SMCI Options History — December 2025

In December 2025, SMCI traded between $29.16 and $35.28. ATM implied volatility averaged 59.9%, placing in the 7.6% IV rank vs the trailing year. The 30-day expected move averaged 17.3%. IV traded above realized volatility by 10.8% (HV 20d: 49.1%). Max pain ranged from $34.00 to $40.00. Net GEX was positive for 18 of 22 trading days. Term structure was in contango for 19 of 22 days. Put/call ratio averaged 0.35.

Notable Days

2025-12-05: Highest Volume — 389,924 contracts
2025-12-22: Largest IV drop — 4.6% change
2025-12-01: Highest IV Rank — 11.1%
2025-12-01: Largest Expected Move — 18.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$32.11	$29.16	$35.28	$33.45	$29.16
Max Pain	$38.14	$34.00	$40.00	$40.00	$34.00
ATM IV	59.9%	55.0%	63.8%	63.8%	62.1%
Expected Move	17.3%	15.6%	18.9%	18.9%	16.2%
HV 20d	49.1%	37.5%	69.1%	68.9%	37.9%
HV 60d	62.9%	59.8%	64.6%	64.1%	59.8%
IV Rank	7.6%	3.2%	11.1%	11.1%	9.6%
IV Percentile	11.8%	3.6%	19.4%	14.3%	19.4%
Term Structure	2.3%	-2.5%	8.4%	2.9%	5.7%
VWIV	62.1%	55.6%	68.1%	68.1%	56.9%
Skew 25d	3.4%	0.6%	5.4%	5.3%	1.2%
Skew 10d	6.1%	-3.6%	22.0%	11.8%	-1.6%
Call IV 25d	59.6%	55.0%	62.7%	61.2%	62.4%
Put IV 25d	63.1%	57.8%	66.6%	66.5%	63.6%
Bid-Ask Spread %	21.70	7.33	34.54	9.58	26.78
Gamma HHI	0.12	0.04	0.28	0.11	0.08
Net GEX	16.5M	-3.4M	38.6M	17.4M	-1.7M
Net DEX	297.5M	-85.0M	637.0M	183.3M	526.9M
Net VEX	-10.5M	-11.8M	-9.2M	-11.3M	-9.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.35	0.11	0.73	0.48	0.15
Total Volume	177,154.818	83,989	389,924	103,167	301,649
Total OI	2,394,424.136	2,290,449	2,530,388	2,290,449	2,419,201

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	$33.45	$40.00	63.8%	18.9%	68.9%	11.1%	68.1%	5.3%	2.9%	17.4M	183.3M	-11.3M	0.48	9.58	69,799	33,368	1,321,762	968,687
2025-12-02	$33.06	$40.00	63.0%	18.8%	69.0%	10.4%	67.4%	4.5%	2.9%	16.2M	280.8M	-11.1M	0.30	8.26	70,838	21,144	1,346,017	982,102
2025-12-03	$33.58	$40.00	61.1%	18.3%	69.1%	8.7%	65.0%	3.2%	2.5%	23.2M	220.8M	-11.1M	0.47	8.73	57,192	26,797	1,366,558	987,515
2025-12-04	$34.23	$40.00	60.2%	18.0%	56.4%	7.9%	64.8%	5.4%	0.4%	36.5M	66.9M	-11.4M	0.26	26.59	153,216	39,982	1,383,668	997,840
2025-12-05	$34.66	$40.00	58.9%	17.8%	55.3%	6.7%	64.2%	5.3%	0.9%	30.9M	-85.0M	-11.5M	0.14	27.98	341,994	47,930	1,421,342	1,013,794
2025-12-08	$35.28	$40.00	60.3%	18.2%	55.9%	8.0%	64.7%	3.9%	4.1%	25.0M	-79.4M	-11.8M	0.37	26.70	93,669	34,873	1,353,874	983,432
2025-12-09	$34.97	$40.00	61.5%	17.9%	55.1%	9.1%	64.4%	3.5%	0.6%	28.4M	-11.3M	-11.7M	0.45	30.88	64,564	29,189	1,382,044	992,854
2025-12-10	$34.83	$40.00	60.3%	17.9%	53.8%	8.0%	64.1%	5.0%	1.8%	29.8M	36.1M	-11.5M	0.48	34.36	58,508	28,262	1,394,953	1,004,327
2025-12-11	$33.91	$40.00	60.1%	17.7%	53.8%	7.8%	65.0%	3.2%	1.9%	16.4M	269.5M	-11.1M	0.14	28.51	277,532	39,520	1,411,335	1,010,239
2025-12-12	$32.42	$40.00	60.4%	17.7%	50.5%	8.1%	64.1%	3.4%	2.0%	-218.8K	438.8M	-10.5M	0.27	9.10	174,695	47,738	1,439,465	1,011,226
2025-12-15	$31.38	$40.00	60.8%	17.5%	49.8%	8.5%	65.3%	3.1%	-2.5%	984.3K	556.7M	-9.9M	0.62	34.54	81,192	50,405	1,373,714	982,658
2025-12-16	$31.61	$40.00	59.1%	17.0%	44.2%	6.8%	60.8%	4.0%	0.8%	964.1K	547.1M	-9.9M	0.21	29.92	118,850	25,410	1,399,134	990,008
2025-12-17	$30.05	$39.00	60.6%	17.4%	45.0%	8.2%	62.4%	3.9%	-1.2%	-3.4M	620.8M	-9.3M	0.20	29.90	192,697	38,902	1,412,455	979,021
2025-12-18	$29.59	$38.00	60.6%	17.4%	43.8%	8.3%	61.7%	3.2%	0.9%	-3.2M	637.0M	-9.2M	0.40	27.71	211,839	84,029	1,448,743	979,583
2025-12-19	$31.13	$36.00	59.6%	17.1%	41.5%	7.4%	64.7%	3.1%	-0.9%	16.5M	256.6M	-10.3M	0.49	23.86	143,530	70,271	1,527,632	1,002,756
2025-12-22	$31.02	$36.00	56.9%	16.5%	40.6%	4.9%	59.7%	3.3%	3.6%	21.8M	262.6M	-10.1M	0.38	10.09	93,774	35,615	1,365,988	952,813
2025-12-23	$30.73	$36.00	55.0%	15.8%	38.5%	3.2%	55.7%	2.7%	3.2%	21.0M	345.2M	-10.0M	0.73	13.25	57,539	41,975	1,399,840	974,365
2025-12-24	$30.57	$35.00	56.0%	15.6%	37.8%	4.0%	55.6%	2.8%	1.1%	20.4M	369.2M	-10.1M	0.11	25.37	154,748	16,579	1,436,434	996,825
2025-12-26	$30.77	$35.00	58.3%	15.6%	37.5%	6.2%	55.6%	3.1%	3.4%	38.6M	302.3M	-10.1M	0.14	9.23	219,322	30,393	1,465,141	1,002,112
2025-12-29	$30.14	$35.00	58.7%	16.4%	37.6%	6.5%	59.6%	0.6%	8.4%	16.8M	361.3M	-9.9M	0.51	7.33	71,526	36,458	1,402,083	982,560
2025-12-30	$29.83	$35.00	60.7%	15.9%	37.5%	8.3%	57.1%	1.8%	7.2%	11.5M	439.0M	-9.7M	0.48	28.79	74,054	35,839	1,419,285	991,946
2025-12-31	$29.16	$34.00	62.1%	16.2%	37.9%	9.6%	56.9%	1.2%	5.7%	-1.7M	526.9M	-9.5M	0.15	26.78	261,325	40,324	1,423,117	996,084