M Options History — December 2025

In December 2025, M traded between $21.99 and $24.05. ATM implied volatility averaged 41.8%, placing in the 19.8% IV rank vs the trailing year. The 30-day expected move averaged 12.7%. IV traded below realized volatility by 1.8% (HV 20d: 43.7%). Max pain ranged from $16.00 to $21.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 13 of 22 days. Put/call ratio averaged 1.00.

Notable Days

2025-12-12: Highest Volume — 97,364 contracts
2025-12-03: Largest IV drop — 31.2% change
2025-12-02: Highest IV Rank — 46.2%
2025-12-01: Largest Expected Move — 21.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$22.88	$21.99	$24.05	$22.73	$21.99
Max Pain	$19.00	$16.00	$21.00	$20.00	$21.00
ATM IV	41.8%	37.4%	62.4%	62.2%	37.4%
Expected Move	12.7%	10.7%	21.8%	21.8%	11.1%
HV 20d	43.7%	31.4%	51.7%	51.7%	31.4%
HV 60d	39.9%	39.3%	40.4%	39.4%	39.9%
IV Rank	19.8%	14.2%	46.2%	46.0%	14.2%
IV Percentile	25.5%	6.3%	96.0%	96.0%	6.3%
Term Structure	0.9%	-5.3%	4.9%	-2.8%	4.0%
VWIV	45.0%	37.7%	76.2%	74.8%	38.6%
Skew 25d	2.9%	-1.8%	4.4%	3.9%	2.7%
Skew 10d	6.9%	-15.9%	24.5%	13.8%	19.1%
Call IV 25d	41.3%	36.9%	59.4%	59.4%	39.7%
Put IV 25d	44.2%	39.5%	63.4%	63.4%	42.4%
Bid-Ask Spread %	25.37	12.46	59.68	19.71	17.09
Gamma HHI	0.13	0.09	0.30	0.09	0.15
Net GEX	1.6M	101.9K	4.1M	1.5M	199.7K
Net DEX	-121.1M	-196.4M	-62.5M	-149.6M	-62.5M
Net VEX	-409.1K	-476.8K	-373.5K	-476.8K	-400.6K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.00	0.04	3.90	0.85	1.05
Total Volume	17,887.818	4,376	97,364	20,644	5,227
Total OI	236,280.182	204,292	269,981	230,134	223,226

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	$22.73	$20.00	62.2%	21.8%	51.7%	46.0%	74.8%	3.9%	-2.8%	1.5M	-149.6M	-476.8K	0.85	19.71	N/A	N/A	11,136	9,508	109,258	120,876
2025-12-02	$22.79	$20.00	62.4%	21.8%	51.4%	46.2%	76.2%	3.6%	-5.3%	1.6M	-152.6M	-459.6K	0.93	28.82	N/A	N/A	17,023	15,833	114,661	127,696
2025-12-03	$22.66	$21.00	42.9%	13.1%	50.5%	21.2%	53.8%	0.8%	0.9%	2.4M	-155.1M	-451.9K	0.73	59.68	N/A	N/A	22,122	16,221	125,457	139,255
2025-12-04	$22.19	$16.00	41.3%	12.3%	45.8%	19.1%	43.9%	3.1%	-1.1%	1.3M	-132.2M	-429.3K	0.94	30.89	N/A	N/A	7,035	6,589	124,929	142,977
2025-12-05	$22.88	$16.00	38.8%	12.1%	45.9%	15.9%	44.1%	1.5%	3.6%	4.1M	-164.7M	-424.9K	0.23	35.01	N/A	N/A	16,548	3,806	125,988	143,993
2025-12-08	$22.21	$16.00	40.8%	12.7%	47.5%	18.5%	43.4%	3.2%	4.3%	1.5M	-133.5M	-418.8K	0.78	19.39	N/A	N/A	4,647	3,642	112,982	130,419
2025-12-09	$22.71	$16.00	39.4%	12.5%	47.9%	16.8%	42.8%	3.5%	2.7%	1.9M	-149.2M	-398.8K	1.40	32.48	N/A	N/A	3,628	5,087	114,312	132,684
2025-12-10	$23.31	$16.00	41.6%	12.7%	48.2%	19.6%	44.3%	-1.8%	4.9%	2.5M	-167.6M	-409.0K	0.23	48.32	N/A	N/A	17,088	3,977	115,644	135,960
2025-12-11	$23.88	$16.00	39.3%	11.7%	48.6%	16.6%	43.6%	1.2%	1.2%	3.2M	-188.9M	-390.8K	0.58	33.77	N/A	N/A	7,424	4,327	117,637	137,533
2025-12-12	$24.05	$16.00	39.2%	11.8%	47.3%	16.4%	44.8%	3.8%	3.2%	3.5M	-196.4M	-381.0K	0.04	17.58	N/A	N/A	93,910	3,454	118,403	138,555
2025-12-15	$23.91	$20.00	39.5%	11.4%	47.2%	16.8%	39.8%	3.0%	2.5%	2.5M	-125.5M	-374.9K	1.62	14.66	N/A	N/A	3,204	5,180	89,207	133,172
2025-12-16	$23.06	$20.00	40.4%	11.7%	45.7%	18.0%	41.4%	3.4%	0.7%	1.6M	-101.1M	-387.1K	1.19	26.08	N/A	N/A	3,114	3,705	89,692	133,827
2025-12-17	$23.16	$20.00	41.1%	11.8%	45.5%	18.8%	41.1%	3.0%	-0.2%	1.6M	-102.7M	-384.8K	0.61	21.12	N/A	N/A	4,366	2,663	90,557	135,307
2025-12-18	$23.45	$20.00	41.3%	11.9%	45.1%	19.2%	40.3%	3.3%	-1.0%	2.1M	-113.4M	-375.4K	0.15	14.42	N/A	N/A	24,033	3,506	91,509	135,993
2025-12-19	$23.70	$20.00	37.8%	10.7%	44.4%	14.6%	37.7%	2.5%	1.2%	1.5M	-121.5M	-373.5K	1.11	14.40	N/A	N/A	7,467	8,264	97,846	136,733
2025-12-22	$22.83	$20.00	38.0%	11.5%	43.9%	14.9%	40.6%	4.0%	0.9%	1.4M	-97.2M	-383.6K	3.90	21.03	N/A	N/A	4,277	16,682	83,124	121,168
2025-12-23	$22.57	$20.00	40.1%	11.9%	44.2%	17.6%	41.2%	4.4%	-0.6%	301.3K	-73.2M	-443.1K	1.48	46.95	N/A	N/A	2,797	4,136	84,465	135,000
2025-12-24	$22.47	$21.00	39.5%	11.4%	33.2%	16.9%	39.3%	2.8%	-0.3%	101.9K	-71.6M	-418.4K	0.35	17.71	N/A	N/A	3,801	1,344	85,680	136,969
2025-12-26	$22.43	$21.00	38.9%	11.2%	31.7%	16.0%	38.7%	3.9%	1.3%	139.5K	-73.5M	-418.3K	1.04	13.36	N/A	N/A	2,708	2,819	87,672	137,010
2025-12-29	$22.16	$21.00	39.1%	11.6%	31.9%	16.3%	40.5%	3.8%	-0.4%	141.6K	-65.9M	-403.6K	0.61	13.24	N/A	N/A	2,712	1,664	83,899	135,620
2025-12-30	$22.18	$21.00	39.7%	11.3%	31.4%	17.0%	39.5%	3.9%	-0.6%	239.1K	-67.3M	-396.0K	2.16	12.46	N/A	N/A	2,169	4,689	85,123	136,146
2025-12-31	$21.99	$21.00	37.4%	11.1%	31.4%	14.2%	38.6%	2.7%	4.0%	199.7K	-62.5M	-400.6K	1.05	17.09	N/A	N/A	2,550	2,677	86,437	136,789