PFFA Options History — December 2025

In December 2025, PFFA traded between $21.40 and $21.88. ATM implied volatility averaged 8.9%, placing in the 15.8% IV rank vs the trailing year. The 30-day expected move averaged 2.6%. IV traded above realized volatility by 1.7% (HV 20d: 7.2%). Max pain ranged from $21.00 to $22.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 19 of 22 days. Put/call ratio averaged 16.68.

Notable Days

  • 2025-12-16: Highest Volume — 4,399 contracts
  • 2025-12-29: Largest IV spike — 80.6% change
  • 2025-12-31: Highest IV Rank — 29.7%
  • 2025-12-31: Largest Expected Move — 4.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$21.64$21.40$21.88$21.40$21.48
Max Pain$21.73$21.00$22.00$21.00$22.00
ATM IV8.9%5.8%13.8%9.3%13.8%
Expected Move2.6%1.8%4.0%2.7%4.0%
HV 20d7.2%4.5%8.5%8.5%5.7%
HV 60d7.3%6.7%7.6%7.6%6.8%
IV Rank15.8%7.0%29.7%17.0%29.7%
IV Percentile49.2%12.3%81.7%59.9%81.7%
Term Structure4.5%-1.6%13.1%1.0%-0.9%
VWIV12.3%3.8%30.2%19.0%21.9%
Skew 25d5.7%-1.3%28.9%-1.3%-0.7%
Skew 10d6.0%-8.6%32.3%4.5%6.1%
Call IV 25d5.7%3.6%9.6%6.6%7.6%
Put IV 25d11.3%5.3%33.2%5.3%6.9%
Bid-Ask Spread %125.4293.80149.0994.07110.35
Gamma HHI0.500.370.800.420.37
Net GEX100.8K21.0K457.5K39.4K32.4K
Net DEX-156.3K-560.1K136.9K16.0K97.5K
Net VEX-3.5K-5.0K-2.3K-3.2K-3.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio16.680.00236.502.607.00
Total Volume386.40984,3993632
Total OI2,222.5451,3234,1381,3232,396

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-12-01$21.40$21.009.3%2.7%8.5%17.0%19.0%-1.3%1.0%39.4K16.0K-3.2K2.6094.07N/AN/A1026749574
2025-12-02$21.45$21.006.9%2.0%8.5%10.0%8.7%0.1%6.2%21.0K99.9K-2.3K15.0094.14N/AN/A115759583
2025-12-03$21.55$21.007.4%2.1%8.5%11.5%10.9%1.2%-1.6%53.1K-1.1K-2.9K0.0393.80N/AN/A1013760588
2025-12-04$21.54$22.007.6%2.2%8.2%11.9%0.0%3.7%3.1%69.4K-226.0K-3.2K8.67149.09N/AN/A326849586
2025-12-05$21.60$22.007.4%2.0%8.2%11.5%0.0%4.0%3.9%70.4K-203.9K-3.0K1.00140.37N/AN/A151151846596
2025-12-08$21.55$22.008.9%2.1%8.3%15.6%0.0%2.8%3.5%44.3K-142.9K-3.1K0.00139.07N/AN/A08879736
2025-12-09$21.63$22.005.8%2.2%8.2%7.0%0.0%4.6%6.0%56.8K-40.3K-2.6K1.52140.01N/AN/A4061878742
2025-12-10$21.71$22.007.0%2.0%8.3%10.2%12.7%5.1%4.1%61.3K-175.4K-3.0K0.07142.39N/AN/A15711868802
2025-12-11$21.80$22.007.8%2.2%8.4%12.7%3.8%2.8%4.1%133.2K-343.7K-3.5K0.00136.85N/AN/A3401,013812
2025-12-12$21.80$22.006.4%1.8%8.0%8.7%10.0%28.9%3.5%148.9K-392.5K-3.4K5.50139.24N/AN/A4221,044812
2025-12-15$21.77$22.008.2%2.4%7.9%13.7%4.3%2.3%1.9%106.4K-427.6K-3.6K0.78142.90N/AN/A8276431,046833
2025-12-16$21.77$22.0010.5%3.0%7.8%20.2%9.1%1.5%0.1%113.0K-314.4K-4.2K2.20128.85N/AN/A1,3733,0261,3321,667
2025-12-17$21.74$22.009.0%2.6%7.8%15.9%30.2%7.7%1.4%113.5K-334.6K-5.0K236.50132.52N/AN/A61,4191,7052,276
2025-12-18$21.84$22.008.8%2.5%7.8%15.3%4.1%6.2%12.6%339.7K-434.1K-3.8K1.10120.12N/AN/A10111,4842,653
2025-12-19$21.88$22.0010.3%3.0%4.5%19.7%0.0%26.4%2.3%457.5K-560.1K-4.0K0.36129.51N/AN/A1451,4852,653
2025-12-22$21.66$22.009.4%2.7%5.8%17.1%4.7%4.8%13.1%88.7K-90.8K-3.6K0.19130.47N/AN/A4897941,456
2025-12-23$21.60$22.008.7%2.5%5.8%15.1%10.4%4.6%6.3%65.5K-55.6K-4.1K0.88123.00N/AN/A878251,465
2025-12-24$21.62$21.008.9%2.6%5.7%15.8%0.0%4.3%6.3%66.8K-48.2K-3.9K0.10120.47N/AN/A152158281,471
2025-12-26$21.59$21.007.4%2.1%5.6%11.4%0.0%4.8%10.9%47.0K-68.1K-4.2K50.00116.02N/AN/A1508321,484
2025-12-29$21.59$21.0013.3%3.8%5.6%28.1%22.0%5.2%12.5%57.7K69.9K-2.8K0.00120.02N/AN/A088321,534
2025-12-30$21.59$22.0013.7%3.9%5.4%29.2%21.9%5.3%-1.2%30.9K136.9K-3.2K0.08115.90N/AN/A1218291,540
2025-12-31$21.48$22.0013.8%4.0%5.7%29.7%0.0%-0.7%-0.9%32.4K97.5K-3.7K7.00110.35N/AN/A4288551,541