CME Options History — December 2025

In December 2025, CME traded between $266.75 and $279.87. ATM implied volatility averaged 17.9%, placing in the 12.2% IV rank vs the trailing year. The 30-day expected move averaged 5.2%. IV traded above realized volatility by 0.7% (HV 20d: 17.1%). Max pain ranged from $250.00 to $280.00. Net GEX was positive for 19 of 22 trading days. Term structure was in contango for 13 of 22 days. Put/call ratio averaged 0.81.

Notable Days

  • 2025-12-11: Highest Volume — 13,716 contracts
  • 2025-12-31: Largest IV drop — 11.1% change
  • 2025-12-02: Highest IV Rank — 17.6%
  • 2025-12-01: Largest Expected Move — 6.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$273.39$266.75$279.87$279.87$274.13
Max Pain$260.00$250.00$280.00$280.00$260.00
ATM IV17.9%14.9%19.5%19.1%14.9%
Expected Move5.2%4.4%6.0%6.0%4.4%
HV 20d17.1%15.6%18.8%18.2%15.7%
HV 60d17.4%16.8%18.0%16.9%17.1%
IV Rank12.2%0.0%17.6%16.2%0.0%
IV Percentile17.3%0.0%41.7%29.4%0.0%
Term Structure0.3%-3.2%4.9%0.6%4.9%
VWIV18.3%15.0%21.5%21.5%15.0%
Skew 25d1.9%-2.3%3.7%3.6%1.4%
Skew 10d6.5%-3.1%14.4%9.2%-1.4%
Call IV 25d16.8%11.9%19.5%17.9%14.0%
Put IV 25d18.7%13.7%22.2%21.6%15.3%
Bid-Ask Spread %87.7179.1693.7479.1687.02
Gamma HHI0.210.140.540.180.19
Net GEX11.2M-17.1M95.5M21.0M6.5M
Net DEX-98.2M-214.1M6.8M-214.1M-88.9M
Net VEX-1.3M-1.4M-1.2M-1.4M-1.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.810.033.210.130.58
Total Volume2,342.40924613,7164,945697
Total OI43,993.40935,51152,54445,75036,576

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-12-01$279.87$280.0019.1%6.0%18.2%16.2%21.5%3.6%0.6%21.0M-214.1M-1.4M0.1379.16N/AN/A4,38256327,31518,435
2025-12-02$277.27$280.0019.5%5.6%18.5%17.6%20.6%2.4%-0.2%20.7M-178.4M-1.4M0.3681.92N/AN/A35112531,49518,797
2025-12-03$274.90$280.0019.1%5.8%18.5%16.2%19.7%2.6%0.3%11.5M-139.0M-1.4M0.4083.80N/AN/A73229431,58818,847
2025-12-04$272.76$250.0018.0%5.6%18.7%12.6%19.5%-2.3%0.8%7.1M-102.7M-1.4M0.5789.08N/AN/A65737331,85718,936
2025-12-05$270.93$250.0018.3%5.5%18.4%13.7%18.9%1.5%1.1%5.8M-82.2M-1.3M0.4188.60N/AN/A2,03482832,03619,083
2025-12-08$271.23$250.0018.8%5.3%17.1%15.1%18.4%3.2%-0.5%3.4M-75.6M-1.3M0.0989.94N/AN/A8,41277924,12419,185
2025-12-09$270.32$250.0019.0%5.6%17.1%15.8%19.2%3.4%1.0%17.5M-87.5M-1.4M1.2088.72N/AN/A34841732,07619,895
2025-12-10$266.75$250.0019.3%5.3%17.4%16.7%20.1%2.0%-0.5%-321.2K-16.4M-1.3M0.4189.70N/AN/A74830932,16620,018
2025-12-11$271.98$250.0019.1%5.7%18.8%16.3%19.3%1.2%0.5%19.8M-97.6M-1.3M0.0389.20N/AN/A13,27544132,17320,162
2025-12-12$273.31$260.0018.7%5.6%17.8%14.9%18.6%2.0%0.8%95.5M-164.2M-1.3M0.0888.58N/AN/A3,64730332,31520,229
2025-12-15$272.05$260.0019.1%5.5%17.8%16.4%19.5%-0.4%-1.4%3.2M-71.0M-1.3M1.3289.26N/AN/A71594222,54419,828
2025-12-16$273.16$260.0018.6%5.4%17.0%14.6%19.2%2.2%-1.5%3.1M-74.8M-1.3M1.0990.08N/AN/A16317822,52020,250
2025-12-17$273.24$260.0019.4%5.6%17.0%17.3%19.1%1.3%-3.2%3.7M-75.0M-1.3M1.7689.74N/AN/A18232122,58420,307
2025-12-18$266.94$260.0017.8%5.1%16.0%12.0%17.5%2.3%0.7%-5.9M6.8M-1.2M1.7087.68N/AN/A6351,07922,60920,416
2025-12-19$269.78$260.0017.2%5.0%15.8%10.2%16.8%0.8%-2.4%-17.1M-39.4M-1.2M3.2190.09N/AN/A7222,31622,71720,281
2025-12-22$272.86$260.0016.2%4.7%16.4%6.9%15.1%0.8%-0.5%4.9M-73.9M-1.2M0.7587.01N/AN/A63747517,97917,772
2025-12-23$275.76$260.0016.7%4.9%16.9%8.5%17.1%2.9%-0.0%7.9M-107.6M-1.3M0.5887.18N/AN/A59734818,06918,014
2025-12-24$276.30$260.0016.4%4.6%16.8%7.7%17.6%2.6%0.1%9.2M-118.2M-1.3M0.9784.63N/AN/A12512118,36418,072
2025-12-26$276.58$260.0015.6%4.6%15.6%5.0%15.6%1.7%1.2%9.7M-118.0M-1.2M0.3993.74N/AN/A32312718,36218,161
2025-12-29$278.26$260.0016.1%4.8%15.8%6.7%16.8%3.7%2.2%10.4M-130.2M-1.2M1.5487.79N/AN/A41263418,03217,479
2025-12-30$276.22$260.0016.7%4.8%15.8%8.6%16.5%3.3%2.8%9.0M-112.6M-1.2M0.1786.76N/AN/A65511118,25417,933
2025-12-31$274.13$260.0014.9%4.4%15.7%0.0%15.0%1.4%4.9%6.5M-88.9M-1.2M0.5887.02N/AN/A44225518,55818,018