S Options History — December 2025

In December 2025, S traded between $14.54 and $17.05. ATM implied volatility averaged 43.3%, placing in the 16.3% IV rank vs the trailing year. The 30-day expected move averaged 12.8%. IV traded below realized volatility by 15.5% (HV 20d: 58.8%). Max pain ranged from $14.00 to $17.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 12 of 22 days. Put/call ratio averaged 0.28.

Notable Days

2025-12-05: Highest Volume — 122,548 contracts
2025-12-05: Largest IV drop — 32.0% change
2025-12-02: Highest IV Rank — 56.4%
2025-12-03: Largest Expected Move — 21.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$15.22	$14.54	$17.05	$16.07	$15.04
Max Pain	$15.09	$14.00	$17.00	$16.00	$14.00
ATM IV	43.3%	35.9%	62.3%	61.9%	38.1%
Expected Move	12.8%	9.9%	21.2%	20.9%	9.9%
HV 20d	58.8%	35.2%	65.9%	35.8%	60.5%
HV 60d	45.5%	35.9%	48.2%	35.9%	46.9%
IV Rank	16.3%	0.9%	56.4%	55.5%	5.5%
IV Percentile	29.0%	1.2%	77.0%	75.0%	11.9%
Term Structure	-0.5%	-9.9%	3.6%	-2.9%	-3.2%
VWIV	45.5%	36.6%	76.2%	74.3%	36.6%
Skew 25d	-0.5%	-5.8%	3.6%	-1.6%	-3.7%
Skew 10d	1.6%	-12.8%	16.8%	3.0%	4.8%
Call IV 25d	44.8%	36.6%	63.2%	62.6%	37.9%
Put IV 25d	44.3%	34.2%	66.3%	61.0%	34.2%
Bid-Ask Spread %	50.00	21.68	62.80	60.07	50.18
Gamma HHI	0.13	0.09	0.24	0.10	0.21
Net GEX	2.4M	623.3K	3.6M	2.0M	3.6M
Net DEX	-69.4M	-97.0M	-2.7M	-57.3M	-92.0M
Net VEX	-753.5K	-795.4K	-560.3K	-694.9K	-779.1K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.28	0.06	1.05	0.22	1.05
Total Volume	17,984.636	2,562	122,548	7,078	15,182
Total OI	354,014.909	297,984	391,811	297,984	357,573

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 Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-12-01	$16.07	$16.00	61.9%	20.9%	35.8%	55.5%	74.3%	-1.6%	-2.9%	2.0M	-57.3M	-694.9K	0.22	60.07	N/A	N/A	5,782	1,296	236,320	61,664
2025-12-02	$16.66	$16.00	62.3%	20.6%	38.7%	56.4%	75.7%	2.4%	2.1%	2.4M	-71.2M	-735.4K	0.26	43.08	N/A	N/A	6,383	1,664	240,198	62,523
2025-12-03	$16.96	$16.00	60.6%	21.2%	35.2%	52.8%	76.2%	3.6%	-5.9%	2.7M	-82.9M	-747.8K	0.34	55.99	N/A	N/A	5,370	1,842	243,209	63,558
2025-12-04	$17.05	$17.00	62.2%	16.7%	35.2%	56.2%	58.3%	3.1%	-9.9%	2.8M	-91.0M	-758.0K	0.45	53.60	N/A	N/A	17,985	8,034	244,923	64,237
2025-12-05	$14.57	$17.00	42.3%	12.6%	65.9%	14.3%	43.8%	-1.5%	2.9%	623.3K	-2.7M	-560.3K	0.22	40.61	N/A	N/A	100,502	22,046	253,900	69,515
2025-12-08	$14.93	$15.00	40.8%	12.1%	65.8%	11.0%	43.6%	-4.0%	-2.0%	1.4M	-44.6M	-712.4K	0.14	21.68	N/A	N/A	31,960	4,339	271,063	71,954
2025-12-09	$15.00	$15.00	41.2%	11.7%	65.1%	12.0%	42.4%	-1.5%	-0.3%	2.2M	-61.1M	-757.1K	0.10	53.24	N/A	N/A	17,679	1,838	289,224	73,699
2025-12-10	$15.32	$15.00	40.3%	12.1%	65.5%	10.1%	43.0%	1.8%	3.6%	2.4M	-73.2M	-785.1K	0.18	52.36	N/A	N/A	11,289	2,034	293,796	73,772
2025-12-11	$15.00	$15.00	41.0%	11.4%	65.5%	11.6%	41.8%	-2.8%	-2.2%	2.5M	-68.4M	-772.4K	0.06	60.73	N/A	N/A	37,604	2,305	299,926	74,706
2025-12-12	$15.07	$15.00	39.9%	11.7%	64.9%	9.3%	41.0%	-2.7%	1.7%	3.1M	-77.3M	-795.4K	0.08	32.51	N/A	N/A	17,808	1,377	316,296	75,515
2025-12-15	$14.86	$15.00	41.5%	11.9%	64.8%	12.5%	42.7%	-2.4%	-0.9%	2.2M	-66.6M	-770.9K	0.21	47.51	N/A	N/A	9,895	2,044	303,764	73,316
2025-12-16	$14.80	$15.00	40.9%	11.7%	63.8%	11.4%	40.6%	-0.7%	2.8%	2.1M	-65.6M	-773.2K	0.39	58.03	N/A	N/A	5,987	2,315	306,151	73,369
2025-12-17	$14.54	$15.00	40.3%	11.5%	63.9%	10.0%	39.9%	-5.8%	0.1%	1.8M	-54.9M	-751.5K	0.13	45.88	N/A	N/A	7,680	1,033	308,807	74,767
2025-12-18	$14.63	$15.00	38.5%	10.9%	64.0%	6.3%	40.7%	0.4%	0.7%	1.9M	-59.7M	-766.7K	0.13	44.26	N/A	N/A	6,843	908	313,432	74,595
2025-12-19	$14.61	$15.00	36.6%	10.4%	63.1%	2.4%	37.2%	-0.9%	-0.3%	1.7M	-60.3M	-775.4K	0.69	51.51	N/A	N/A	5,978	4,104	317,174	74,452
2025-12-22	$14.88	$15.00	38.0%	10.3%	63.4%	5.4%	37.0%	0.6%	-4.1%	2.5M	-79.5M	-783.7K	0.20	53.39	N/A	N/A	7,526	1,539	286,036	66,460
2025-12-23	$14.75	$15.00	35.9%	10.7%	63.5%	0.9%	37.2%	0.8%	1.0%	2.6M	-72.0M	-762.3K	0.10	62.80	N/A	N/A	4,605	483	288,259	66,745
2025-12-24	$14.82	$14.00	37.1%	10.7%	62.0%	3.5%	37.7%	0.4%	0.9%	2.7M	-74.9M	-774.5K	0.14	58.44	N/A	N/A	2,253	309	289,911	66,013
2025-12-26	$15.00	$14.00	37.4%	10.2%	62.2%	4.0%	36.7%	0.7%	2.1%	3.6M	-87.1M	-768.1K	0.14	61.52	N/A	N/A	6,399	899	291,518	65,834
2025-12-29	$15.02	$14.00	37.4%	11.0%	61.9%	4.1%	38.8%	1.8%	1.7%	2.9M	-88.5M	-780.3K	0.56	43.67	N/A	N/A	3,206	1,807	290,387	64,214
2025-12-30	$15.23	$14.00	37.6%	10.5%	62.1%	4.4%	36.7%	1.3%	0.3%	3.2M	-97.0M	-771.8K	0.26	48.93	N/A	N/A	4,406	1,124	291,276	64,277
2025-12-31	$15.04	$14.00	38.1%	9.9%	60.5%	5.5%	36.6%	-3.7%	-3.2%	3.6M	-92.0M	-779.1K	1.05	50.18	N/A	N/A	7,421	7,761	293,016	64,557