MU Options History — December 2025

In December 2025, MU traded between $225.19 and $293.50. ATM implied volatility averaged 62.6%, placing in the 46.8% IV rank vs the trailing year. The 30-day expected move averaged 18.1%. IV traded below realized volatility by 8.5% (HV 20d: 71.0%). Max pain ranged from $150.00 to $170.00. Net GEX was positive for 21 of 22 trading days. Term structure was in contango for 8 of 22 days. Put/call ratio averaged 0.80.

Notable Days

2025-12-18: Highest Volume — 717,083 contracts
2025-12-18: Largest IV drop — 18.3% change
2025-12-01: Highest IV Rank — 61.0%
2025-12-02: Largest Expected Move — 23.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$256.82	$225.19	$293.50	$240.50	$285.94
Max Pain	$155.68	$150.00	$170.00	$155.00	$170.00
ATM IV	62.6%	50.6%	70.4%	70.4%	54.5%
Expected Move	18.1%	14.3%	23.3%	22.7%	14.9%
HV 20d	71.0%	64.3%	81.4%	81.4%	65.8%
HV 60d	64.2%	61.7%	67.4%	62.0%	65.5%
IV Rank	46.8%	25.3%	61.0%	61.0%	31.4%
IV Percentile	72.3%	41.3%	93.3%	93.3%	50.0%
Term Structure	-0.0%	-3.2%	2.9%	-1.5%	2.7%
VWIV	64.5%	51.3%	82.8%	80.2%	54.0%
Skew 25d	0.8%	-0.6%	2.5%	2.2%	1.0%
Skew 10d	2.4%	-0.3%	6.0%	6.0%	1.2%
Call IV 25d	63.1%	50.9%	71.0%	70.1%	55.4%
Put IV 25d	64.0%	50.9%	72.3%	72.3%	56.4%
Bid-Ask Spread %	24.60	10.11	40.67	19.43	24.59
Gamma HHI	0.08	0.04	0.17	0.06	0.07
Net GEX	103.0M	-7.6M	219.4M	75.9M	55.0M
Net DEX	-12.05B	-16.31B	-8.12B	-11.15B	-12.40B
Net VEX	-34.6M	-36.7M	-33.0M	-34.8M	-36.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.80	0.57	1.40	0.67	0.87
Total Volume	242,452.818	117,734	717,083	130,696	205,896
Total OI	1,781,410.136	1,554,186	2,080,285	1,724,825	1,698,826

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	$240.50	$155.00	70.4%	22.7%	81.4%	61.0%	80.2%	2.2%	-1.5%	75.9M	-11.15B	-34.8M	0.67	19.43	N/A	N/A	78,440	52,256	790,289	934,536
2025-12-02	$238.87	$160.00	70.2%	23.3%	79.9%	60.5%	82.4%	1.4%	-1.2%	68.2M	-10.88B	-35.5M	0.73	10.11	N/A	N/A	68,141	49,593	811,066	957,097
2025-12-03	$234.18	$160.00	69.0%	23.1%	76.0%	58.5%	82.8%	1.8%	0.0%	46.8M	-10.03B	-35.4M	0.94	14.16	N/A	N/A	72,152	67,540	819,633	974,354
2025-12-04	$225.19	$150.00	68.4%	18.9%	70.5%	57.3%	67.1%	2.5%	-1.1%	-7.6M	-8.16B	-35.0M	0.94	33.70	N/A	N/A	89,683	84,378	820,435	1,006,647
2025-12-05	$237.68	$150.00	67.0%	18.9%	73.3%	54.9%	67.0%	1.5%	-0.0%	46.0M	-10.90B	-34.9M	1.10	32.27	N/A	N/A	106,723	116,896	838,746	1,032,411
2025-12-08	$244.12	$150.00	69.6%	19.4%	73.8%	59.6%	68.9%	1.6%	-1.6%	83.6M	-11.26B	-34.5M	0.57	22.69	N/A	N/A	95,289	54,720	781,594	981,670
2025-12-09	$252.88	$150.00	69.6%	19.6%	70.4%	59.5%	69.4%	0.5%	-0.5%	113.5M	-12.74B	-34.1M	0.85	25.42	N/A	N/A	79,703	67,669	801,932	995,303
2025-12-10	$263.89	$150.00	68.5%	19.4%	69.8%	57.6%	69.1%	1.2%	-1.0%	131.2M	-14.45B	-33.5M	0.62	27.62	N/A	N/A	117,248	73,048	808,485	1,014,067
2025-12-11	$258.91	$150.00	67.4%	19.2%	70.2%	55.5%	67.9%	1.7%	-0.5%	127.5M	-13.50B	-34.0M	0.79	32.05	N/A	N/A	73,604	58,330	820,383	1,030,244
2025-12-12	$241.00	$150.00	68.7%	19.4%	74.6%	57.9%	69.8%	2.1%	-1.5%	66.9M	-10.31B	-34.2M	0.72	40.67	N/A	N/A	141,091	101,855	829,249	1,042,119
2025-12-15	$237.72	$150.00	68.4%	19.5%	73.2%	57.4%	68.4%	-0.4%	-3.2%	58.6M	-10.00B	-33.9M	0.87	37.01	N/A	N/A	75,220	65,506	794,399	981,933
2025-12-16	$233.56	$150.00	67.3%	19.2%	72.8%	55.5%	68.5%	0.6%	-2.8%	47.5M	-9.31B	-33.5M	1.40	24.71	N/A	N/A	74,552	104,451	804,954	1,000,876
2025-12-17	$226.36	$150.00	68.6%	19.7%	71.5%	57.7%	70.4%	0.4%	-1.3%	14.4M	-8.12B	-33.8M	0.92	36.84	N/A	N/A	194,224	178,816	820,500	1,048,045
2025-12-18	$251.92	$155.00	56.1%	16.1%	80.9%	35.2%	58.5%	0.1%	-0.5%	175.4M	-13.31B	-33.0M	0.76	30.39	N/A	N/A	406,899	310,184	893,911	1,121,777
2025-12-19	$267.81	$155.00	55.4%	16.0%	67.9%	34.0%	56.7%	0.6%	-0.7%	219.4M	-16.31B	-33.5M	0.77	22.66	N/A	N/A	312,093	239,760	926,685	1,153,600
2025-12-22	$275.73	$155.00	52.3%	15.0%	67.5%	28.4%	53.0%	-0.1%	2.7%	137.0M	-12.72B	-33.4M	0.67	12.06	N/A	N/A	171,701	115,855	693,418	860,768
2025-12-23	$275.77	$160.00	50.6%	14.5%	64.3%	25.3%	52.1%	-0.6%	2.6%	168.9M	-12.85B	-34.5M	0.66	16.31	N/A	N/A	115,963	76,357	748,420	903,903
2025-12-24	$285.59	$160.00	52.0%	14.7%	64.8%	27.9%	52.2%	-0.5%	2.7%	215.7M	-14.56B	-35.4M	0.59	11.18	N/A	N/A	179,089	105,509	759,035	929,416
2025-12-26	$285.43	$160.00	51.4%	14.3%	64.6%	26.8%	51.3%	0.3%	2.9%	150.2M	-14.29B	-35.2M	0.65	15.36	N/A	N/A	163,482	106,812	774,564	953,014
2025-12-29	$293.48	$170.00	55.7%	15.6%	64.9%	34.6%	55.5%	0.6%	2.1%	121.3M	-13.79B	-35.8M	0.77	26.94	N/A	N/A	136,090	104,709	693,699	895,081
2025-12-30	$293.50	$165.00	55.3%	15.2%	64.8%	33.7%	54.5%	0.1%	1.2%	151.0M	-14.02B	-36.0M	0.77	25.00	N/A	N/A	136,598	105,837	725,509	918,430
2025-12-31	$285.94	$170.00	54.5%	14.9%	65.8%	31.4%	54.0%	1.0%	2.7%	55.0M	-12.40B	-36.7M	0.87	24.59	N/A	N/A	110,372	95,524	741,318	957,508