CME Options History — October 2025

In October 2025, CME traded between $261.51 and $272.33. ATM implied volatility averaged 22.8%, placing in the 28.1% IV rank vs the trailing year. The 30-day expected move averaged 6.6%. IV traded above realized volatility by 5.6% (HV 20d: 17.3%). Max pain ranged from $260.00 to $270.00. Net GEX was positive for 21 of 23 trading days. Term structure was in contango for 10 of 23 days. Put/call ratio averaged 0.80.

Notable Days

2025-10-17: Highest Volume — 7,584 contracts
2025-10-10: Largest IV spike — 24.2% change
2025-10-14: Highest IV Rank — 42.6%
2025-10-16: Largest Expected Move — 7.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$266.94	$261.51	$272.33	$266.25	$265.52
Max Pain	$268.70	$260.00	$270.00	$270.00	$270.00
ATM IV	22.8%	18.9%	27.4%	21.8%	21.5%
Expected Move	6.6%	5.6%	7.4%	6.2%	6.3%
HV 20d	17.3%	14.5%	19.2%	16.5%	18.5%
HV 60d	17.7%	17.2%	18.5%	17.2%	18.0%
IV Rank	28.1%	15.5%	42.6%	24.7%	23.9%
IV Percentile	80.3%	32.5%	98.4%	84.1%	74.6%
Term Structure	-0.3%	-1.8%	1.8%	1.1%	0.4%
VWIV	23.0%	20.1%	25.8%	21.8%	21.4%
Skew 25d	2.4%	0.9%	6.6%	0.9%	2.3%
Skew 10d	5.2%	2.0%	11.0%	2.3%	6.2%
Call IV 25d	21.7%	13.9%	24.1%	21.6%	20.9%
Put IV 25d	24.0%	20.5%	26.5%	22.5%	23.2%
Bid-Ask Spread %	76.19	67.51	85.19	79.52	73.24
Gamma HHI	0.15	0.12	0.21	0.15	0.12
Net GEX	4.5M	-1.1M	10.3M	3.2M	3.9M
Net DEX	-90.9M	-172.1M	-21.7M	-88.1M	-62.3M
Net VEX	-1.8M	-1.9M	-1.7M	-1.9M	-1.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.80	0.16	2.64	0.41	0.16
Total Volume	1,817.739	501	7,584	2,692	1,142
Total OI	46,486.913	43,079	48,871	45,569	48,871

Daily Data (23 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
2025-10-01	$266.25	$270.00	21.8%	6.2%	16.5%	24.7%	21.8%	0.9%	1.1%	3.2M	-88.1M	-1.9M	0.41	79.52	N/A	N/A	1,912	780	25,439	20,130
2025-10-02	$265.01	$270.00	20.8%	6.0%	16.5%	21.6%	21.1%	0.9%	1.7%	2.4M	-74.3M	-1.8M	0.35	85.19	N/A	N/A	550	193	25,642	20,295
2025-10-03	$265.91	$270.00	21.0%	6.0%	14.5%	22.2%	20.6%	1.2%	1.2%	3.2M	-87.7M	-1.9M	0.68	84.02	N/A	N/A	548	371	25,877	20,338
2025-10-06	$261.51	$270.00	23.3%	6.7%	15.7%	29.7%	23.5%	1.5%	0.2%	-385.7K	-28.0M	-1.8M	0.54	76.21	N/A	N/A	1,366	741	25,747	20,327
2025-10-07	$263.71	$270.00	23.7%	7.0%	16.0%	30.8%	24.0%	1.7%	-0.9%	1.3M	-56.5M	-1.8M	0.31	75.57	N/A	N/A	755	234	26,008	20,538
2025-10-08	$266.74	$270.00	24.0%	7.2%	16.3%	31.6%	25.0%	1.9%	-1.7%	3.9M	-95.6M	-1.8M	0.51	78.55	N/A	N/A	718	363	26,144	20,509
2025-10-09	$268.41	$260.00	21.9%	6.9%	16.0%	25.1%	24.0%	2.2%	-1.6%	5.4M	-117.2M	-1.8M	0.56	75.45	N/A	N/A	322	179	26,092	20,483
2025-10-10	$272.33	$260.00	27.2%	7.3%	16.7%	41.9%	25.4%	2.6%	-0.6%	7.9M	-172.1M	-1.8M	1.15	73.23	N/A	N/A	565	650	26,050	20,546
2025-10-13	$271.41	$260.00	27.3%	6.9%	15.6%	42.2%	25.4%	1.4%	-0.4%	8.3M	-153.3M	-1.8M	1.38	76.91	N/A	N/A	667	918	26,016	20,482
2025-10-14	$267.84	$270.00	27.4%	6.7%	16.4%	42.6%	23.8%	1.9%	0.7%	6.3M	-116.1M	-1.8M	1.31	79.36	N/A	N/A	553	725	26,115	20,921
2025-10-15	$267.89	$270.00	24.0%	6.9%	16.2%	31.8%	24.3%	2.5%	-1.1%	6.1M	-102.7M	-1.8M	0.64	78.13	N/A	N/A	448	288	26,278	21,112
2025-10-16	$262.49	$270.00	25.7%	7.4%	17.8%	37.2%	25.8%	2.7%	-1.8%	-1.1M	-36.5M	-1.7M	0.94	76.16	N/A	N/A	445	417	26,467	21,165
2025-10-17	$267.70	$270.00	24.2%	6.9%	19.0%	32.5%	25.0%	2.5%	-0.9%	10.3M	-83.5M	-1.7M	1.62	80.24	N/A	N/A	2,892	4,692	26,504	20,984
2025-10-20	$267.91	$270.00	23.7%	6.8%	19.0%	30.9%	23.6%	2.4%	-1.4%	4.1M	-99.5M	-1.8M	1.27	76.93	N/A	N/A	819	1,042	23,895	19,184
2025-10-21	$268.18	$270.00	23.8%	6.8%	19.0%	31.3%	22.9%	1.9%	-1.0%	4.3M	-100.8M	-1.8M	0.42	71.91	N/A	N/A	1,752	734	24,445	19,765
2025-10-22	$267.75	$270.00	21.8%	6.2%	18.7%	24.6%	21.2%	2.4%	-0.6%	4.9M	-103.6M	-1.8M	0.35	79.31	N/A	N/A	2,592	917	25,412	20,197
2025-10-23	$269.60	$270.00	19.6%	5.7%	17.6%	17.8%	20.8%	2.2%	-1.8%	6.6M	-114.1M	-1.8M	0.76	67.51	N/A	N/A	1,095	829	26,333	20,217
2025-10-24	$269.42	$270.00	19.3%	5.6%	17.5%	17.0%	20.1%	2.1%	0.2%	5.7M	-103.7M	-1.8M	0.42	70.98	N/A	N/A	888	373	25,932	19,894
2025-10-27	$271.93	$270.00	18.9%	5.8%	17.8%	15.5%	20.5%	6.6%	1.8%	7.1M	-133.4M	-1.8M	0.57	69.79	N/A	N/A	1,053	601	26,361	19,823
2025-10-28	$266.39	$270.00	21.4%	6.1%	19.2%	23.6%	21.1%	4.3%	0.1%	5.0M	-88.3M	-1.8M	0.60	69.64	N/A	N/A	831	499	26,975	19,839
2025-10-29	$262.52	$270.00	21.8%	6.9%	18.3%	24.8%	25.3%	3.9%	-0.4%	1.6M	-21.7M	-1.7M	2.64	80.45	N/A	N/A	1,049	2,773	27,221	19,949
2025-10-30	$263.28	$270.00	21.3%	6.4%	18.2%	23.1%	22.2%	2.3%	0.4%	2.7M	-52.8M	-1.8M	0.87	74.02	N/A	N/A	282	245	27,604	21,073
2025-10-31	$265.52	$270.00	21.5%	6.3%	18.5%	23.9%	21.4%	2.3%	0.4%	3.9M	-62.3M	-1.7M	0.16	73.24	N/A	N/A	985	157	27,668	21,203