CME Options History — January 2026

In January 2026, CME traded between $262.91 and $289.19. ATM implied volatility averaged 21.7%, placing in the 22.4% IV rank vs the trailing year. The 30-day expected move averaged 6.2%. IV traded above realized volatility by 1.9% (HV 20d: 19.8%). Max pain ranged from $260.00 to $280.00. Net GEX was positive for 15 of 20 trading days. Term structure was in contango for 6 of 20 days. Put/call ratio averaged 0.37.

Notable Days

  • 2026-01-29: Highest Volume — 2,543 contracts
  • 2026-01-05: Largest IV spike — 12.9% change
  • 2026-01-28: Highest IV Rank — 29.5%
  • 2026-01-30: Largest Expected Move — 7.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$276.21$262.91$289.19$269.21$288.92
Max Pain$279.00$260.00$280.00$260.00$280.00
ATM IV21.7%17.2%23.9%17.2%23.6%
Expected Move6.2%4.6%7.1%4.6%7.1%
HV 20d19.8%16.7%22.6%16.7%20.1%
HV 60d18.2%17.4%18.8%17.4%18.0%
IV Rank22.4%7.7%29.5%7.7%28.7%
IV Percentile71.0%6.3%91.3%6.3%89.7%
Term Structure-0.1%-1.2%4.8%4.8%-0.1%
VWIV22.0%15.9%27.3%15.9%27.3%
Skew 25d2.9%1.7%4.5%1.7%2.3%
Skew 10d6.1%-7.3%12.9%2.3%6.4%
Call IV 25d20.9%15.4%25.2%15.4%23.3%
Put IV 25d23.8%17.1%26.9%17.1%25.6%
Bid-Ask Spread %82.2473.4788.0786.8673.47
Gamma HHI0.150.110.560.120.12
Net GEX6.1M-5.0M35.3M248.7K11.0M
Net DEX-92.8M-198.4M18.6M-37.9M-198.4M
Net VEX-1.2M-1.3M-1.1M-1.2M-1.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.370.140.820.180.19
Total Volume1,475.954412,5431,1751,911
Total OI34,123.127,24038,89736,63433,145

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2026-01-02$269.21$260.0017.2%4.6%16.7%7.7%15.9%1.7%4.8%248.7K-37.9M-1.2M0.1886.86N/AN/A99318218,55418,080
2026-01-05$274.68$280.0019.5%5.6%18.0%15.0%18.3%1.7%-0.8%7.4M-101.0M-1.1M0.3886.78N/AN/A36213718,79117,960
2026-01-06$269.61$280.0020.4%5.5%19.1%18.2%19.4%3.8%-0.6%670.0K-43.8M-1.1M0.4485.09N/AN/A1,35159918,93717,977
2026-01-07$267.72$280.0020.4%5.6%19.3%18.2%20.4%4.3%-0.1%-798.5K-26.3M-1.2M0.5486.90N/AN/A59732419,04018,372
2026-01-08$267.09$280.0020.3%5.6%19.2%17.8%20.1%2.2%0.1%-1.6M-20.4M-1.1M0.5087.16N/AN/A29414719,40718,436
2026-01-09$262.91$280.0020.1%5.6%19.5%17.1%19.1%3.1%-0.1%-5.0M18.6M-1.1M0.6688.07N/AN/A57137819,45218,483
2026-01-12$265.15$280.0022.6%6.1%18.3%25.2%21.7%2.8%-1.2%-2.8M-7.2M-1.1M0.4586.36N/AN/A64328719,29818,251
2026-01-13$267.59$280.0022.2%6.1%18.6%23.9%20.9%1.8%-0.5%-1.5M-29.6M-1.1M0.4087.45N/AN/A45418119,16018,379
2026-01-14$274.37$280.0020.7%5.9%20.7%19.2%20.8%3.6%0.1%7.5M-106.5M-1.1M0.3586.40N/AN/A1,61656719,44518,500
2026-01-15$272.49$280.0022.7%6.4%20.8%25.5%22.1%2.7%0.0%5.0M-91.8M-1.1M0.1486.32N/AN/A1,73324619,89718,738
2026-01-16$279.31$280.0021.2%6.0%22.6%20.8%20.8%1.9%-0.7%35.3M-168.1M-1.1M0.3684.08N/AN/A1,55056420,11818,779
2026-01-20$279.50$280.0023.5%6.7%20.7%28.3%23.1%2.8%-0.6%5.6M-91.1M-1.2M0.2174.45N/AN/A1,80837414,17913,061
2026-01-21$279.01$280.0021.4%6.1%20.5%21.3%21.5%4.5%-0.2%6.9M-92.0M-1.2M0.3182.87N/AN/A93429314,77113,237
2026-01-22$281.74$280.0022.3%6.4%20.4%24.4%24.3%3.7%0.5%9.0M-122.2M-1.2M0.2776.86N/AN/A1,10229815,26213,279
2026-01-23$282.90$280.0022.4%6.5%20.1%24.8%23.6%3.2%-1.1%9.3M-130.6M-1.2M0.8275.11N/AN/A1,00882415,52213,480
2026-01-26$284.03$280.0022.8%6.7%20.2%26.0%24.1%2.9%0.1%7.4M-131.0M-1.2M0.3877.99N/AN/A1,19345715,37913,981
2026-01-27$283.39$280.0023.4%6.9%20.2%28.0%24.4%4.0%-0.2%7.2M-129.0M-1.2M0.1476.03N/AN/A1,19016215,81514,343
2026-01-28$285.38$280.0023.9%6.9%20.2%29.5%24.9%3.4%-0.6%9.0M-151.7M-1.2M0.1779.04N/AN/A1,40324316,59514,456
2026-01-29$289.19$280.0023.6%6.8%20.4%28.6%27.1%1.7%-0.7%11.2M-195.8M-1.3M0.4477.41N/AN/A1,76178217,34314,560
2026-01-30$288.92$280.0023.6%7.1%20.1%28.7%27.3%2.3%-0.1%11.0M-198.4M-1.3M0.1973.47N/AN/A1,60630517,95115,194