GLD Options History — December 2025

In December 2025, GLD traded between $385.65 and $416.61. ATM implied volatility averaged 20.6%, placing in the 43.4% IV rank vs the trailing year. The 30-day expected move averaged 6.0%. IV traded above realized volatility by 6.4% (HV 20d: 14.2%). Max pain ranged from $340.00 to $360.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 14 of 22 days. Put/call ratio averaged 0.52.

Notable Days

2025-12-22: Highest Volume — 1,529,494 contracts
2025-12-22: Largest IV spike — 15.8% change
2025-12-26: Highest IV Rank — 64.2%
2025-12-29: Largest Expected Move — 7.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$396.44	$385.65	$416.61	$389.82	$396.90
Max Pain	$345.91	$340.00	$360.00	$360.00	$350.00
ATM IV	20.6%	18.0%	24.1%	21.3%	22.3%
Expected Move	6.0%	5.3%	7.2%	6.6%	6.5%
HV 20d	14.2%	9.0%	20.1%	18.5%	20.1%
HV 60d	23.4%	22.8%	25.1%	23.3%	24.9%
IV Rank	43.4%	28.3%	64.2%	47.9%	52.8%
IV Percentile	79.1%	61.9%	94.8%	84.5%	87.7%
Term Structure	0.1%	-0.2%	0.4%	-0.1%	0.0%
VWIV	21.4%	18.6%	25.5%	23.3%	23.1%
Skew 25d	-1.1%	-1.6%	-0.1%	-1.3%	-0.1%
Skew 10d	-1.1%	-2.0%	1.0%	-2.0%	1.0%
Call IV 25d	21.4%	18.8%	25.0%	22.4%	22.6%
Put IV 25d	20.3%	17.9%	24.1%	21.1%	22.5%
Bid-Ask Spread %	4.12	3.17	5.78	4.04	4.93
Gamma HHI	0.08	0.06	0.17	0.08	0.06
Net GEX	3.65B	2.00B	4.94B	3.70B	2.00B
Net DEX	-60.79B	-77.33B	-46.30B	-58.11B	-46.30B
Net VEX	-207.6M	-223.4M	-200.2M	-212.8M	-206.3M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.52	0.17	0.81	0.46	0.75
Total Volume	528,577.818	223,240	1,529,494	498,829	401,542
Total OI	5,190,554.909	4,493,271	5,555,523	5,082,126	5,146,798

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 Vol	Put Vol	Call OI	Put OI
2025-12-01	$389.82	$360.00	21.3%	6.6%	18.5%	47.9%	23.3%	-1.3%	-0.1%	3.70B	-58.11B	-212.8M	0.46	4.04	341,647	157,182	3,340,836	1,741,290
2025-12-02	$387.36	$360.00	20.6%	6.4%	18.8%	43.7%	22.6%	-1.1%	-0.2%	3.18B	-53.45B	-211.1M	0.50	4.79	198,507	98,994	3,379,014	1,772,640
2025-12-03	$387.00	$360.00	20.0%	6.2%	17.4%	40.3%	21.8%	-1.1%	0.1%	3.26B	-53.07B	-207.2M	0.53	4.08	220,020	116,825	3,415,071	1,795,527
2025-12-04	$386.90	$340.00	18.8%	5.5%	17.2%	33.1%	20.0%	-1.0%	0.3%	3.25B	-52.32B	-203.6M	0.17	3.35	648,510	107,426	3,406,980	1,796,292
2025-12-05	$386.30	$340.00	18.2%	5.4%	17.2%	29.9%	19.2%	-0.9%	0.4%	3.06B	-52.86B	-207.5M	0.54	3.72	313,867	169,913	3,524,886	1,827,638
2025-12-08	$385.65	$340.00	18.0%	5.3%	17.2%	28.3%	18.6%	-1.1%	0.3%	3.17B	-50.27B	-200.2M	0.70	3.41	212,604	148,637	3,420,596	1,793,293
2025-12-09	$387.28	$340.00	18.6%	5.4%	14.4%	32.1%	19.1%	-1.3%	0.2%	3.22B	-52.47B	-202.2M	0.37	4.13	163,211	60,029	3,402,216	1,817,409
2025-12-10	$389.39	$340.00	18.5%	5.4%	14.4%	31.3%	19.9%	-1.3%	0.3%	3.77B	-55.94B	-202.3M	0.76	5.17	209,466	158,549	3,430,776	1,834,428
2025-12-11	$392.95	$340.00	19.3%	5.6%	13.7%	36.1%	19.9%	-1.3%	0.3%	4.08B	-61.66B	-204.4M	0.43	3.80	320,896	138,456	3,422,792	1,829,843
2025-12-12	$395.35	$340.00	19.8%	5.7%	13.4%	38.8%	20.3%	-0.8%	0.3%	4.57B	-65.57B	-207.2M	0.42	4.47	519,335	217,750	3,493,527	1,865,772
2025-12-15	$395.93	$340.00	20.0%	5.7%	11.1%	39.9%	20.6%	-1.4%	-0.1%	4.48B	-65.09B	-200.3M	0.27	3.47	627,973	167,526	3,463,173	1,845,472
2025-12-16	$396.36	$340.00	19.0%	5.5%	9.2%	34.2%	19.4%	-1.4%	-0.0%	4.19B	-66.31B	-203.6M	0.59	3.82	187,398	110,349	3,541,882	1,870,496
2025-12-17	$399.28	$340.00	19.9%	5.7%	9.0%	39.3%	20.0%	-1.4%	-0.1%	4.54B	-71.46B	-203.4M	0.46	3.17	346,768	158,715	3,557,004	1,902,921
2025-12-18	$398.57	$340.00	20.0%	5.7%	9.2%	40.2%	20.3%	-1.3%	-0.0%	4.77B	-71.60B	-206.1M	0.52	3.71	280,094	144,637	3,617,582	1,907,088
2025-12-19	$399.03	$345.00	19.3%	5.5%	9.2%	36.1%	19.4%	-1.2%	0.1%	4.94B	-69.99B	-204.2M	0.61	3.46	241,818	148,480	3,598,529	1,956,994
2025-12-22	$407.84	$345.00	22.4%	6.5%	10.9%	53.7%	22.8%	-1.6%	0.3%	3.22B	-66.35B	-204.2M	0.20	4.26	1,274,038	255,456	3,014,701	1,478,570
2025-12-23	$413.06	$350.00	22.9%	6.7%	10.2%	57.0%	23.4%	-0.7%	0.2%	4.09B	-76.19B	-223.4M	0.57	3.47	375,057	215,450	3,444,030	1,523,007
2025-12-24	$411.96	$350.00	22.1%	6.5%	10.4%	52.1%	22.7%	-1.0%	0.1%	4.02B	-71.42B	-217.1M	0.73	4.38	204,321	148,388	3,373,360	1,619,788
2025-12-26	$416.61	$350.00	24.1%	7.0%	10.7%	64.2%	24.5%	-1.0%	0.3%	3.70B	-77.33B	-216.5M	0.50	4.48	450,927	227,172	3,351,547	1,613,344
2025-12-29	$398.39	$350.00	24.1%	7.2%	20.1%	64.0%	25.5%	-0.9%	-0.2%	2.47B	-48.30B	-211.6M	0.81	5.78	419,657	341,242	3,366,935	1,603,270
2025-12-30	$399.74	$350.00	23.5%	6.9%	20.0%	60.1%	24.3%	-0.7%	-0.1%	2.62B	-51.23B	-211.6M	0.57	4.86	241,260	138,620	3,390,638	1,694,253
2025-12-31	$396.90	$350.00	22.3%	6.5%	20.1%	52.8%	23.1%	-0.1%	0.0%	2.00B	-46.30B	-206.3M	0.75	4.93	229,251	172,291	3,419,380	1,727,418