IREN Options History — December 2025

In December 2025, IREN traded between $34.07 and $48.44. ATM implied volatility averaged 98.0%, placing in the 50.0% IV rank vs the trailing year. The 30-day expected move averaged 28.6%. IV traded below realized volatility by 3.9% (HV 20d: 101.9%). Max pain ranged from $17.50 to $42.00. Net GEX was positive for 19 of 22 trading days. Term structure was in contango for 13 of 22 days. Put/call ratio averaged 0.56.

Notable Days

2025-12-15: Highest Volume — 374,046 contracts
2025-12-15: Largest IV spike — 7.4% change
2025-12-02: Highest IV Rank — 58.6%
2025-12-02: Largest Expected Move — 33.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$41.47	$34.07	$48.44	$48.44	$37.53
Max Pain	$22.09	$17.50	$42.00	$42.00	$17.50
ATM IV	98.0%	84.6%	105.1%	104.1%	84.6%
Expected Move	28.6%	24.1%	33.5%	32.9%	24.1%
HV 20d	101.9%	86.9%	113.1%	111.6%	86.9%
HV 60d	107.4%	100.5%	111.9%	108.0%	100.5%
IV Rank	50.0%	33.6%	58.6%	57.4%	33.6%
IV Percentile	40.0%	10.7%	60.3%	56.3%	10.7%
Term Structure	2.2%	-10.1%	15.9%	10.9%	8.4%
VWIV	102.1%	86.6%	119.4%	118.9%	86.6%
Skew 25d	3.1%	-4.0%	11.3%	3.4%	4.5%
Skew 10d	5.7%	-34.3%	22.9%	1.7%	22.9%
Call IV 25d	97.6%	85.7%	113.4%	105.0%	85.7%
Put IV 25d	100.7%	88.0%	112.2%	108.4%	90.2%
Bid-Ask Spread %	24.22	11.12	35.87	21.79	11.12
Gamma HHI	0.05	0.04	0.07	0.05	0.05
Net GEX	7.8M	-2.2M	17.1M	10.1M	637.4K
Net DEX	-2.30B	-3.13B	-1.29B	-3.13B	-1.68B
Net VEX	-11.3M	-12.4M	-10.1M	-11.9M	-10.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.56	0.26	1.02	0.44	1.02
Total Volume	205,561.5	51,705	374,046	189,382	144,913
Total OI	2,388,753.182	2,226,955	2,561,531	2,226,955	2,280,734

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	$48.44	$42.00	104.1%	32.9%	111.6%	57.4%	118.9%	3.4%	10.9%	10.1M	-3.13B	-11.9M	0.44	21.79	131,483	57,899	1,246,728	980,227
2025-12-02	$42.44	$42.00	105.1%	33.5%	111.4%	58.6%	119.4%	-1.2%	0.9%	4.7M	-2.31B	-10.9M	0.51	28.08	203,778	104,550	1,304,219	999,012
2025-12-03	$43.88	$42.00	101.9%	31.3%	113.1%	54.7%	112.4%	11.3%	15.9%	6.1M	-2.47B	-11.3M	0.48	25.96	183,565	88,858	1,346,852	1,015,156
2025-12-04	$46.52	$17.50	103.8%	30.3%	106.1%	57.1%	106.9%	5.3%	-10.1%	14.8M	-2.98B	-12.4M	0.57	29.29	109,177	62,275	1,403,644	1,043,755
2025-12-05	$44.98	$17.50	101.2%	29.8%	101.7%	53.9%	107.3%	2.2%	-0.6%	9.2M	-2.74B	-12.0M	0.51	31.02	92,595	47,577	1,416,092	1,066,224
2025-12-08	$46.20	$17.50	104.9%	29.8%	100.5%	58.3%	105.6%	7.1%	-0.3%	12.2M	-2.91B	-11.9M	0.26	28.23	144,073	36,741	1,325,919	1,017,005
2025-12-09	$46.98	$17.50	102.2%	29.5%	100.6%	55.1%	104.5%	1.7%	2.5%	16.8M	-3.11B	-12.2M	0.68	26.13	84,949	57,861	1,382,146	1,027,144
2025-12-10	$44.42	$17.50	98.0%	28.6%	100.5%	49.9%	104.5%	-0.6%	3.0%	11.4M	-2.72B	-11.6M	0.39	35.87	89,373	34,490	1,393,248	1,029,746
2025-12-11	$43.78	$17.50	99.9%	28.7%	100.4%	52.3%	103.3%	2.7%	-0.2%	6.9M	-2.53B	-11.6M	0.40	30.49	217,874	87,245	1,408,169	1,049,083
2025-12-12	$40.52	$17.50	96.4%	28.9%	94.0%	48.0%	103.8%	-4.0%	12.6%	-2.2M	-2.08B	-11.1M	0.56	32.76	223,384	124,874	1,432,388	1,079,442
2025-12-15	$35.58	$20.00	103.6%	29.9%	102.4%	56.7%	106.1%	8.2%	-1.8%	-1.3M	-1.42B	-10.1M	0.47	19.57	254,001	120,045	1,357,806	1,046,600
2025-12-16	$36.41	$20.00	101.6%	29.1%	103.2%	54.4%	105.1%	4.3%	-2.0%	998.7K	-1.57B	-10.4M	0.57	26.60	166,073	94,953	1,397,412	1,062,237
2025-12-17	$34.07	$20.00	103.5%	29.7%	100.5%	56.6%	105.7%	5.4%	-6.8%	-1.5M	-1.29B	-10.1M	0.67	22.62	96,694	64,885	1,428,729	1,073,256
2025-12-18	$36.13	$20.00	101.0%	29.0%	101.9%	53.6%	100.5%	6.2%	-0.5%	1.6M	-1.58B	-10.6M	0.91	24.45	95,886	87,224	1,447,715	1,086,827
2025-12-19	$40.30	$20.00	94.8%	27.4%	109.8%	46.0%	96.4%	4.1%	-2.7%	17.1M	-2.41B	-11.2M	0.53	21.77	217,058	114,721	1,464,790	1,096,741
2025-12-22	$41.75	$20.00	92.8%	26.5%	109.7%	43.6%	96.3%	1.0%	5.1%	12.9M	-2.48B	-11.7M	0.58	15.35	134,720	78,675	1,290,352	977,688
2025-12-23	$42.18	$20.00	90.7%	26.9%	97.8%	41.1%	94.7%	2.2%	3.4%	15.4M	-2.56B	-12.0M	0.84	24.08	87,652	73,783	1,334,483	999,897
2025-12-24	$41.84	$20.00	91.8%	26.8%	97.8%	42.4%	95.1%	2.0%	4.4%	14.9M	-2.49B	-12.0M	0.53	21.49	33,784	17,921	1,342,193	1,009,356
2025-12-26	$40.62	$20.00	90.2%	26.1%	97.6%	40.5%	91.5%	3.0%	1.7%	12.8M	-2.29B	-11.5M	0.42	21.68	119,602	50,503	1,346,213	1,013,629
2025-12-29	$39.38	$20.00	95.5%	26.4%	97.9%	46.9%	94.5%	-1.3%	3.4%	6.0M	-2.04B	-11.2M	0.60	19.50	85,037	51,030	1,275,696	970,671
2025-12-30	$38.46	$20.00	88.7%	24.9%	97.6%	38.7%	88.0%	0.3%	1.1%	2.6M	-1.85B	-10.7M	0.45	15.02	103,547	47,025	1,291,254	992,092
2025-12-31	$37.53	$17.50	84.6%	24.1%	86.9%	33.6%	86.6%	4.5%	8.4%	637.4K	-1.68B	-10.4M	1.02	11.12	71,710	73,203	1,282,744	997,990