LQD Options History — December 2025

In December 2025, LQD traded between $110.13 and $111.19. ATM implied volatility averaged 5.7%, placing in the 4.3% IV rank vs the trailing year. The 30-day expected move averaged 1.7%. IV traded above realized volatility by 0.4% (HV 20d: 5.3%). Max pain ranged from $111.00 to $111.00. Net GEX was positive for 0 of 22 trading days. Term structure was in contango for 16 of 22 days. Put/call ratio averaged 5.57.

Notable Days

2025-12-15: Highest Volume — 236,831 contracts
2025-12-16: Largest IV drop — 10.8% change
2025-12-01: Highest IV Rank — 12.7%
2025-12-02: Largest Expected Move — 2.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$110.61	$110.13	$111.19	$110.87	$110.27
Max Pain	$111.00	$111.00	$111.00	$111.00	$111.00
ATM IV	5.7%	4.9%	6.7%	6.7%	5.4%
Expected Move	1.7%	1.3%	2.2%	2.2%	1.5%
HV 20d	5.3%	4.3%	5.9%	5.9%	4.4%
HV 60d	4.7%	4.5%	4.9%	4.8%	4.8%
IV Rank	4.3%	0.0%	12.7%	12.7%	4.1%
IV Percentile	3.6%	0.0%	15.9%	15.9%	3.2%
Term Structure	0.1%	-0.3%	0.6%	0.0%	0.5%
VWIV	6.0%	4.6%	8.1%	7.4%	5.2%
Skew 25d	0.9%	0.5%	1.3%	1.3%	0.9%
Skew 10d	2.2%	1.0%	3.7%	3.1%	1.8%
Call IV 25d	5.4%	4.5%	6.3%	6.3%	5.0%
Put IV 25d	6.3%	5.3%	7.6%	7.6%	5.9%
Bid-Ask Spread %	25.13	2.24	91.34	12.81	91.34
Gamma HHI	0.17	0.13	0.35	0.13	0.15
Net GEX	-389.8M	-983.0M	-126.3M	-293.4M	-369.4M
Net DEX	795.1M	271.9M	1.34B	711.4M	747.6M
Net VEX	-8.1M	-9.7M	-6.8M	-7.0M	-8.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	5.57	0.12	39.92	0.89	0.30
Total Volume	61,528.909	3,723	236,831	9,711	58,445
Total OI	1,316,710.727	1,117,402	1,715,472	1,117,402	1,276,331

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	$110.87	$111.00	6.7%	2.2%	5.9%	12.7%	7.4%	1.3%	0.0%	-293.4M	711.4M	-7.0M	0.89	12.81	5,147	4,564	336,736	780,666
2025-12-02	$110.94	$111.00	6.5%	2.2%	5.3%	11.1%	8.1%	1.3%	0.0%	-314.9M	692.3M	-7.0M	1.39	11.94	60,473	84,005	338,986	783,932
2025-12-03	$111.19	$111.00	6.2%	2.1%	5.4%	8.3%	7.4%	1.2%	-0.0%	-126.3M	271.9M	-7.2M	3.02	3.07	5,334	16,118	385,821	807,761
2025-12-04	$110.91	$111.00	6.1%	1.7%	5.3%	6.9%	6.7%	1.1%	0.0%	-332.3M	514.9M	-6.9M	9.66	10.46	5,845	56,483	391,278	812,973
2025-12-05	$110.84	$111.00	6.0%	1.7%	5.1%	5.7%	7.0%	1.0%	0.1%	-412.5M	722.2M	-7.4M	39.92	8.27	2,039	81,399	395,898	868,565
2025-12-08	$110.59	$111.00	6.3%	1.8%	5.1%	9.2%	6.1%	1.3%	-0.1%	-311.1M	788.9M	-7.0M	0.38	11.40	26,840	10,252	386,461	794,523
2025-12-09	$110.52	$111.00	6.4%	1.8%	5.1%	9.4%	6.5%	1.0%	-0.1%	-297.6M	800.9M	-7.4M	9.06	9.81	5,551	50,304	407,955	801,349
2025-12-10	$111.00	$111.00	5.9%	1.7%	5.1%	4.8%	6.2%	0.6%	-0.1%	-159.6M	431.6M	-7.2M	5.84	7.95	5,143	30,019	414,047	853,949
2025-12-11	$110.84	$111.00	5.6%	1.6%	5.1%	2.2%	5.8%	0.5%	0.1%	-260.5M	515.0M	-6.8M	2.76	9.32	10,404	28,749	417,984	870,768
2025-12-12	$110.20	$111.00	5.9%	1.7%	5.3%	5.2%	6.0%	0.6%	0.3%	-614.4M	1.27B	-7.1M	16.15	13.63	7,976	128,825	420,597	887,380
2025-12-15	$110.31	$111.00	6.0%	1.8%	5.2%	6.2%	7.0%	0.7%	-0.3%	-682.1M	1.25B	-7.4M	1.29	9.43	103,636	133,195	416,067	955,881
2025-12-16	$110.53	$111.00	5.4%	1.5%	5.3%	0.0%	6.6%	0.8%	0.3%	-774.2M	1.15B	-9.0M	3.85	8.39	2,446	9,418	515,602	1,090,724
2025-12-17	$110.44	$111.00	5.4%	1.6%	5.3%	0.3%	5.9%	0.9%	-0.1%	-747.2M	1.30B	-8.6M	15.06	12.10	12,835	193,350	515,739	1,116,733
2025-12-18	$110.82	$111.00	5.1%	1.5%	5.4%	0.0%	5.8%	0.7%	0.0%	-316.2M	781.3M	-8.4M	2.47	10.04	14,693	36,343	518,356	1,169,374
2025-12-19	$110.16	$111.00	5.3%	1.5%	5.8%	1.1%	5.6%	0.9%	0.1%	-983.0M	1.34B	-9.7M	0.91	2.24	42,442	38,672	514,022	1,201,450
2025-12-22	$110.13	$111.00	5.3%	1.5%	5.7%	1.9%	4.9%	0.9%	0.2%	-424.8M	1.03B	-9.7M	0.12	45.37	3,900	472	353,084	892,822
2025-12-23	$110.25	$111.00	5.4%	1.5%	5.5%	2.1%	5.5%	1.1%	0.2%	-353.8M	937.5M	-9.7M	2.33	50.04	1,552	3,616	356,313	892,980
2025-12-24	$110.56	$111.00	5.0%	1.4%	5.5%	0.0%	4.8%	0.9%	0.2%	-233.9M	707.0M	-9.6M	3.24	52.70	1,209	3,912	357,374	898,558
2025-12-26	$110.66	$111.00	4.9%	1.3%	5.3%	0.0%	4.6%	0.8%	0.1%	-199.2M	505.3M	-8.8M	1.04	51.87	1,827	1,896	358,370	897,179
2025-12-29	$110.75	$111.00	5.2%	1.4%	5.3%	2.4%	4.6%	1.0%	0.6%	-223.1M	514.2M	-8.2M	0.76	60.69	20,880	15,787	356,758	886,904
2025-12-30	$110.66	$111.00	5.1%	1.5%	4.3%	1.2%	5.0%	0.8%	0.5%	-146.4M	502.3M	-8.4M	2.17	59.90	8,721	18,919	367,387	901,999
2025-12-31	$110.27	$111.00	5.4%	1.5%	4.4%	4.1%	5.2%	0.9%	0.5%	-369.4M	747.6M	-8.5M	0.30	91.34	45,027	13,418	376,044	900,287