CME Options History — February 2025

In February 2025, CME traded between $240.06 and $252.24. ATM implied volatility averaged 19.2%, placing in the 36.2% IV rank vs the trailing year. The 30-day expected move averaged 5.4%. IV traded above realized volatility by 3.4% (HV 20d: 15.7%). Max pain ranged from $220.00 to $230.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 0.54.

Notable Days

2025-02-12: Highest Volume — 4,138 contracts
2025-02-12: Largest IV drop — 23.0% change
2025-02-11: Highest IV Rank — 60.8%
2025-02-03: Largest Expected Move — 6.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$246.69	$240.06	$252.24	$240.06	$252.24
Max Pain	$227.37	$220.00	$230.00	$230.00	$230.00
ATM IV	19.2%	16.6%	22.7%	22.2%	18.5%
Expected Move	5.4%	4.8%	6.4%	6.4%	5.3%
HV 20d	15.7%	13.2%	17.3%	17.2%	16.4%
HV 60d	17.7%	17.1%	18.2%	17.6%	17.5%
IV Rank	36.2%	18.1%	60.8%	57.5%	31.5%
IV Percentile	54.6%	12.7%	96.8%	94.4%	52.4%
Term Structure	0.0%	-1.9%	1.3%	-1.9%	0.1%
VWIV	19.1%	17.1%	23.2%	23.2%	18.5%
Skew 25d	2.6%	1.8%	3.4%	2.6%	2.2%
Skew 10d	7.6%	3.6%	12.4%	12.4%	11.3%
Call IV 25d	17.6%	15.8%	21.0%	21.0%	17.7%
Put IV 25d	20.3%	18.5%	23.7%	23.7%	19.9%
Bid-Ask Spread %	83.69	77.56	90.49	81.81	82.51
Gamma HHI	0.31	0.19	0.57	0.23	0.22
Net GEX	17.3M	11.1M	32.3M	12.1M	11.5M
Net DEX	-320.5M	-384.1M	-263.2M	-263.2M	-335.6M
Net VEX	-1.5M	-1.6M	-1.5M	-1.5M	-1.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.54	0.12	1.24	0.56	0.12
Total Volume	1,425.947	408	4,138	1,454	408
Total OI	36,299.579	33,212	40,012	33,612	35,107

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 Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-02-03	$240.06	$230.00	22.2%	6.4%	17.2%	57.5%	23.2%	2.6%	-1.9%	12.1M	-263.2M	-1.5M	0.56	81.81	N/A	N/A	930	524	22,978	10,634
2025-02-04	$242.18	$230.00	21.9%	6.3%	17.3%	55.5%	21.4%	3.3%	-1.8%	13.5M	-290.3M	-1.5M	0.42	82.23	N/A	N/A	851	359	23,307	10,940
2025-02-05	$241.77	$230.00	20.5%	5.9%	13.2%	45.9%	20.3%	2.8%	-0.8%	13.6M	-280.4M	-1.5M	0.31	84.20	N/A	N/A	593	184	23,416	11,091
2025-02-06	$244.46	$220.00	22.2%	5.7%	13.5%	57.4%	19.7%	3.2%	-0.4%	14.7M	-316.3M	-1.5M	0.53	82.19	N/A	N/A	1,249	659	23,734	11,027
2025-02-07	$245.47	$220.00	20.2%	5.4%	13.3%	43.3%	20.4%	2.8%	0.2%	14.2M	-321.5M	-1.5M	1.06	81.61	N/A	N/A	677	718	24,078	11,384
2025-02-10	$241.61	$220.00	22.6%	5.7%	14.7%	60.5%	19.4%	2.6%	-0.6%	14.0M	-286.1M	-1.5M	0.33	82.96	N/A	N/A	1,005	328	24,237	11,746
2025-02-11	$242.35	$220.00	22.7%	5.6%	14.6%	60.8%	19.6%	3.2%	-0.5%	14.6M	-292.5M	-1.5M	0.23	82.43	N/A	N/A	2,663	600	24,516	11,916
2025-02-12	$248.50	$220.00	17.4%	5.0%	16.6%	24.1%	17.7%	2.7%	0.9%	23.1M	-372.1M	-1.5M	0.57	88.22	N/A	N/A	2,628	1,510	26,082	12,297
2025-02-13	$249.91	$230.00	17.0%	4.9%	15.1%	21.1%	17.9%	2.6%	0.5%	21.3M	-377.7M	-1.5M	0.82	85.60	N/A	N/A	464	381	25,809	12,955
2025-02-14	$245.94	$230.00	17.1%	4.9%	15.9%	21.5%	19.4%	2.4%	0.7%	19.4M	-321.7M	-1.5M	1.24	85.44	N/A	N/A	426	527	25,830	13,024
2025-02-18	$247.97	$230.00	16.7%	4.8%	16.0%	19.0%	17.4%	3.4%	0.6%	24.8M	-348.7M	-1.5M	0.76	90.49	N/A	N/A	744	563	25,988	13,164
2025-02-19	$250.69	$230.00	16.9%	4.8%	15.8%	20.1%	17.4%	2.9%	0.6%	26.2M	-384.1M	-1.5M	0.44	84.06	N/A	N/A	583	257	26,001	13,341
2025-02-20	$248.44	$230.00	16.6%	4.8%	16.5%	18.1%	17.1%	2.7%	1.3%	27.2M	-347.0M	-1.5M	0.88	87.83	N/A	N/A	581	513	25,898	13,472
2025-02-21	$248.59	$230.00	17.2%	4.9%	16.5%	22.8%	18.6%	2.6%	0.8%	32.3M	-334.2M	-1.6M	0.57	86.07	N/A	N/A	1,389	786	26,153	13,859
2025-02-24	$248.00	$230.00	17.0%	4.9%	16.6%	21.2%	17.1%	2.3%	0.7%	11.1M	-292.5M	-1.6M	0.54	79.54	N/A	N/A	730	396	22,630	10,582
2025-02-25	$250.53	$230.00	19.5%	5.6%	16.7%	38.8%	19.1%	1.8%	-0.6%	11.3M	-320.6M	-1.5M	0.23	77.56	N/A	N/A	941	219	22,948	10,777
2025-02-26	$248.60	$230.00	18.8%	5.4%	16.8%	33.7%	18.9%	1.8%	0.5%	11.5M	-294.9M	-1.6M	0.42	83.40	N/A	N/A	483	203	23,385	10,824
2025-02-27	$249.75	$230.00	19.1%	5.5%	16.3%	35.5%	19.0%	2.0%	-0.2%	11.8M	-309.7M	-1.6M	0.23	81.90	N/A	N/A	832	189	23,647	10,915
2025-02-28	$252.24	$230.00	18.5%	5.3%	16.4%	31.5%	18.5%	2.2%	0.1%	11.5M	-335.6M	-1.5M	0.12	82.51	N/A	N/A	364	44	24,051	11,056