L Options History — December 2025

In December 2025, L traded between $101.40 and $107.85. ATM implied volatility averaged 17.9%, placing in the 14.6% IV rank vs the trailing year. The 30-day expected move averaged 5.0%. IV traded above realized volatility by 2.9% (HV 20d: 14.9%). Max pain ranged from $95.00 to $100.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 12 of 22 days. Put/call ratio averaged 0.48.

Notable Days

  • 2025-12-19: Highest Volume — 223 contracts
  • 2025-12-22: Largest IV drop — 40.8% change
  • 2025-12-08: Highest IV Rank — 24.6%
  • 2025-12-11: Largest Expected Move — 6.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$105.30$101.40$107.85$106.63$105.76
Max Pain$99.09$95.00$100.00$95.00$100.00
ATM IV17.9%10.9%22.8%19.6%20.2%
Expected Move5.0%3.1%6.1%5.6%5.8%
HV 20d14.9%10.3%17.3%10.6%16.3%
HV 60d14.4%13.7%15.0%13.8%14.6%
IV Rank14.6%0.7%24.6%18.1%19.2%
IV Percentile41.1%0.4%82.1%56.0%59.9%
Term Structure0.9%-3.6%6.1%-3.6%-1.1%
VWIV16.7%9.5%21.4%18.7%20.2%
Skew 25d3.1%-3.8%9.8%3.8%4.2%
Skew 10d1.9%-4.0%10.0%9.9%-1.1%
Call IV 25d15.4%10.2%18.9%18.9%16.6%
Put IV 25d18.5%12.1%23.3%22.7%20.9%
Bid-Ask Spread %105.2199.11111.9299.11111.92
Gamma HHI0.360.310.410.330.39
Net GEX169.3K111.8K225.2K147.2K170.3K
Net DEX-5.5M-8.0M-3.3M-7.4M-3.3M
Net VEX-12.7K-14.6K-11.3K-11.3K-11.4K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.480.003.630.330.43
Total Volume47.3645223810
Total OI1,249.5457581,5471,378781

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-12-01$106.63$95.0019.6%5.6%10.6%18.1%18.7%3.8%-3.6%147.2K-7.4M-11.3K0.3399.1162936442
2025-12-02$106.64$95.0020.5%5.9%10.3%19.9%21.4%5.9%-2.6%149.5K-7.2M-12.0K0.17100.07305937444
2025-12-03$105.70$95.0019.8%5.7%10.5%18.5%19.8%5.8%-2.9%177.0K-6.8M-13.0K0.00101.94560960444
2025-12-04$104.34$100.0019.0%5.0%11.9%16.9%19.2%4.0%2.1%183.5K-6.5M-12.9K2.07102.161531970444
2025-12-05$102.92$100.0019.2%4.5%12.6%17.3%16.7%3.1%2.5%195.6K-5.4M-13.5K3.63107.3030109970464
2025-12-08$101.40$100.0022.8%5.7%13.5%24.6%0.0%5.3%3.2%214.2K-4.4M-14.4K0.83106.192319985503
2025-12-09$102.68$100.0019.7%5.7%14.1%18.4%0.0%1.1%-0.4%195.4K-4.8M-14.6K0.00103.16170987502
2025-12-10$102.80$100.0017.4%5.0%13.9%13.8%17.5%2.4%-0.4%225.2K-5.0M-13.9K0.00109.19700993502
2025-12-11$104.67$100.0021.3%6.1%15.4%21.5%0.0%-3.8%-0.8%178.3K-6.6M-14.5K0.39104.0849191,019502
2025-12-12$104.21$100.0015.8%4.5%15.4%10.4%15.1%-0.8%4.1%148.6K-6.3M-14.1K0.56105.40169992495
2025-12-15$105.09$100.0017.5%5.0%15.7%14.0%15.0%2.6%1.3%160.4K-6.7M-13.4K0.05108.016431,008502
2025-12-16$104.04$100.0012.5%3.6%16.1%3.8%13.5%-3.1%6.1%164.8K-6.3M-13.0K0.07103.951511,012505
2025-12-17$105.90$100.0017.4%5.0%17.0%13.7%17.3%6.0%1.7%111.8K-7.5M-12.8K0.24104.1145111,013504
2025-12-18$106.03$100.0018.1%5.2%16.9%15.1%18.0%2.7%-1.2%128.7K-7.3M-12.7K0.04101.317631,008497
2025-12-19$106.20$100.0018.5%5.3%16.9%15.9%18.3%0.1%-2.2%138.1K-8.0M-12.4K0.01106.9122031,048499
2025-12-22$107.85$95.0010.9%3.1%17.3%0.7%14.1%1.6%2.7%151.8K-3.7M-11.8K0.09102.66353564194
2025-12-23$107.53$100.0013.1%3.8%17.2%5.0%10.3%3.5%4.5%167.3K-3.9M-12.0K0.50107.4142576197
2025-12-24$107.38$100.0017.6%5.0%16.9%14.0%9.5%9.8%4.2%174.5K-3.8M-11.6K0.00111.1850575196
2025-12-26$106.36$100.0016.8%4.8%17.0%12.5%0.0%5.7%-0.2%169.9K-3.6M-11.8K0.00108.33100575196
2025-12-29$106.22$100.0017.4%5.0%16.9%13.8%17.5%3.0%1.0%188.1K-3.4M-11.6K0.23103.46133578196
2025-12-30$106.30$100.0018.2%5.2%16.2%15.4%18.5%5.5%0.7%183.8K-3.4M-11.6K1.00106.7255577198
2025-12-31$105.76$100.0020.2%5.8%16.3%19.2%20.2%4.2%-1.1%170.3K-3.3M-11.4K0.43111.9273579202