PCEF Options History — December 2025

In December 2025, PCEF traded between $19.65 and $19.91. ATM implied volatility averaged 25.6%, placing in the 11.2% IV rank vs the trailing year. The 30-day expected move averaged 7.5%. IV traded above realized volatility by 18.2% (HV 20d: 7.4%). Max pain ranged from $19.00 to $20.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 8 of 22 days. Put/call ratio averaged 0.04.

Notable Days

  • 2025-12-01: Highest Volume — 161 contracts
  • 2025-12-09: Largest IV spike — 86.9% change
  • 2025-12-17: Highest IV Rank — 15.7%
  • 2025-12-17: Largest Expected Move — 9.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$19.83$19.65$19.91$19.89$19.84
Max Pain$19.19$19.00$20.00$20.00$19.00
ATM IV25.6%13.4%34.7%13.4%23.1%
Expected Move7.5%3.8%9.9%3.8%6.6%
HV 20d7.4%5.5%9.0%9.0%5.8%
HV 60d7.5%7.4%7.7%7.4%7.7%
IV Rank11.2%5.1%15.7%5.1%9.9%
IV Percentile43.8%10.7%73.8%10.7%35.7%
Term Structure2.4%-14.3%22.2%5.3%22.2%
VWIV36.0%20.8%52.1%20.8%52.1%
Skew 25d-6.5%-21.5%9.6%3.4%-18.6%
Skew 10d16.9%6.9%34.1%26.1%8.7%
Call IV 25d34.2%13.9%40.9%15.1%39.2%
Put IV 25d27.7%17.4%40.6%18.4%20.6%
Bid-Ask Spread %158.61145.03166.81145.37155.63
Gamma HHI0.930.831.000.930.83
Net GEX17.8K1.1K54.7K1.6K1.4K
Net DEX-103.0K-169.4K-7.5K-7.5K-23.9K
Net VEX-146-295-18-18-38
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.040.000.170.010.17
Total Volume8.81801611617
Total OI122.636111941123

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-12-01$19.89$20.0013.4%3.8%9.0%5.1%20.8%3.4%5.3%1.6K-7.5K-180.01145.37N/AN/A1601101
2025-12-02$19.87$20.0024.7%7.1%9.0%10.7%0.0%9.6%4.0%20.8K-160.2K-2950.00145.03N/AN/A001702
2025-12-03$19.89$20.0025.5%7.3%8.6%11.1%0.0%6.5%-2.7%20.7K-162.3K-2890.00148.68N/AN/A001702
2025-12-04$19.89$0.0031.0%8.6%8.6%13.8%0.0%3.8%-4.6%19.0K-163.3K-2810.00165.38N/AN/A001702
2025-12-05$19.91$0.0028.8%8.7%8.5%12.8%0.0%3.9%-4.2%19.5K-164.9K-2710.00166.81N/AN/A001702
2025-12-08$19.83$0.0015.2%8.9%8.5%6.0%0.0%-3.0%-14.3%39.1K-137.9K-2350.00165.80N/AN/A001702
2025-12-09$19.83$0.0028.4%7.8%7.9%12.5%0.0%-5.3%-5.8%23.2K-151.6K-2270.00161.19N/AN/A001702
2025-12-10$19.91$0.0031.2%8.9%7.9%13.9%0.0%-7.3%-5.1%21.2K-162.8K-2180.00164.00N/AN/A101702
2025-12-11$19.88$0.0025.6%7.3%8.0%11.1%35.2%-9.7%-4.5%39.6K-146.9K-2040.00165.71N/AN/A2001702
2025-12-12$19.73$19.0022.8%6.5%7.8%9.8%0.0%-4.8%-6.6%20.6K-169.4K-2360.00162.93N/AN/A011902
2025-12-15$19.76$19.0033.6%9.6%7.8%15.1%0.0%-2.0%-6.5%40.9K-141.4K-1830.00163.41N/AN/A001903
2025-12-16$19.74$19.0033.6%9.6%7.2%15.1%0.0%-0.9%-5.8%20.7K-167.6K-1690.00162.45N/AN/A011903
2025-12-17$19.65$19.0034.7%9.9%7.1%15.7%0.0%0.9%-7.3%19.8K-156.4K-1460.00156.53N/AN/A001904
2025-12-18$19.74$19.0034.1%9.8%7.2%15.4%0.0%-3.0%-5.7%20.1K-167.9K-1180.00161.23N/AN/A001903
2025-12-19$19.88$19.0019.2%5.5%6.8%8.0%0.0%-14.5%-4.7%54.7K-28.1K-460.00159.93N/AN/A011903
2025-12-22$19.82$19.0033.7%9.6%6.7%15.1%0.0%-10.2%-6.8%1.1K-24.9K-420.00159.78N/AN/A00201
2025-12-23$19.80$19.0020.1%5.8%6.8%8.5%0.0%-15.7%19.9%1.5K-26.2K-400.00156.87N/AN/A01201
2025-12-24$19.87$19.0019.3%5.5%6.4%8.0%0.0%-19.0%21.4%1.4K-25.9K-430.00156.69N/AN/A00202
2025-12-26$19.88$19.0020.2%5.8%5.6%8.5%0.0%-20.0%21.7%1.4K-25.8K-410.00156.94N/AN/A00202
2025-12-29$19.81$19.0022.5%6.4%5.5%9.6%0.0%-15.7%21.1%1.4K-25.2K-380.00152.95N/AN/A00202
2025-12-30$19.90$19.0022.5%6.5%5.7%9.6%0.0%-21.5%21.5%1.4K-25.7K-330.00156.22N/AN/A01202
2025-12-31$19.84$19.0023.1%6.6%5.8%9.9%52.1%-18.6%22.2%1.4K-23.9K-380.17155.63N/AN/A61203