GS Options History — December 2025

In December 2025, GS traded between $812.01 and $914.97. ATM implied volatility averaged 27.2%, placing in the 14.0% IV rank vs the trailing year. The 30-day expected move averaged 8.3%. IV traded above realized volatility by 1.8% (HV 20d: 25.4%). Max pain ranged from $720.00 to $790.00. Net GEX was positive for 21 of 22 trading days. Term structure was in contango for 13 of 22 days. Put/call ratio averaged 0.76.

Notable Days

2025-12-01: Highest Volume — 213,933 contracts
2025-12-08: Largest IV spike — 9.9% change
2025-12-17: Highest IV Rank — 19.5%
2025-12-29: Largest Expected Move — 8.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$876.85	$812.01	$914.97	$812.01	$880.09
Max Pain	$750.23	$720.00	$790.00	$755.00	$775.00
ATM IV	27.2%	24.2%	29.9%	26.9%	28.7%
Expected Move	8.3%	7.8%	8.7%	8.2%	8.7%
HV 20d	25.4%	22.5%	28.7%	27.3%	23.0%
HV 60d	24.4%	23.4%	25.1%	23.8%	25.0%
IV Rank	14.0%	7.9%	19.5%	13.4%	17.1%
IV Percentile	41.7%	17.5%	67.1%	39.7%	52.4%
Term Structure	0.6%	-1.2%	4.5%	0.6%	-1.2%
VWIV	29.4%	26.6%	31.7%	27.8%	31.6%
Skew 25d	3.6%	2.0%	5.6%	2.5%	2.0%
Skew 10d	7.3%	1.8%	11.0%	6.7%	3.3%
Call IV 25d	25.4%	22.4%	28.1%	26.1%	27.6%
Put IV 25d	29.0%	25.2%	32.6%	28.7%	29.5%
Bid-Ask Spread %	55.89	45.72	66.88	66.88	60.92
Gamma HHI	0.05	0.03	0.15	0.03	0.03
Net GEX	135.8M	-13.1M	284.8M	37.2M	-13.1M
Net DEX	-6.72B	-9.39B	-3.96B	-4.43B	-5.68B
Net VEX	-36.1M	-39.3M	-32.8M	-32.8M	-39.3M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.76	0.09	1.05	0.09	0.92
Total Volume	42,751.773	22,546	213,933	213,933	27,638
Total OI	341,894.409	318,721	373,491	319,938	336,417

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	$812.01	$755.00	26.9%	8.2%	27.3%	13.4%	27.8%	2.5%	0.6%	37.2M	-4.43B	-32.8M	0.09	66.88	195,901	18,032	143,788	176,150
2025-12-02	$816.72	$790.00	26.4%	8.2%	27.2%	12.5%	27.8%	2.4%	0.0%	70.3M	-3.96B	-33.5M	0.42	66.83	31,138	13,037	136,198	183,120
2025-12-03	$836.95	$790.00	25.4%	7.8%	28.3%	10.4%	26.6%	3.8%	0.5%	187.9M	-5.41B	-33.4M	0.70	65.60	25,402	17,803	144,420	186,364
2025-12-04	$835.85	$720.00	25.7%	8.1%	28.4%	11.0%	29.4%	3.9%	0.1%	195.9M	-5.36B	-34.1M	0.68	45.72	17,442	11,796	147,653	193,576
2025-12-05	$853.56	$720.00	24.2%	7.9%	28.7%	7.9%	29.0%	2.8%	1.3%	284.8M	-6.66B	-34.3M	0.77	50.27	25,264	19,487	151,083	196,024
2025-12-08	$865.58	$720.00	26.5%	8.3%	28.6%	12.7%	29.6%	3.7%	1.8%	153.6M	-6.68B	-34.1M	0.78	50.66	19,556	15,278	145,047	182,745
2025-12-09	$876.19	$720.00	25.4%	8.1%	28.3%	10.4%	29.4%	3.5%	2.9%	163.3M	-7.32B	-34.5M	0.78	54.16	24,099	18,785	149,659	187,532
2025-12-10	$894.25	$735.00	25.6%	8.3%	28.5%	10.7%	28.8%	3.7%	3.2%	184.9M	-8.22B	-34.8M	0.79	54.35	21,700	17,201	153,790	193,774
2025-12-11	$914.97	$740.00	26.4%	8.2%	27.7%	12.4%	30.0%	3.0%	2.9%	194.2M	-9.39B	-34.8M	0.99	51.80	26,220	26,066	158,497	199,447
2025-12-12	$890.03	$740.00	26.6%	8.4%	26.2%	12.9%	29.3%	4.4%	4.5%	172.4M	-7.59B	-36.2M	0.99	52.29	28,761	28,408	164,353	207,677
2025-12-15	$891.57	$740.00	28.4%	8.4%	24.7%	16.5%	30.7%	3.6%	-0.7%	137.6M	-7.45B	-36.2M	0.94	52.83	11,613	10,933	158,546	194,554
2025-12-16	$880.96	$745.00	28.2%	8.2%	23.3%	16.1%	29.6%	4.2%	-1.2%	103.3M	-6.80B	-36.2M	0.97	49.17	17,965	17,418	159,669	197,541
2025-12-17	$870.84	$745.00	29.9%	8.6%	24.2%	19.5%	30.3%	4.5%	-1.1%	86.8M	-6.24B	-37.3M	0.60	50.89	19,614	11,672	163,858	200,078
2025-12-18	$878.91	$750.00	29.4%	8.5%	24.2%	18.5%	30.5%	4.8%	-1.1%	101.7M	-6.79B	-37.4M	0.55	55.77	17,161	9,392	167,940	201,895
2025-12-19	$894.73	$750.00	28.3%	8.1%	23.4%	16.3%	28.2%	3.9%	0.1%	145.0M	-7.97B	-36.9M	0.76	55.29	25,178	19,062	170,222	203,269
2025-12-22	$900.38	$755.00	27.1%	8.1%	23.3%	13.8%	29.0%	4.1%	0.3%	136.3M	-6.98B	-37.1M	0.81	55.33	14,277	11,535	151,895	166,826
2025-12-23	$901.97	$760.00	26.7%	7.9%	22.8%	13.0%	28.6%	4.4%	0.6%	135.2M	-7.11B	-37.4M	1.03	55.90	12,370	12,760	154,202	170,372
2025-12-24	$910.06	$760.00	27.9%	8.4%	22.6%	15.5%	28.5%	5.6%	-0.0%	181.8M	-7.60B	-38.1M	0.42	61.21	18,492	7,795	157,518	175,283
2025-12-26	$907.52	$760.00	27.8%	8.1%	22.5%	15.4%	29.0%	3.1%	-0.6%	213.6M	-7.58B	-38.2M	0.60	60.33	17,052	10,187	162,418	177,647
2025-12-29	$894.23	$765.00	28.6%	8.7%	23.5%	16.9%	30.6%	2.3%	-0.1%	87.4M	-6.62B	-37.9M	1.05	58.25	11,097	11,672	152,950	168,532
2025-12-30	$883.38	$770.00	28.3%	8.7%	22.9%	16.2%	31.7%	2.9%	-0.1%	28.3M	-5.92B	-38.7M	1.04	55.19	11,901	12,379	155,546	173,602
2025-12-31	$880.09	$775.00	28.7%	8.7%	23.0%	17.1%	31.6%	2.0%	-1.2%	-13.1M	-5.68B	-39.3M	0.92	60.92	14,427	13,211	158,025	178,392