CNR Options History — December 2025

In December 2025, CNR traded between $77.13 and $89.60. ATM implied volatility averaged 48.0%, placing in the 32.9% IV rank vs the trailing year. The 30-day expected move averaged 13.4%. IV traded above realized volatility by 2.0% (HV 20d: 46.0%). Max pain ranged from $70.00 to $85.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 14 of 22 days. Put/call ratio averaged 0.63.

Notable Days

  • 2025-12-19: Highest Volume — 728 contracts
  • 2025-12-10: Largest IV drop — 19.2% change
  • 2025-12-04: Highest IV Rank — 40.3%
  • 2025-12-11: Largest Expected Move — 15.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$85.47$77.13$89.60$77.13$87.83
Max Pain$79.55$70.00$85.00$77.50$85.00
ATM IV48.0%40.0%58.1%49.5%40.4%
Expected Move13.4%11.5%15.2%14.2%11.6%
HV 20d46.0%37.4%68.0%68.0%39.9%
HV 60d56.6%55.3%57.6%56.4%55.3%
IV Rank32.9%27.1%40.3%34.0%27.4%
IV Percentile43.7%3.6%78.6%53.2%4.0%
Term Structure1.4%-6.0%9.9%0.3%5.2%
VWIV46.1%36.4%51.8%49.7%36.4%
Skew 25d2.3%-8.1%11.8%-2.7%-8.1%
Skew 10d9.3%-9.6%32.1%5.8%-2.8%
Call IV 25d45.8%38.9%51.2%51.1%38.9%
Put IV 25d48.1%30.8%57.9%48.4%30.8%
Bid-Ask Spread %82.2970.7394.0388.5394.03
Gamma HHI0.270.160.490.170.41
Net GEX1.9M918.5K2.9M1.4M990.2K
Net DEX-65.4M-97.3M-38.6M-38.6M-58.4M
Net VEX-458.9K-473.4K-444.5K-446.6K-460.2K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.630.073.011.150.74
Total Volume258.909337288433
Total OI34,665.81818,06942,82841,50519,153

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-12-01$77.13$77.5049.5%14.2%68.0%34.0%49.7%-2.7%0.3%1.4M-38.6M-446.6K1.1588.53N/AN/A394532,1849,321
2025-12-02$78.14$77.5049.0%14.1%65.8%33.7%46.4%5.1%-2.1%1.5M-41.2M-447.1K1.8888.37N/AN/A326032,1999,280
2025-12-03$83.06$75.0051.0%14.6%63.2%35.1%48.5%3.4%-1.4%2.1M-59.9M-465.8K0.4386.79N/AN/A1295632,1978,849
2025-12-04$83.53$70.0058.1%14.5%62.7%40.3%46.3%0.4%-1.9%2.3M-65.3M-471.6K1.1980.26N/AN/A18221732,2718,892
2025-12-05$83.73$75.0051.9%13.7%46.7%35.8%47.7%-4.0%2.8%2.4M-67.1M-473.4K0.3782.19N/AN/A1756432,3809,086
2025-12-08$81.84$75.0052.3%14.1%46.3%36.0%49.3%0.8%1.4%2.2M-59.2M-459.3K3.0178.40N/AN/A17552632,4699,107
2025-12-09$83.16$75.0055.9%13.5%46.1%38.7%47.3%4.1%1.8%2.2M-61.7M-458.8K0.0979.06N/AN/A1521332,5639,619
2025-12-10$84.57$75.0045.1%12.9%46.6%30.8%44.4%2.3%1.3%2.5M-68.7M-460.2K0.5180.73N/AN/A784032,6769,618
2025-12-11$87.35$75.0053.0%15.2%47.9%36.6%47.7%11.8%-5.5%2.9M-85.2M-468.3K0.1878.74N/AN/A5229632,7089,584
2025-12-12$85.48$80.0046.4%13.3%38.9%31.8%45.1%3.8%5.6%2.5M-73.1M-463.1K0.0876.10N/AN/A1811432,9059,603
2025-12-15$86.08$80.0050.3%14.4%38.9%34.6%51.8%5.2%-1.6%2.5M-73.4M-455.7K0.2477.51N/AN/A1854532,9879,605
2025-12-16$83.45$80.0048.5%13.9%38.4%33.3%46.2%-0.5%5.9%2.4M-67.6M-447.4K0.8570.73N/AN/A463933,0989,620
2025-12-17$83.87$80.0052.2%15.0%37.4%36.0%50.7%5.2%-6.0%2.7M-69.8M-444.5K0.1079.16N/AN/A1161233,1019,613
2025-12-18$89.50$80.0046.9%13.5%41.4%32.2%47.7%3.3%3.9%2.1M-97.3M-454.3K0.1383.14N/AN/A4185333,1159,617
2025-12-19$87.79$80.0043.3%12.4%40.8%29.5%47.5%6.4%2.5%2.5M-87.6M-447.8K0.4287.05N/AN/A51121733,1749,654
2025-12-22$88.04$85.0045.6%13.1%40.9%31.2%44.6%-0.3%2.6%918.5K-58.4M-453.3K0.1884.21N/AN/A3045513,6624,407
2025-12-23$89.43$85.0042.4%12.2%40.6%28.8%43.2%1.6%-0.1%1.0M-61.3M-461.6K0.0876.74N/AN/A4543613,9244,457
2025-12-24$89.38$85.0042.8%12.3%40.4%29.2%41.6%3.7%6.6%1.0M-61.6M-467.9K0.0784.31N/AN/A67514,3744,493
2025-12-26$88.47$85.0044.3%12.7%40.8%30.2%45.1%2.4%9.9%1.0M-60.0M-464.2K1.7784.57N/AN/A264614,4344,498
2025-12-29$89.60$85.0046.1%13.2%40.8%31.5%42.5%4.0%-3.4%1.1M-61.5M-462.2K0.1284.23N/AN/A1561914,4554,538
2025-12-30$88.83$85.0040.0%11.5%39.5%27.1%44.6%3.7%4.1%1.1M-62.1M-462.2K0.3685.43N/AN/A421514,6044,554
2025-12-31$87.83$85.0040.4%11.6%39.9%27.4%36.4%-8.1%5.2%990.2K-58.4M-460.2K0.7494.03N/AN/A191414,5884,565