C Options History — November 2025

In November 2025, C traded between $97.66 and $103.81. ATM implied volatility averaged 31.1%, placing in the 21.9% IV rank vs the trailing year. The 30-day expected move averaged 9.1%. IV traded above realized volatility by 6.3% (HV 20d: 24.8%). Max pain ranged from $92.50 to $97.50. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 4 of 19 days. Put/call ratio averaged 0.71.

Notable Days

2025-11-07: Highest Volume — 111,560 contracts
2025-11-17: Largest IV spike — 8.2% change
2025-11-20: Highest IV Rank — 30.5%
2025-11-20: Largest Expected Move — 10.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$100.74	$97.66	$103.81	$101.60	$103.81
Max Pain	$95.13	$92.50	$97.50	$97.50	$95.00
ATM IV	31.1%	26.9%	35.4%	29.4%	26.9%
Expected Move	9.1%	8.1%	10.2%	8.9%	8.1%
HV 20d	24.8%	22.2%	28.4%	28.4%	22.2%
HV 60d	23.2%	22.5%	23.8%	23.2%	23.3%
IV Rank	21.9%	13.4%	30.5%	18.5%	13.4%
IV Percentile	71.2%	36.9%	89.3%	62.3%	36.9%
Term Structure	-0.7%	-3.8%	1.3%	-3.8%	0.4%
VWIV	31.5%	28.7%	36.0%	31.9%	28.7%
Skew 25d	4.4%	2.9%	6.2%	4.0%	5.5%
Skew 10d	8.4%	0.1%	12.6%	8.6%	10.0%
Call IV 25d	29.0%	24.3%	33.2%	28.1%	24.3%
Put IV 25d	33.4%	29.8%	38.3%	32.1%	29.8%
Bid-Ask Spread %	28.82	16.64	44.85	16.64	31.20
Gamma HHI	0.12	0.09	0.15	0.14	0.13
Net GEX	87.9M	41.8M	123.8M	90.8M	116.7M
Net DEX	-3.78B	-4.62B	-3.02B	-3.95B	-4.62B
Net VEX	-20.9M	-21.6M	-19.6M	-21.6M	-19.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.71	0.33	2.05	0.55	0.59
Total Volume	62,066.263	31,427	111,560	68,752	39,358
Total OI	1,649,182.579	1,557,910	1,718,926	1,599,350	1,628,933

Daily Data (19 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
2025-11-03	$101.60	$97.50	29.4%	8.9%	28.4%	18.5%	31.9%	4.0%	-3.8%	90.8M	-3.95B	-21.6M	0.55	16.64	44,283	24,469	781,765	817,585
2025-11-04	$101.27	$97.50	31.0%	9.4%	28.4%	21.8%	31.8%	4.4%	-0.8%	88.2M	-3.92B	-21.4M	0.91	20.10	30,172	27,499	792,841	829,426
2025-11-05	$102.17	$97.50	30.6%	9.0%	28.2%	21.0%	31.7%	4.5%	-0.8%	96.6M	-4.15B	-21.3M	1.12	18.63	22,101	24,698	793,670	834,085
2025-11-06	$101.19	$92.50	30.7%	9.1%	28.2%	21.1%	32.0%	3.6%	-0.9%	88.5M	-3.94B	-21.0M	0.89	30.28	27,632	24,625	798,865	839,163
2025-11-07	$100.23	$92.50	31.1%	9.0%	27.6%	21.9%	30.3%	3.7%	-0.2%	80.0M	-3.57B	-21.4M	0.44	36.77	77,683	33,877	802,707	845,179
2025-11-10	$101.69	$95.00	30.0%	8.9%	26.8%	19.7%	31.0%	4.0%	1.0%	102.0M	-4.08B	-21.0M	0.68	24.91	32,483	22,095	815,237	827,585
2025-11-11	$100.88	$95.00	29.1%	8.5%	24.7%	17.9%	29.5%	3.2%	1.3%	99.3M	-3.86B	-20.9M	0.37	21.15	22,950	8,477	820,620	832,268
2025-11-12	$103.00	$95.00	29.1%	8.2%	25.7%	17.9%	29.0%	3.0%	-0.3%	123.8M	-4.45B	-20.8M	0.33	28.13	79,037	26,256	822,806	835,250
2025-11-13	$100.67	$95.00	31.3%	9.0%	23.4%	22.3%	30.6%	2.9%	0.1%	98.6M	-3.86B	-21.2M	0.52	28.34	36,931	19,345	848,956	842,778
2025-11-14	$100.29	$95.00	31.2%	8.9%	22.8%	22.2%	30.5%	3.7%	-0.0%	103.6M	-3.71B	-21.1M	0.54	22.65	46,715	25,277	859,277	847,111
2025-11-17	$97.93	$95.00	33.8%	9.7%	23.6%	27.3%	32.4%	4.2%	-2.3%	59.1M	-3.09B	-21.3M	0.55	44.85	31,625	17,337	841,081	832,079
2025-11-18	$98.59	$95.00	34.6%	9.9%	23.6%	29.1%	34.2%	4.4%	-1.7%	67.2M	-3.29B	-21.4M	0.70	40.81	33,493	23,510	848,929	837,062
2025-11-19	$99.94	$95.00	33.5%	9.6%	22.8%	26.8%	33.5%	5.5%	-1.2%	82.9M	-3.58B	-21.2M	2.05	39.38	16,949	34,714	851,095	848,534
2025-11-20	$97.66	$95.00	35.4%	10.2%	24.5%	30.5%	36.0%	5.1%	-1.2%	41.8M	-3.02B	-20.7M	0.92	40.95	35,395	32,695	853,761	858,322
2025-11-21	$98.69	$95.00	33.0%	9.6%	23.1%	25.8%	34.2%	5.2%	-1.2%	60.9M	-3.15B	-21.1M	0.78	34.50	41,262	32,237	853,221	865,705
2025-11-24	$100.01	$95.00	31.4%	9.2%	22.4%	22.5%	30.7%	6.2%	-0.2%	65.9M	-3.50B	-20.2M	0.49	23.55	30,327	14,717	764,302	793,608
2025-11-25	$101.31	$95.00	30.3%	8.9%	22.9%	20.4%	31.5%	6.1%	-1.0%	85.9M	-3.80B	-20.4M	0.46	22.33	38,928	17,874	779,110	797,558
2025-11-26	$103.07	$95.00	28.4%	8.4%	22.3%	16.6%	29.2%	4.8%	-1.2%	119.1M	-4.29B	-20.3M	0.63	22.33	50,411	31,822	792,220	801,775
2025-11-28	$103.81	$95.00	26.9%	8.1%	22.2%	13.4%	28.7%	5.5%	0.4%	116.7M	-4.62B	-19.6M	0.59	31.20	24,792	14,566	814,896	814,037