JPM Options History — December 2025

In December 2025, JPM traded between $301.48 and $329.37. ATM implied volatility averaged 22.8%, placing in the 13.7% IV rank vs the trailing year. The 30-day expected move averaged 7.1%. IV traded below realized volatility by 1.3% (HV 20d: 24.2%). Max pain ranged from $260.00 to $275.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 12 of 22 days. Put/call ratio averaged 0.70.

Notable Days

2025-12-09: Highest Volume — 154,068 contracts
2025-12-15: Largest IV spike — 9.1% change
2025-12-17: Highest IV Rank — 19.5%
2025-12-09: Largest Expected Move — 7.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$317.31	$301.48	$329.37	$309.24	$323.47
Max Pain	$267.95	$260.00	$275.00	$275.00	$275.00
ATM IV	22.8%	21.1%	25.3%	22.3%	23.9%
Expected Move	7.1%	6.5%	7.5%	6.8%	7.5%
HV 20d	24.2%	20.9%	29.1%	21.1%	24.1%
HV 60d	21.6%	19.2%	22.9%	19.6%	22.7%
IV Rank	13.7%	9.5%	19.5%	12.4%	16.1%
IV Percentile	44.4%	26.6%	67.1%	39.7%	54.4%
Term Structure	0.8%	-1.0%	3.9%	0.7%	0.3%
VWIV	25.7%	23.4%	28.9%	24.1%	28.9%
Skew 25d	3.9%	2.9%	4.6%	3.6%	4.2%
Skew 10d	8.5%	6.7%	9.9%	7.4%	9.0%
Call IV 25d	21.2%	19.0%	23.5%	20.6%	22.3%
Put IV 25d	25.2%	22.4%	27.9%	24.1%	26.4%
Bid-Ask Spread %	32.09	14.67	48.29	46.44	18.37
Gamma HHI	0.09	0.05	0.18	0.06	0.08
Net GEX	179.5M	57.2M	269.7M	131.5M	146.4M
Net DEX	-5.07B	-6.03B	-3.10B	-4.31B	-4.69B
Net VEX	-23.1M	-23.8M	-22.7M	-22.8M	-23.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.70	0.46	1.11	0.72	0.99
Total Volume	58,201.5	29,775	154,068	43,718	38,822
Total OI	737,750.227	637,073	812,953	713,954	684,335

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	$309.24	$275.00	22.3%	6.8%	21.1%	12.4%	24.1%	3.6%	0.7%	131.5M	-4.31B	-22.8M	0.72	46.44	N/A	N/A	25,446	18,272	352,296	361,658
2025-12-02	$308.15	$275.00	21.2%	6.8%	20.9%	9.9%	23.5%	3.0%	1.7%	129.0M	-4.20B	-22.8M	0.56	48.29	N/A	N/A	19,486	10,998	359,398	368,775
2025-12-03	$312.15	$275.00	21.2%	6.5%	21.5%	9.7%	23.4%	2.9%	0.4%	179.5M	-4.80B	-22.9M	0.53	45.64	N/A	N/A	22,274	11,859	365,205	372,639
2025-12-04	$315.38	$260.00	21.5%	7.2%	21.6%	10.5%	27.3%	3.8%	1.1%	224.3M	-5.39B	-22.8M	0.51	39.44	N/A	N/A	41,167	21,124	369,795	374,640
2025-12-05	$315.37	$260.00	21.1%	7.1%	21.6%	9.5%	27.1%	3.6%	1.0%	269.7M	-5.27B	-23.0M	0.46	39.52	N/A	N/A	33,796	15,615	375,188	378,434
2025-12-08	$314.48	$260.00	21.7%	7.3%	21.6%	11.0%	25.8%	3.7%	3.7%	166.9M	-4.93B	-22.8M	0.74	41.25	N/A	N/A	19,090	14,119	362,205	368,159
2025-12-09	$301.48	$260.00	22.9%	7.5%	25.9%	13.7%	25.8%	3.9%	3.9%	57.2M	-3.10B	-22.9M	0.50	44.37	N/A	N/A	102,629	51,439	367,741	375,482
2025-12-10	$310.37	$260.00	22.3%	7.2%	28.2%	12.3%	25.7%	3.3%	2.9%	191.8M	-4.73B	-23.8M	0.51	40.23	N/A	N/A	82,889	42,027	394,810	392,709
2025-12-11	$317.81	$260.00	21.7%	7.0%	29.1%	10.9%	25.7%	3.6%	3.4%	255.9M	-6.00B	-23.5M	0.55	40.72	N/A	N/A	60,968	33,386	396,131	399,138
2025-12-12	$318.18	$265.00	22.2%	7.0%	25.9%	12.1%	26.9%	3.8%	3.6%	252.5M	-6.00B	-23.7M	0.80	31.06	N/A	N/A	57,112	45,910	399,102	405,688
2025-12-15	$320.14	$270.00	24.2%	7.2%	24.9%	16.8%	26.8%	4.3%	-1.0%	198.8M	-6.03B	-23.3M	0.87	29.59	N/A	N/A	24,618	21,465	382,571	398,304
2025-12-16	$316.66	$270.00	24.4%	7.1%	24.6%	17.4%	26.2%	4.2%	-0.6%	177.9M	-5.45B	-23.4M	0.93	31.36	N/A	N/A	21,539	19,936	387,187	405,113
2025-12-17	$315.24	$270.00	25.3%	7.3%	24.7%	19.5%	26.3%	4.5%	-1.0%	166.5M	-5.18B	-23.5M	1.02	30.98	N/A	N/A	14,758	15,017	391,744	408,821
2025-12-18	$313.41	$270.00	24.5%	7.0%	24.7%	17.5%	25.1%	4.4%	-0.3%	134.6M	-4.81B	-23.4M	0.73	31.18	N/A	N/A	21,195	15,541	394,120	412,197
2025-12-19	$316.31	$270.00	24.1%	7.0%	24.2%	16.6%	24.6%	4.3%	-0.6%	163.2M	-5.48B	-23.0M	0.58	29.58	N/A	N/A	36,364	21,260	398,363	414,590
2025-12-22	$322.61	$270.00	23.0%	6.8%	24.8%	14.0%	24.9%	4.2%	-0.5%	181.9M	-4.85B	-22.7M	0.72	14.67	N/A	N/A	32,175	23,131	307,808	329,265
2025-12-23	$325.60	$270.00	22.7%	6.8%	24.8%	13.4%	24.5%	3.9%	0.0%	218.8M	-5.33B	-22.8M	0.73	19.09	N/A	N/A	47,351	34,495	319,396	341,014
2025-12-24	$329.37	$270.00	22.7%	6.8%	24.6%	13.2%	25.2%	4.2%	-0.5%	230.7M	-5.86B	-23.1M	0.68	34.97	N/A	N/A	23,589	16,012	326,851	354,170
2025-12-26	$327.55	$270.00	22.8%	7.1%	24.5%	13.6%	25.3%	4.1%	-0.3%	203.6M	-5.57B	-22.9M	0.67	16.41	N/A	N/A	31,204	20,925	329,785	358,553
2025-12-29	$324.36	$270.00	23.5%	7.3%	24.6%	15.1%	26.1%	4.6%	-0.0%	141.7M	-4.86B	-22.8M	1.11	15.91	N/A	N/A	18,509	20,623	320,915	346,734
2025-12-30	$323.49	$270.00	23.6%	7.4%	24.2%	15.4%	27.1%	4.2%	-0.2%	125.9M	-4.71B	-23.0M	0.50	16.96	N/A	N/A	21,578	10,720	324,599	354,877
2025-12-31	$323.47	$275.00	23.9%	7.5%	24.1%	16.1%	28.9%	4.2%	0.3%	146.4M	-4.69B	-23.1M	0.99	18.37	N/A	N/A	19,472	19,350	327,511	356,824