PAYO Options History — December 2025

In December 2025, PAYO traded between $5.56 and $5.95. ATM implied volatility averaged 49.8%, placing in the 17.1% IV rank vs the trailing year. The 30-day expected move averaged 13.9%. IV traded above realized volatility by 22.3% (HV 20d: 27.5%). Max pain ranged from $5.00 to $5.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 15 of 22 days. Put/call ratio averaged 0.06.

Notable Days

  • 2025-12-23: Highest Volume — 3,129 contracts
  • 2025-12-12: Largest IV spike — 46.6% change
  • 2025-12-09: Highest IV Rank — 33.8%
  • 2025-12-02: Largest Expected Move — 15.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$5.77$5.56$5.95$5.74$5.63
Max Pain$5.00$5.00$5.00$5.00$5.00
ATM IV49.8%34.7%75.9%49.8%46.9%
Expected Move13.9%10.0%15.8%14.3%13.4%
HV 20d27.5%20.8%46.4%46.4%23.7%
HV 60d35.0%34.0%36.9%36.9%34.0%
IV Rank17.1%7.6%33.8%17.2%15.3%
IV Percentile40.6%8.3%82.5%46.4%32.5%
Term Structure5.8%-23.2%31.9%-7.0%-23.2%
VWIV45.4%28.2%61.2%53.9%32.5%
Skew 25d1.5%-16.7%17.0%-0.5%-5.3%
Skew 10d14.5%-33.4%151.1%8.8%-2.0%
Call IV 25d42.3%28.2%71.6%48.5%45.9%
Put IV 25d43.8%33.1%54.9%48.0%40.5%
Bid-Ask Spread %99.3187.23114.20112.4890.99
Gamma HHI0.660.500.790.670.64
Net GEX285.8K215.2K426.7K255.8K262.3K
Net DEX-13.7M-15.5M-12.3M-12.8M-13.1M
Net VEX-17.3K-23.9K-8.9K-23.9K-12.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.060.000.640.050.03
Total Volume325.5453,12929764
Total OI37,22736,00337,86837,31736,440

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-12-01$5.74$5.0049.8%14.3%46.4%17.2%53.9%-0.5%-7.0%255.8K-12.8M-23.9K0.05112.48N/AN/A2821535,6211,696
2025-12-02$5.78$5.0055.2%15.8%46.4%20.6%58.7%-3.0%-5.0%254.5K-13.2M-22.9K0.11111.52N/AN/A1902035,7071,711
2025-12-03$5.72$5.0054.4%15.6%46.4%20.1%0.0%-16.7%-2.1%259.4K-13.2M-23.1K0.00114.20N/AN/A61035,7611,731
2025-12-04$5.67$5.0049.2%14.9%29.7%16.8%53.2%6.0%17.6%268.5K-12.7M-22.9K0.00103.36N/AN/A131035,7621,731
2025-12-05$5.67$5.0050.9%14.5%29.7%17.8%51.3%7.9%20.0%272.0K-13.0M-21.1K0.0095.09N/AN/A135035,7341,731
2025-12-08$5.67$5.0056.7%14.7%29.4%21.6%54.8%17.0%11.1%263.3K-12.5M-21.9K0.6491.25N/AN/A16010235,7091,731
2025-12-09$5.75$5.0075.9%14.7%24.7%33.8%45.5%-6.1%9.4%265.3K-13.0M-22.1K0.01100.90N/AN/A133235,7831,832
2025-12-10$5.88$5.0052.4%15.0%25.5%18.8%50.9%4.2%3.7%275.6K-13.9M-20.6K0.0199.03N/AN/A69135,8421,834
2025-12-11$5.94$5.0034.7%10.0%25.6%7.6%35.8%1.8%31.9%238.2K-15.5M-15.2K0.00105.58N/AN/A336035,8331,833
2025-12-12$5.94$5.0050.9%14.6%23.9%17.8%41.3%2.5%4.4%265.9K-14.5M-18.7K0.00101.18N/AN/A102035,8771,833
2025-12-15$5.88$5.0050.6%14.5%24.2%17.6%47.6%0.2%4.9%274.9K-14.3M-18.2K0.01100.55N/AN/A124135,9591,833
2025-12-16$5.95$5.0051.7%14.8%20.8%18.3%51.4%-4.6%5.6%409.0K-15.0M-15.2K0.1090.75N/AN/A2072036,0361,832
2025-12-17$5.88$5.0048.4%13.9%21.5%16.3%45.1%6.7%9.3%272.9K-14.3M-17.2K0.01100.79N/AN/A185135,8551,812
2025-12-18$5.89$5.0044.5%12.8%21.2%13.8%36.6%13.8%18.4%215.2K-15.3M-13.9K0.00102.42N/AN/A175035,8411,813
2025-12-19$5.75$5.0043.3%12.4%23.1%13.0%51.6%6.6%13.4%266.5K-13.9M-16.4K0.00103.13N/AN/A57035,7741,813
2025-12-22$5.79$5.0045.8%13.1%21.8%14.6%39.3%9.3%12.8%380.2K-14.9M-11.4K0.01102.86N/AN/A184135,5461,807
2025-12-23$5.56$5.0045.4%13.0%26.4%14.3%28.7%-7.3%3.1%309.7K-12.8M-15.7K0.0297.66N/AN/A3,0666335,3991,808
2025-12-24$5.66$5.0053.3%15.3%23.6%19.4%61.2%-4.4%-0.9%327.6K-12.3M-15.9K0.0190.99N/AN/A85134,1721,871
2025-12-26$5.71$5.0053.3%15.3%23.5%19.4%46.0%-8.4%-7.2%426.7K-13.5M-12.1K0.0094.40N/AN/A45034,1671,871
2025-12-29$5.69$5.0039.2%11.2%23.5%10.4%28.2%12.5%11.2%244.8K-13.4M-11.4K0.0088.43N/AN/A215134,1791,871
2025-12-30$5.71$5.0042.7%12.3%23.3%12.7%40.1%1.2%-3.7%278.3K-14.0M-8.9K0.2887.23N/AN/A72620134,1311,872
2025-12-31$5.63$5.0046.9%13.4%23.7%15.3%32.5%-5.3%-23.2%262.3K-13.1M-12.7K0.0390.99N/AN/A62234,5151,925