CME Options History — July 2025

In July 2025, CME traded between $274.21 and $281.37. ATM implied volatility averaged 21.2%, placing in the 22.9% IV rank vs the trailing year. The 30-day expected move averaged 6.2%. IV traded above realized volatility by 4.1% (HV 20d: 17.1%). Max pain ranged from $270.00 to $270.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 4 of 22 days. Put/call ratio averaged 0.71.

Notable Days

  • 2025-07-25: Highest Volume — 7,156 contracts
  • 2025-07-23: Largest IV drop — 20.0% change
  • 2025-07-09: Highest IV Rank — 32.9%
  • 2025-07-09: Largest Expected Move — 7.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$276.45$274.21$281.37$275.18$279.10
Max Pain$270.00$270.00$270.00$270.00$270.00
ATM IV21.2%18.0%24.4%19.1%20.6%
Expected Move6.2%5.4%7.0%5.5%5.9%
HV 20d17.1%14.4%19.8%19.8%17.1%
HV 60d21.0%20.2%23.1%23.1%20.3%
IV Rank22.9%12.8%32.9%16.2%21.0%
IV Percentile75.1%30.6%94.8%54.4%74.2%
Term Structure-0.9%-3.3%2.5%2.3%-0.5%
VWIV22.0%19.7%25.5%19.7%20.6%
Skew 25d2.6%1.1%3.8%2.2%2.0%
Skew 10d6.4%2.5%10.8%4.6%8.4%
Call IV 25d20.4%18.0%22.9%18.5%19.7%
Put IV 25d23.1%19.6%25.8%20.7%21.7%
Bid-Ask Spread %77.9373.0184.4277.9183.05
Gamma HHI0.220.150.370.200.22
Net GEX14.0M8.7M22.8M14.1M16.2M
Net DEX-222.8M-297.7M-182.2M-215.3M-246.8M
Net VEX-2.2M-2.3M-2.1M-2.3M-2.1M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.710.124.080.450.25
Total Volume2,0275767,1561,7851,276
Total OI49,930.68243,17852,69049,85650,968

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-07-01$275.18$270.0019.1%5.5%19.8%16.2%19.7%2.2%2.3%14.1M-215.3M-2.3M0.4577.91N/AN/A1,22755829,82520,031
2025-07-02$276.22$270.0018.9%5.4%17.7%15.7%20.5%1.8%2.5%15.0M-233.4M-2.2M1.0278.36N/AN/A71272729,89020,019
2025-07-03$275.20$270.0018.0%5.9%16.9%12.8%20.9%3.0%-0.3%14.0M-214.8M-2.3M0.5074.56N/AN/A41720929,70620,215
2025-07-07$281.37$270.0021.2%6.7%18.2%22.7%25.5%3.6%-0.8%19.0M-297.7M-2.2M0.6477.81N/AN/A1,38288429,76520,347
2025-07-08$275.44$270.0021.1%6.7%19.8%22.5%24.1%2.9%-1.9%13.3M-215.3M-2.2M0.5778.47N/AN/A91752029,60220,365
2025-07-09$274.68$270.0024.4%7.0%18.6%32.9%23.4%3.1%-3.1%12.0M-197.7M-2.2M0.3279.65N/AN/A1,54448929,65820,752
2025-07-10$275.37$270.0022.4%6.4%17.7%26.5%23.6%2.5%-1.2%12.7M-206.5M-2.2M0.8780.32N/AN/A61153229,47220,963
2025-07-11$276.60$270.0021.8%6.3%17.5%24.8%22.6%3.4%-1.2%14.1M-213.3M-2.2M0.4779.79N/AN/A83338829,59921,199
2025-07-14$276.98$270.0022.8%6.5%17.3%28.1%22.8%3.2%-1.8%15.2M-233.1M-2.2M0.3777.80N/AN/A1,05739030,06021,257
2025-07-15$274.26$270.0023.6%6.8%17.6%30.6%23.2%3.6%-1.1%11.7M-196.9M-2.2M0.2777.02N/AN/A1,44738630,59421,467
2025-07-16$278.59$270.0023.0%6.6%17.8%28.7%22.8%3.8%-3.3%19.0M-267.2M-2.2M0.3774.66N/AN/A1,05539031,01921,593
2025-07-17$278.38$270.0021.8%6.3%17.4%24.9%23.9%3.4%-1.5%22.8M-273.7M-2.1M0.6876.28N/AN/A82155631,09421,596
2025-07-18$274.66$270.0023.2%6.6%18.1%29.1%22.3%3.7%-1.9%8.7M-204.7M-2.1M0.3677.96N/AN/A1,31347730,84821,772
2025-07-21$274.84$270.0022.8%6.5%16.5%28.1%21.7%2.7%-1.7%9.0M-183.2M-2.1M0.1273.01N/AN/A2,16225625,46917,709
2025-07-22$274.67$270.0024.1%6.9%14.4%32.1%24.3%2.5%-2.5%9.8M-187.2M-2.1M0.7874.19N/AN/A2,2601,77026,56117,822
2025-07-23$276.43$270.0019.3%5.5%14.5%16.8%20.3%1.9%-0.5%12.8M-217.7M-2.1M0.4773.09N/AN/A1,94892528,10819,220
2025-07-24$277.88$270.0019.9%5.7%14.6%18.7%20.4%2.1%0.1%14.6M-245.3M-2.1M0.4477.47N/AN/A2,16195428,92719,554
2025-07-25$279.97$270.0019.4%5.6%14.8%17.2%20.5%1.6%-0.7%17.1M-260.5M-2.1M4.0884.42N/AN/A1,4085,74829,12120,118
2025-07-28$274.21$270.0019.2%5.5%16.8%16.4%19.8%1.1%0.9%10.9M-182.2M-2.1M1.1577.69N/AN/A9801,12529,56821,239
2025-07-29$274.56$270.0020.3%5.8%16.7%20.0%20.1%1.5%-0.0%11.6M-185.2M-2.1M0.7278.43N/AN/A70050329,57520,937
2025-07-30$277.27$270.0019.5%5.6%17.0%17.5%20.6%1.6%-0.9%14.9M-225.0M-2.1M0.7282.41N/AN/A33524129,72421,147
2025-07-31$279.10$270.0020.6%5.9%17.1%21.0%20.6%2.0%-0.5%16.2M-246.8M-2.1M0.2583.05N/AN/A1,02425229,75221,216