C Options History — December 2025

In December 2025, C traded between $102.75 and $121.94. ATM implied volatility averaged 27.3%, placing in the 14.3% IV rank vs the trailing year. The 30-day expected move averaged 8.4%. IV traded above realized volatility by 5.3% (HV 20d: 22.0%). Max pain ranged from $75.00 to $95.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 11 of 22 days. Put/call ratio averaged 0.85.

Notable Days

2025-12-19: Highest Volume — 142,104 contracts
2025-12-15: Largest IV spike — 10.4% change
2025-12-17: Highest IV Rank — 18.6%
2025-12-30: Largest Expected Move — 9.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$112.68	$102.75	$121.94	$102.75	$117.08
Max Pain	$79.55	$75.00	$95.00	$95.00	$80.00
ATM IV	27.3%	24.8%	29.4%	27.9%	29.3%
Expected Move	8.4%	8.0%	9.0%	8.4%	8.8%
HV 20d	22.0%	17.6%	24.7%	22.3%	22.8%
HV 60d	24.1%	23.2%	24.9%	23.2%	24.6%
IV Rank	14.3%	9.2%	18.6%	15.4%	18.3%
IV Percentile	40.8%	16.7%	59.1%	46.8%	58.7%
Term Structure	0.8%	-0.9%	5.1%	-0.6%	-0.2%
VWIV	29.9%	28.1%	32.6%	30.3%	31.9%
Skew 25d	3.8%	2.8%	4.7%	4.4%	3.3%
Skew 10d	8.9%	5.0%	11.4%	9.3%	7.9%
Call IV 25d	25.6%	21.5%	28.1%	25.5%	28.1%
Put IV 25d	29.5%	25.7%	31.5%	30.0%	31.4%
Bid-Ask Spread %	21.83	13.16	40.60	16.83	17.17
Gamma HHI	0.21	0.13	0.69	0.15	0.13
Net GEX	120.1M	47.0M	404.1M	89.1M	47.0M
Net DEX	-5.82B	-7.01B	-4.10B	-4.10B	-5.60B
Net VEX	-18.3M	-19.6M	-17.0M	-19.6M	-18.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.85	0.25	1.55	1.31	0.98
Total Volume	71,819.909	26,323	142,104	55,693	27,023
Total OI	1,635,225.136	1,497,927	1,756,203	1,591,418	1,573,431

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	$102.75	$95.00	27.9%	8.4%	22.3%	15.4%	30.3%	4.4%	-0.6%	89.1M	-4.10B	-19.6M	1.31	16.83	24,112	31,581	791,681	799,737
2025-12-02	$103.47	$95.00	27.6%	8.6%	22.4%	14.9%	29.8%	4.7%	0.6%	98.7M	-4.27B	-19.5M	0.73	28.45	15,218	11,105	797,215	814,178
2025-12-03	$106.67	$95.00	25.9%	8.0%	24.7%	11.6%	29.4%	3.8%	0.9%	130.0M	-5.06B	-19.2M	0.60	20.10	54,521	32,738	801,443	820,351
2025-12-04	$107.58	$75.00	25.3%	8.2%	24.6%	10.4%	29.6%	4.1%	0.8%	139.3M	-5.39B	-18.9M	1.02	28.74	42,890	43,637	817,306	836,433
2025-12-05	$109.33	$75.00	25.2%	8.2%	24.6%	10.1%	28.8%	3.9%	0.9%	136.4M	-5.75B	-18.8M	0.68	38.28	51,668	35,224	821,609	859,683
2025-12-08	$108.61	$75.00	26.4%	8.5%	24.5%	12.6%	30.5%	3.7%	2.7%	116.8M	-5.38B	-18.9M	1.26	27.03	33,242	41,944	810,670	838,305
2025-12-09	$109.27	$75.00	26.9%	8.6%	24.2%	13.5%	30.4%	2.8%	2.9%	117.8M	-5.44B	-19.2M	0.99	40.60	25,672	25,471	817,859	859,860
2025-12-10	$111.64	$75.00	25.8%	8.7%	24.5%	11.3%	29.8%	3.9%	4.5%	129.4M	-6.21B	-18.2M	0.72	38.21	46,012	33,355	823,373	865,200
2025-12-11	$111.65	$75.00	25.0%	8.3%	23.9%	9.7%	29.8%	3.4%	4.5%	150.2M	-6.22B	-18.0M	0.73	16.58	36,209	26,578	827,850	872,300
2025-12-12	$111.58	$75.00	24.8%	8.1%	21.8%	9.2%	28.1%	4.2%	5.1%	140.9M	-6.14B	-17.9M	0.59	22.40	64,947	38,486	823,671	871,814
2025-12-15	$113.06	$75.00	27.4%	8.1%	21.7%	14.4%	29.4%	4.2%	-0.1%	132.3M	-6.34B	-17.7M	1.10	17.91	29,270	32,138	816,051	858,363
2025-12-16	$111.38	$75.00	28.3%	8.3%	20.2%	16.2%	29.6%	4.2%	-0.9%	116.0M	-5.87B	-18.5M	1.55	14.53	24,792	38,492	819,182	876,121
2025-12-17	$111.33	$77.50	29.4%	8.4%	20.4%	18.6%	30.8%	3.8%	-0.9%	124.0M	-5.89B	-18.1M	1.11	24.48	30,945	34,342	822,574	879,905
2025-12-18	$113.38	$77.50	28.0%	8.0%	20.7%	15.6%	29.2%	4.7%	-0.5%	134.8M	-6.48B	-18.1M	1.02	16.36	36,572	37,469	832,753	903,046
2025-12-19	$114.88	$77.50	27.9%	8.1%	17.6%	15.5%	28.7%	4.2%	-0.5%	404.1M	-7.01B	-17.5M	0.25	18.90	114,064	28,040	842,769	913,434
2025-12-22	$118.16	$77.50	27.8%	8.0%	19.0%	15.2%	28.8%	4.0%	0.0%	72.9M	-6.08B	-17.3M	0.63	13.16	47,270	29,862	707,495	790,432
2025-12-23	$119.39	$80.00	27.7%	8.1%	18.9%	14.9%	28.6%	3.9%	0.2%	73.3M	-6.34B	-17.0M	0.63	16.78	52,041	32,576	719,613	806,594
2025-12-24	$121.94	$80.00	28.3%	8.5%	19.4%	16.2%	30.6%	3.4%	-0.2%	83.8M	-6.73B	-17.4M	0.65	17.82	48,580	31,534	735,225	819,129
2025-12-26	$120.55	$80.00	27.8%	8.2%	20.5%	15.2%	30.2%	3.6%	-0.5%	86.6M	-6.39B	-18.0M	0.90	15.82	42,501	38,054	748,006	833,708
2025-12-29	$118.17	$80.00	29.0%	8.8%	22.7%	17.6%	31.1%	3.3%	-0.1%	64.7M	-5.83B	-18.2M	0.52	15.23	39,343	20,428	730,992	812,668
2025-12-30	$117.03	$80.00	29.3%	9.0%	22.7%	18.2%	32.6%	3.1%	-0.0%	53.9M	-5.61B	-18.8M	0.82	14.86	27,529	22,563	742,990	819,934
2025-12-31	$117.08	$80.00	29.3%	8.8%	22.8%	18.3%	31.9%	3.3%	-0.2%	47.0M	-5.60B	-18.6M	0.98	17.17	13,615	13,408	745,320	828,111