MAX Options History — December 2025

In December 2025, MAX traded between $12.58 and $13.88. ATM implied volatility averaged 57.7%, placing in the 9.7% IV rank vs the trailing year. The 30-day expected move averaged 15.4%. IV traded above realized volatility by 9.5% (HV 20d: 48.2%). Max pain ranged from $10.00 to $12.50. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 13 of 22 days. Put/call ratio averaged 5.20.

Notable Days

  • 2025-12-03: Highest Volume — 400 contracts
  • 2025-12-09: Largest IV spike — 65.9% change
  • 2025-12-01: Highest IV Rank — 27.6%
  • 2025-12-01: Largest Expected Move — 27.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$13.01$12.58$13.88$12.58$12.98
Max Pain$12.16$10.00$12.50$10.00$12.50
ATM IV57.7%38.4%94.6%94.6%46.1%
Expected Move15.4%11.0%27.1%27.1%13.2%
HV 20d48.2%41.9%56.2%47.4%42.6%
HV 60d49.6%47.1%50.5%47.1%49.1%
IV Rank9.7%0.3%27.6%27.6%4.0%
IV Percentile27.3%0.4%84.9%84.9%6.7%
Term Structure4.7%-26.9%40.1%-22.0%22.8%
VWIV45.4%31.2%74.0%37.3%31.2%
Skew 25d17.2%2.7%56.9%25.5%16.9%
Skew 10d26.2%-0.8%103.2%-0.2%43.2%
Call IV 25d47.9%31.0%69.0%69.0%41.6%
Put IV 25d65.1%50.7%107.2%94.5%58.4%
Bid-Ask Spread %119.98108.64137.26117.24121.27
Gamma HHI0.760.570.940.660.79
Net GEX29.2K10.2K45.9K27.9K16.4K
Net DEX-955.8K-1.6M-361.0K-1.2M-707.9K
Net VEX-4.8K-5.8K-3.8K-4.3K-5.0K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio5.200.0073.600.000.00
Total Volume66.136040062
Total OI2,832.7272,2783,3072,2782,990

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-12-01$12.58$10.0094.6%27.1%47.4%27.6%0.0%25.5%-22.0%27.9K-1.2M-4.3K0.00117.24N/AN/A602,21266
2025-12-02$12.68$10.0067.8%19.4%44.4%14.6%0.0%16.4%-26.9%38.0K-1.1M-3.8K0.00118.27N/AN/A8002,21866
2025-12-03$13.88$10.0060.3%17.3%55.3%10.9%37.3%36.0%-7.6%44.7K-1.5M-4.3K0.60113.76N/AN/A2501502,21966
2025-12-04$13.46$12.5062.9%12.3%56.2%12.2%35.2%2.7%18.5%45.9K-1.6M-5.0K0.00109.95N/AN/A402,426221
2025-12-05$13.19$12.5080.0%15.7%51.1%20.5%74.0%4.6%-18.5%42.7K-1.5M-4.8K0.00123.59N/AN/A10402,428221
2025-12-08$13.29$12.5056.0%17.0%51.1%8.8%0.0%18.5%-6.0%42.8K-1.4M-4.5K0.00108.64N/AN/A002,383221
2025-12-09$13.70$12.5092.8%12.7%52.0%26.8%0.0%5.2%24.7%45.1K-1.6M-4.7K0.33122.07N/AN/A622,383216
2025-12-10$13.46$12.5061.4%17.6%51.3%11.5%0.0%23.7%-12.4%45.3K-1.5M-4.6K0.00137.14N/AN/A002,384218
2025-12-11$13.15$12.5052.1%14.9%52.0%7.0%49.3%10.3%8.4%44.1K-1.3M-4.2K2.00116.80N/AN/A362,384218
2025-12-12$12.96$12.5052.2%15.0%50.9%7.0%0.0%7.9%2.9%36.3K-1.1M-4.4K73.60116.93N/AN/A53682,384350
2025-12-15$12.75$12.5057.7%16.5%50.5%9.7%0.0%6.5%1.7%25.4K-716.2K-4.9K0.20118.47N/AN/A512,389718
2025-12-16$12.94$12.5047.9%13.7%48.9%4.9%0.0%56.9%14.7%24.8K-699.8K-4.8K0.00115.75N/AN/A02002,389717
2025-12-17$12.70$12.5055.4%15.9%49.2%8.6%0.0%12.0%3.5%23.1K-645.7K-5.6K1.25115.24N/AN/A452,389917
2025-12-18$12.93$12.5053.6%15.4%47.7%7.7%0.0%11.4%-1.9%24.6K-614.7K-5.4K0.00125.69N/AN/A062,389917
2025-12-19$12.84$12.5049.8%14.3%47.8%5.8%0.0%9.7%32.0%13.4K-781.9K-5.8K0.00115.59N/AN/A902,389918
2025-12-22$12.87$12.5045.2%13.0%46.9%3.6%0.0%22.7%16.8%18.4K-568.1K-5.2K0.01128.57N/AN/A22832,069916
2025-12-23$12.67$12.5038.5%11.0%47.3%0.3%0.0%11.4%40.1%10.2K-780.7K-5.6K0.00115.94N/AN/A102,064919
2025-12-24$12.73$12.5046.3%13.3%41.9%4.1%0.0%17.4%7.3%18.6K-598.9K-5.0K0.00122.60N/AN/A002,065919
2025-12-26$12.64$12.5068.9%19.8%41.9%15.1%0.0%10.8%-13.3%13.7K-460.0K-4.7K0.00125.66N/AN/A052,065919
2025-12-29$12.77$12.5042.1%12.1%42.1%2.1%0.0%32.0%-1.9%19.9K-361.0K-4.4K0.00137.26N/AN/A002,065924
2025-12-30$13.05$12.5038.4%11.0%42.6%0.3%31.2%20.6%21.0%20.2K-427.5K-4.3K0.00113.19N/AN/A202,065924
2025-12-31$12.98$12.5046.1%13.2%42.6%4.0%0.0%16.9%22.8%16.4K-707.9K-5.0K0.00121.27N/AN/A202,066924