CME Options History — January 2025

In January 2025, CME traded between $225.75 and $236.28. ATM implied volatility averaged 19.1%, placing in the 36.2% IV rank vs the trailing year. The 30-day expected move averaged 5.5%. IV traded above realized volatility by 2.0% (HV 20d: 17.2%). Max pain ranged from $230.00 to $230.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 8 of 20 days. Put/call ratio averaged 1.06.

Notable Days

  • 2025-01-06: Highest Volume — 4,644 contracts
  • 2025-01-13: Largest IV spike — 22.7% change
  • 2025-01-13: Highest IV Rank — 56.9%
  • 2025-01-28: Largest Expected Move — 6.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$231.78$225.75$236.28$232.30$235.88
Max Pain$230.00$230.00$230.00$230.00$230.00
ATM IV19.1%16.9%22.1%18.1%19.4%
Expected Move5.5%4.8%6.0%5.2%5.6%
HV 20d17.2%15.7%18.3%17.5%16.1%
HV 60d17.2%16.0%17.7%16.0%17.3%
IV Rank36.2%20.5%56.9%29.0%38.1%
IV Percentile58.8%17.1%94.0%40.9%68.3%
Term Structure-0.0%-1.1%1.6%1.0%-0.4%
VWIV19.6%16.6%21.0%19.6%20.0%
Skew 25d2.6%1.6%3.4%2.9%1.6%
Skew 10d5.9%3.5%9.0%5.2%5.2%
Call IV 25d18.3%15.7%19.5%17.0%19.5%
Put IV 25d20.9%18.3%22.3%19.9%21.2%
Bid-Ask Spread %82.9277.1187.2283.7386.59
Gamma HHI0.220.200.240.240.23
Net GEX6.7M750.2K11.1M9.1M11.1M
Net DEX-178.9M-233.0M-111.4M-189.4M-227.1M
Net VEX-1.3M-1.5M-1.3M-1.3M-1.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.060.112.842.490.84
Total Volume1,273.154434,6441,071795
Total OI37,831.5529,51044,90040,13033,179

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-01-02$232.30$230.0018.1%5.2%17.5%29.0%19.6%2.9%1.0%9.1M-189.4M-1.3M2.4983.73N/AN/A30776424,39715,733
2025-01-03$232.24$230.0016.9%4.8%16.9%20.5%16.6%2.6%1.6%8.5M-188.9M-1.3M1.6286.21N/AN/A61699624,58916,117
2025-01-06$225.75$230.0017.5%5.6%18.2%24.6%20.0%3.2%-0.3%2.0M-111.4M-1.3M1.1081.91N/AN/A2,2082,43624,76916,835
2025-01-07$226.87$230.0018.4%5.6%17.2%30.8%20.4%2.6%0.0%1.5M-117.1M-1.3M0.6579.47N/AN/A34222325,27517,837
2025-01-08$229.26$230.0017.8%5.6%17.3%26.8%19.5%2.7%-0.2%3.1M-142.5M-1.4M1.8181.20N/AN/A26347725,36617,978
2025-01-10$228.31$230.0018.0%5.7%16.9%28.2%20.8%2.8%-0.1%750.2K-129.0M-1.3M0.8682.98N/AN/A39433925,43018,247
2025-01-13$229.83$230.0022.1%5.7%15.7%56.9%20.7%2.3%-0.6%1.9M-149.9M-1.3M2.8486.60N/AN/A3691,04725,63518,437
2025-01-14$231.31$230.0021.7%5.8%15.7%53.9%19.9%2.4%-0.4%4.8M-173.3M-1.3M2.0082.46N/AN/A37975825,74617,918
2025-01-15$227.88$230.0018.2%5.2%16.4%29.4%18.7%2.6%0.5%1.4M-126.5M-1.3M0.5583.06N/AN/A1,11361325,81217,922
2025-01-16$232.06$230.0018.6%5.3%17.8%32.0%19.1%2.4%0.4%4.1M-192.7M-1.3M0.7184.04N/AN/A84059426,13918,207
2025-01-17$233.07$230.0018.6%5.3%17.9%32.3%19.1%2.4%0.3%8.6M-219.6M-1.3M0.8683.51N/AN/A82270626,50618,394
2025-01-21$231.54$230.0018.4%5.3%17.8%30.8%18.1%3.3%0.2%8.8M-174.3M-1.3M0.4281.30N/AN/A1,30955120,7308,780
2025-01-22$232.39$230.0019.0%5.5%17.8%35.4%19.0%2.5%0.3%8.6M-180.7M-1.3M0.7279.99N/AN/A52337720,5129,066
2025-01-23$233.73$230.0019.2%5.5%17.9%36.9%19.6%2.3%-0.4%9.4M-192.3M-1.3M1.0281.87N/AN/A30230920,8219,453
2025-01-24$234.63$230.0019.6%5.6%17.9%39.5%19.6%2.2%-0.4%9.8M-200.8M-1.3M0.1181.63N/AN/A1,56017721,0389,711
2025-01-27$236.28$230.0019.2%5.5%18.1%36.4%21.0%2.4%-0.6%10.9M-233.0M-1.4M0.6084.01N/AN/A76145622,3569,768
2025-01-28$234.61$230.0021.0%6.0%18.3%49.4%20.3%3.4%-1.1%10.3M-215.6M-1.5M0.6977.11N/AN/A32322222,5169,926
2025-01-29$232.83$230.0020.6%5.9%15.8%46.1%20.5%2.8%-0.5%9.5M-198.2M-1.5M0.6287.22N/AN/A27416922,58110,039
2025-01-30$234.81$230.0020.8%6.0%16.0%47.6%19.9%2.7%-0.4%10.1M-215.8M-1.5M0.6683.41N/AN/A45229722,69710,169
2025-01-31$235.88$230.0019.4%5.6%16.1%38.1%20.0%1.6%-0.4%11.1M-227.1M-1.5M0.8486.59N/AN/A43136422,81010,369