SPX Options History — December 2025

In December 2025, SPX traded between $6734.31 and $6933.73. ATM implied volatility averaged 12.5%, placing in the 6.9% IV rank vs the trailing year. The 30-day expected move averaged 3.6%. IV traded above realized volatility by 0.9% (HV 20d: 11.6%). Max pain ranged from $6200.00 to $6500.00. Net GEX was positive for 16 of 22 trading days. Term structure was in contango for 13 of 22 days. Put/call ratio averaged 1.17.

Notable Days

2025-12-12: Highest Volume — 4,910,722 contracts
2025-12-17: Largest IV spike — 10.5% change
2025-12-01: Highest IV Rank — 13.2%
2025-12-01: Largest Expected Move — 4.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$6856.10	$6734.31	$6933.73	$6821.27	$6860.86
Max Pain	$6342.50	$6200.00	$6500.00	$6200.00	$6500.00
ATM IV	12.5%	10.6%	14.4%	14.0%	12.5%
Expected Move	3.6%	3.0%	4.2%	4.2%	3.3%
HV 20d	11.6%	8.4%	14.9%	14.9%	8.8%
HV 60d	12.1%	11.8%	12.4%	11.9%	12.4%
IV Rank	6.9%	0.0%	13.2%	13.2%	5.3%
IV Percentile	22.3%	0.0%	57.1%	50.0%	19.4%
Term Structure	-0.0%	-0.4%	0.3%	0.0%	-0.2%
VWIV	13.9%	10.9%	16.5%	15.8%	11.7%
Skew 25d	4.2%	3.3%	4.9%	4.8%	3.9%
Skew 10d	9.2%	7.1%	10.9%	9.9%	8.8%
Call IV 25d	10.6%	9.3%	12.0%	12.0%	10.6%
Put IV 25d	14.9%	12.6%	16.9%	16.7%	14.5%
Bid-Ask Spread %	5.75	3.30	11.20	6.18	11.20
Gamma HHI	0.03	0.01	0.20	0.06	0.01
Net GEX	58.92B	-55.75B	341.09B	-14.27B	-34.60B
Net DEX	-2175.56B	-2860.79B	-1409.13B	-2451.26B	-1419.55B
Net VEX	-11.95B	-12.33B	-11.70B	-12.15B	-12.00B
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.17	0.99	1.27	1.19	1.27
Total Volume	3,685,860.545	2,179,399	4,910,722	3,831,123	3,569,150
Total OI	21,288,774	17,871,687	24,620,880	21,809,650	18,707,111

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	$6821.27	$6200.00	14.0%	4.2%	14.9%	13.2%	15.8%	4.8%	0.0%	-14.27B	-2451.26B	-12.15B	1.19	6.18	1,751,760	2,079,363	8,420,585	13,389,065
2025-12-02	$6838.64	$6225.00	13.6%	4.1%	14.9%	12.0%	14.9%	4.6%	0.0%	56.23B	-2546.07B	-12.04B	1.14	6.92	1,867,879	2,131,594	8,393,797	13,478,777
2025-12-03	$6859.50	$6250.00	13.1%	3.9%	14.5%	10.8%	13.9%	4.4%	-0.2%	74.88B	-2682.45B	-11.88B	1.21	7.08	1,549,624	1,869,690	8,490,981	13,670,468
2025-12-04	$6840.99	$6200.00	13.0%	4.0%	14.5%	10.5%	13.9%	4.3%	-0.2%	47.24B	-2569.67B	-11.97B	1.10	3.34	1,738,944	1,907,561	8,583,195	13,759,781
2025-12-05	$6868.52	$6225.00	12.3%	3.8%	13.7%	8.4%	14.9%	4.1%	0.1%	99.89B	-2730.48B	-11.79B	1.12	3.30	1,884,801	2,112,982	8,648,254	13,890,567
2025-12-08	$6836.95	$6250.00	13.5%	4.1%	13.8%	11.7%	16.0%	4.5%	0.1%	16.90B	-2472.18B	-12.09B	1.07	3.44	1,824,300	1,945,223	8,640,216	13,764,340
2025-12-09	$6845.38	$6250.00	13.4%	4.0%	12.4%	11.5%	16.1%	4.7%	0.3%	15.74B	-2517.73B	-12.06B	1.26	3.36	1,404,921	1,768,499	8,767,132	13,881,036
2025-12-10	$6897.04	$6250.00	12.7%	3.8%	12.7%	9.6%	14.9%	4.3%	-0.2%	74.38B	-2860.79B	-11.83B	1.22	4.23	1,473,515	1,794,388	8,814,410	14,054,924
2025-12-11	$6894.88	$6260.00	12.1%	3.6%	12.7%	5.9%	14.0%	4.2%	-0.2%	68.03B	-2848.80B	-11.83B	1.20	4.11	1,853,522	2,218,160	8,945,371	14,221,880
2025-12-12	$6823.12	$6300.00	12.4%	3.7%	11.8%	6.9%	13.9%	4.8%	0.3%	-5.82B	-2302.42B	-12.21B	1.24	5.59	2,195,298	2,715,424	9,068,582	14,390,447
2025-12-15	$6818.69	$6350.00	13.0%	3.8%	11.8%	8.5%	14.3%	4.8%	0.1%	-5.83B	-2288.98B	-11.97B	1.20	4.46	1,842,414	2,216,063	9,099,471	14,393,634
2025-12-16	$6807.27	$6400.00	13.0%	3.8%	10.8%	8.5%	13.8%	4.9%	0.3%	-7.49B	-2197.71B	-12.06B	1.16	4.85	2,118,112	2,446,878	9,230,201	14,540,642
2025-12-17	$6734.31	$6400.00	14.4%	4.1%	11.5%	12.4%	16.5%	4.9%	-0.4%	-55.75B	-1613.01B	-12.33B	1.11	4.70	2,165,299	2,413,788	9,387,195	14,839,470
2025-12-18	$6793.66	$6400.00	13.0%	3.8%	11.8%	6.5%	14.5%	4.6%	-0.3%	8.77B	-2143.49B	-12.10B	1.16	5.19	2,201,093	2,547,360	9,536,953	15,083,927
2025-12-19	$6829.74	$6400.00	11.9%	3.5%	10.4%	3.1%	13.6%	4.2%	-0.4%	41.38B	-1409.13B	-11.96B	1.26	5.18	1,612,665	2,024,330	6,746,353	11,396,182
2025-12-22	$6876.88	$6425.00	10.9%	3.2%	10.1%	0.2%	13.6%	3.9%	0.2%	91.15B	-1656.48B	-11.72B	1.20	5.25	1,486,194	1,785,414	6,757,139	11,114,548
2025-12-23	$6908.01	$6430.00	10.7%	3.1%	9.2%	0.0%	12.4%	3.6%	0.2%	341.09B	-1844.88B	-11.78B	1.15	5.23	1,536,395	1,768,496	6,886,510	11,332,381
2025-12-24	$6933.73	$6440.00	10.8%	3.0%	8.9%	0.2%	11.9%	3.5%	-0.1%	307.44B	-2054.62B	-11.96B	0.99	6.67	1,095,607	1,083,792	7,123,451	11,678,546
2025-12-26	$6932.34	$6450.00	10.6%	3.0%	8.4%	0.0%	10.9%	3.3%	0.2%	106.80B	-1877.84B	-11.76B	1.20	8.76	1,357,744	1,630,073	6,870,838	11,517,203
2025-12-29	$6908.25	$6450.00	11.3%	3.1%	8.5%	2.0%	11.9%	3.6%	0.3%	45.21B	-1712.83B	-11.70B	1.11	8.66	1,467,768	1,627,594	6,878,615	11,527,631
2025-12-30	$6904.12	$6480.00	11.8%	3.1%	8.5%	3.3%	11.7%	3.5%	0.2%	24.96B	-1662.03B	-11.72B	1.26	8.84	1,327,411	1,677,844	6,868,838	11,562,381
2025-12-31	$6860.86	$6500.00	12.5%	3.3%	8.8%	5.3%	11.7%	3.9%	-0.2%	-34.60B	-1419.55B	-12.00B	1.27	11.20	1,573,442	1,995,708	6,928,841	11,778,270