BHE Options History — December 2025

In December 2025, BHE traded between $42.67 and $49.50. ATM implied volatility averaged 40.6%, placing in the 12.6% IV rank vs the trailing year. The 30-day expected move averaged 11.9%. IV traded above realized volatility by 7.9% (HV 20d: 32.7%). Max pain ranged from $40.00 to $40.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 4 of 22 days. Put/call ratio averaged 2.10.

Notable Days

  • 2025-12-10: Highest Volume — 65 contracts
  • 2025-12-05: Largest IV spike — 59.1% change
  • 2025-12-30: Highest IV Rank — 24.5%
  • 2025-12-30: Largest Expected Move — 16.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$45.82$42.67$49.50$45.00$42.67
Max Pain$40.00$40.00$40.00$40.00$40.00
ATM IV40.6%20.1%56.7%48.4%55.4%
Expected Move11.9%5.7%16.3%13.9%15.9%
HV 20d32.7%27.2%43.4%43.3%30.1%
HV 60d36.0%34.8%37.4%35.6%36.8%
IV Rank12.6%0.0%24.5%15.8%23.6%
IV Percentile27.3%0.0%62.3%40.5%57.1%
Term Structure-7.4%-18.9%11.7%-5.1%-18.3%
VWIV25.7%21.6%29.7%27.0%29.7%
Skew 25d29.4%-21.5%125.3%125.3%9.3%
Skew 10d36.1%-34.1%182.0%182.0%31.9%
Call IV 25d36.1%26.8%47.8%43.2%47.8%
Put IV 25d65.6%20.3%168.6%168.6%57.2%
Bid-Ask Spread %117.20109.56128.64114.73127.99
Gamma HHI0.440.260.800.300.30
Net GEX21.8K2.7K74.7K4.5K2.7K
Net DEX-390.8K-928.1K-90.1K-264.2K-90.1K
Net VEX-2.5K-3.2K-1.6K-1.9K-2.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.100.0031.500.500.50
Total Volume15.864065318
Total OI587.818405707405649

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-12-01$45.00$40.0048.4%13.9%43.3%15.8%0.0%125.3%-5.1%4.5K-264.2K-1.9K0.50114.73N/AN/A21184221
2025-12-02$45.74$40.0055.4%15.9%43.4%20.6%0.0%43.8%-5.4%8.9K-302.7K-2.0K2.00114.27N/AN/A12186222
2025-12-03$46.50$40.0056.6%16.2%43.3%21.4%0.0%109.1%-18.9%7.1K-362.2K-1.6K0.05118.42N/AN/A402187224
2025-12-04$46.81$40.0026.0%11.0%35.1%0.2%27.0%23.8%-7.2%17.6K-416.0K-2.0K0.04116.70N/AN/A542227224
2025-12-05$47.04$40.0041.4%8.6%34.2%10.9%27.9%7.6%-1.0%23.6K-550.4K-1.7K0.33109.56N/AN/A31276226
2025-12-08$47.41$40.0033.4%12.2%30.4%5.3%0.0%46.6%-9.5%20.3K-561.4K-1.8K0.00116.75N/AN/A00279226
2025-12-09$47.36$40.0032.6%12.1%29.7%4.7%25.1%22.9%-8.7%30.0K-525.8K-2.1K0.00116.68N/AN/A530279226
2025-12-10$49.50$40.0022.7%6.5%33.2%0.0%21.6%-21.5%8.9%64.3K-928.1K-2.4K31.50109.83N/AN/A263332226
2025-12-11$49.08$40.0020.1%5.7%33.3%0.0%0.0%-12.7%11.7%74.7K-862.7K-2.9K0.00111.99N/AN/A30333289
2025-12-12$47.76$40.0021.5%6.2%27.2%1.0%22.6%17.8%4.8%42.4K-585.8K-2.7K0.02112.30N/AN/A531334289
2025-12-15$47.41$40.0032.1%9.2%27.5%8.0%0.0%-1.7%-2.1%40.8K-599.4K-3.1K0.00111.76N/AN/A00387290
2025-12-16$45.76$40.0035.3%10.1%30.0%10.2%0.0%16.3%-12.6%23.6K-414.5K-2.8K0.00118.84N/AN/A10387290
2025-12-17$44.03$40.0040.0%11.5%33.5%13.4%0.0%13.6%-18.9%9.8K-157.4K-2.8K0.00113.09N/AN/A280388290
2025-12-18$44.10$40.0041.2%11.8%33.5%14.1%29.7%15.9%-11.4%13.4K-199.6K-2.9K2.00113.74N/AN/A12416290
2025-12-19$44.41$40.0043.4%12.4%32.4%15.6%0.0%19.9%-8.3%18.3K-332.5K-3.2K0.00115.11N/AN/A20417290
2025-12-22$44.62$40.0030.0%8.6%31.3%6.7%0.0%29.9%9.0%15.6K-186.1K-2.8K0.00113.24N/AN/A00350286
2025-12-23$44.86$40.0038.4%11.0%30.4%12.3%0.0%23.4%-10.8%13.2K-203.6K-2.6K0.00115.00N/AN/A10350286
2025-12-24$45.00$40.0054.3%15.6%29.8%22.9%0.0%15.0%-17.5%14.6K-323.4K-2.6K3.00125.11N/AN/A26351286
2025-12-26$44.81$40.0053.1%15.2%29.4%22.1%0.0%32.3%-14.1%11.3K-240.5K-2.5K0.00126.25N/AN/A10353292
2025-12-29$44.52$40.0054.9%15.8%29.1%23.3%0.0%57.0%-14.2%10.5K-284.3K-2.7K0.00128.35N/AN/A20354292
2025-12-30$43.70$40.0056.7%16.3%29.8%24.5%0.0%53.8%-13.1%12.3K-207.4K-3.0K0.00128.64N/AN/A20356292
2025-12-31$42.67$40.0055.4%15.9%30.1%23.6%0.0%9.3%-18.3%2.7K-90.1K-2.7K0.50127.99N/AN/A126357292