CME Options History — March 2025

In March 2025, CME traded between $252.68 and $267.38. ATM implied volatility averaged 19.8%, placing in the 40.7% IV rank vs the trailing year. The 30-day expected move averaged 6.0%. IV traded above realized volatility by 1.8% (HV 20d: 18.0%). Max pain ranged from $230.00 to $260.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 19 of 21 days. Put/call ratio averaged 0.59.

Notable Days

2025-03-06: Highest Volume — 14,178 contracts
2025-03-10: Largest IV spike — 14.8% change
2025-03-10: Highest IV Rank — 75.1%
2025-03-11: Largest Expected Move — 7.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$260.73	$252.68	$267.38	$256.17	$265.39
Max Pain	$246.67	$230.00	$260.00	$230.00	$260.00
ATM IV	19.8%	17.7%	24.7%	18.6%	18.1%
Expected Move	6.0%	5.3%	7.1%	5.3%	5.8%
HV 20d	18.0%	16.9%	19.3%	16.9%	17.6%
HV 60d	17.1%	16.6%	17.6%	17.5%	16.7%
IV Rank	40.7%	26.1%	75.1%	32.3%	29.1%
IV Percentile	64.5%	31.0%	99.2%	54.8%	39.3%
Term Structure	1.2%	-0.5%	2.5%	-0.2%	2.1%
VWIV	21.1%	19.5%	25.4%	19.5%	21.6%
Skew 25d	2.9%	1.5%	4.0%	3.3%	4.0%
Skew 10d	6.0%	0.1%	12.6%	5.2%	8.2%
Call IV 25d	18.6%	16.4%	21.2%	18.6%	18.1%
Put IV 25d	21.5%	19.1%	24.9%	21.9%	22.1%
Bid-Ask Spread %	81.42	75.51	89.54	85.16	78.81
Gamma HHI	0.26	0.16	0.40	0.22	0.32
Net GEX	12.4M	6.4M	18.7M	13.1M	12.7M
Net DEX	-320.5M	-405.1M	-254.2M	-369.3M	-295.6M
Net VEX	-1.5M	-1.7M	-1.3M	-1.5M	-1.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.59	0.02	1.39	0.23	0.39
Total Volume	2,803.19	904	14,178	4,196	2,783
Total OI	37,480.048	34,108	42,130	35,211	41,069

Daily Data (21 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
2025-03-03	$256.17	$230.00	18.6%	5.3%	16.9%	32.3%	19.5%	3.3%	-0.2%	13.1M	-369.3M	-1.5M	0.23	85.16	N/A	N/A	3,418	778	24,136	11,075
2025-03-04	$252.68	$230.00	20.5%	5.9%	17.3%	45.6%	20.2%	3.4%	-0.5%	12.1M	-299.5M	-1.3M	0.42	88.94	N/A	N/A	970	406	22,587	11,521
2025-03-05	$255.80	$230.00	18.8%	5.4%	17.5%	33.8%	19.7%	3.0%	1.3%	12.2M	-331.1M	-1.3M	0.15	85.95	N/A	N/A	1,533	233	22,797	11,627
2025-03-06	$253.66	$230.00	21.6%	6.2%	17.9%	53.2%	20.2%	3.2%	0.7%	13.3M	-311.3M	-1.4M	0.02	83.15	N/A	N/A	13,900	278	24,048	11,778
2025-03-07	$254.58	$240.00	21.5%	6.2%	17.6%	52.7%	20.7%	2.9%	0.8%	13.5M	-285.0M	-1.4M	1.37	77.50	N/A	N/A	784	1,076	22,469	11,936
2025-03-10	$260.89	$240.00	24.7%	7.1%	19.3%	75.1%	25.4%	3.5%	0.4%	13.0M	-338.4M	-1.4M	0.47	80.69	N/A	N/A	2,640	1,229	22,583	12,790
2025-03-11	$260.20	$240.00	23.0%	7.1%	18.1%	63.4%	25.0%	3.7%	0.6%	12.6M	-329.9M	-1.4M	0.58	85.28	N/A	N/A	1,155	668	22,619	12,753
2025-03-12	$256.58	$240.00	21.5%	5.9%	19.2%	52.4%	22.1%	3.3%	0.3%	12.1M	-293.7M	-1.4M	1.31	80.25	N/A	N/A	741	973	23,025	13,061
2025-03-13	$260.85	$240.00	21.6%	6.4%	18.1%	53.1%	22.6%	3.1%	0.9%	13.8M	-333.9M	-1.5M	0.28	84.06	N/A	N/A	1,172	334	23,315	13,303
2025-03-14	$258.50	$240.00	20.3%	6.0%	18.5%	43.9%	21.1%	2.7%	1.5%	13.7M	-315.2M	-1.5M	0.56	89.54	N/A	N/A	770	431	23,990	13,419
2025-03-17	$263.42	$250.00	19.8%	6.0%	18.2%	40.8%	21.0%	3.1%	1.3%	15.9M	-366.1M	-1.4M	1.01	77.63	N/A	N/A	1,933	1,955	24,103	13,707
2025-03-18	$265.81	$250.00	19.3%	5.9%	18.2%	37.3%	20.9%	2.6%	1.3%	15.7M	-384.5M	-1.5M	0.83	75.51	N/A	N/A	1,266	1,053	24,724	15,045
2025-03-19	$265.88	$250.00	18.8%	5.9%	18.0%	33.7%	20.2%	1.5%	1.6%	16.7M	-387.4M	-1.5M	0.78	79.49	N/A	N/A	1,488	1,166	25,175	15,195
2025-03-20	$267.38	$250.00	17.9%	5.6%	17.5%	27.5%	20.6%	2.2%	1.2%	18.7M	-405.1M	-1.5M	0.64	78.34	N/A	N/A	1,179	751	25,769	15,489
2025-03-21	$265.90	$260.00	17.7%	5.5%	17.8%	26.1%	20.3%	2.6%	2.5%	8.2M	-382.1M	-1.6M	0.31	83.96	N/A	N/A	2,311	707	26,352	15,778
2025-03-24	$262.75	$260.00	18.9%	5.8%	18.5%	34.4%	20.8%	1.5%	1.3%	8.6M	-271.6M	-1.5M	1.39	75.80	N/A	N/A	929	1,289	22,529	12,709
2025-03-25	$262.31	$260.00	17.8%	5.7%	18.3%	26.4%	19.5%	2.5%	1.9%	7.4M	-256.0M	-1.6M	0.61	79.54	N/A	N/A	875	534	23,061	13,503
2025-03-26	$262.28	$260.00	18.0%	5.6%	18.0%	28.4%	20.1%	2.9%	1.7%	6.4M	-254.2M	-1.6M	0.15	80.28	N/A	N/A	2,454	370	23,528	14,290
2025-03-27	$262.19	$260.00	18.0%	5.8%	18.0%	28.4%	19.8%	2.5%	2.1%	10.4M	-263.3M	-1.7M	0.37	79.89	N/A	N/A	661	243	25,551	14,341
2025-03-28	$262.02	$260.00	19.3%	6.0%	17.8%	37.3%	20.8%	3.1%	1.6%	10.3M	-256.8M	-1.7M	0.56	80.03	N/A	N/A	918	513	25,857	14,474
2025-03-31	$265.39	$260.00	18.1%	5.8%	17.6%	29.1%	21.6%	4.0%	2.1%	12.7M	-295.6M	-1.7M	0.39	78.81	N/A	N/A	2,007	776	26,400	14,669