FFAI Options History — December 2025

In December 2025, FFAI traded between $1.02 and $1.23. ATM implied volatility averaged 149.1%, placing in the 39.5% IV rank vs the trailing year. The 30-day expected move averaged 33.4%. IV traded above realized volatility by 67.2% (HV 20d: 81.9%). Max pain ranged from $1.00 to $1.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 11 of 22 days. Put/call ratio averaged 0.18.

Notable Days

2025-12-22: Highest Volume — 41,539 contracts
2025-12-04: Largest IV spike — 102.1% change
2025-12-04: Highest IV Rank — 60.6%
2025-12-29: Largest Expected Move — 39.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$1.12	$1.02	$1.23	$1.06	$1.02
Max Pain	$1.00	$1.00	$1.00	$1.00	$1.00
ATM IV	149.1%	111.4%	225.1%	217.7%	119.7%
Expected Move	33.4%	27.5%	39.3%	34.5%	33.0%
HV 20d	81.9%	74.5%	89.0%	86.2%	74.5%
HV 60d	83.3%	79.3%	87.9%	87.6%	79.3%
IV Rank	39.5%	29.0%	60.6%	58.5%	31.4%
IV Percentile	41.9%	8.2%	94.2%	91.7%	12.6%
Term Structure	-4.3%	-152.6%	166.5%	13.4%	-16.1%
VWIV	121.9%	96.9%	148.5%	120.0%	113.7%
Skew 25d	-11.2%	-32.9%	62.7%	6.7%	-29.2%
Skew 10d	-20.4%	-63.3%	70.2%	4.9%	-39.1%
Call IV 25d	134.4%	98.7%	202.4%	114.9%	153.8%
Put IV 25d	123.2%	95.1%	179.4%	121.6%	124.6%
Bid-Ask Spread %	46.49	23.46	79.31	74.94	36.45
Gamma HHI	0.46	0.38	0.57	0.39	0.38
Net GEX	40.8K	27.1K	61.8K	34.7K	27.1K
Net DEX	-2.9M	-4.8M	-1.7M	-2.4M	-2.3M
Net VEX	-16.5K	-18.5K	-14.2K	-18.1K	-15.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.18	0.02	0.69	0.24	0.40
Total Volume	6,050	1,507	41,539	6,368	1,996
Total OI	170,625.591	155,405	194,003	155,405	184,978

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	$1.06	$1.00	217.7%	34.5%	86.2%	58.5%	120.0%	6.7%	13.4%	34.7K	-2.4M	-18.1K	0.24	74.94	N/A	N/A	5,154	1,214	124,915	30,490
2025-12-02	$1.10	$1.00	148.4%	30.9%	86.0%	39.3%	109.1%	62.7%	7.6%	36.0K	-2.5M	-16.6K	0.04	66.13	N/A	N/A	3,415	153	127,330	31,516
2025-12-03	$1.10	$1.00	111.4%	27.5%	84.8%	29.0%	96.9%	-21.5%	34.5%	35.6K	-2.5M	-17.7K	0.16	79.31	N/A	N/A	2,076	331	129,897	31,574
2025-12-04	$1.19	$1.00	225.1%	35.1%	89.0%	60.6%	123.7%	-23.1%	-9.1%	41.5K	-3.0M	-17.4K	0.03	57.62	N/A	N/A	6,399	167	130,309	31,853
2025-12-05	$1.13	$1.00	174.9%	33.3%	86.1%	46.6%	128.0%	-32.9%	-139.7%	38.0K	-2.6M	-16.9K	0.10	43.57	N/A	N/A	1,366	141	130,985	31,867
2025-12-08	$1.15	$1.00	128.1%	30.6%	86.1%	33.7%	119.2%	-29.3%	-40.8%	44.0K	-3.0M	-17.8K	0.12	33.64	N/A	N/A	3,792	468	129,528	30,532
2025-12-09	$1.13	$1.00	132.2%	34.0%	86.1%	34.8%	115.6%	3.1%	-32.7%	42.0K	-2.9M	-17.8K	0.28	49.55	N/A	N/A	1,319	369	131,401	30,961
2025-12-10	$1.17	$1.00	187.5%	32.8%	85.5%	50.1%	114.6%	-5.9%	-152.6%	42.2K	-3.1M	-17.9K	0.26	43.85	N/A	N/A	1,979	511	132,120	31,025
2025-12-11	$1.12	$1.00	156.1%	30.9%	86.8%	41.4%	117.5%	-8.3%	-136.6%	41.4K	-2.6M	-16.3K	0.09	38.33	N/A	N/A	1,978	179	132,937	31,361
2025-12-12	$1.08	$1.00	161.7%	32.4%	86.8%	43.0%	124.9%	-6.4%	-103.8%	35.6K	-2.5M	-15.7K	0.20	47.68	N/A	N/A	1,418	286	134,080	31,500
2025-12-15	$1.08	$1.00	116.6%	32.9%	85.5%	30.5%	112.2%	-0.0%	163.2%	31.9K	-1.7M	-14.2K	0.14	40.89	N/A	N/A	4,239	577	130,627	30,308
2025-12-16	$1.08	$1.00	128.5%	33.4%	85.5%	33.8%	120.1%	-5.8%	127.0%	33.7K	-2.1M	-14.9K	0.13	33.26	N/A	N/A	2,412	307	133,295	30,848
2025-12-17	$1.02	$1.00	115.0%	33.0%	79.4%	30.0%	123.9%	-18.6%	166.5%	29.9K	-1.7M	-14.9K	0.02	43.04	N/A	N/A	13,500	220	134,556	30,817
2025-12-18	$1.12	$1.00	120.7%	32.0%	78.0%	31.6%	111.1%	-5.1%	76.6%	43.4K	-2.7M	-15.5K	0.06	30.70	N/A	N/A	8,169	453	141,496	30,811
2025-12-19	$1.13	$1.00	120.6%	30.6%	77.9%	31.6%	113.3%	-14.2%	68.7%	46.2K	-3.2M	-16.1K	0.09	50.98	N/A	N/A	3,342	297	146,771	31,026
2025-12-22	$1.23	$1.00	134.3%	36.6%	78.1%	35.4%	145.0%	-21.6%	-79.3%	61.8K	-4.8M	-18.0K	0.03	38.66	N/A	N/A	40,215	1,324	141,361	30,673
2025-12-23	$1.21	$1.00	178.9%	35.8%	76.3%	47.7%	128.6%	-7.2%	-129.6%	56.8K	-4.4M	-18.0K	0.16	58.30	N/A	N/A	6,807	1,092	157,559	31,767
2025-12-24	$1.19	$1.00	190.3%	38.9%	75.5%	50.9%	148.5%	-29.9%	-9.0%	57.2K	-4.3M	-18.5K	0.35	23.46	N/A	N/A	2,747	963	159,471	32,655
2025-12-26	$1.15	$1.00	135.1%	33.9%	75.5%	35.6%	142.2%	-22.2%	40.5%	49.5K	-3.6M	-16.5K	0.14	32.12	N/A	N/A	3,184	430	160,429	33,574
2025-12-29	$1.08	$1.00	144.8%	39.3%	76.6%	38.3%	133.9%	-13.5%	22.0%	39.8K	-3.1M	-14.8K	0.69	53.62	N/A	N/A	2,937	2,041	148,267	32,495
2025-12-30	$1.02	$1.00	132.9%	34.4%	75.9%	35.0%	119.5%	-24.1%	35.2%	29.4K	-2.2M	-14.3K	0.16	46.59	N/A	N/A	2,697	436	149,478	34,320
2025-12-31	$1.02	$1.00	119.7%	33.0%	74.5%	31.4%	113.7%	-29.2%	-16.1%	27.1K	-2.3M	-15.4K	0.40	36.45	N/A	N/A	1,430	566	150,353	34,625