DLNG Options History — December 2025

In December 2025, DLNG traded between $3.67 and $3.96. ATM implied volatility averaged 91.4%, placing in the 21.2% IV rank vs the trailing year. The 30-day expected move averaged 23.2%. IV traded above realized volatility by 53.6% (HV 20d: 37.8%). Max pain ranged from $2.50 to $5.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 5 of 22 days. Put/call ratio averaged 0.15.

Notable Days

2025-12-18: Highest Volume — 201 contracts
2025-12-18: Largest IV spike — 84.5% change
2025-12-01: Highest IV Rank — 57.4%
2025-12-01: Largest Expected Move — 56.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$3.83	$3.67	$3.96	$3.73	$3.79
Max Pain	$2.61	$2.50	$5.00	$5.00	$2.50
ATM IV	91.4%	41.4%	195.8%	195.8%	86.7%
Expected Move	23.2%	11.9%	56.1%	56.1%	24.9%
HV 20d	37.8%	28.6%	41.8%	38.8%	28.6%
HV 60d	29.1%	27.6%	29.9%	28.0%	29.7%
IV Rank	21.2%	4.0%	57.4%	57.4%	19.6%
IV Percentile	45.5%	13.1%	91.7%	91.7%	42.5%
Term Structure	2.7%	-55.4%	162.1%	-55.4%	-23.6%
VWIV	119.0%	91.8%	146.2%	146.2%	91.8%
Bid-Ask Spread %	68.59	37.43	107.67	107.67	53.15
Gamma HHI	0.81	0.55	0.95	0.88	0.60
Net GEX	4.6K	849	7.7K	6.2K	874
Net DEX	-137.5K	-214.5K	-78.1K	-176.8K	-78.5K
Net VEX	-421	-700	-95	-700	-120
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.15	0.00	1.00	0.00	0.07
Total Volume	17.773	0	201	6	160
Total OI	2,013.636	1,981	2,060	1,993	2,060

Daily Data (22 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-12-01	$3.73	$5.00	195.8%	56.1%	38.8%	57.4%	146.2%	0.0%	-55.4%	6.2K	-176.8K	-700	0.00	107.67	N/A	N/A	6	0	1,983	10
2025-12-02	$3.70	$2.50	115.1%	33.0%	38.9%	29.4%	0.0%	0.0%	-46.2%	5.9K	-160.3K	-621	0.00	84.56	N/A	N/A	9	0	1,984	10
2025-12-03	$3.82	$2.50	95.7%	27.4%	39.8%	22.7%	0.0%	0.0%	-20.9%	6.3K	-153.6K	-538	0.00	88.00	N/A	N/A	0	0	1,984	10
2025-12-04	$3.83	$2.50	95.0%	16.2%	39.8%	22.4%	0.0%	0.0%	-2.0%	6.3K	-157.4K	-579	0.00	50.54	N/A	N/A	0	0	1,984	10
2025-12-05	$3.77	$2.50	96.4%	16.1%	39.9%	22.9%	0.0%	0.0%	-2.6%	6.0K	-149.4K	-535	0.00	48.08	N/A	N/A	0	0	1,984	10
2025-12-08	$3.74	$2.50	146.6%	23.4%	39.0%	40.2%	0.0%	0.0%	-49.3%	5.7K	-143.9K	-473	0.00	49.74	N/A	N/A	0	0	1,984	10
2025-12-09	$3.67	$2.50	153.3%	20.2%	39.5%	42.5%	91.8%	0.0%	-26.9%	4.6K	-116.0K	-381	0.00	70.51	N/A	N/A	12	0	1,984	10
2025-12-10	$3.83	$2.50	60.8%	17.4%	41.5%	10.6%	0.0%	0.0%	-7.1%	6.5K	-170.8K	-662	0.00	65.33	N/A	N/A	0	0	1,972	10
2025-12-11	$3.80	$2.50	76.9%	22.0%	41.6%	16.2%	0.0%	0.0%	-7.7%	6.5K	-172.3K	-579	0.00	83.97	N/A	N/A	0	0	1,972	10
2025-12-12	$3.80	$2.50	83.3%	23.9%	41.6%	18.4%	0.0%	0.0%	-8.1%	6.6K	-203.0K	-649	0.00	105.78	N/A	N/A	0	0	1,972	10
2025-12-15	$3.78	$2.50	86.8%	24.9%	41.6%	19.6%	0.0%	0.0%	-18.2%	6.5K	-199.5K	-668	0.00	96.14	N/A	N/A	1	0	1,972	10
2025-12-16	$3.84	$2.50	63.6%	18.2%	41.8%	11.6%	0.0%	0.0%	-9.5%	6.3K	-153.4K	-518	0.00	48.80	N/A	N/A	0	0	1,971	10
2025-12-17	$3.91	$2.50	41.4%	11.9%	41.7%	4.0%	0.0%	0.0%	-13.1%	5.3K	-116.0K	-316	0.00	37.43	N/A	N/A	0	0	1,971	10
2025-12-18	$3.96	$2.50	76.4%	21.9%	40.1%	16.0%	0.0%	0.0%	162.1%	7.7K	-214.5K	-667	0.00	91.35	N/A	N/A	201	0	1,971	10
2025-12-19	$3.95	$2.50	57.3%	16.4%	35.1%	9.4%	0.0%	0.0%	46.9%	7.6K	-161.8K	-469	0.00	52.21	N/A	N/A	0	0	2,050	10
2025-12-22	$3.85	$2.50	61.2%	17.5%	36.5%	10.8%	0.0%	0.0%	47.9%	849	-79.5K	-100	0.00	51.63	N/A	N/A	0	0	2,048	10
2025-12-23	$3.90	$2.50	89.2%	25.6%	35.8%	20.4%	0.0%	0.0%	104.7%	875	-89.2K	-207	0.00	88.93	N/A	N/A	0	0	2,048	10
2025-12-24	$3.92	$2.50	65.5%	18.8%	35.9%	12.3%	0.0%	0.0%	47.0%	957	-85.3K	-147	0.00	45.62	N/A	N/A	0	0	2,048	10
2025-12-26	$3.92	$2.50	99.0%	28.4%	35.6%	23.8%	0.0%	0.0%	-16.5%	930	-83.5K	-113	1.00	90.76	N/A	N/A	1	1	2,048	10
2025-12-29	$3.90	$2.50	81.1%	23.2%	29.6%	17.6%	0.0%	0.0%	-19.5%	889	-81.6K	-95	0.00	48.61	N/A	N/A	0	0	2,049	11
2025-12-30	$3.78	$2.50	83.9%	24.0%	28.8%	18.6%	0.0%	0.0%	-22.5%	869	-78.1K	-120	0.00	50.09	N/A	N/A	0	0	2,049	11
2025-12-31	$3.79	$2.50	86.7%	24.9%	28.6%	19.6%	0.0%	0.0%	-23.6%	874	-78.5K	-120	0.07	53.15	N/A	N/A	150	10	2,049	11