CAR Options History — December 2025

In December 2025, CAR traded between $128.56 and $135.26. ATM implied volatility averaged 41.6%, placing in the 3.0% IV rank vs the trailing year. The 30-day expected move averaged 11.8%. IV traded above realized volatility by 5.3% (HV 20d: 36.2%). Max pain ranged from $130.00 to $170.00. Net GEX was positive for 0 of 22 trading days. Term structure was in contango for 13 of 22 days. Put/call ratio averaged 15.46.

Notable Days

2025-12-18: Highest Volume — 56,986 contracts
2025-12-19: Largest IV drop — 9.5% change
2025-12-01: Highest IV Rank — 8.2%
2025-12-01: Largest Expected Move — 14.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$131.98	$128.56	$135.26	$130.42	$128.65
Max Pain	$151.82	$130.00	$170.00	$130.00	$150.00
ATM IV	41.6%	37.9%	46.5%	46.5%	43.5%
Expected Move	11.8%	10.6%	14.4%	14.4%	11.6%
HV 20d	36.2%	26.6%	44.7%	44.6%	26.6%
HV 60d	37.5%	36.4%	38.1%	37.1%	36.4%
IV Rank	3.0%	0.0%	8.2%	8.2%	7.9%
IV Percentile	3.3%	0.0%	12.7%	12.7%	11.1%
Term Structure	0.8%	-4.6%	4.7%	-2.6%	1.6%
VWIV	43.7%	37.8%	52.1%	47.8%	49.6%
Skew 25d	2.5%	-2.8%	7.3%	-1.7%	3.8%
Skew 10d	2.4%	-13.1%	21.0%	-5.8%	6.6%
Call IV 25d	40.5%	36.2%	46.2%	46.2%	38.7%
Put IV 25d	43.0%	40.2%	46.9%	44.5%	42.5%
Bid-Ask Spread %	78.00	66.02	89.56	73.31	80.75
Gamma HHI	0.13	0.08	0.17	0.12	0.17
Net GEX	-13.4M	-19.0M	-7.0M	-12.4M	-19.0M
Net DEX	568.6M	496.2M	680.8M	680.8M	565.5M
Net VEX	-2.2M	-2.7M	-1.7M	-2.7M	-1.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	15.46	0.04	69.65	2.29	48.85
Total Volume	10,337.682	527	56,986	3,696	20,538
Total OI	251,687.773	218,372	270,896	269,014	218,372

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	$130.42	$130.00	46.5%	14.4%	44.6%	8.2%	47.8%	-1.7%	-2.6%	-12.4M	680.8M	-2.7M	2.29	73.31	1,125	2,571	120,085	148,929
2025-12-02	$132.31	$130.00	45.6%	13.7%	44.7%	6.9%	46.0%	7.3%	-1.4%	-11.8M	647.4M	-2.6M	3.80	71.00	476	1,809	120,849	146,679
2025-12-03	$134.98	$130.00	45.3%	12.9%	42.3%	6.5%	52.1%	3.9%	1.2%	-11.3M	595.4M	-2.6M	0.34	77.01	705	242	121,115	147,613
2025-12-04	$133.39	$170.00	41.8%	11.9%	42.4%	1.3%	43.2%	-2.8%	2.4%	-11.3M	628.6M	-2.6M	0.73	73.39	1,370	998	121,577	147,832
2025-12-05	$134.95	$170.00	42.6%	11.8%	42.6%	2.5%	42.2%	5.3%	4.0%	-11.3M	571.4M	-2.6M	2.77	81.78	2,034	5,637	122,715	147,827
2025-12-08	$133.09	$170.00	40.5%	11.8%	40.9%	0.0%	41.8%	-2.7%	2.6%	-11.5M	628.3M	-2.4M	0.13	79.46	2,959	384	122,369	146,491
2025-12-09	$134.95	$155.00	42.0%	11.6%	41.3%	2.2%	39.4%	1.1%	-0.8%	-8.7M	548.5M	-2.4M	0.34	80.96	1,696	579	124,834	143,412
2025-12-10	$135.26	$155.00	44.4%	11.7%	41.1%	5.7%	40.7%	7.2%	-4.6%	-7.0M	533.2M	-2.4M	0.04	87.93	1,943	86	126,127	143,752
2025-12-11	$134.44	$155.00	40.7%	11.4%	41.1%	0.3%	39.9%	6.4%	-0.6%	-7.5M	539.1M	-2.4M	4.56	80.69	259	1,182	127,031	143,865
2025-12-12	$130.76	$155.00	40.5%	11.6%	40.1%	0.0%	40.2%	-2.5%	-1.5%	-12.8M	542.6M	-2.3M	0.50	78.14	1,041	525	127,238	139,251
2025-12-15	$128.65	$155.00	40.6%	11.5%	40.3%	0.2%	40.9%	4.1%	0.7%	-14.4M	604.3M	-2.1M	3.28	80.47	733	2,401	122,574	138,145
2025-12-16	$132.65	$155.00	39.5%	11.3%	35.1%	0.0%	39.7%	4.5%	-1.4%	-12.7M	540.2M	-2.1M	1.12	85.56	2,397	2,680	123,186	136,491
2025-12-17	$129.87	$155.00	39.3%	11.3%	35.9%	0.0%	44.3%	0.8%	2.4%	-12.7M	554.9M	-2.0M	10.75	86.69	868	9,335	125,227	136,695
2025-12-18	$128.56	$155.00	41.9%	12.1%	34.9%	3.7%	42.3%	2.7%	-2.5%	-15.7M	616.0M	-2.0M	23.27	82.47	2,348	54,638	125,847	136,329
2025-12-19	$130.65	$150.00	37.9%	10.6%	30.6%	0.0%	37.8%	3.2%	3.6%	-12.0M	539.8M	-1.9M	0.81	89.56	291	236	125,899	135,482
2025-12-22	$131.72	$150.00	41.1%	11.7%	27.8%	4.5%	43.0%	3.6%	4.0%	-15.5M	520.1M	-1.9M	18.03	68.88	470	8,474	99,403	121,606
2025-12-23	$134.94	$150.00	39.8%	10.7%	29.0%	2.6%	41.3%	-0.6%	2.2%	-14.9M	496.2M	-1.8M	4.02	72.91	367	1,477	99,740	121,586
2025-12-24	$131.79	$150.00	39.0%	11.5%	29.5%	1.5%	47.2%	0.6%	1.9%	-16.4M	522.9M	-1.9M	61.30	78.00	702	43,031	99,902	121,757
2025-12-26	$131.97	$150.00	39.2%	10.9%	29.5%	1.8%	42.3%	4.1%	4.7%	-17.2M	524.2M	-1.8M	38.03	66.02	341	12,968	99,627	122,031
2025-12-29	$130.61	$150.00	41.2%	11.1%	29.5%	4.7%	50.6%	5.9%	2.4%	-18.7M	542.9M	-1.8M	69.65	67.13	281	19,573	96,677	122,369
2025-12-30	$129.01	$150.00	41.7%	11.7%	27.1%	5.4%	48.3%	-0.1%	-0.1%	-19.0M	566.4M	-1.7M	45.47	73.81	337	15,322	96,809	121,786
2025-12-31	$128.65	$150.00	43.5%	11.6%	26.6%	7.9%	49.6%	3.8%	1.6%	-19.0M	565.5M	-1.7M	48.85	80.75	412	20,126	97,000	121,372