CME Options History — November 2025

In November 2025, CME traded between $264.22 and $285.46. ATM implied volatility averaged 20.8%, placing in the 21.7% IV rank vs the trailing year. The 30-day expected move averaged 6.0%. IV traded above realized volatility by 3.0% (HV 20d: 17.9%). Max pain ranged from $270.00 to $280.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 10 of 19 days. Put/call ratio averaged 0.85.

Notable Days

  • 2025-11-07: Highest Volume — 4,238 contracts
  • 2025-11-26: Largest IV drop — 6.5% change
  • 2025-11-19: Highest IV Rank — 25.2%
  • 2025-11-19: Largest Expected Move — 6.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$276.76$264.22$285.46$264.22$282.06
Max Pain$274.21$270.00$280.00$270.00$280.00
ATM IV20.8%19.4%21.9%20.9%19.4%
Expected Move6.0%5.3%6.3%6.2%5.3%
HV 20d17.9%14.8%20.1%17.5%17.9%
HV 60d17.1%16.2%18.0%18.0%17.5%
IV Rank21.7%17.2%25.2%21.8%17.2%
IV Percentile63.1%38.9%82.9%63.9%38.9%
Term Structure-0.1%-1.6%1.4%0.5%-1.6%
VWIV21.4%19.8%23.3%21.4%20.7%
Skew 25d2.8%0.1%5.8%0.1%1.2%
Skew 10d5.8%-0.1%16.1%6.1%1.4%
Call IV 25d19.6%16.9%21.3%19.6%17.0%
Put IV 25d22.4%18.2%24.4%19.8%18.2%
Bid-Ask Spread %82.0177.2686.9779.2286.97
Gamma HHI0.170.110.210.110.17
Net GEX12.4M5.7M18.1M5.7M12.7M
Net DEX-196.8M-333.7M-51.9M-51.9M-230.7M
Net VEX-1.6M-1.7M-1.5M-1.6M-1.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.850.222.240.960.22
Total Volume1,464.3163904,2387291,027
Total OI48,515.63242,35051,32049,49843,493

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-11-03$264.22$270.0020.9%6.2%17.5%21.8%21.4%0.1%0.5%5.7M-51.9M-1.6M0.9679.22N/AN/A37135828,37221,126
2025-11-04$267.31$270.0021.6%6.1%17.7%24.2%20.3%5.8%-0.7%8.6M-95.2M-1.7M0.2684.28N/AN/A83321628,56521,255
2025-11-05$269.04$270.0020.9%5.9%17.4%21.9%21.1%5.1%0.3%11.1M-135.7M-1.7M0.6481.06N/AN/A88756728,62521,351
2025-11-06$272.11$270.0020.7%6.2%17.7%21.3%21.7%1.8%1.0%12.9M-174.3M-1.7M1.7382.69N/AN/A31654729,01221,467
2025-11-07$277.12$270.0021.5%6.1%18.2%23.9%22.7%1.7%1.4%16.1M-256.0M-1.7M0.8781.49N/AN/A2,2681,97029,07121,482
2025-11-10$277.37$270.0020.4%6.0%18.1%20.3%21.5%5.4%0.0%14.5M-211.8M-1.6M1.0181.90N/AN/A51652327,87421,004
2025-11-11$278.98$270.0020.2%5.9%17.4%19.6%21.5%2.5%0.2%16.7M-240.8M-1.6M1.3778.72N/AN/A46463527,98421,115
2025-11-12$280.93$270.0020.7%5.8%17.4%21.4%21.1%2.2%-0.5%17.2M-262.2M-1.6M0.6382.42N/AN/A42126728,09021,417
2025-11-13$285.46$270.0021.3%5.9%15.8%23.2%21.6%2.7%-0.6%18.1M-333.7M-1.6M0.8481.48N/AN/A1,6211,36528,10921,509
2025-11-14$285.25$270.0020.3%5.7%14.8%19.9%21.8%2.5%-0.8%15.6M-316.4M-1.6M2.2480.94N/AN/A5681,27327,66522,566
2025-11-17$280.27$270.0021.2%6.1%16.6%22.9%22.7%2.1%0.7%13.7M-239.0M-1.6M1.3084.87N/AN/A60979427,40922,123
2025-11-18$280.27$280.0021.7%6.2%16.6%24.6%23.0%2.6%-1.1%14.0M-236.4M-1.6M0.4282.18N/AN/A51721627,59422,358
2025-11-19$272.41$280.0021.9%6.3%19.8%25.2%21.6%3.2%-1.4%9.3M-119.6M-1.5M1.1584.42N/AN/A1,1331,30027,78722,411
2025-11-20$275.77$280.0021.8%6.2%20.1%24.6%23.3%3.1%1.2%12.1M-164.7M-1.6M0.9383.08N/AN/A68263228,27522,867
2025-11-21$275.36$280.0020.8%5.9%20.1%21.6%21.4%2.0%0.6%11.4M-155.7M-1.5M0.3484.40N/AN/A1,59755128,19023,130
2025-11-24$275.98$280.0020.0%6.1%19.9%19.1%19.8%5.7%0.4%5.9M-137.4M-1.5M0.4781.77N/AN/A81037723,46118,889
2025-11-25$276.99$280.0020.8%6.0%18.2%21.7%20.5%0.6%-0.5%7.9M-156.3M-1.5M0.3678.97N/AN/A28710323,95218,965
2025-11-26$281.61$280.0019.5%5.6%17.8%17.4%19.8%3.3%-0.6%12.0M-222.2M-1.5M0.3977.26N/AN/A86733424,22119,013
2025-11-28$282.06$280.0019.4%5.3%17.9%17.2%20.7%1.2%-1.6%12.7M-230.7M-1.5M0.2286.97N/AN/A84118624,31519,178