IP Options History — December 2025

In December 2025, IP traded between $37.71 and $39.84. ATM implied volatility averaged 33.6%, placing in the 23.8% IV rank vs the trailing year. The 30-day expected move averaged 9.3%. IV traded above realized volatility by 2.1% (HV 20d: 31.5%). Max pain ranged from $37.50 to $40.00. Net GEX was positive for 21 of 22 trading days. Term structure was in contango for 8 of 22 days. Put/call ratio averaged 1.31.

Notable Days

  • 2025-12-10: Highest Volume — 3,091 contracts
  • 2025-12-29: Largest IV spike — 40.3% change
  • 2025-12-30: Highest IV Rank — 44.8%
  • 2025-12-02: Largest Expected Move — 10.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$38.98$37.71$39.84$39.17$39.52
Max Pain$39.20$37.50$40.00$37.50$37.50
ATM IV33.6%27.4%43.0%33.4%41.1%
Expected Move9.3%8.3%10.4%10.0%8.4%
HV 20d31.5%22.2%38.1%38.1%22.2%
HV 60d42.8%42.0%43.3%42.1%42.5%
IV Rank23.8%10.2%44.8%23.4%40.5%
IV Percentile54.0%10.7%92.9%56.3%88.1%
Term Structure0.0%-9.5%10.5%-0.6%-2.0%
VWIV33.3%29.3%37.7%35.2%30.7%
Skew 25d2.1%-5.7%5.2%4.7%1.9%
Skew 10d7.8%-9.0%37.6%27.3%37.6%
Call IV 25d34.2%28.7%42.9%32.5%42.9%
Put IV 25d36.3%31.8%44.9%37.2%44.9%
Bid-Ask Spread %81.1075.1689.9479.4689.94
Gamma HHI0.170.140.200.160.18
Net GEX331.7K-101.5K734.1K485.9K354.6K
Net DEX16.2M8.5M24.3M13.9M11.4M
Net VEX-438.0K-460.8K-421.2K-442.6K-421.2K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.310.266.431.251.92
Total Volume1,265.9555973,0911,198613
Total OI75,475.27372,57079,43172,57073,725

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-12-01$39.17$37.5033.4%10.0%38.1%23.4%35.2%4.7%-0.6%485.9K13.9M-442.6K1.2579.4653366541,01331,557
2025-12-02$38.11$37.5033.0%10.4%34.7%22.5%37.7%5.2%0.8%288.4K21.7M-433.1K1.8480.3647687641,26432,015
2025-12-03$39.16$37.5032.3%10.0%35.6%21.0%35.5%3.5%0.1%474.1K15.1M-438.1K0.4582.511,09749841,56332,417
2025-12-04$39.03$40.0031.9%9.8%35.2%20.1%34.4%1.5%-0.2%680.2K11.8M-453.5K1.3075.4436747842,74632,695
2025-12-05$39.19$40.0032.3%9.2%35.2%20.9%33.6%2.0%-0.2%734.1K10.4M-449.3K0.2680.561,35535642,93032,635
2025-12-08$38.43$40.0035.9%10.2%32.8%29.1%35.0%-3.8%-4.0%357.5K17.9M-426.7K2.0577.9129760942,59732,081
2025-12-09$37.71$40.0033.7%9.8%33.5%24.1%34.0%1.5%0.3%80.7K24.3M-423.3K0.6579.5489858242,73332,236
2025-12-10$38.97$40.0032.5%9.4%34.9%21.4%35.1%2.5%-0.1%414.3K15.3M-431.4K6.4387.374162,67542,63432,465
2025-12-11$39.27$40.0033.3%9.7%34.8%23.2%35.2%2.6%0.8%514.6K13.0M-460.8K1.6383.6027043942,73334,679
2025-12-12$38.61$40.0037.9%9.8%35.2%33.5%33.7%4.5%-9.5%243.6K19.0M-450.7K0.5386.5898351942,87534,768
2025-12-15$38.75$40.0033.4%9.7%34.4%23.6%34.0%1.7%-2.0%196.0K20.2M-444.9K0.5680.2977843242,73834,715
2025-12-16$38.62$40.0033.2%9.6%34.0%23.1%33.4%1.3%-2.2%259.3K20.5M-442.1K0.4986.5461630343,25134,972
2025-12-17$38.64$40.0033.4%9.6%34.0%23.6%33.1%1.6%-2.1%200.0K21.3M-435.0K0.4982.5548624043,49534,975
2025-12-18$38.69$40.0032.6%9.4%33.6%21.6%33.4%2.8%-2.4%293.8K20.0M-437.2K1.7979.3640572443,80735,042
2025-12-19$38.34$40.0031.0%9.0%32.4%18.1%31.3%2.4%-1.4%-101.5K22.7M-429.7K0.5075.161,31065544,21235,219
2025-12-22$39.27$40.0030.2%9.3%26.8%16.4%32.4%-5.7%8.5%58.7K18.8M-441.8K0.3377.441,62254039,51133,864
2025-12-23$39.55$40.0029.2%8.4%26.8%14.3%31.7%3.9%10.0%322.6K15.6M-437.9K1.6376.2148879340,21634,303
2025-12-24$39.39$40.0029.4%8.7%24.6%14.7%30.1%2.3%10.5%315.4K16.2M-444.4K2.6181.8419250140,42834,948
2025-12-26$39.69$37.5027.4%8.5%24.6%10.2%31.3%4.6%9.9%362.0K8.6M-431.8K0.4884.2850724140,55033,464
2025-12-29$39.84$37.5038.4%8.7%24.6%34.6%31.4%2.4%-5.2%388.4K8.5M-429.6K0.2981.751,10431540,08932,978
2025-12-30$39.72$37.5043.0%8.3%24.5%44.8%29.3%3.3%-8.6%374.8K10.6M-431.9K1.2675.5526433340,17633,142
2025-12-31$39.52$37.5041.1%8.4%22.2%40.5%30.7%1.9%-2.0%354.6K11.4M-421.2K1.9289.9421040340,29733,428