ONDS Options History — December 2025

In December 2025, ONDS traded between $7.41 and $9.86. ATM implied volatility averaged 123.5%, placing in the 20.6% IV rank vs the trailing year. The 30-day expected move averaged 35.9%. IV traded below realized volatility by 24.8% (HV 20d: 148.3%). Max pain ranged from $2.50 to $5.50. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 12 of 22 days. Put/call ratio averaged 0.23.

Notable Days

2025-12-31: Highest Volume — 294,031 contracts
2025-12-03: Largest IV spike — 8.4% change
2025-12-15: Highest IV Rank — 27.4%
2025-12-03: Largest Expected Move — 38.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$8.68	$7.41	$9.86	$7.63	$9.86
Max Pain	$4.14	$2.50	$5.50	$4.50	$5.50
ATM IV	123.5%	108.4%	138.0%	122.1%	112.8%
Expected Move	35.9%	32.0%	38.9%	35.8%	33.7%
HV 20d	148.3%	106.4%	178.9%	177.3%	109.3%
HV 60d	144.7%	139.4%	148.0%	146.4%	140.0%
IV Rank	20.6%	16.4%	27.4%	16.4%	18.9%
IV Percentile	18.5%	3.2%	42.5%	14.3%	6.0%
Term Structure	0.0%	-24.4%	12.2%	3.2%	1.1%
VWIV	128.6%	113.4%	141.7%	130.3%	118.2%
Skew 25d	-7.2%	-17.8%	4.1%	-13.3%	0.4%
Skew 10d	-20.2%	-39.8%	-5.7%	-30.0%	-14.6%
Call IV 25d	130.4%	111.7%	147.7%	133.0%	113.7%
Put IV 25d	123.1%	107.6%	137.5%	119.6%	114.2%
Bid-Ask Spread %	22.00	15.84	30.82	18.93	23.45
Gamma HHI	0.15	0.11	0.45	0.11	0.13
Net GEX	3.4M	1.5M	8.2M	2.0M	4.4M
Net DEX	-328.3M	-428.0M	-225.4M	-252.9M	-377.8M
Net VEX	-1.0M	-1.1M	-852.0K	-852.0K	-1.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.23	0.15	0.46	0.22	0.15
Total Volume	133,826.636	40,228	294,031	76,735	294,031
Total OI	939,014	796,988	1,059,776	829,798	862,767

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	$7.63	$4.50	122.1%	35.8%	177.3%	16.4%	130.3%	-13.3%	3.2%	2.0M	-252.9M	-852.0K	0.22	18.93	62,988	13,747	671,322	158,476
2025-12-02	$8.29	$4.50	127.3%	37.2%	178.0%	18.2%	132.3%	-17.3%	3.6%	2.8M	-315.6M	-932.3K	0.22	21.46	127,533	27,635	704,037	166,021
2025-12-03	$8.93	$5.00	138.0%	38.9%	178.9%	21.7%	137.6%	-1.7%	-24.4%	3.5M	-379.9M	-1.0M	0.15	19.53	154,591	22,628	732,582	183,301
2025-12-04	$9.20	$2.50	132.0%	37.4%	178.7%	19.7%	133.8%	-6.0%	9.6%	4.1M	-428.0M	-1.1M	0.23	19.69	116,022	26,507	773,631	194,943
2025-12-05	$9.07	$2.50	125.7%	37.6%	170.0%	17.6%	132.8%	-13.6%	-4.8%	5.7M	-418.9M	-1.0M	0.17	15.84	108,281	18,914	785,908	202,853
2025-12-08	$9.04	$3.00	133.0%	38.8%	168.6%	20.1%	141.7%	-9.0%	-2.4%	3.4M	-394.1M	-1.0M	0.15	24.00	187,531	28,216	756,748	178,863
2025-12-09	$9.29	$3.00	129.4%	38.2%	168.6%	18.9%	139.1%	1.9%	4.1%	4.0M	-416.9M	-1.1M	0.17	25.40	135,323	23,344	800,143	195,631
2025-12-10	$8.45	$3.00	123.4%	37.1%	172.5%	16.8%	132.3%	-17.8%	10.2%	2.9M	-323.4M	-997.3K	0.24	28.72	101,901	24,415	800,840	204,039
2025-12-11	$8.98	$3.50	125.7%	36.2%	171.9%	17.6%	129.4%	-11.2%	0.4%	3.9M	-385.1M	-1.1M	0.20	26.21	80,331	16,235	833,383	214,269
2025-12-12	$8.84	$3.50	130.0%	37.3%	161.6%	25.3%	131.4%	0.3%	-0.0%	3.5M	-366.9M	-1.0M	0.25	25.42	133,327	33,486	843,878	215,898
2025-12-15	$7.76	$3.50	134.7%	38.7%	167.1%	27.4%	139.4%	-14.1%	-5.8%	2.3M	-264.2M	-908.5K	0.17	21.25	141,270	24,359	783,536	189,984
2025-12-16	$8.14	$4.00	126.9%	36.4%	158.4%	25.6%	132.7%	-11.4%	1.7%	3.1M	-304.9M	-979.4K	0.19	23.19	58,841	11,391	833,872	203,220
2025-12-17	$7.41	$4.00	120.9%	34.7%	143.7%	22.7%	128.1%	-10.8%	-1.8%	2.1M	-225.4M	-872.2K	0.17	22.35	76,981	12,722	835,391	206,130
2025-12-18	$7.86	$4.00	121.5%	35.1%	145.0%	23.1%	129.5%	-5.7%	-2.5%	2.5M	-267.6M	-926.7K	0.20	18.02	95,320	18,645	834,873	209,502
2025-12-19	$9.07	$4.00	123.8%	35.7%	138.7%	24.1%	127.0%	-6.0%	-3.2%	8.2M	-403.9M	-1.0M	0.25	25.75	182,686	45,226	821,064	211,389
2025-12-22	$9.21	$5.00	117.4%	34.7%	137.9%	21.1%	123.9%	-3.4%	12.2%	3.6M	-322.5M	-1.0M	0.22	18.67	126,801	27,742	665,121	131,867
2025-12-23	$8.93	$5.00	121.9%	34.9%	106.8%	23.2%	122.8%	4.1%	-3.6%	3.3M	-295.7M	-1.0M	0.28	30.82	75,827	21,441	701,073	148,215
2025-12-24	$9.13	$5.00	117.7%	33.6%	106.4%	21.2%	121.0%	-6.2%	-1.5%	3.6M	-311.5M	-1.1M	0.45	20.85	27,814	12,414	718,601	159,632
2025-12-26	$8.54	$5.00	112.9%	32.6%	109.2%	19.0%	117.1%	-5.8%	1.2%	1.5M	-249.8M	-1.0M	0.46	19.18	57,561	26,576	723,860	166,474
2025-12-29	$8.45	$5.50	112.1%	32.0%	106.6%	18.6%	116.0%	-7.8%	3.2%	2.3M	-237.2M	-974.2K	0.30	15.86	48,494	14,642	665,008	140,954
2025-12-30	$8.93	$5.50	108.4%	32.1%	107.6%	16.8%	113.4%	-4.7%	0.2%	3.0M	-280.7M	-1.0M	0.31	19.40	76,498	23,949	678,739	150,270
2025-12-31	$9.86	$5.50	112.8%	33.7%	109.3%	18.9%	118.2%	0.4%	1.1%	4.4M	-377.8M	-1.1M	0.15	23.45	254,948	39,083	699,566	163,201