DIA Options History — September 2008

In September 2008, DIA traded between $104.75 and $115.51. ATM implied volatility averaged 31.7%, placing in the 78.8% IV rank vs the trailing year. The 30-day expected move averaged 8.2%. IV traded above realized volatility by 2.7% (HV 20d: 29.1%). Max pain ranged from $111.00 to $118.00. Net GEX was positive for 15 of 21 trading days. Term structure was in contango for 4 of 21 days. Put/call ratio averaged 1.16.

Notable Days

  • 2008-09-16: Highest Volume — 313,237 contracts
  • 2008-09-29: Largest IV spike — 152.8% change
  • 2008-09-15: Highest IV Rank — 100.0%
  • 2008-09-29: Largest Expected Move — 14.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$111.34$104.75$115.51$115.16$108.36
Max Pain$114.52$111.00$118.00$118.00$111.00
ATM IV31.7%19.6%106.1%20.5%39.0%
Expected Move8.2%5.6%14.5%5.9%11.2%
HV 20d29.1%19.6%42.3%22.1%42.3%
HV 60d24.3%20.5%30.1%20.6%30.1%
IV Rank78.8%29.0%100.0%52.9%29.0%
IV Percentile90.2%48.4%100.0%60.3%99.2%
Term Structure-2.4%-14.2%0.8%0.3%-6.6%
VWIV28.3%19.8%44.8%19.8%39.1%
Skew 25d6.4%3.9%11.1%4.2%8.0%
Skew 10d11.6%6.9%19.8%7.2%14.9%
Call IV 25d25.2%17.9%40.9%18.4%35.2%
Put IV 25d31.6%21.8%52.0%22.6%43.2%
Bid-Ask Spread %12.764.6955.164.9414.00
Gamma HHI0.060.040.080.070.05
Net GEX17.1M-41.5M77.0M48.9M15.6M
Net DEX2.12B788.0M5.13B955.3M2.17B
Net VEX-29.8M-52.6M-25.0M-29.4M-28.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.160.721.911.051.63
Total Volume188,085.71495,916313,237154,232129,558
Total OI2,081,086.191,815,1102,379,5421,897,0561,985,823

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2008-09-02$115.16$118.0020.5%5.9%22.1%52.9%19.8%4.2%0.3%48.9M955.3M-29.4M1.054.9475,39078,8421,016,822880,234
2008-09-03$115.51$118.0019.6%5.6%19.6%47.9%21.5%3.9%0.8%58.9M836.9M-29.6M0.945.5256,53952,8791,039,152897,318
2008-09-04$112.20$118.0022.4%6.4%22.0%64.3%22.1%4.0%0.4%-15.5M2.60B-27.7M0.724.69123,48389,3531,035,666907,717
2008-09-05$112.35$118.0021.6%6.2%21.4%59.4%23.0%4.0%0.3%6.7M2.37B-28.0M0.735.15114,69484,0051,078,896915,668
2008-09-08$115.16$118.0022.8%6.2%22.0%66.8%22.3%4.0%-0.3%77.0M788.0M-29.9M0.818.17140,678113,2721,108,035933,842
2008-09-09$112.53$118.0025.9%6.9%23.1%84.8%22.7%4.7%-0.3%10.3M2.27B-29.5M1.228.5879,70897,4841,134,464965,895
2008-09-10$113.00$115.0024.5%6.6%23.0%76.5%23.0%4.8%-0.3%13.5M2.16B-29.5M1.097.0368,87875,0041,144,802977,689
2008-09-11$114.86$115.0022.6%6.5%23.6%65.4%23.4%5.1%-0.2%59.9M1.16B-30.5M1.508.0083,372124,7391,152,432982,194
2008-09-12$114.79$115.0023.6%6.8%23.4%71.2%24.6%5.0%-0.5%60.1M1.12B-30.9M1.368.7274,577101,7931,173,9731,003,259
2008-09-15$109.80$115.0028.9%8.3%28.0%100.0%28.4%6.2%-2.1%-41.5M4.03B-27.1M1.2312.78110,686136,3071,191,3881,027,759
2008-09-16$110.66$115.0027.6%7.9%27.9%92.8%28.2%6.5%-2.2%-4.1M3.59B-27.4M1.1615.82144,968168,2691,233,8641,034,316
2008-09-17$106.76$114.0032.7%9.4%30.3%100.0%32.5%8.4%-3.4%-30.7M5.13B-25.0M0.9414.01146,176137,3821,270,8831,055,424
2008-09-18$109.97$113.0029.8%8.5%32.3%86.5%30.7%9.1%-2.8%28.6M3.59B-27.0M0.9355.16146,021135,2021,301,9571,050,148
2008-09-19$113.57$112.0027.6%7.9%34.5%76.2%28.9%8.7%-2.2%18.5M977.8M-29.6M1.1419.37115,489131,6251,317,0851,062,457
2008-09-22$110.50$112.0031.3%9.0%35.0%93.4%30.0%7.4%-2.8%45.8M1.44B-52.6M0.9511.3071,14667,7881,306,0181,052,260
2008-09-23$108.50$112.0033.5%9.6%34.8%100.0%32.4%7.4%-3.4%8.7M1.98B-27.7M1.918.9252,42499,8861,024,589790,521
2008-09-24$108.30$112.0033.8%9.7%34.7%100.0%32.5%7.2%-3.9%-7.0M2.11B-28.3M1.2010.0945,47854,6951,039,909839,291
2008-09-25$110.27$112.0030.9%8.9%35.3%87.1%30.6%6.5%-2.8%3.6M1.57B-29.1M0.7810.7253,74142,1751,053,153847,347
2008-09-26$111.15$112.0042.0%9.6%34.7%100.0%34.1%7.4%-4.2%23.2M965.6M-30.3M1.279.8149,29462,7271,061,957857,164
2008-09-29$104.75$112.00106.1%14.5%40.0%100.0%44.8%11.1%-14.2%-21.8M2.72B-27.7M1.8425.2475,331138,7421,075,649875,790
2008-09-30$108.36$111.0039.0%11.2%42.3%29.0%39.1%8.0%-6.6%15.6M2.17B-28.4M1.6314.0049,34780,2111,093,702892,121