NGL Options History — December 2025

In December 2025, NGL traded between $9.43 and $10.14. ATM implied volatility averaged 51.8%, placing in the 13.6% IV rank vs the trailing year. The 30-day expected move averaged 14.6%. IV traded above realized volatility by 0.2% (HV 20d: 51.5%). Max pain ranged from $3.00 to $9.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 16 of 22 days. Put/call ratio averaged 0.58.

Notable Days

  • 2025-12-23: Highest Volume — 528 contracts
  • 2025-12-26: Largest IV spike — 41.9% change
  • 2025-12-03: Highest IV Rank — 20.4%
  • 2025-12-03: Largest Expected Move — 19.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$9.79$9.43$10.14$9.71$9.97
Max Pain$3.82$3.00$9.00$9.00$3.00
ATM IV51.8%38.1%67.6%53.0%44.8%
Expected Move14.6%10.9%19.4%15.2%12.8%
HV 20d51.5%38.2%99.1%98.4%43.7%
HV 60d67.1%64.0%71.0%70.8%64.0%
IV Rank13.6%7.7%20.4%14.1%10.6%
IV Percentile50.6%12.7%85.3%57.9%31.0%
Term Structure7.0%-19.2%42.4%0.8%2.0%
VWIV50.6%34.3%78.9%52.5%48.8%
Skew 25d2.5%-11.7%13.2%6.8%-11.7%
Skew 10d7.4%-21.9%21.2%3.9%1.5%
Call IV 25d56.2%40.8%65.5%57.9%62.3%
Put IV 25d58.7%47.3%71.2%64.7%50.6%
Bid-Ask Spread %102.8888.85109.31104.27105.70
Gamma HHI0.200.180.210.200.20
Net GEX126.2K108.9K149.7K108.9K141.2K
Net DEX-13.4M-15.2M-12.1M-12.4M-14.9M
Net VEX-20.3K-24.2K-17.6K-19.9K-23.2K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.580.006.000.100.20
Total Volume108.727152814118
Total OI18,279.27317,05119,88017,05119,865

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-12-01$9.71$9.0053.0%15.2%98.4%14.1%52.5%6.8%0.8%108.9K-12.4M-19.9K0.10104.27N/AN/A1281316,337714
2025-12-02$9.70$9.0057.1%16.4%98.4%15.9%57.8%11.8%-10.8%109.0K-12.4M-19.5K0.00109.21N/AN/A9016,386725
2025-12-03$9.54$9.0067.6%19.4%99.1%20.4%72.3%3.8%-19.2%116.1K-12.1M-19.3K3.20105.39N/AN/A154816,391725
2025-12-04$9.87$3.0057.1%16.3%56.0%15.9%78.9%-2.7%4.4%116.8K-12.7M-18.4K0.02100.97N/AN/A48116,387739
2025-12-05$9.80$3.0059.0%14.1%55.1%16.7%40.0%1.8%5.3%109.7K-12.8M-18.6K0.00102.09N/AN/A50016,404740
2025-12-08$9.92$3.0054.3%16.0%49.5%14.7%53.6%-4.5%-0.2%116.3K-12.9M-18.7K0.00101.55N/AN/A21016,444740
2025-12-09$10.14$3.0057.8%14.1%47.9%16.2%54.6%8.2%6.6%112.7K-13.5M-17.6K0.00103.92N/AN/A227016,453740
2025-12-10$9.81$3.0048.4%13.9%48.9%12.1%34.3%3.8%7.5%124.2K-13.3M-20.2K6.00100.84N/AN/A53017,475740
2025-12-11$9.66$3.0051.6%14.8%45.8%13.5%54.6%0.5%3.8%126.9K-13.0M-20.5K0.00108.02N/AN/A20017,481740
2025-12-12$9.50$3.0052.5%15.1%41.6%13.9%50.0%2.4%5.8%123.0K-12.4M-20.5K0.27106.90N/AN/A11317,476740
2025-12-15$9.75$3.0063.0%18.1%42.6%18.5%63.6%7.4%-5.6%136.5K-12.7M-20.1K0.05103.53N/AN/A39217,480739
2025-12-16$9.68$3.0051.4%14.7%41.2%13.4%0.0%0.9%2.7%131.0K-12.8M-19.8K0.00107.96N/AN/A1017,501741
2025-12-17$9.79$3.0044.9%12.9%38.3%10.6%43.9%4.0%6.8%137.7K-13.3M-18.7K0.00109.28N/AN/A14017,502741
2025-12-18$9.55$3.0054.8%15.7%39.2%14.9%35.1%1.9%42.4%128.0K-13.0M-18.8K0.00105.76N/AN/A7017,500741
2025-12-19$9.49$3.0049.2%14.1%38.9%12.5%51.6%-10.9%16.1%119.5K-12.5M-19.0K0.0896.04N/AN/A4243517,504741
2025-12-22$9.93$3.0044.3%12.7%42.5%10.4%46.4%13.2%19.4%133.1K-13.9M-20.3K0.5495.47N/AN/A19610517,943435
2025-12-23$10.13$3.0042.0%12.0%42.6%9.4%41.0%8.9%22.2%133.6K-15.0M-20.9K0.01103.46N/AN/A523518,582540
2025-12-24$9.96$3.0038.1%10.9%38.5%7.7%38.2%-0.5%34.1%131.5K-14.9M-23.1K0.00109.31N/AN/A51019,084543
2025-12-26$9.43$3.0054.0%15.5%38.2%14.6%47.5%3.1%-0.6%139.7K-13.4M-24.2K2.1095.96N/AN/A102119,115543
2025-12-29$10.00$3.0046.6%13.4%43.9%11.4%50.9%1.6%9.5%149.7K-15.0M-22.3K0.1488.85N/AN/A2523619,325555
2025-12-30$9.95$3.0047.8%13.7%43.7%11.9%47.9%5.0%-0.0%132.4K-15.2M-22.6K0.0498.83N/AN/A23119,272575
2025-12-31$9.97$3.0044.8%12.8%43.7%10.6%48.8%-11.7%2.0%141.2K-14.9M-23.2K0.20105.70N/AN/A15319,283582