LUMN Options History — December 2025

In December 2025, LUMN traded between $7.54 and $9.61. ATM implied volatility averaged 71.6%, placing in the 24.3% IV rank vs the trailing year. The 30-day expected move averaged 21.1%. IV traded below realized volatility by 3.9% (HV 20d: 75.4%). Max pain ranged from $6.00 to $8.00. Net GEX was positive for 21 of 22 trading days. Term structure was in contango for 16 of 22 days. Put/call ratio averaged 0.50.

Notable Days

2025-12-02: Highest Volume — 71,409 contracts
2025-12-31: Largest IV drop — 12.7% change
2025-12-10: Highest IV Rank — 31.8%
2025-12-03: Largest Expected Move — 24.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$8.22	$7.54	$9.61	$8.21	$7.72
Max Pain	$7.73	$6.00	$8.00	$6.00	$8.00
ATM IV	71.6%	49.9%	80.1%	78.9%	49.9%
Expected Move	21.1%	15.7%	24.7%	24.5%	16.4%
HV 20d	75.4%	64.5%	83.9%	83.9%	64.5%
HV 60d	84.0%	81.7%	85.4%	83.5%	81.7%
IV Rank	24.3%	5.1%	31.8%	30.8%	5.1%
IV Percentile	41.1%	2.0%	63.5%	61.1%	2.0%
Term Structure	3.1%	-12.2%	26.6%	0.1%	26.6%
VWIV	79.4%	62.5%	90.3%	87.8%	65.7%
Skew 25d	-2.1%	-12.4%	12.1%	-1.1%	-12.4%
Skew 10d	-2.3%	-54.0%	38.4%	-13.3%	-27.0%
Call IV 25d	76.3%	52.9%	87.3%	83.0%	58.6%
Put IV 25d	74.2%	46.2%	83.2%	81.9%	46.2%
Bid-Ask Spread %	36.20	20.06	51.00	49.22	28.64
Gamma HHI	0.13	0.11	0.16	0.12	0.11
Net GEX	587.3K	-125.5K	1.0M	810.9K	644.6K
Net DEX	-102.2M	-194.4M	-61.3M	-119.1M	-68.6M
Net VEX	-677.1K	-805.3K	-559.1K	-683.2K	-578.9K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.50	0.06	2.17	0.24	0.12
Total Volume	18,883.545	4,063	71,409	13,892	11,324
Total OI	693,750.5	531,029	784,721	702,339	545,359

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	$8.21	$6.00	78.9%	24.5%	83.9%	30.8%	87.8%	-1.1%	0.1%	810.9K	-119.1M	-683.2K	0.24	49.22	N/A	N/A	11,232	2,660	365,808	336,531
2025-12-02	$9.07	$6.00	79.6%	24.5%	77.9%	31.4%	88.7%	-1.6%	1.9%	1.0M	-166.9M	-739.6K	1.72	37.07	N/A	N/A	26,254	45,155	371,660	338,720
2025-12-03	$9.61	$6.00	79.4%	24.7%	77.7%	31.2%	88.3%	0.5%	1.3%	1.0M	-194.4M	-805.3K	0.18	38.78	N/A	N/A	15,042	2,678	384,007	378,254
2025-12-04	$8.84	$8.00	79.8%	23.3%	82.2%	31.6%	83.4%	-4.1%	-9.4%	818.5K	-149.7M	-775.0K	0.26	45.69	N/A	N/A	12,698	3,288	388,472	380,070
2025-12-05	$8.34	$8.00	78.6%	22.4%	83.8%	30.5%	82.4%	-0.6%	4.0%	525.9K	-116.3M	-743.9K	1.01	41.54	N/A	N/A	9,754	9,833	392,850	381,988
2025-12-08	$8.34	$8.00	75.7%	22.1%	83.2%	28.0%	84.2%	-2.7%	0.3%	460.2K	-110.4M	-729.7K	0.20	37.84	N/A	N/A	19,342	3,927	379,343	379,978
2025-12-09	$8.46	$8.00	78.2%	22.6%	83.6%	30.2%	90.3%	-2.1%	0.2%	620.7K	-117.7M	-746.0K	0.20	29.30	N/A	N/A	3,397	666	387,719	383,684
2025-12-10	$8.86	$8.00	80.1%	24.0%	76.5%	31.8%	86.0%	2.8%	2.5%	993.0K	-147.1M	-771.0K	0.14	51.00	N/A	N/A	11,463	1,607	400,628	384,093
2025-12-11	$8.70	$8.00	77.6%	22.8%	69.5%	29.6%	81.7%	-0.6%	2.3%	923.8K	-129.9M	-743.9K	0.65	39.31	N/A	N/A	4,309	2,821	396,749	384,601
2025-12-12	$8.54	$8.00	72.3%	21.9%	66.0%	24.9%	76.3%	-5.4%	12.6%	960.2K	-121.0M	-736.1K	0.20	43.70	N/A	N/A	8,391	1,655	397,050	385,570
2025-12-15	$8.04	$8.00	77.8%	22.2%	69.7%	29.8%	81.4%	-2.8%	-1.3%	463.5K	-91.5M	-679.9K	0.40	41.21	N/A	N/A	10,383	4,110	382,252	381,410
2025-12-16	$8.14	$8.00	76.2%	21.9%	69.8%	28.4%	84.5%	-0.6%	-12.2%	439.3K	-91.2M	-680.8K	0.16	34.06	N/A	N/A	9,666	1,538	384,461	383,912
2025-12-17	$7.58	$8.00	76.7%	22.0%	73.2%	28.8%	86.3%	-2.1%	-3.5%	272.3K	-65.0M	-642.9K	0.79	30.94	N/A	N/A	8,641	6,829	387,259	384,262
2025-12-18	$7.79	$8.00	73.4%	21.1%	73.9%	25.9%	85.2%	4.5%	-3.1%	232.2K	-69.1M	-646.2K	0.21	29.74	N/A	N/A	8,160	1,746	391,269	385,981
2025-12-19	$8.18	$8.00	71.6%	20.6%	74.5%	24.3%	73.3%	-0.7%	4.3%	159.2K	-92.8M	-663.4K	0.55	36.24	N/A	N/A	12,677	6,914	391,662	386,570
2025-12-22	$7.79	$8.00	63.6%	18.7%	76.1%	17.3%	66.1%	-11.1%	-4.5%	-125.5K	-65.6M	-630.2K	2.17	28.64	N/A	N/A	20,083	43,673	311,325	253,277
2025-12-23	$7.78	$8.00	63.4%	17.9%	76.1%	17.0%	65.7%	-0.5%	1.0%	444.7K	-69.6M	-603.3K	0.48	46.16	N/A	N/A	8,058	3,852	320,351	220,032
2025-12-24	$7.83	$8.00	64.8%	18.5%	74.0%	18.3%	69.8%	-8.0%	3.8%	363.5K	-72.9M	-597.7K	0.16	34.76	N/A	N/A	4,272	692	321,854	221,025
2025-12-26	$7.69	$8.00	58.3%	15.7%	74.1%	12.6%	68.8%	-7.6%	9.1%	642.2K	-62.1M	-574.5K	0.67	27.41	N/A	N/A	3,931	2,624	321,321	221,047
2025-12-29	$7.54	$8.00	61.2%	18.1%	74.4%	15.1%	88.3%	-2.8%	21.6%	612.2K	-61.3M	-559.1K	0.06	25.14	N/A	N/A	28,826	1,780	315,395	215,634
2025-12-30	$7.75	$8.00	57.2%	18.0%	75.0%	11.5%	62.5%	12.1%	10.3%	583.1K	-67.1M	-566.0K	0.40	20.06	N/A	N/A	13,909	5,578	322,037	217,041
2025-12-31	$7.72	$8.00	49.9%	16.4%	64.5%	5.1%	65.7%	-12.4%	26.6%	644.6K	-68.6M	-578.9K	0.12	28.64	N/A	N/A	10,071	1,253	323,974	221,385