BULL Options History — December 2025

In December 2025, BULL traded between $7.69 and $10.27. ATM implied volatility averaged 64.5%, placing in the 2.9% IV rank vs the trailing year. The 30-day expected move averaged 18.5%. IV traded above realized volatility by 6.5% (HV 20d: 57.9%). Max pain ranged from $10.00 to $12.50. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 14 of 22 days. Put/call ratio averaged 0.27.

Notable Days

2025-12-09: Highest Volume — 231,416 contracts
2025-12-26: Largest IV drop — 7.1% change
2025-12-01: Highest IV Rank — 9.4%
2025-12-01: Largest Expected Move — 20.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$8.90	$7.69	$10.27	$9.23	$7.69
Max Pain	$11.48	$10.00	$12.50	$10.00	$10.00
ATM IV	64.5%	57.0%	71.2%	71.2%	57.0%
Expected Move	18.5%	15.3%	20.8%	20.8%	15.3%
HV 20d	57.9%	49.8%	63.8%	61.1%	50.6%
HV 60d	53.9%	52.6%	56.3%	53.4%	52.7%
IV Rank	2.9%	0.0%	9.4%	9.4%	0.0%
IV Percentile	1.7%	0.0%	6.3%	2.9%	0.0%
Term Structure	1.0%	-7.5%	5.0%	-0.1%	-1.9%
VWIV	73.5%	57.9%	85.3%	76.9%	57.9%
Skew 25d	-6.9%	-11.8%	-1.1%	-4.0%	-6.6%
Skew 10d	-12.5%	-39.6%	33.6%	-6.9%	-10.4%
Call IV 25d	70.5%	62.2%	77.0%	75.1%	62.9%
Put IV 25d	63.6%	55.3%	71.2%	71.2%	56.2%
Bid-Ask Spread %	18.76	6.26	47.42	18.43	30.28
Gamma HHI	0.15	0.11	0.19	0.17	0.11
Net GEX	3.6M	1.3M	9.4M	4.4M	1.4M
Net DEX	-101.0M	-260.5M	-26.5M	-145.8M	-26.5M
Net VEX	-1.6M	-2.1M	-1.2M	-1.9M	-1.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.27	0.09	0.95	0.19	0.48
Total Volume	78,848.864	44,959	231,416	82,806	92,549
Total OI	1,255,143.318	1,113,635	1,366,666	1,238,826	1,138,186

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	$9.23	$10.00	71.2%	20.8%	61.1%	9.4%	76.9%	-4.0%	-0.1%	4.4M	-145.8M	-1.9M	0.19	18.43	N/A	N/A	69,461	13,345	1,011,082	227,744
2025-12-02	$9.07	$10.00	68.6%	19.7%	60.3%	6.0%	74.3%	-5.9%	-2.1%	4.4M	-125.8M	-1.8M	0.15	10.41	N/A	N/A	69,415	10,498	1,032,819	233,041
2025-12-03	$9.18	$10.00	68.7%	19.9%	57.5%	6.1%	73.2%	-3.1%	-1.6%	4.3M	-130.1M	-1.8M	0.13	11.26	N/A	N/A	52,370	6,630	1,035,702	238,949
2025-12-04	$9.61	$12.50	66.3%	20.5%	59.9%	3.0%	80.3%	-5.6%	4.3%	5.9M	-188.4M	-1.9M	0.17	9.98	N/A	N/A	100,259	17,282	1,051,174	241,407
2025-12-05	$9.46	$12.50	64.7%	20.0%	59.5%	1.0%	82.4%	-5.8%	3.0%	4.7M	-161.7M	-1.9M	0.65	11.50	N/A	N/A	43,946	28,421	1,068,673	249,672
2025-12-08	$9.71	$12.50	69.2%	20.3%	60.2%	6.8%	84.0%	-8.1%	0.9%	5.2M	-172.7M	-1.9M	0.14	6.26	N/A	N/A	71,475	10,012	1,002,889	236,894
2025-12-09	$10.20	$12.50	68.4%	20.3%	62.2%	5.8%	84.2%	-8.0%	3.4%	7.1M	-244.1M	-2.1M	0.09	22.64	N/A	N/A	213,273	18,143	1,043,187	241,265
2025-12-10	$10.27	$12.50	70.1%	19.9%	61.8%	7.9%	80.3%	-5.5%	-2.5%	9.4M	-260.5M	-2.1M	0.20	20.70	N/A	N/A	48,224	9,849	1,115,134	247,349
2025-12-11	$9.79	$12.50	67.2%	20.1%	63.8%	4.2%	81.7%	-9.1%	3.8%	6.8M	-183.4M	-2.0M	0.15	20.49	N/A	N/A	54,042	8,241	1,116,153	250,513
2025-12-12	$9.23	$12.50	66.2%	19.9%	61.5%	2.9%	80.6%	-10.1%	5.0%	4.1M	-110.8M	-1.8M	0.42	24.35	N/A	N/A	74,908	31,785	1,116,199	250,456
2025-12-15	$8.64	$12.50	64.5%	18.4%	63.1%	0.7%	79.3%	-11.7%	2.4%	2.3M	-43.5M	-1.5M	0.22	10.18	N/A	N/A	74,235	16,612	1,033,340	237,650
2025-12-16	$8.55	$12.50	64.6%	18.5%	59.2%	0.8%	75.0%	-9.3%	0.3%	2.2M	-42.8M	-1.5M	0.18	22.21	N/A	N/A	44,110	7,945	1,046,082	246,627
2025-12-17	$8.41	$12.50	62.6%	18.0%	58.2%	0.0%	85.3%	-11.8%	4.8%	1.9M	-33.9M	-1.5M	0.30	23.38	N/A	N/A	57,872	17,553	1,054,249	245,212
2025-12-18	$8.38	$12.50	64.7%	18.4%	57.4%	2.6%	66.7%	-9.9%	1.9%	1.7M	-28.7M	-1.5M	0.48	23.12	N/A	N/A	37,647	18,162	1,074,922	247,828
2025-12-19	$8.48	$12.50	64.3%	18.1%	57.4%	2.1%	79.3%	-9.9%	2.2%	1.7M	-39.6M	-1.5M	0.16	12.53	N/A	N/A	62,012	9,668	1,078,040	246,634
2025-12-22	$8.75	$12.50	61.8%	17.4%	58.4%	0.0%	63.9%	-1.1%	2.7%	2.3M	-66.1M	-1.5M	0.11	18.49	N/A	N/A	67,280	7,471	951,482	206,818
2025-12-23	$8.50	$10.00	60.5%	16.6%	56.3%	0.0%	62.7%	-6.3%	2.8%	2.2M	-50.6M	-1.5M	0.15	47.42	N/A	N/A	39,084	5,875	974,564	207,555
2025-12-24	$8.43	$10.00	62.1%	16.6%	56.3%	2.0%	61.4%	-3.9%	-2.4%	2.1M	-52.9M	-1.5M	0.95	16.77	N/A	N/A	25,434	24,235	979,262	205,736
2025-12-26	$8.16	$10.00	57.6%	16.2%	49.8%	0.0%	63.5%	-7.5%	4.6%	1.5M	-43.3M	-1.3M	0.19	17.51	N/A	N/A	45,551	8,621	985,800	195,567
2025-12-29	$8.04	$10.00	60.0%	16.6%	49.9%	2.9%	62.8%	-5.7%	-2.7%	1.3M	-35.7M	-1.3M	0.19	17.81	N/A	N/A	60,757	11,835	926,175	187,460
2025-12-30	$7.94	$10.00	57.9%	15.8%	49.9%	0.3%	60.1%	-3.7%	-7.5%	1.4M	-34.7M	-1.3M	0.16	17.08	N/A	N/A	41,736	6,852	942,807	190,855
2025-12-31	$7.69	$10.00	57.0%	15.3%	50.6%	0.0%	57.9%	-6.6%	-1.9%	1.4M	-26.5M	-1.2M	0.48	30.28	N/A	N/A	62,690	29,859	948,958	189,228