92.2%	-5.3%	8.4%	7.3M	-686.5M	-2.4M	0.14	30.45	N/A	N/A	77,906	10,805	1,110,824	504,811