DUG Options History — December 2025

In December 2025, DUG traded between $31.26 and $34.59. ATM implied volatility averaged 43.1%, placing in the 17.0% IV rank vs the trailing year. The 30-day expected move averaged 11.8%. IV traded above realized volatility by 6.5% (HV 20d: 36.6%). Max pain ranged from $30.00 to $32.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 9 of 22 days. Put/call ratio averaged 1.25.

Notable Days

2025-12-08: Highest Volume — 23 contracts
2025-12-26: Largest IV spike — 100.2% change
2025-12-05: Highest IV Rank — 26.8%
2025-12-29: Largest Expected Move — 15.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$32.61	$31.26	$34.59	$31.99	$32.52
Max Pain	$30.36	$30.00	$32.00	$32.00	$32.00
ATM IV	43.1%	25.2%	57.8%	52.6%	53.4%
Expected Move	11.8%	7.2%	15.5%	15.1%	15.3%
HV 20d	36.6%	32.6%	39.4%	33.0%	38.8%
HV 60d	34.6%	33.2%	36.0%	33.2%	35.3%
IV Rank	17.0%	4.9%	26.8%	23.3%	23.9%
IV Percentile	48.9%	4.4%	83.3%	74.2%	75.8%
Term Structure	-2.5%	-16.0%	15.6%	-14.3%	-15.8%
VWIV	37.4%	28.8%	60.0%	33.3%	32.8%
Skew 25d	1.1%	-33.0%	29.3%	-33.0%	4.2%
Skew 10d	-0.8%	-37.8%	21.9%	-37.8%	10.5%
Call IV 25d	42.5%	28.9%	64.5%	64.5%	60.4%
Put IV 25d	43.6%	28.5%	65.9%	31.5%	64.5%
Bid-Ask Spread %	119.30	96.50	132.70	132.70	131.84
Gamma HHI	0.24	0.19	0.33	0.22	0.26
Net GEX	4.5K	252	10.3K	3.5K	5.4K
Net DEX	-58.3K	-164.8K	23.7K	-59.7K	-9.6K
Net VEX	-533	-673	-410	-480	-673
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.25	0.00	7.50	0.00	3.33
Total Volume	5.409	0	23	2	5
Total OI	478.227	455	538	455	479

Daily Data (22 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
2025-12-01	$31.99	$32.00	52.6%	15.1%	33.0%	23.3%	33.3%	-33.0%	-14.3%	3.5K	-59.7K	-480	0.00	132.70	N/A	N/A	0	2	431	24
2025-12-02	$32.74	$32.00	36.9%	10.6%	34.0%	12.8%	31.8%	-7.0%	1.9%	2.7K	-49.9K	-430	0.00	116.33	N/A	N/A	0	2	431	26
2025-12-03	$31.59	$32.00	54.1%	15.5%	35.0%	24.3%	0.0%	29.3%	-11.3%	3.0K	-46.6K	-473	0.00	130.24	N/A	N/A	3	0	431	28
2025-12-04	$31.51	$30.00	48.6%	12.3%	34.9%	20.7%	45.3%	7.0%	-5.1%	2.1K	-40.3K	-425	0.40	123.79	N/A	N/A	5	2	434	28
2025-12-05	$31.43	$30.00	57.8%	11.7%	34.6%	26.8%	36.3%	-2.2%	5.5%	2.2K	-34.4K	-415	0.00	127.16	N/A	N/A	5	0	439	30
2025-12-08	$32.36	$30.00	39.1%	9.0%	35.9%	14.3%	36.4%	-4.4%	0.7%	2.8K	-70.1K	-426	1.30	105.37	N/A	N/A	10	13	444	30
2025-12-09	$31.95	$30.00	55.3%	13.1%	35.6%	25.1%	0.0%	2.5%	-0.8%	484	-33.4K	-486	0.00	102.86	N/A	N/A	0	0	444	43
2025-12-10	$31.26	$30.00	47.6%	13.7%	35.1%	20.0%	0.0%	7.0%	-4.1%	2.2K	-44.0K	-534	0.00	123.67	N/A	N/A	0	1	444	43
2025-12-11	$31.70	$30.00	37.7%	10.8%	34.0%	13.3%	0.0%	-8.3%	-0.5%	252	-32.3K	-488	0.00	96.50	N/A	N/A	0	0	444	44
2025-12-12	$32.19	$30.00	30.2%	8.7%	34.6%	8.3%	0.0%	3.6%	12.7%	254	-29.5K	-414	0.00	123.92	N/A	N/A	0	0	444	44
2025-12-15	$32.79	$30.00	45.6%	13.1%	32.6%	18.6%	40.6%	4.7%	-5.3%	3.1K	-62.7K	-410	0.00	124.81	N/A	N/A	3	0	444	44
2025-12-16	$34.59	$30.00	40.8%	11.7%	35.4%	15.4%	0.0%	6.6%	-0.5%	6.3K	-126.5K	-438	0.00	121.94	N/A	N/A	7	0	447	44
2025-12-17	$33.14	$30.00	50.5%	14.5%	38.5%	21.9%	60.0%	6.6%	-16.0%	3.4K	-88.3K	-551	0.00	114.65	N/A	N/A	10	0	449	44
2025-12-18	$34.16	$30.00	29.8%	8.5%	39.0%	8.0%	0.0%	2.1%	6.2%	10.3K	-164.8K	-568	0.00	108.56	N/A	N/A	0	15	479	44
2025-12-19	$34.27	$30.00	48.0%	13.8%	38.4%	20.2%	28.8%	-3.5%	4.2%	9.3K	-149.0K	-643	7.50	123.68	N/A	N/A	2	15	479	59
2025-12-22	$33.42	$30.00	27.9%	8.0%	39.3%	6.8%	0.0%	-8.8%	3.5%	7.7K	-79.3K	-662	0.00	112.43	N/A	N/A	0	0	407	52
2025-12-23	$33.07	$30.00	28.0%	8.0%	39.4%	6.8%	31.1%	-6.9%	15.6%	6.4K	-65.5K	-660	0.00	124.89	N/A	N/A	1	0	407	52
2025-12-24	$32.74	$30.00	25.2%	7.2%	39.3%	4.9%	0.0%	0.4%	1.3%	7.0K	-38.2K	-612	0.00	110.05	N/A	N/A	0	0	404	52
2025-12-26	$33.31	$30.00	50.4%	14.5%	39.2%	21.9%	35.2%	25.9%	-9.1%	7.8K	-65.0K	-662	3.33	132.70	N/A	N/A	3	10	404	57
2025-12-29	$32.63	$30.00	54.2%	15.5%	39.3%	24.4%	0.0%	-2.0%	-13.3%	7.4K	-17.0K	-663	0.00	123.39	N/A	N/A	0	0	407	67
2025-12-30	$32.00	$30.00	35.3%	10.1%	39.3%	11.7%	32.8%	0.5%	-10.0%	5.2K	23.7K	-602	0.00	113.06	N/A	N/A	0	5	407	67
2025-12-31	$32.52	$32.00	53.4%	15.3%	38.8%	23.9%	0.0%	4.2%	-15.8%	5.4K	-9.6K	-673	0.00	131.84	N/A	N/A	0	5	407	72