BX Options History — December 2025

In December 2025, BX traded between $146.60 and $156.99. ATM implied volatility averaged 29.5%, placing in the 8.7% IV rank vs the trailing year. The 30-day expected move averaged 8.4%. IV traded above realized volatility by 5.6% (HV 20d: 23.9%). Max pain ranged from $145.00 to $150.00. Net GEX was positive for 11 of 22 trading days. Term structure was in contango for 14 of 22 days. Put/call ratio averaged 1.81.

Notable Days

2025-12-19: Highest Volume — 20,681 contracts
2025-12-10: Largest IV drop — 6.9% change
2025-12-01: Highest IV Rank — 14.8%
2025-12-02: Largest Expected Move — 9.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$153.09	$146.60	$156.99	$146.60	$154.50
Max Pain	$147.50	$145.00	$150.00	$150.00	$150.00
ATM IV	29.5%	27.7%	31.0%	30.8%	30.9%
Expected Move	8.4%	7.6%	9.3%	9.2%	7.6%
HV 20d	23.9%	21.9%	27.6%	23.8%	22.1%
HV 60d	28.8%	27.3%	30.4%	29.9%	27.3%
IV Rank	8.7%	3.2%	14.8%	14.8%	9.6%
IV Percentile	20.8%	5.2%	33.3%	32.1%	32.9%
Term Structure	0.7%	-1.9%	3.8%	0.1%	-0.1%
VWIV	29.8%	27.3%	32.9%	32.1%	29.6%
Skew 25d	3.9%	2.6%	7.6%	5.2%	3.7%
Skew 10d	9.5%	4.9%	18.2%	9.2%	18.2%
Call IV 25d	27.7%	25.7%	30.7%	27.7%	29.1%
Put IV 25d	31.7%	28.8%	35.8%	32.8%	32.8%
Bid-Ask Spread %	52.60	36.74	65.24	39.03	42.10
Gamma HHI	0.08	0.06	0.18	0.06	0.07
Net GEX	1.2M	-16.5M	18.7M	-7.0M	-6.0M
Net DEX	-52.7M	-274.3M	189.7M	189.7M	-16.0M
Net VEX	-7.3M	-7.6M	-6.9M	-7.3M	-6.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.81	0.23	6.62	0.87	6.62
Total Volume	11,578.818	6,439	20,681	7,823	10,309
Total OI	333,357.091	303,043	360,132	325,403	307,606

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	$146.60	$150.00	30.8%	9.2%	23.8%	14.8%	32.1%	5.2%	0.1%	-7.0M	189.7M	-7.3M	0.87	39.03	N/A	N/A	4,176	3,647	131,222	194,181
2025-12-02	$147.34	$150.00	30.5%	9.3%	22.9%	14.2%	32.9%	4.0%	1.1%	-5.8M	163.1M	-7.4M	2.18	41.40	N/A	N/A	2,287	4,988	133,855	197,823
2025-12-03	$151.77	$150.00	29.5%	8.9%	24.9%	12.4%	31.9%	3.4%	0.5%	34.6K	-25.1M	-7.6M	0.54	42.90	N/A	N/A	8,586	4,599	134,873	199,072
2025-12-04	$151.06	$145.00	29.3%	8.7%	25.0%	12.1%	29.6%	3.1%	1.2%	2.5M	-35.5M	-7.6M	1.61	61.31	N/A	N/A	3,451	5,553	140,888	200,002
2025-12-05	$152.06	$145.00	28.6%	8.6%	24.7%	10.7%	28.3%	3.4%	0.7%	5.5M	-87.0M	-7.4M	1.03	64.09	N/A	N/A	5,929	6,079	141,089	200,329
2025-12-08	$151.32	$145.00	29.9%	9.0%	24.1%	13.0%	30.2%	3.4%	1.3%	-934.2K	-11.3M	-7.4M	4.38	62.15	N/A	N/A	3,266	14,305	138,387	199,342
2025-12-09	$156.99	$145.00	31.0%	9.0%	26.8%	13.1%	31.4%	7.6%	-0.0%	3.9M	-274.3M	-7.6M	1.57	60.47	N/A	N/A	7,303	11,443	139,507	209,214
2025-12-10	$156.97	$145.00	28.9%	8.5%	26.8%	9.0%	29.1%	2.8%	0.2%	4.0M	-256.5M	-7.5M	1.11	62.03	N/A	N/A	4,883	5,413	140,248	215,789
2025-12-11	$154.53	$145.00	28.4%	8.4%	27.6%	5.7%	30.0%	4.6%	0.9%	4.8M	-157.0M	-7.4M	1.06	65.24	N/A	N/A	4,647	4,937	141,443	215,409
2025-12-12	$150.81	$145.00	29.1%	8.4%	25.4%	6.2%	30.4%	3.6%	0.3%	-16.5M	55.1M	-7.3M	1.81	59.26	N/A	N/A	4,668	8,448	143,816	216,316
2025-12-15	$150.65	$145.00	31.0%	8.8%	25.1%	9.9%	30.5%	4.3%	-0.3%	-7.3M	46.2M	-7.2M	2.34	60.00	N/A	N/A	3,222	7,553	140,339	203,133
2025-12-16	$151.79	$145.00	30.6%	8.8%	23.6%	9.1%	31.4%	4.0%	-0.8%	-6.4M	12.4M	-7.3M	1.01	57.65	N/A	N/A	3,204	3,235	141,084	207,063
2025-12-17	$153.01	$145.00	30.4%	8.7%	22.9%	8.8%	31.3%	4.5%	-0.8%	-2.3M	-64.0M	-7.3M	0.74	57.24	N/A	N/A	4,644	3,434	142,101	207,944
2025-12-18	$153.98	$145.00	29.0%	8.3%	22.9%	5.9%	29.9%	4.4%	-0.2%	2.1M	-116.8M	-7.3M	2.56	55.78	N/A	N/A	4,408	11,292	143,157	208,563
2025-12-19	$152.54	$150.00	27.9%	8.0%	23.5%	3.6%	27.9%	4.0%	0.1%	-325.6K	-31.8M	-7.2M	0.23	57.14	N/A	N/A	16,862	3,819	143,455	209,564
2025-12-22	$155.55	$150.00	27.9%	8.1%	22.4%	3.6%	28.4%	3.7%	3.4%	15.1M	-133.6M	-7.1M	0.28	48.95	N/A	N/A	14,628	4,157	126,759	176,934
2025-12-23	$155.40	$150.00	27.8%	8.1%	22.3%	3.5%	29.9%	3.7%	3.1%	16.5M	-120.2M	-7.2M	1.84	47.08	N/A	N/A	3,172	5,834	128,489	178,804
2025-12-24	$155.35	$150.00	27.7%	8.0%	22.2%	3.2%	27.6%	2.9%	3.0%	18.7M	-107.8M	-7.1M	1.28	45.23	N/A	N/A	4,242	5,410	130,499	182,497
2025-12-26	$155.45	$150.00	28.5%	7.7%	21.9%	4.9%	27.3%	4.5%	3.8%	14.9M	-100.9M	-6.9M	2.15	51.38	N/A	N/A	3,136	6,748	130,781	183,166
2025-12-29	$155.31	$150.00	30.3%	7.8%	22.0%	8.5%	28.2%	2.6%	-0.9%	-3.8M	-54.9M	-7.0M	2.13	40.10	N/A	N/A	2,753	5,874	118,882	184,161
2025-12-30	$154.93	$150.00	30.4%	7.7%	22.1%	8.8%	28.2%	3.1%	-1.9%	-4.9M	-32.6M	-7.0M	2.52	36.74	N/A	N/A	2,328	5,862	119,844	186,226
2025-12-31	$154.50	$150.00	30.9%	7.6%	22.1%	9.6%	29.6%	3.7%	-0.1%	-6.0M	-16.0M	-6.9M	6.62	42.10	N/A	N/A	1,353	8,956	120,692	186,914