TEX Options History — December 2025

In December 2025, TEX traded between $45.58 and $55.11. ATM implied volatility averaged 37.2%, placing in the 11.6% IV rank vs the trailing year. The 30-day expected move averaged 10.6%. IV traded below realized volatility by 0.5% (HV 20d: 37.7%). Max pain ranged from $45.00 to $50.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 16 of 22 days. Put/call ratio averaged 1.52.

Notable Days

  • 2025-12-08: Highest Volume — 2,308 contracts
  • 2025-12-04: Largest IV drop — 16.6% change
  • 2025-12-01: Highest IV Rank — 20.3%
  • 2025-12-01: Largest Expected Move — 12.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$51.91$45.58$55.11$45.58$53.35
Max Pain$48.27$45.00$50.00$45.00$50.00
ATM IV37.2%31.1%43.5%43.5%31.1%
Expected Move10.6%8.9%12.5%12.5%8.9%
HV 20d37.7%33.0%42.3%33.0%34.8%
HV 60d53.8%51.5%54.6%51.5%54.4%
IV Rank11.6%3.4%20.3%20.3%3.4%
IV Percentile30.0%0.4%63.9%63.9%0.4%
Term Structure2.2%-6.2%8.7%-6.2%2.6%
VWIV37.3%24.1%42.2%42.0%24.1%
Skew 25d3.5%-1.0%8.9%-0.5%-1.0%
Skew 10d11.1%5.4%19.1%7.1%7.5%
Call IV 25d36.4%30.2%44.8%44.8%36.4%
Put IV 25d39.9%35.4%45.8%44.3%35.4%
Bid-Ask Spread %90.1983.52100.3491.41100.34
Gamma HHI0.250.150.310.180.27
Net GEX530.4K250.8K815.0K250.8K524.5K
Net DEX-11.3M-15.6M-3.7M-3.7M-10.7M
Net VEX-33.1K-38.4K-27.6K-28.0K-31.9K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.520.016.386.220.30
Total Volume215.409132,3086513
Total OI8,520.9556,40210,3848,4116,741

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-12-01$45.58$45.0043.5%12.5%33.0%20.3%42.0%-0.5%-6.2%250.8K-3.7M-28.0K6.2291.41N/AN/A9566,6081,803
2025-12-02$46.72$45.0041.3%11.9%34.2%17.3%41.6%0.8%-2.9%302.9K-5.0M-28.8K2.0691.38N/AN/A33686,6141,849
2025-12-03$49.70$45.0039.2%11.2%40.2%14.3%39.0%1.1%-2.9%381.1K-8.3M-30.0K0.4190.02N/AN/A79326,6311,880
2025-12-04$50.16$46.0032.7%10.5%40.3%5.5%39.4%8.1%5.9%384.6K-8.9M-27.6K0.7086.23N/AN/A23166,6911,897
2025-12-05$49.73$46.0037.0%10.5%39.8%11.4%38.3%1.1%7.9%475.0K-9.6M-31.1K1.4788.71N/AN/A30446,7111,896
2025-12-08$49.59$47.0038.9%10.3%39.2%13.9%36.6%3.9%5.0%402.7K-8.6M-27.9K0.0187.35N/AN/A2,280286,7121,929
2025-12-09$49.13$47.0041.0%11.3%39.5%16.9%36.9%5.0%3.6%485.2K-8.2M-32.8K0.5084.55N/AN/A34177,3441,959
2025-12-10$51.80$47.0043.1%12.3%42.3%19.6%42.2%8.9%-4.4%628.2K-12.0M-34.1K1.6388.30N/AN/A52857,3301,971
2025-12-11$52.35$47.0039.0%11.2%41.4%14.1%37.9%3.7%5.1%743.5K-14.6M-38.4K0.2287.99N/AN/A49117,8162,017
2025-12-12$51.53$47.0038.4%11.0%41.5%13.2%39.5%3.9%7.1%693.8K-13.3M-35.6K6.3887.66N/AN/A684347,8172,023
2025-12-15$52.41$50.0039.0%11.2%41.6%14.0%36.7%3.4%3.8%685.6K-13.9M-37.3K0.4284.28N/AN/A60257,8382,431
2025-12-16$53.24$50.0035.8%10.3%38.8%9.8%37.3%1.5%8.7%702.3K-15.3M-35.1K1.1684.82N/AN/A70817,8432,436
2025-12-17$52.20$50.0039.7%11.4%40.2%15.1%40.8%2.6%2.3%630.3K-13.7M-35.9K0.8883.52N/AN/A17157,8372,502
2025-12-18$53.73$50.0036.6%10.5%39.8%10.8%36.6%5.8%3.0%815.0K-15.6M-34.2K1.0787.14N/AN/A46497,8362,517
2025-12-19$53.85$50.0036.8%10.5%35.9%11.1%37.3%6.2%1.0%460.8K-15.6M-34.4K1.1494.00N/AN/A1741987,8372,547
2025-12-22$54.58$50.0034.8%10.0%35.0%8.4%35.7%2.8%5.4%485.7K-11.9M-35.0K0.2588.55N/AN/A146364,5531,849
2025-12-23$55.11$50.0033.9%9.7%33.3%7.1%30.5%5.7%5.8%514.5K-12.5M-35.5K0.1494.27N/AN/A107154,6521,876
2025-12-24$54.62$50.0034.0%9.7%33.9%7.2%35.6%2.1%-0.6%523.0K-12.0M-35.5K2.6797.38N/AN/A30804,7351,878
2025-12-26$55.06$50.0034.5%9.9%33.9%7.9%34.9%5.0%0.4%537.4K-12.4M-34.3K0.7691.58N/AN/A21164,7531,897
2025-12-29$53.78$50.0034.0%9.7%35.8%7.3%39.8%5.2%3.1%513.0K-10.6M-31.7K1.7295.95N/AN/A29504,7731,900
2025-12-30$53.75$50.0034.2%9.8%35.0%7.6%38.9%1.4%-6.2%530.0K-11.0M-33.0K3.3398.80N/AN/A3104,8021,930
2025-12-31$53.35$50.0031.1%8.9%34.8%3.4%24.1%-1.0%2.6%524.5K-10.7M-31.9K0.30100.34N/AN/A1034,8041,937