CEG Options History — December 2025

In December 2025, CEG traded between $340.81 and $378.61. ATM implied volatility averaged 44.4%, placing in the 9.9% IV rank vs the trailing year. The 30-day expected move averaged 12.9%. IV traded below realized volatility by 1.9% (HV 20d: 46.3%). Max pain ranged from $310.00 to $370.00. Net GEX was positive for 19 of 22 trading days. Term structure was in contango for 14 of 22 days. Put/call ratio averaged 1.06.

Notable Days

2025-12-15: Highest Volume — 39,297 contracts
2025-12-18: Largest IV drop — 7.3% change
2025-12-17: Highest IV Rank — 17.9%
2025-12-02: Largest Expected Move — 14.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$360.18	$340.81	$378.61	$359.25	$354.63
Max Pain	$324.55	$310.00	$370.00	$370.00	$320.00
ATM IV	44.4%	40.3%	49.0%	47.2%	40.9%
Expected Move	12.9%	11.4%	14.5%	14.4%	11.4%
HV 20d	46.3%	38.2%	54.2%	44.6%	49.4%
HV 60d	47.5%	44.6%	50.9%	46.0%	48.3%
IV Rank	9.9%	2.5%	17.9%	15.4%	3.6%
IV Percentile	23.4%	3.2%	43.3%	38.1%	7.1%
Term Structure	0.4%	-1.1%	2.4%	0.4%	0.6%
VWIV	45.7%	41.3%	52.1%	51.0%	41.9%
Skew 25d	3.2%	1.4%	4.6%	4.6%	1.4%
Skew 10d	5.8%	-11.9%	16.1%	16.1%	9.9%
Call IV 25d	42.9%	38.2%	47.9%	44.1%	40.5%
Put IV 25d	46.0%	41.9%	50.7%	48.8%	41.9%
Bid-Ask Spread %	65.83	50.98	75.17	50.98	67.03
Gamma HHI	0.07	0.05	0.16	0.05	0.06
Net GEX	11.4M	-8.0M	70.2M	2.0M	-2.7M
Net DEX	-672.4M	-1.17B	-186.1M	-602.1M	-557.8M
Net VEX	-6.4M	-6.8M	-5.8M	-6.8M	-5.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.06	0.09	2.01	0.97	1.62
Total Volume	9,507	2,613	39,297	7,173	4,763
Total OI	180,110.864	166,722	221,819	167,491	171,327

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	$359.25	$370.00	47.2%	14.4%	44.6%	15.4%	51.0%	4.6%	0.4%	2.0M	-602.1M	-6.8M	0.97	50.98	N/A	N/A	3,632	3,541	70,936	96,555
2025-12-02	$363.46	$370.00	46.4%	14.5%	44.9%	14.1%	51.4%	3.2%	-0.7%	6.4M	-697.4M	-6.7M	1.23	52.48	N/A	N/A	2,436	2,997	72,707	99,136
2025-12-03	$362.59	$370.00	45.6%	14.3%	42.0%	12.6%	52.1%	2.9%	0.8%	7.3M	-696.0M	-6.7M	0.79	64.88	N/A	N/A	1,458	1,155	73,504	100,432
2025-12-04	$368.37	$310.00	45.0%	13.0%	42.3%	11.5%	44.9%	2.6%	0.8%	14.4M	-826.1M	-6.6M	1.43	65.30	N/A	N/A	3,194	4,562	73,787	100,696
2025-12-05	$360.24	$310.00	45.4%	13.3%	39.7%	11.8%	46.4%	3.4%	0.2%	4.7M	-642.8M	-6.6M	1.43	71.01	N/A	N/A	3,022	4,310	74,456	99,972
2025-12-08	$358.33	$310.00	45.1%	13.1%	39.1%	11.2%	46.4%	3.3%	1.0%	162.4K	-574.3M	-6.5M	0.97	68.88	N/A	N/A	3,138	3,038	71,617	97,527
2025-12-09	$359.42	$310.00	45.0%	12.9%	38.9%	11.1%	45.8%	3.0%	-0.2%	1.3M	-613.9M	-6.4M	1.42	69.19	N/A	N/A	1,608	2,288	73,120	98,824
2025-12-10	$362.89	$310.00	44.4%	13.0%	38.2%	9.7%	46.2%	4.1%	1.2%	3.4M	-667.2M	-6.4M	2.01	75.17	N/A	N/A	2,038	4,106	73,649	99,576
2025-12-11	$378.61	$320.00	45.3%	13.0%	40.8%	11.4%	46.7%	4.1%	0.1%	17.9M	-1.02B	-6.3M	1.09	69.06	N/A	N/A	6,368	6,923	73,891	101,815
2025-12-12	$351.61	$320.00	46.2%	13.5%	45.5%	12.9%	46.1%	1.8%	1.8%	-8.0M	-421.2M	-6.5M	1.29	72.93	N/A	N/A	4,924	6,359	75,115	103,630
2025-12-15	$357.11	$320.00	46.6%	13.2%	45.5%	13.6%	46.8%	2.3%	-1.1%	-2.1M	-538.5M	-6.5M	0.09	68.69	N/A	N/A	35,939	3,358	73,552	101,785
2025-12-16	$367.40	$320.00	46.1%	13.2%	45.9%	12.8%	46.3%	3.4%	-0.9%	70.2M	-1.17B	-6.8M	1.27	69.43	N/A	N/A	3,506	4,452	106,683	103,268
2025-12-17	$340.81	$320.00	49.0%	14.0%	53.7%	17.9%	49.0%	2.9%	-1.0%	3.4M	-186.1M	-6.5M	0.78	68.38	N/A	N/A	9,403	7,293	108,044	106,193
2025-12-18	$360.24	$320.00	45.4%	13.1%	54.2%	11.6%	45.9%	2.1%	-1.1%	64.1M	-795.8M	-6.5M	0.79	71.14	N/A	N/A	8,085	6,379	110,939	108,515
2025-12-19	$359.96	$320.00	44.4%	12.8%	52.9%	9.7%	45.0%	3.1%	-0.8%	25.7M	-698.8M	-6.3M	0.37	71.03	N/A	N/A	17,501	6,550	113,180	108,639
2025-12-22	$357.52	$320.00	42.8%	12.6%	52.3%	7.0%	42.6%	3.7%	1.4%	4.0M	-601.5M	-6.3M	0.57	56.18	N/A	N/A	4,125	2,345	70,187	96,901
2025-12-23	$361.65	$320.00	40.8%	11.8%	50.2%	3.5%	41.6%	3.5%	2.2%	9.3M	-716.4M	-6.2M	0.77	62.83	N/A	N/A	2,426	1,869	72,193	97,914
2025-12-24	$363.85	$320.00	41.0%	11.8%	50.0%	3.8%	44.5%	4.1%	0.4%	12.8M	-764.4M	-6.2M	1.76	63.67	N/A	N/A	978	1,725	73,599	98,518
2025-12-26	$359.25	$320.00	40.3%	11.6%	49.6%	2.5%	41.3%	3.7%	2.4%	5.3M	-676.1M	-6.0M	1.12	61.18	N/A	N/A	2,514	2,821	74,043	99,454
2025-12-29	$359.92	$320.00	41.9%	12.3%	49.5%	5.4%	42.3%	3.7%	0.7%	7.7M	-700.4M	-5.9M	1.21	63.76	N/A	N/A	3,499	4,233	70,982	95,740
2025-12-30	$356.80	$320.00	41.6%	11.7%	49.6%	4.9%	41.4%	2.6%	-0.2%	2.5M	-617.1M	-5.8M	0.36	64.94	N/A	N/A	3,146	1,147	72,174	97,664
2025-12-31	$354.63	$320.00	40.9%	11.4%	49.4%	3.6%	41.9%	1.4%	0.6%	-2.7M	-557.8M	-5.8M	1.62	67.03	N/A	N/A	1,820	2,943	73,300	98,027