SPY Options History — December 2025 In December 2025, SPY traded between $672.53 and $690.43. ATM implied volatility averaged 12.7%, placing in the 6.5% IV rank vs the trailing year. The 30-day expected move averaged 3.7%. IV traded above realized volatility by 1.2% (HV 20d: 11.5%). Max pain ranged from $650.00 to $670.00. Net GEX was positive for 13 of 22 trading days. Term structure was in contango for 20 of 22 days. Put/call ratio averaged 1.01.
Notable Days 2025-12-18 : Highest Volume — 13,070,025 contracts2025-12-08 : Largest IV spike — 9.4% change2025-12-01 : Highest IV Rank — 11.9%2025-12-01 : Largest Expected Move — 4.3%Monthly Statistics Metric Avg Min Max Open Close Price $683.84 $672.53 $690.43 $680.73 $683.35 Max Pain $657.32 $650.00 $670.00 $659.00 $670.00 ATM IV 12.7% 10.9% 14.3% 14.0% 12.6% Expected Move 3.7% 3.0% 4.3% 4.3% 3.4% HV 20d 11.5% 8.1% 15.0% 15.0% 8.5% HV 60d 12.1% 11.8% 12.3% 11.9% 12.3% IV Rank 6.5% 0.0% 11.9% 11.9% 4.8% IV Percentile 21.4% 0.0% 51.2% 46.0% 17.1% Term Structure 0.3% -0.1% 1.0% 0.1% 0.3% VWIV 14.6% 11.2% 18.4% 18.4% 13.1% Skew 25d 4.2% 3.3% 4.9% 4.8% 3.8% Skew 10d 9.7% 7.2% 12.4% 10.0% 8.8% Call IV 25d 10.9% 9.4% 12.3% 12.1% 10.7% Put IV 25d 15.2% 12.7% 17.3% 16.9% 14.5% Bid-Ask Spread % 2.21 1.85 2.74 1.98 2.30 Gamma HHI 0.04 0.02 0.12 0.02 0.04 Net GEX 4.75B -9.75B 27.17B -2.00B -6.88B Net DEX -62.46B -98.06B -5.48B -63.80B -25.78B Net VEX -765.4M -812.9M -732.7M -812.9M -753.8M Div Yield 0.0% 0.0% 0.0% 0.0% 0.0% P/C Ratio 1.01 0.78 1.51 1.01 0.97 Total Volume 8,723,459.591 4,851,370 13,070,025 9,022,462 7,190,439 Total OI 16,103,609.182 13,964,133 17,747,090 16,500,408 14,895,589
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 $680.73 $659.00 14.0% 4.3% 15.0% 11.9% 18.4% 4.8% 0.1% -2.00B -63.80B -812.9M 1.01 1.98 N/A N/A 4,495,734 4,526,728 5,154,933 11,345,475 2025-12-02 $682.52 $660.00 13.6% 4.2% 15.0% 10.8% 16.2% 4.5% 0.1% 5.40B -74.33B -808.1M 0.87 2.12 N/A N/A 5,282,090 4,574,681 5,262,850 11,546,698 2025-12-03 $684.50 $660.00 13.3% 4.0% 14.6% 10.0% 15.8% 4.4% 0.4% 8.38B -84.27B -792.0M 1.07 2.33 N/A N/A 3,989,982 4,267,872 5,314,778 11,597,581 2025-12-04 $682.80 $650.00 13.3% 3.9% 14.5% 9.8% 14.3% 4.2% 0.4% 2.99B -70.94B -794.7M 0.88 1.96 N/A N/A 4,858,099 4,298,290 5,388,691 11,669,037 2025-12-05 $685.61 $650.00 12.7% 3.9% 13.8% 8.1% 16.0% 4.0% 0.5% 11.56B -86.20B -801.2M 1.03 2.06 N/A N/A 4,742,671 4,897,256 5,447,458 11,831,274 2025-12-08 $682.64 $650.00 13.8% 4.0% 13.9% 11.4% 15.9% 4.7% 0.1% -2.72B -60.15B -776.2M 0.78 2.07 N/A N/A 4,984,639 3,877,296 5,286,985 10,939,608 2025-12-09 $683.39 $650.00 13.8% 4.0% 12.4% 11.4% 15.3% 4.6% 0.1% 2.70B -68.05B -777.3M 1.03 2.32 N/A N/A 3,724,540 3,819,862 5,433,278 10,949,862 2025-12-10 $688.52 $650.00 12.7% 3.8% 12.6% 8.3% 15.6% 4.3% 0.5% 9.53B -98.06B -756.2M 1.19 2.05 N/A N/A 3,434,294 4,096,949 5,464,491 10,995,333 2025-12-11 $688.34 $653.00 12.2% 3.6% 12.6% 5.9% 15.0% 4.1% 0.6% 7.65B -94.86B -752.9M 1.06 1.98 N/A N/A 4,260,309 4,520,377 5,550,561 11,232,205 2025-12-12 $681.27 $655.00 12.8% 3.8% 11.7% 7.6% 15.5% 4.8% 0.5% -6.40B -47.66B -760.3M 0.86 2.10 N/A N/A 5,845,758 5,003,867 5,627,533 11,370,141 2025-12-15 $680.88 $655.00 13.2% 3.8% 11.7% 8.7% 15.0% 4.9% -0.0% -998.3M -51.32B -751.4M 1.10 1.86 N/A N/A 4,686,570 5,164,033 5,709,859 10,120,089 2025-12-16 $679.80 $655.00 13.1% 3.8% 10.8% 7.9% 15.2% 4.7% 0.0% -3.24B -46.49B -747.7M 1.01 1.99 N/A N/A 5,404,212 5,468,739 5,803,431 10,831,715 2025-12-17 $672.53 $655.00 14.3% 4.1% 11.4% 11.2% 15.8% 4.9% -0.1% -9.75B -5.48B -777.0M 0.82 2.02 N/A N/A 5,736,124 4,678,745 6,068,535 11,049,557 2025-12-18 $678.38 $655.00 13.2% 3.8% 11.8% 6.3% 14.9% 4.6% 0.0% 5.43B -55.51B -768.2M 0.97 1.85 N/A N/A 6,641,217 6,428,808 6,484,926 11,262,164 2025-12-19 $679.98 $660.00 12.3% 3.5% 10.3% 3.3% 14.5% 4.2% 0.1% 14.53B -38.80B -758.4M 1.51 2.45 N/A N/A 3,532,630 5,323,219 5,919,643 11,635,265 2025-12-22 $684.80 $660.00 11.3% 3.2% 10.0% 0.4% 14.2% 3.9% 0.7% 12.57B -61.80B -740.3M 1.16 2.44 N/A N/A 3,752,201 4,341,792 5,057,627 8,906,506 2025-12-23 $687.91 $660.00 11.0% 3.1% 9.0% 0.0% 12.2% 3.8% 0.8% 21.93B -76.63B -744.5M 1.23 2.26 N/A N/A 3,401,226 4,193,527 5,178,948 9,093,197 2025-12-24 $690.43 $660.00 10.9% 3.1% 8.7% 0.0% 12.4% 3.5% 0.9% 27.17B -87.45B -749.9M 0.81 2.74 N/A N/A 2,674,652 2,176,718 5,231,374 9,450,943 2025-12-26 $690.38 $663.00 11.2% 3.0% 8.1% 0.7% 11.9% 3.3% 1.0% 12.73B -76.56B -732.7M 0.90 2.65 N/A N/A 3,817,659 3,445,310 5,210,506 9,527,358 2025-12-29 $688.04 $665.00 11.8% 3.1% 8.3% 2.4% 12.4% 3.7% 0.4% -2.33B -50.42B -740.7M 1.04 2.43 N/A N/A 3,691,520 3,850,851 5,184,748 9,519,825 2025-12-30 $687.59 $666.00 11.9% 3.1% 8.2% 2.7% 11.2% 3.5% 0.3% -3.78B -49.61B -743.5M 0.91 2.63 N/A N/A 3,571,962 3,242,663 5,163,618 9,565,207 2025-12-31 $683.35 $670.00 12.6% 3.4% 8.5% 4.8% 13.1% 3.8% 0.3% -6.88B -25.78B -753.8M 0.97 2.30 N/A N/A 3,643,356 3,547,083 5,218,636 9,676,953
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