NNN Options History — December 2025

In December 2025, NNN traded between $39.11 and $41.11. ATM implied volatility averaged 15.5%, placing in the 17.4% IV rank vs the trailing year. The 30-day expected move averaged 4.4%. IV traded above realized volatility by 2.1% (HV 20d: 13.4%). Max pain ranged from $40.00 to $40.00. Net GEX was positive for 3 of 22 trading days. Term structure was in contango for 20 of 22 days. Put/call ratio averaged 3.66.

Notable Days

  • 2025-12-23: Highest Volume — 1,974 contracts
  • 2025-12-10: Largest IV drop — 26.6% change
  • 2025-12-03: Highest IV Rank — 24.2%
  • 2025-12-03: Largest Expected Move — 5.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$40.05$39.11$41.11$40.98$39.71
Max Pain$40.00$40.00$40.00$40.00$40.00
ATM IV15.5%12.5%18.1%16.6%16.9%
Expected Move4.4%3.6%5.2%4.8%4.8%
HV 20d13.4%12.1%15.5%15.4%13.6%
HV 60d13.5%12.9%14.1%13.1%13.6%
IV Rank17.4%9.3%24.2%20.3%20.9%
IV Percentile16.7%5.2%26.6%20.6%25.0%
Term Structure2.2%-2.9%10.7%0.8%0.1%
VWIV16.6%12.9%27.0%17.1%16.8%
Skew 25d9.5%-1.5%64.5%3.8%0.9%
Skew 10d14.4%-2.3%95.6%6.0%1.4%
Call IV 25d14.1%11.3%17.8%13.6%16.7%
Put IV 25d23.5%15.7%79.8%17.4%17.6%
Bid-Ask Spread %90.6879.03109.7987.6286.85
Gamma HHI0.590.410.830.660.54
Net GEX-300.9K-1.0M99.9K99.9K-311.4K
Net DEX-658.6K-3.4M2.1M-3.4M303.3K
Net VEX-28.8K-32.6K-25.0K-27.1K-31.1K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio3.660.2017.171.663.84
Total Volume351.818481,97421892
Total OI9,472.4556,20111,4448,68510,152

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-12-01$40.98$40.0016.6%4.8%15.4%20.3%17.1%3.8%0.8%99.9K-3.4M-27.1K1.6687.62N/AN/A821363,7174,968
2025-12-02$40.74$40.0017.9%5.1%15.5%23.8%18.0%3.2%-0.9%29.2K-2.6M-27.6K4.6487.67N/AN/A562603,7235,100
2025-12-03$41.11$40.0018.1%5.2%12.9%24.2%18.1%4.3%-2.9%45.2K-3.4M-27.4K0.6489.31N/AN/A53343,7405,314
2025-12-04$40.63$40.0017.6%4.8%13.8%22.9%16.9%2.7%1.2%-22.2K-2.5M-28.5K0.5590.53N/AN/A31173,7625,331
2025-12-05$40.37$40.0016.4%4.7%14.0%19.8%16.4%2.0%1.3%-60.4K-1.9M-27.5K2.81101.06N/AN/A27763,7845,341
2025-12-08$39.88$40.0016.4%4.8%12.7%19.8%16.7%3.7%1.7%-165.5K-633.9K-27.4K1.7689.46N/AN/A1212133,7615,448
2025-12-09$39.47$40.0017.0%5.0%13.1%21.3%17.4%-1.5%1.0%-187.0K816.3K-27.7K0.7698.56N/AN/A1331013,8375,651
2025-12-10$39.86$40.0012.5%3.6%12.3%9.3%27.0%7.4%1.6%-245.7K86.6K-25.0K0.65109.79N/AN/A52343,9426,069
2025-12-11$39.81$40.0015.3%4.4%12.1%16.7%22.8%7.8%2.8%-273.9K-49.8K-29.1K3.4694.80N/AN/A26903,9916,092
2025-12-12$40.43$40.0013.9%4.0%13.5%13.0%14.0%26.3%3.7%-208.6K-2.3M-28.2K2.6792.44N/AN/A33884,0126,135
2025-12-15$40.41$40.0015.3%4.4%13.3%16.8%15.3%4.2%4.4%-238.0K-2.6M-29.1K9.0992.85N/AN/A222004,0056,209
2025-12-16$40.23$40.0015.4%4.4%13.2%17.0%15.4%4.1%3.1%-624.4K-1.1M-30.2K0.2091.11N/AN/A228454,3576,673
2025-12-17$40.56$40.0016.0%4.6%13.3%18.5%16.0%4.7%0.6%-435.8K-2.3M-29.4K1.3291.02N/AN/A791044,5216,707
2025-12-18$40.17$40.0015.4%4.4%12.7%17.1%15.4%2.2%10.7%-965.8K-1.0M-30.0K2.1694.51N/AN/A1142464,5856,785
2025-12-19$39.90$40.0013.9%4.0%12.9%13.1%13.9%2.9%2.8%-1.0M1.0M-29.6K11.9085.49N/AN/A293454,5766,868
2025-12-22$39.48$40.0014.6%4.2%12.9%15.0%14.6%1.5%2.0%-281.7K783.7K-28.3K0.9983.25N/AN/A2112083,2252,976
2025-12-23$39.11$40.0012.9%3.7%13.1%10.3%12.9%50.2%4.5%-246.1K2.1M-27.8K9.0789.16N/AN/A1961,7783,3393,024
2025-12-24$39.49$40.0016.3%4.7%13.5%19.3%16.2%1.0%0.8%-283.8K966.1K-31.5K3.4580.72N/AN/A401383,4244,772
2025-12-26$39.46$40.0014.4%4.1%13.5%14.5%14.4%10.5%3.8%-341.0K1.5M-28.8K17.1789.81N/AN/A941,6143,4534,891
2025-12-29$39.55$40.0014.2%4.1%13.5%13.8%14.2%2.1%3.4%-534.2K1.3M-32.6K1.2379.03N/AN/A941163,5326,500
2025-12-30$39.80$40.0014.4%4.1%13.7%14.3%14.4%64.5%1.1%-359.2K560.0K-30.5K0.5889.98N/AN/A53313,6056,497
2025-12-31$39.71$40.0016.9%4.8%13.6%20.9%16.8%0.9%0.1%-311.4K303.3K-31.1K3.8486.85N/AN/A19733,6536,499