IWM Options History — December 2025

In December 2025, IWM traded between $245.79 and $257.97. ATM implied volatility averaged 18.6%, placing in the 3.5% IV rank vs the trailing year. The 30-day expected move averaged 5.4%. IV traded below realized volatility by 1.3% (HV 20d: 19.9%). Max pain ranged from $235.00 to $245.00. Net GEX was positive for 9 of 22 trading days. Term structure was in contango for 16 of 22 days. Put/call ratio averaged 1.24.

Notable Days

2025-12-15: Highest Volume — 3,122,757 contracts
2025-12-18: Largest IV drop — 7.5% change
2025-12-08: Highest IV Rank — 7.8%
2025-12-01: Largest Expected Move — 6.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$250.86	$245.79	$257.97	$245.79	$246.41
Max Pain	$242.18	$235.00	$245.00	$235.00	$245.00
ATM IV	18.6%	16.5%	20.5%	20.5%	17.7%
Expected Move	5.4%	4.7%	6.4%	6.4%	4.9%
HV 20d	19.9%	13.9%	24.5%	24.5%	14.3%
HV 60d	20.0%	19.9%	20.3%	20.1%	20.1%
IV Rank	3.5%	0.0%	7.8%	7.7%	3.5%
IV Percentile	7.3%	0.0%	27.8%	26.2%	2.8%
Term Structure	0.3%	-0.4%	0.9%	0.0%	0.2%
VWIV	20.5%	17.1%	24.4%	24.4%	18.3%
Skew 25d	3.2%	2.6%	4.0%	4.0%	2.9%
Skew 10d	6.8%	5.6%	8.4%	8.1%	5.6%
Call IV 25d	17.5%	15.4%	19.4%	19.1%	16.4%
Put IV 25d	20.7%	18.0%	23.2%	23.2%	19.3%
Bid-Ask Spread %	2.01	1.18	4.59	1.55	1.33
Gamma HHI	0.04	0.03	0.08	0.03	0.04
Net GEX	-168.6M	-2.02B	1.67B	-740.2M	-2.02B
Net DEX	-16.28B	-39.44B	391.9M	-14.28B	391.9M
Net VEX	-253.6M	-270.3M	-237.8M	-270.3M	-242.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.24	0.29	1.85	1.47	1.54
Total Volume	1,442,889.955	591,015	3,122,757	1,497,247	894,161
Total OI	10,780,888.727	8,404,937	12,388,250	11,133,309	8,704,427

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 Vol	Put Vol	Call OI	Put OI
2025-12-01	$245.79	$235.00	20.5%	6.4%	24.5%	7.7%	24.4%	4.0%	0.0%	-740.2M	-14.28B	-270.3M	1.47	1.55	605,635	891,612	3,325,523	7,807,786
2025-12-02	$245.96	$235.00	19.9%	6.2%	24.4%	6.0%	23.3%	3.7%	-0.0%	-647.8M	-15.24B	-270.3M	1.12	1.52	511,522	572,484	3,349,767	7,932,745
2025-12-03	$249.63	$235.00	19.7%	6.2%	24.4%	5.3%	24.3%	3.2%	0.4%	401.5M	-23.65B	-257.9M	1.64	1.43	676,301	1,109,374	3,358,969	7,996,066
2025-12-04	$251.53	$238.00	19.8%	5.8%	24.2%	5.5%	21.7%	3.2%	0.4%	691.8M	-27.26B	-258.3M	1.84	1.98	722,708	1,327,504	3,428,697	8,133,246
2025-12-05	$250.89	$240.00	19.5%	5.8%	23.1%	4.8%	21.0%	3.0%	0.5%	-348.3M	-23.67B	-268.8M	1.05	2.07	733,005	766,611	3,444,705	8,372,572
2025-12-08	$251.08	$240.00	20.5%	6.0%	23.1%	7.8%	22.5%	3.5%	0.2%	-98.9M	-23.26B	-261.0M	1.17	1.78	636,019	744,332	3,397,095	8,307,499
2025-12-09	$251.76	$240.00	20.4%	5.9%	22.7%	7.4%	22.2%	3.5%	0.2%	285.0M	-24.26B	-262.5M	1.21	1.73	607,436	735,063	3,398,514	8,384,016
2025-12-10	$255.51	$240.00	19.3%	5.6%	23.1%	4.2%	21.7%	2.7%	0.4%	1.23B	-33.61B	-250.7M	1.23	2.19	880,504	1,082,960	3,467,195	8,460,466
2025-12-11	$257.97	$240.00	18.5%	5.4%	23.2%	1.8%	20.5%	2.6%	0.6%	1.67B	-39.44B	-244.1M	1.01	1.96	932,059	943,065	3,586,914	8,618,509
2025-12-12	$254.03	$245.00	18.8%	5.5%	20.9%	2.7%	20.8%	3.2%	0.6%	324.3M	-28.61B	-255.0M	1.36	2.13	785,721	1,065,181	3,667,211	8,721,039
2025-12-15	$252.28	$245.00	19.3%	5.6%	21.2%	4.1%	20.1%	3.5%	-0.3%	-6.3M	-22.66B	-261.9M	0.29	2.13	2,417,201	705,556	3,648,295	8,668,141
2025-12-16	$250.48	$245.00	18.8%	5.4%	19.6%	2.5%	20.9%	3.5%	-0.2%	-503.1M	-6.90B	-262.5M	1.59	1.88	611,637	975,223	3,174,952	8,733,749
2025-12-17	$247.28	$245.00	19.9%	5.7%	20.4%	5.8%	20.9%	3.9%	-0.4%	-1.34B	-1.24B	-253.9M	0.97	1.76	648,480	629,923	3,179,368	8,681,606
2025-12-18	$249.53	$245.00	18.4%	5.3%	20.5%	1.4%	20.8%	3.3%	-0.1%	-140.9M	-6.68B	-256.3M	1.17	3.44	618,376	724,580	3,212,928	8,737,956
2025-12-19	$250.49	$245.00	17.6%	5.1%	18.7%	0.0%	20.2%	3.0%	-0.1%	604.6M	-10.13B	-251.5M	1.85	1.52	440,853	814,096	3,232,665	8,797,347
2025-12-22	$253.62	$245.00	16.8%	4.8%	16.7%	0.0%	19.6%	2.8%	0.7%	435.0M	-14.40B	-242.4M	1.33	1.47	673,602	894,940	2,656,589	5,748,348
2025-12-23	$252.59	$245.00	16.6%	4.8%	16.2%	0.0%	17.5%	2.6%	0.7%	-310.0M	-12.03B	-239.4M	0.95	4.59	568,963	540,809	2,709,306	5,810,496
2025-12-24	$252.63	$245.00	16.5%	4.7%	14.4%	0.0%	17.9%	2.7%	0.8%	21.6M	-11.84B	-246.6M	0.83	1.53	323,287	267,728	2,737,555	5,853,553
2025-12-26	$251.47	$245.00	16.7%	4.7%	13.9%	0.6%	17.1%	2.6%	0.9%	-569.7M	-9.16B	-245.8M	0.81	1.55	472,988	385,083	2,729,492	5,852,780
2025-12-29	$249.68	$245.00	17.4%	4.9%	14.2%	2.7%	17.4%	3.2%	0.3%	-1.06B	-6.61B	-237.8M	1.38	1.18	356,308	490,619	2,689,364	5,847,964
2025-12-30	$248.28	$245.00	17.4%	4.8%	14.0%	2.7%	18.7%	2.9%	0.3%	-1.58B	-3.52B	-240.3M	1.51	3.60	382,160	577,910	2,704,387	5,909,750
2025-12-31	$246.41	$245.00	17.7%	4.9%	14.3%	3.5%	18.3%	2.9%	0.2%	-2.02B	391.9M	-242.9M	1.54	1.33	351,980	542,181	2,723,185	5,981,242