Options market report: September 2025

Median 30-day implied volatility across the 160 most-traded options names went from 40.0% at the start of September 2025 to 44.2% at the close (+4.2 pts), with 75% of names re-pricing higher. The middle half of the market sits between 31% and 67%. The biggest riser was APLD (85% → 128%); the biggest faller LCID (98% → 68%).

Implied volatility, month end

Median IV30, start: 40.0%
Median IV30, end: 44.2%
25th–75th pct: 31% – 67%
Names rising: 75%

Biggest IV risers

Ticker	IV30 start	IV30 end	Change
APLD	85%	128%	+42.9 pts
OKLO	72%	111%	+38.9 pts
SNAP	51%	89%	+37.8 pts
SNDK	51%	85%	+34.3 pts
WDC	34%	65%	+30.5 pts

Biggest IV fallers

Ticker	IV30 start	IV30 end	Change
LCID	98%	68%	−29.5 pts
LULU	67%	42%	−24.7 pts
ONDS	147%	123%	−23.5 pts
ADBE	55%	32%	−23.1 pts
ZS	59%	37%	−21.8 pts

Richest and cheapest options, and the IV premium leaders

Highest IV30

APLD128%
ONDS123%
BBAI115%
RGTI115%
OKLO111%

Lowest IV30

DIA13%
TLT13%
SPY13%
XLF17%
QQQ18%

IV30 − HV30

UVXY+51.3 pts
APLD+45.2 pts
SNAP+43.3 pts
ENPH+37.2 pts
BBAI+35.5 pts

Method

IV30 is the at-the-money implied volatility of the expiration nearest 30 days (call and put averaged), solved from closing option prices and stored once per session for every ticker in the universe since July 2025. HV30 is 30-trading-day close-to-close realized volatility. Month start and end are each ticker's first and last stored session in the month. Dealer gamma sessions come from the nightly capture of the full SPY and QQQ chains. Names with fewer than 30 stored tickers in a month produce no IV section.

Cite this report

OptionScout, “Options market report: September 2025”, https://optionscout.ai/reports/options-market/2025-09. Data is free to quote with a link; the per-ticker pages behind every number are at /implied-volatility and /gamma-exposure.

Not advice.