NIO Options History — December 2025

In December 2025, NIO traded between $4.78 and $5.50. ATM implied volatility averaged 54.7%, placing in the 11.7% IV rank vs the trailing year. The 30-day expected move averaged 16.0%. IV traded above realized volatility by 8.4% (HV 20d: 46.4%). Max pain ranged from $5.00 to $6.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 12 of 22 days. Put/call ratio averaged 0.39.

Notable Days

2025-12-30: Highest Volume — 338,728 contracts
2025-12-31: Largest IV spike — 13.0% change
2025-12-31: Highest IV Rank — 34.7%
2025-12-31: Largest Expected Move — 20.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$5.06	$4.78	$5.50	$5.21	$5.13
Max Pain	$5.14	$5.00	$6.00	$6.00	$5.00
ATM IV	54.7%	48.5%	66.8%	54.3%	66.8%
Expected Move	16.0%	13.8%	20.2%	17.3%	20.2%
HV 20d	46.4%	39.2%	50.0%	44.0%	48.9%
HV 60d	52.2%	47.0%	59.7%	58.9%	50.5%
IV Rank	11.7%	0.0%	34.7%	10.9%	34.7%
IV Percentile	8.2%	0.0%	33.7%	6.3%	33.7%
Term Structure	0.6%	-3.6%	3.8%	3.8%	-3.6%
VWIV	57.9%	49.7%	73.2%	60.8%	73.2%
Skew 25d	-5.2%	-18.2%	-0.4%	-4.9%	-18.2%
Skew 10d	-10.2%	-31.8%	3.7%	-6.1%	-24.6%
Call IV 25d	59.8%	51.0%	77.6%	59.6%	77.6%
Put IV 25d	54.7%	48.3%	61.3%	54.6%	59.3%
Bid-Ask Spread %	12.82	7.62	37.24	16.07	12.52
Gamma HHI	0.11	0.07	0.16	0.09	0.13
Net GEX	2.7M	1.2M	5.3M	2.3M	4.3M
Net DEX	-168.6M	-346.7M	-57.3M	-150.4M	-243.2M
Net VEX	-2.9M	-3.1M	-2.7M	-3.0M	-3.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.39	0.11	1.61	0.34	0.16
Total Volume	128,283.727	34,022	338,728	219,699	336,393
Total OI	3,984,276.591	3,816,935	4,089,932	3,816,935	4,077,717

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 Vol	Put Vol	Call OI	Put OI
2025-12-01	$5.21	$6.00	54.3%	17.3%	44.0%	10.9%	60.8%	-4.9%	3.8%	2.3M	-150.4M	-3.0M	0.34	16.07	164,426	55,273	2,204,393	1,612,542
2025-12-02	$5.08	$6.00	54.6%	16.5%	40.7%	11.5%	59.5%	-5.7%	1.0%	1.8M	-112.9M	-2.8M	0.31	37.24	111,519	34,236	2,221,332	1,627,851
2025-12-03	$4.78	$6.00	57.7%	17.8%	43.2%	17.4%	63.4%	-6.5%	2.1%	1.2M	-57.3M	-2.8M	0.31	17.81	202,360	62,602	2,240,974	1,636,479
2025-12-04	$5.01	$5.00	57.1%	17.3%	47.6%	16.3%	61.7%	-0.4%	3.6%	1.9M	-125.2M	-2.9M	0.24	7.62	199,012	48,006	2,308,379	1,658,268
2025-12-05	$5.06	$5.00	54.7%	16.5%	48.7%	11.6%	60.1%	-6.2%	1.6%	2.9M	-180.2M	-3.0M	0.23	9.99	71,529	16,221	2,416,822	1,673,110
2025-12-08	$5.13	$5.00	56.5%	17.0%	48.8%	15.1%	63.2%	-3.4%	3.7%	2.9M	-186.9M	-3.1M	0.18	9.34	60,249	10,558	2,316,881	1,655,275
2025-12-09	$5.04	$5.00	57.2%	16.8%	48.8%	16.4%	61.4%	-4.9%	-0.3%	2.5M	-164.0M	-3.0M	0.34	8.93	69,113	23,366	2,326,303	1,658,668
2025-12-10	$5.08	$5.00	57.3%	16.3%	49.4%	16.5%	55.6%	-5.2%	-1.7%	2.8M	-185.9M	-3.1M	0.36	9.69	38,312	13,624	2,355,019	1,673,198
2025-12-11	$5.13	$5.00	54.3%	15.9%	50.0%	10.8%	57.1%	-2.3%	1.5%	3.1M	-194.0M	-3.0M	0.64	13.64	80,015	51,347	2,360,198	1,671,695
2025-12-12	$5.04	$5.00	54.1%	15.9%	49.3%	10.5%	55.4%	-5.1%	2.4%	2.1M	-159.7M	-2.9M	0.39	10.67	47,538	18,578	2,377,948	1,702,838
2025-12-15	$4.99	$5.00	54.8%	15.8%	49.2%	11.9%	57.0%	-5.8%	-0.8%	2.1M	-143.7M	-2.9M	0.25	9.14	69,225	17,478	2,320,760	1,686,745
2025-12-16	$5.01	$5.00	52.5%	15.0%	49.4%	7.4%	57.6%	-3.4%	-0.1%	2.3M	-144.1M	-2.9M	0.39	8.69	45,386	17,480	2,359,689	1,685,418
2025-12-17	$4.89	$5.00	53.1%	15.2%	49.7%	8.7%	57.0%	-2.7%	-1.3%	1.9M	-120.6M	-2.8M	0.50	11.50	44,707	22,144	2,374,372	1,691,064
2025-12-18	$4.96	$5.00	52.9%	15.2%	49.3%	8.2%	52.9%	-4.3%	-1.3%	2.0M	-137.6M	-2.9M	0.30	9.33	39,354	11,955	2,371,722	1,695,461
2025-12-19	$5.01	$5.00	52.1%	14.7%	45.5%	6.8%	52.7%	-1.9%	0.8%	1.8M	-155.5M	-2.9M	0.41	8.26	52,250	21,187	2,388,437	1,680,034
2025-12-22	$5.00	$5.00	49.7%	14.4%	44.2%	2.2%	52.4%	-4.3%	1.1%	2.7M	-149.9M	-2.8M	0.37	10.70	52,413	19,364	2,258,906	1,649,808
2025-12-23	$4.88	$5.00	50.7%	14.1%	41.9%	4.2%	49.7%	-2.7%	-3.6%	2.7M	-127.9M	-2.7M	0.40	20.72	34,553	13,675	2,280,349	1,655,625
2025-12-24	$4.91	$5.00	48.5%	13.8%	39.2%	0.0%	50.4%	-2.7%	1.7%	2.8M	-134.4M	-2.8M	1.61	11.78	13,059	20,963	2,294,966	1,648,560
2025-12-26	$5.13	$5.00	50.2%	14.5%	43.0%	3.1%	52.6%	-6.3%	-0.1%	3.3M	-207.7M	-2.8M	0.53	12.46	83,130	44,156	2,296,714	1,657,993
2025-12-29	$5.37	$5.00	55.8%	16.1%	46.3%	13.7%	58.6%	-5.2%	3.6%	4.0M	-282.5M	-3.0M	0.32	12.14	110,962	35,796	2,278,259	1,631,972
2025-12-30	$5.50	$5.00	59.1%	16.6%	42.6%	20.0%	61.8%	-11.6%	-1.6%	5.3M	-346.7M	-3.0M	0.11	13.81	305,007	33,721	2,323,886	1,647,455
2025-12-31	$5.13	$5.00	66.8%	20.2%	48.9%	34.7%	73.2%	-18.2%	-3.6%	4.3M	-243.2M	-3.0M	0.16	12.52	290,401	45,992	2,421,527	1,656,190