CME Options History — February 2026

In February 2026, CME traded between $290.74 and $320.73. ATM implied volatility averaged 24.6%, placing in the 31.9% IV rank vs the trailing year. The 30-day expected move averaged 7.1%. IV traded above realized volatility by 9.4% (HV 20d: 15.3%). Max pain ranged from $270.00 to $290.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 8 of 19 days. Put/call ratio averaged 1.87.

Notable Days

  • 2026-02-20: Highest Volume — 16,402 contracts
  • 2026-02-09: Largest IV spike — 15.7% change
  • 2026-02-12: Highest IV Rank — 39.2%
  • 2026-02-03: Largest Expected Move — 7.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$305.12$290.74$320.73$290.74$320.73
Max Pain$275.26$270.00$290.00$280.00$290.00
ATM IV24.6%22.6%26.9%24.6%23.7%
Expected Move7.1%6.2%7.8%7.4%7.3%
HV 20d15.3%11.5%21.0%18.6%21.0%
HV 60d17.8%16.5%19.3%17.9%19.3%
IV Rank31.9%25.3%39.2%31.7%28.9%
IV Percentile90.4%78.6%96.8%94.0%84.5%
Term Structure-0.2%-3.8%4.5%2.2%-0.4%
VWIV25.2%22.0%28.8%26.4%24.1%
Skew 25d4.2%2.1%7.4%2.1%2.6%
Skew 10d7.3%1.3%13.4%2.4%2.5%
Call IV 25d22.5%16.9%26.0%24.2%22.6%
Put IV 25d26.7%23.8%30.8%26.3%25.2%
Bid-Ask Spread %80.2170.9989.2075.0375.38
Gamma HHI0.190.120.290.120.20
Net GEX12.9M5.4M24.4M10.2M24.4M
Net DEX-317.6M-471.9M-207.2M-207.2M-471.9M
Net VEX-1.3M-1.6M-1.2M-1.3M-1.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.870.2716.980.850.74
Total Volume3,5451,19216,4022,4152,609
Total OI43,747.10532,89861,49732,89861,497

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2026-02-02$290.74$280.0024.6%7.4%18.6%31.7%26.4%2.1%2.2%10.2M-207.2M-1.3M0.8575.03N/AN/A1,3061,10917,87315,025
2026-02-03$294.04$280.0025.9%7.8%17.8%36.0%28.8%3.7%0.2%9.9M-235.5M-1.3M0.3975.46N/AN/A2,9821,17718,26715,775
2026-02-04$294.40$280.0024.4%6.4%15.8%31.2%23.9%6.6%1.8%13.8M-241.0M-1.3M0.4479.45N/AN/A2,9961,31419,70416,649
2026-02-05$297.82$270.0023.8%7.3%15.4%29.0%25.6%7.4%4.5%18.5M-285.9M-1.3M1.2685.33N/AN/A1,6942,13520,41916,627
2026-02-06$302.21$270.0022.8%6.9%15.5%25.9%24.7%6.9%3.5%18.8M-346.9M-1.2M1.0384.24N/AN/A1,2481,28520,70518,383
2026-02-09$306.93$270.0026.4%6.9%13.4%37.5%27.0%5.6%-3.1%12.5M-331.8M-1.2M0.6981.23N/AN/A2,4921,72418,87917,738
2026-02-10$307.15$270.0024.8%6.2%13.7%32.4%25.4%4.1%-3.8%13.1M-330.5M-1.3M0.9584.48N/AN/A86882619,90619,015
2026-02-11$302.97$270.0025.0%7.3%15.5%33.1%25.3%4.5%-0.1%11.0M-291.1M-1.4M1.1189.20N/AN/A62669520,35419,377
2026-02-12$304.11$270.0026.9%7.1%13.9%39.2%24.3%4.8%-2.6%11.9M-309.6M-1.4M0.5484.79N/AN/A93050620,50019,921
2026-02-13$302.69$270.0026.3%7.2%13.6%37.2%23.6%3.0%-1.3%11.6M-300.1M-1.3M0.3883.56N/AN/A1,00938720,69420,000
2026-02-17$304.02$270.0026.1%7.4%11.5%36.8%25.4%3.5%-2.6%13.0M-309.2M-1.3M1.7383.45N/AN/A43775520,51619,365
2026-02-18$302.87$270.0024.7%7.1%11.8%32.1%22.0%3.4%-2.0%12.8M-296.2M-1.3M0.9885.17N/AN/A1,4541,42120,60619,747
2026-02-19$302.73$270.0024.4%7.1%11.7%31.1%25.5%3.9%-1.1%13.5M-298.7M-1.4M1.4482.54N/AN/A57482522,12920,743
2026-02-20$306.93$270.0023.2%6.7%12.1%27.2%25.2%3.8%0.4%14.6M-348.9M-1.3M16.9885.56N/AN/A91215,49022,28321,181
2026-02-23$314.09$280.0022.9%7.2%13.8%26.1%25.1%2.9%0.2%7.0M-356.8M-1.3M0.8170.99N/AN/A1,3311,07220,32134,130
2026-02-24$318.49$280.0022.6%7.1%14.1%25.3%22.3%3.5%0.2%14.3M-415.3M-1.2M0.2771.20N/AN/A3,19885320,93434,613
2026-02-25$308.20$280.0025.5%7.7%19.5%34.7%28.6%3.6%-0.1%5.4M-271.2M-1.6M3.8475.06N/AN/A1,2184,68322,79434,777
2026-02-26$316.20$290.0024.0%7.2%21.0%29.8%25.3%3.4%-0.4%9.2M-386.8M-1.4M1.0271.90N/AN/A1,5931,62123,19336,555
2026-02-27$320.73$290.0023.7%7.3%21.0%28.9%24.1%2.6%-0.4%24.4M-471.9M-1.3M0.7475.38N/AN/A1,5021,10724,22337,274