GOVT Options History — December 2025

In December 2025, GOVT traded between $22.99 and $23.16. ATM implied volatility averaged 6.7%, placing in the 5.4% IV rank vs the trailing year. The 30-day expected move averaged 1.7%. IV traded above realized volatility by 3.1% (HV 20d: 3.6%). Max pain ranged from $23.00 to $23.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 16 of 22 days. Put/call ratio averaged 0.39.

Notable Days

  • 2025-12-19: Highest Volume — 220 contracts
  • 2025-12-05: Largest IV spike — 485.5% change
  • 2025-12-05: Highest IV Rank — 44.6%
  • 2025-12-23: Largest Expected Move — 7.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$23.06$22.99$23.16$23.11$23.02
Max Pain$23.00$23.00$23.00$23.00$23.00
ATM IV6.7%3.2%33.4%4.8%3.2%
Expected Move1.7%0.9%7.0%1.4%0.9%
HV 20d3.6%2.9%3.9%3.9%3.0%
HV 60d3.4%3.3%3.5%3.4%3.5%
IV Rank5.4%0.3%44.6%2.7%0.3%
IV Percentile26.9%1.2%96.0%26.2%1.2%
Term Structure-0.9%-37.2%35.2%0.2%35.2%
VWIV8.5%3.1%24.0%7.4%3.1%
Skew 25d-2.2%-17.0%3.7%3.7%-4.3%
Skew 10d1.8%-6.1%11.8%11.6%0.6%
Call IV 25d9.6%5.6%30.1%6.6%14.5%
Put IV 25d7.4%4.7%16.3%10.3%10.2%
Bid-Ask Spread %35.488.32106.6049.6474.91
Gamma HHI0.510.480.620.480.48
Net GEX239.1K169.7K391.2K179.7K172.0K
Net DEX-764.9K-983.7K-540.3K-589.3K-540.3K
Net VEX-4.0K-4.9K-3.0K-3.0K-3.5K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.390.004.360.000.00
Total Volume43.04502202042
Total OI1,556.9091,2671,8041,2671,331

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-12-01$23.11$23.004.8%1.4%3.9%2.7%0.0%3.7%0.2%179.7K-589.3K-3.0K0.0049.6420311,20067
2025-12-02$23.12$23.005.4%1.5%3.7%3.5%0.0%3.4%-2.4%228.6K-851.3K-3.9K0.0012.33301,40168
2025-12-03$23.16$23.005.8%1.7%3.7%4.1%7.4%2.1%-2.6%230.6K-880.1K-3.8K0.009.481901,40268
2025-12-04$23.09$23.005.7%1.4%3.7%4.0%0.0%0.1%0.4%232.6K-813.3K-3.7K0.0019.72001,38868
2025-12-05$23.06$23.0033.4%1.4%3.5%44.6%0.0%0.1%0.5%211.5K-830.2K-4.0K0.0184.6620211,38868
2025-12-08$23.02$23.006.3%1.4%3.5%4.8%0.0%0.1%0.0%261.1K-821.4K-4.6K4.3658.6411481,62369
2025-12-09$23.02$23.005.7%6.6%3.5%4.0%0.0%-17.0%-37.2%290.5K-825.1K-4.6K0.0059.77001,634117
2025-12-10$23.07$23.004.3%1.2%3.5%1.9%0.0%-13.8%0.2%288.9K-868.6K-4.7K0.00106.60401,634117
2025-12-11$23.07$23.004.3%1.2%3.5%1.9%0.0%-0.4%0.8%284.6K-880.3K-4.4K0.0012.365801,632117
2025-12-12$23.02$23.005.2%1.5%3.5%3.2%0.0%0.1%-0.2%307.8K-882.4K-4.9K2.3632.2511261,662117
2025-12-15$23.05$23.003.9%1.1%3.5%1.4%0.0%-0.4%1.1%353.7K-836.2K-4.6K0.0014.49101,662142
2025-12-16$23.09$23.004.4%1.3%3.5%2.1%4.4%-0.4%0.6%214.9K-969.8K-4.4K0.038.323911,662142
2025-12-17$23.09$23.004.0%1.2%3.5%1.6%0.0%3.0%1.0%391.2K-853.5K-4.1K0.0014.45401,660143
2025-12-18$23.13$23.003.8%1.1%3.6%1.2%0.0%-1.6%0.3%221.0K-983.7K-4.3K0.0011.982001,659143
2025-12-19$23.02$23.003.8%1.1%3.9%1.2%0.0%-0.9%0.3%296.0K-793.9K-4.2K0.0529.08210101,614143
2025-12-22$23.01$23.004.3%1.2%3.8%1.9%0.0%-0.6%-0.1%182.1K-594.1K-3.7K0.0014.201601,255102
2025-12-23$22.99$23.0024.4%7.0%3.7%31.4%24.0%1.8%-19.8%169.7K-557.2K-3.7K1.0060.36111,255101
2025-12-24$23.04$23.003.5%1.0%3.8%0.7%0.0%-1.9%0.6%183.8K-567.1K-3.4K0.0015.42401,255101
2025-12-26$23.05$23.003.5%1.0%3.8%0.7%0.0%-2.3%0.9%189.7K-680.8K-3.8K0.0015.15301,257101
2025-12-29$23.07$23.003.5%1.0%3.8%0.7%3.4%-9.8%1.0%191.4K-610.9K-3.5K0.0017.194201,258101
2025-12-30$23.07$23.003.6%1.0%2.9%0.9%0.0%-9.8%0.3%178.3K-599.5K-3.5K0.0059.47601,224101
2025-12-31$23.02$23.003.2%0.9%3.0%0.3%3.1%-4.3%35.2%172.0K-540.3K-3.5K0.0074.91201,230101