CME Options History — May 2025

In May 2025, CME traded between $266.90 and $288.22. ATM implied volatility averaged 19.3%, placing in the 16.8% IV rank vs the trailing year. The 30-day expected move averaged 5.4%. IV traded below realized volatility by 4.4% (HV 20d: 23.7%). Max pain ranged from $240.00 to $260.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 18 of 21 days. Put/call ratio averaged 0.61.

Notable Days

2025-05-06: Highest Volume — 4,097 contracts
2025-05-06: Largest IV spike — 18.5% change
2025-05-13: Highest IV Rank — 26.7%
2025-05-01: Largest Expected Move — 5.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$280.18	$266.90	$288.22	$277.98	$288.22
Max Pain	$241.90	$240.00	$260.00	$260.00	$240.00
ATM IV	19.3%	17.3%	22.4%	20.3%	17.5%
Expected Move	5.4%	5.0%	5.8%	5.8%	5.0%
HV 20d	23.7%	17.2%	27.3%	26.6%	24.1%
HV 60d	22.0%	19.7%	23.0%	20.4%	22.5%
IV Rank	16.8%	10.6%	26.7%	20.1%	11.3%
IV Percentile	56.8%	24.2%	92.1%	78.6%	24.6%
Term Structure	0.5%	-1.8%	1.5%	-1.8%	1.2%
VWIV	19.2%	18.2%	23.7%	20.0%	18.5%
Skew 25d	3.8%	2.7%	4.6%	3.3%	2.7%
Skew 10d	8.5%	6.8%	10.1%	7.4%	9.2%
Call IV 25d	17.2%	16.7%	18.0%	18.0%	17.1%
Put IV 25d	21.1%	19.7%	22.0%	21.3%	19.7%
Bid-Ask Spread %	80.98	77.55	84.32	82.83	79.24
Gamma HHI	0.27	0.18	0.39	0.37	0.23
Net GEX	19.4M	8.2M	31.6M	23.2M	20.1M
Net DEX	-477.1M	-611.8M	-255.0M	-487.6M	-575.7M
Net VEX	-2.1M	-2.2M	-2.0M	-2.0M	-2.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.61	0.14	1.12	1.00	0.32
Total Volume	2,192.429	742	4,097	3,219	1,601
Total OI	58,067.857	51,668	65,778	54,861	56,090

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
2025-05-01	$277.98	$260.00	20.3%	5.8%	26.6%	20.1%	20.0%	3.3%	-1.8%	23.2M	-487.6M	-2.0M	1.00	82.83	N/A	N/A	1,606	1,613	33,504	21,357
2025-05-02	$280.91	$260.00	18.0%	5.1%	25.5%	12.6%	18.6%	4.2%	0.3%	26.5M	-527.2M	-2.0M	0.29	78.66	N/A	N/A	2,789	806	34,074	22,093
2025-05-05	$282.56	$240.00	18.3%	5.4%	19.5%	13.8%	18.8%	3.8%	0.7%	29.2M	-562.2M	-2.0M	0.76	80.88	N/A	N/A	873	666	35,205	22,247
2025-05-06	$284.80	$240.00	21.7%	5.8%	17.2%	24.5%	19.4%	4.6%	-0.1%	28.5M	-600.0M	-2.0M	0.52	81.55	N/A	N/A	2,689	1,408	35,452	22,446
2025-05-07	$284.96	$240.00	21.3%	5.7%	17.3%	23.2%	19.2%	4.5%	0.2%	30.3M	-611.8M	-2.1M	0.49	83.55	N/A	N/A	1,535	753	37,243	23,201
2025-05-08	$282.58	$240.00	19.7%	5.4%	17.8%	18.1%	19.2%	3.8%	0.3%	31.1M	-571.6M	-2.2M	0.38	82.63	N/A	N/A	1,619	610	38,123	23,808
2025-05-09	$283.96	$240.00	21.7%	5.5%	17.5%	24.4%	19.6%	4.1%	0.6%	31.6M	-594.3M	-2.2M	1.02	80.91	N/A	N/A	963	982	38,777	24,093
2025-05-12	$269.27	$240.00	21.1%	5.4%	25.9%	22.6%	19.1%	4.6%	-0.1%	12.3M	-300.3M	-2.2M	0.74	81.00	N/A	N/A	2,231	1,658	39,353	24,846
2025-05-13	$270.14	$240.00	22.4%	5.3%	25.9%	26.7%	18.2%	3.9%	0.6%	12.6M	-314.4M	-2.2M	1.01	84.32	N/A	N/A	1,220	1,237	39,844	25,271
2025-05-14	$266.90	$240.00	18.4%	5.3%	26.3%	14.0%	18.8%	4.5%	0.2%	8.2M	-255.0M	-2.2M	0.56	84.05	N/A	N/A	853	478	39,948	25,395
2025-05-15	$273.73	$240.00	19.1%	5.5%	27.3%	16.3%	18.7%	3.5%	0.2%	16.3M	-388.8M	-2.2M	0.51	82.28	N/A	N/A	1,770	908	40,035	25,385
2025-05-16	$275.81	$240.00	17.3%	5.0%	27.1%	10.6%	18.2%	3.5%	0.6%	11.9M	-414.3M	-2.2M	0.14	81.79	N/A	N/A	2,460	350	40,235	25,543
2025-05-19	$278.01	$240.00	18.1%	5.2%	26.5%	13.0%	18.4%	3.6%	0.6%	13.4M	-413.5M	-2.2M	0.55	80.59	N/A	N/A	844	460	32,019	19,649
2025-05-20	$278.01	$240.00	17.9%	5.1%	26.0%	12.5%	19.1%	3.4%	0.9%	13.6M	-412.5M	-2.2M	0.67	80.23	N/A	N/A	444	298	32,387	19,839
2025-05-21	$281.88	$240.00	19.4%	5.6%	25.0%	17.3%	20.4%	4.2%	0.1%	15.0M	-460.3M	-2.2M	1.09	77.55	N/A	N/A	760	826	32,486	19,962
2025-05-22	$282.43	$240.00	19.1%	5.5%	24.8%	16.2%	18.6%	3.7%	0.7%	15.5M	-463.6M	-2.2M	0.31	78.77	N/A	N/A	1,538	483	32,619	20,261
2025-05-23	$285.26	$240.00	17.9%	5.1%	24.9%	12.3%	18.9%	4.1%	1.5%	15.8M	-510.7M	-2.2M	0.75	78.02	N/A	N/A	934	696	32,997	20,478
2025-05-27	$284.37	$240.00	19.3%	5.5%	24.9%	16.8%	19.2%	3.7%	0.5%	16.5M	-496.8M	-2.2M	1.12	78.87	N/A	N/A	426	477	33,075	20,561
2025-05-28	$285.99	$240.00	18.1%	5.2%	24.5%	13.1%	19.0%	3.5%	1.2%	16.8M	-519.4M	-2.2M	0.21	82.01	N/A	N/A	2,363	492	33,173	20,768
2025-05-29	$285.96	$240.00	18.3%	5.3%	24.0%	13.7%	23.7%	3.0%	1.1%	18.3M	-539.2M	-2.2M	0.27	80.75	N/A	N/A	1,042	280	34,620	20,963
2025-05-30	$288.22	$240.00	17.5%	5.0%	24.1%	11.3%	18.5%	2.7%	1.2%	20.1M	-575.7M	-2.2M	0.32	79.24	N/A	N/A	1,212	389	35,032	21,058