NDLS Options History — December 2025

In December 2025, NDLS traded between $5.04 and $7.84. ATM implied volatility averaged 268.6%, placing in the 47.4% IV rank vs the trailing year. The 30-day expected move averaged 84.4%. IV traded above realized volatility by 166.1% (HV 20d: 102.6%). Max pain ranged from $8.00 to $20.00. Net GEX was positive for 19 of 22 trading days. Term structure was in contango for 14 of 22 days. Put/call ratio averaged 0.06.

Notable Days

  • 2025-12-05: Highest Volume — 69 contracts
  • 2025-12-04: Largest IV drop — 47.3% change
  • 2025-12-03: Highest IV Rank — 63.8%
  • 2025-12-09: Largest Expected Move — 115.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$6.09$5.04$7.84$6.16$5.76
Max Pain$13.45$8.00$20.00$20.00$8.00
ATM IV268.6%156.8%332.3%200.3%325.0%
Expected Move84.4%57.4%115.4%57.4%93.2%
HV 20d102.6%71.3%124.5%71.3%119.4%
HV 60d115.2%104.1%123.0%104.1%123.0%
IV Rank47.4%18.7%63.8%29.8%62.0%
IV Percentile74.2%20.2%92.9%45.6%91.3%
Term Structure37.6%-241.8%245.6%-46.0%-19.7%
VWIV220.9%134.9%315.2%152.2%213.4%
Bid-Ask Spread %108.7320.31136.8671.66102.84
Gamma HHI0.880.481.001.000.89
Net GEX25401.5K0262
Net DEX66.4K-18.2K140.5K115.1K33.3K
Net VEX-249-772-5-9-406
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.060.001.110.000.00
Total Volume12.182069019
Total OI1,028.8645571,2911,152578

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-12-01$6.16$20.00200.3%57.4%71.3%29.8%0.0%0.0%-46.0%0115.1K-90.0071.66N/AN/A00965187
2025-12-02$6.56$20.00264.7%75.9%71.5%46.4%0.0%0.0%-47.7%0122.6K-90.0020.31N/AN/A30965187
2025-12-03$7.52$20.00332.3%95.3%84.4%63.8%0.0%0.0%-24.6%0140.5K-90.0070.18N/AN/A360966187
2025-12-04$7.36$20.00175.2%94.6%84.7%23.4%0.0%0.0%-241.8%222134.6K-280.05126.77N/AN/A121998187
2025-12-05$7.84$20.00156.8%74.9%82.6%18.7%0.0%0.0%-65.5%1.5K19.4K-7110.00120.50N/AN/A6901,009188
2025-12-08$7.52$20.00216.9%106.6%81.1%34.1%0.0%0.0%-108.4%1.3K-7.6K-7721.11127.05N/AN/A231,074188
2025-12-09$7.04$20.00245.9%115.4%86.1%41.6%152.2%0.0%-99.1%856-18.2K-7280.00126.34N/AN/A3401,077190
2025-12-10$6.72$20.00244.7%70.2%87.7%41.3%285.9%0.0%228.8%262-11.0K-5870.00125.95N/AN/A301,086190
2025-12-11$6.80$20.00235.1%67.4%87.4%38.8%315.2%0.0%245.6%303-13.4K-6830.00136.86N/AN/A201,088190
2025-12-12$5.84$20.00284.7%81.6%103.5%51.6%230.2%0.0%107.1%8786.2K-1580.00115.04N/AN/A2701,090190
2025-12-15$5.60$8.00327.0%93.7%104.5%62.5%267.4%0.0%3.7%40105.0K-180.00116.81N/AN/A601,088190
2025-12-16$5.12$8.00254.4%72.9%108.2%43.8%163.2%0.0%128.8%497.3K-110.00124.93N/AN/A401,090190
2025-12-17$5.68$8.00285.0%81.7%113.5%51.7%205.9%0.0%66.5%13590.8K-1360.00124.75N/AN/A701,094190
2025-12-18$5.04$8.00307.2%88.1%121.6%57.4%208.0%0.0%92.0%3049.3K-1070.00132.08N/AN/A001,101190
2025-12-19$5.20$8.00275.3%78.9%121.7%49.1%134.9%0.0%26.0%22616.8K-4580.0083.18N/AN/A801,101190
2025-12-22$5.04$8.00318.2%91.2%121.7%60.2%254.2%0.0%29.9%394.4K-50.00103.22N/AN/A230370187
2025-12-23$5.12$8.00297.8%85.4%119.6%55.0%0.0%0.0%76.1%13061.1K-2210.00112.16N/AN/A10386187
2025-12-24$5.12$8.00253.9%72.8%116.4%43.7%0.0%0.0%177.2%495.9K-50.00108.83N/AN/A00386187
2025-12-26$5.76$8.00283.9%81.4%124.2%51.4%213.4%0.0%65.3%26041.0K-3970.00102.98N/AN/A40386187
2025-12-29$5.60$8.00307.7%88.2%124.5%57.5%0.0%0.0%78.5%19104.7K-60.00114.99N/AN/A40390187
2025-12-30$5.52$8.00317.2%90.9%120.8%59.9%0.0%0.0%154.2%15103.3K-60.00124.58N/AN/A00391187
2025-12-31$5.76$8.00325.0%93.2%119.4%62.0%0.0%0.0%-19.7%26233.3K-4060.00102.84N/AN/A190391187