MUB Options History — December 2025

In December 2025, MUB traded between $106.69 and $107.13. ATM implied volatility averaged 4.4%, placing in the 5.7% IV rank vs the trailing year. The 30-day expected move averaged 1.2%. IV traded above realized volatility by 2.0% (HV 20d: 2.5%). Max pain ranged from $106.00 to $107.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 18 of 22 days. Put/call ratio averaged 2.99.

Notable Days

  • 2025-12-09: Highest Volume — 11,617 contracts
  • 2025-12-10: Largest IV drop — 25.0% change
  • 2025-12-09: Highest IV Rank — 10.7%
  • 2025-12-01: Largest Expected Move — 1.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$106.90$106.69$107.13$106.88$107.13
Max Pain$106.14$106.00$107.00$107.00$106.00
ATM IV4.4%3.3%6.1%5.3%3.3%
Expected Move1.2%0.9%1.5%1.5%0.9%
HV 20d2.5%1.6%3.2%3.2%1.6%
HV 60d2.3%2.2%2.8%2.8%2.3%
IV Rank5.7%2.4%10.7%8.2%2.4%
IV Percentile19.2%1.2%74.2%42.5%1.2%
Term Structure0.5%-0.8%2.8%-0.3%0.2%
VWIV4.5%3.4%5.5%5.3%3.7%
Skew 25d0.8%-0.4%8.3%0.4%-0.4%
Skew 10d1.4%-1.0%5.4%0.2%1.4%
Call IV 25d4.2%2.4%5.2%5.0%3.8%
Put IV 25d5.1%3.5%13.6%5.4%3.5%
Bid-Ask Spread %20.759.2188.4827.9813.69
Gamma HHI0.390.320.610.320.42
Net GEX64.6M30.5M196.3M48.2M57.6M
Net DEX-119.6M-160.6M-94.3M-121.1M-152.1M
Net VEX-654.8K-908.0K-340.5K-908.0K-340.5K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.990.0034.000.002.69
Total Volume1,566.1361911,617858118
Total OI69,725.31859,63476,76474,80160,029

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-12-01$106.88$107.005.3%1.5%3.2%8.2%5.3%0.4%-0.3%48.2M-121.1M-908.0K0.0027.98856244,60230,199
2025-12-02$106.81$107.005.2%1.5%2.9%7.9%5.3%8.3%-0.8%47.0M-103.1M-871.2K0.5222.29623244,27330,199
2025-12-03$106.90$107.004.8%1.4%2.9%6.9%4.9%0.0%-0.4%53.7M-119.4M-845.7K0.4411.351245544,32330,214
2025-12-04$106.84$106.005.1%1.2%2.8%7.7%4.6%0.4%0.7%49.8M-107.5M-856.1K0.2625.84812144,41030,257
2025-12-05$106.87$106.005.3%1.3%2.7%8.2%4.5%0.4%0.5%52.6M-109.7M-828.2K0.0120.082,0001244,46330,272
2025-12-08$106.88$106.005.9%1.3%2.7%10.2%4.7%0.5%0.3%57.6M-117.5M-799.9K0.5821.1012745,18930,283
2025-12-09$106.81$106.006.1%1.4%2.7%10.7%3.8%0.6%0.5%57.9M-129.6M-807.7K0.0032.3711,5803745,19030,255
2025-12-10$106.91$106.004.6%1.3%2.5%6.2%4.8%-0.1%0.2%70.8M-142.9M-773.9K0.1288.482,62632743,61130,291
2025-12-11$106.94$106.004.3%1.2%2.4%5.2%4.5%0.5%0.6%94.5M-160.6M-767.5K0.0117.892,5013146,13430,610
2025-12-12$106.84$106.004.5%1.3%2.4%6.0%4.6%0.3%2.8%91.6M-135.3M-752.4K0.1512.63681046,13530,629
2025-12-15$106.84$106.004.5%1.3%2.3%6.1%4.4%0.3%0.6%75.1M-102.3M-693.7K0.0016.387,903243,69530,756
2025-12-16$106.97$106.004.3%1.2%2.3%5.2%4.4%0.4%0.3%68.3M-108.5M-633.9K0.0015.7987038,81730,756
2025-12-17$106.97$106.004.2%1.2%2.3%5.0%5.1%1.1%0.4%83.7M-103.2M-602.4K0.2614.05461238,87830,756
2025-12-18$107.03$106.004.4%1.2%2.2%5.5%5.4%0.4%0.2%196.3M-126.5M-595.7K34.0013.8126838,92430,758
2025-12-19$106.69$106.004.0%1.1%2.5%4.3%3.9%0.9%0.6%70.1M-97.7M-592.0K18.8018.2659438,63130,798
2025-12-22$106.72$106.003.9%1.1%2.5%4.1%5.5%0.2%0.3%30.5M-94.3M-542.6K2.1617.50255433,26430,163
2025-12-23$106.84$106.003.5%1.0%2.5%2.9%3.5%0.8%1.3%37.6M-110.0M-472.5K0.3122.36321033,28430,205
2025-12-24$106.95$106.003.6%1.0%2.5%3.1%3.4%0.6%1.0%51.2M-129.3M-484.4K0.0011.904,2551033,30830,140
2025-12-26$106.91$106.003.6%1.0%2.5%3.2%4.3%1.7%0.6%36.9M-110.4M-446.7K3.309.21206629,49530,139
2025-12-29$107.03$106.003.5%1.0%2.5%2.9%3.5%0.2%0.4%44.4M-119.2M-408.2K0.0213.991,0491629,51530,185
2025-12-30$107.12$106.003.9%1.1%1.6%4.1%4.0%0.5%-0.1%46.3M-131.2M-383.1K2.119.48449329,72930,193
2025-12-31$107.13$106.003.3%0.9%1.6%2.4%3.7%-0.4%0.2%57.6M-152.1M-340.5K2.6913.69328629,74830,281