EEM Options History — September 2008

In September 2008, EEM traded between $31.55 and $38.84. ATM implied volatility averaged 50.2%, placing in the 66.3% IV rank vs the trailing year. The 30-day expected move averaged 14.4%. IV traded below realized volatility by 4.2% (HV 20d: 54.4%). Max pain ranged from $38.00 to $43.00. Net GEX was positive for 2 of 21 trading days. Term structure was in contango for 1 of 21 days. Put/call ratio averaged 1.56.

Notable Days

  • 2008-09-19: Highest Volume — 752,498 contracts
  • 2008-09-29: Largest IV spike — 67.6% change
  • 2008-09-22: Highest IV Rank — 100.0%
  • 2008-09-29: Largest Expected Move — 29.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$35.59$31.55$38.84$38.84$34.17
Max Pain$39.67$38.00$43.00$43.00$38.00
ATM IV50.2%32.2%101.1%32.3%75.5%
Expected Move14.4%9.2%29.0%9.3%21.7%
HV 20d54.4%26.1%96.6%26.3%96.6%
HV 60d39.7%27.1%59.6%27.8%59.6%
IV Rank66.3%26.4%100.0%26.7%67.1%
IV Percentile79.2%34.1%100.0%34.9%99.6%
Term Structure-6.0%-23.8%1.3%-0.1%-9.6%
VWIV49.6%31.5%103.7%31.5%74.9%
Skew 25d8.9%4.1%14.4%4.2%13.7%
Skew 10d16.6%7.8%25.5%7.8%25.5%
Call IV 25d46.2%30.3%98.2%30.4%68.6%
Put IV 25d55.1%34.4%112.7%34.5%82.3%
Bid-Ask Spread %10.873.5267.123.5211.40
Gamma HHI0.100.070.120.120.08
Net GEX-55.0M-101.9M12.3M-86.4M-9.1M
Net DEX2.57B372.4M4.87B1.93B1.88B
Net VEX-13.7M-19.3M-8.1M-8.1M-16.1M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.560.174.041.020.58
Total Volume373,928.81188,285752,498243,086210,427
Total OI3,370,782.191,800,9204,480,4781,800,9203,925,883

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2008-09-02$38.84$43.0032.3%9.3%26.3%26.7%31.5%4.2%-0.1%-86.4M1.93B-8.1M1.023.52120,403122,683487,4871,313,433
2008-09-03$38.20$43.0032.2%9.2%26.1%26.4%32.7%4.1%1.3%-91.6M2.27B-8.3M1.094.04351,708384,111603,1531,378,339
2008-09-04$36.44$43.0037.1%10.6%28.6%41.0%35.7%5.7%-0.2%-86.1M3.02B-10.0M2.043.80140,168285,474914,8621,634,146
2008-09-05$36.96$40.0033.5%10.0%27.6%30.3%35.0%6.4%-0.4%-90.5M2.87B-11.2M1.054.86137,029143,607978,1291,732,089
2008-09-08$37.42$40.0035.8%10.4%28.2%37.1%35.8%6.5%-2.0%-78.1M2.41B-12.3M0.954.06128,275122,0511,072,4251,785,411
2008-09-09$35.32$40.0042.0%11.6%33.9%55.7%38.6%8.3%-2.5%-80.4M3.47B-11.8M3.904.7257,516224,1181,170,0251,869,353
2008-09-10$35.89$40.0038.0%10.9%34.9%43.9%39.3%8.1%-2.5%-101.9M3.50B-12.8M2.314.82101,546234,1031,216,2412,015,236
2008-09-11$35.36$40.0039.6%11.4%35.0%48.8%37.2%8.2%-2.6%-94.4M3.67B-13.3M1.424.81175,162247,8651,266,8342,084,486
2008-09-12$36.54$40.0037.8%10.8%37.1%43.2%42.5%8.6%-2.8%-74.5M2.76B-14.9M1.917.51123,508236,0911,402,1162,092,441
2008-09-15$33.67$40.0050.2%14.4%45.8%80.6%47.7%10.0%-7.8%-68.6M3.96B-13.0M1.346.07163,326218,9731,482,1832,173,267
2008-09-16$33.96$40.0041.8%12.0%46.1%55.1%42.5%8.5%-3.4%-78.6M4.10B-13.1M0.869.00183,579157,8171,580,4962,256,222
2008-09-17$31.55$39.0051.9%14.9%51.7%85.6%49.7%10.1%-8.8%-57.6M4.87B-10.7M2.8511.7761,450175,3521,690,4242,280,294
2008-09-18$34.21$39.0053.0%15.2%60.0%89.1%53.6%9.7%-9.5%-69.1M3.80B-14.5M4.0414.81118,003476,9891,722,3232,374,742
2008-09-19$38.47$38.0054.1%15.5%74.8%92.2%50.4%6.4%-10.2%-24.2M372.4M-19.3M1.4167.12312,221440,2771,821,8042,658,674
2008-09-22$35.96$38.0058.7%16.8%78.3%100.0%58.3%10.6%-9.0%-29.1M1.45B-17.7M0.8417.24217,363182,7511,417,0532,015,251
2008-09-23$34.84$39.0063.0%18.1%78.7%100.0%62.5%11.1%-9.0%-20.9M1.81B-16.7M1.0010.60241,829241,0931,516,5292,009,146
2008-09-24$35.24$39.0061.4%17.6%78.9%95.8%57.8%12.5%-8.2%-16.7M1.69B-16.1M0.3110.95275,75186,0741,524,4321,978,233
2008-09-25$37.05$38.0054.9%15.7%80.8%79.5%54.0%8.9%-6.3%12.3M540.5M-17.2M0.177.82280,59447,8631,710,5772,005,982
2008-09-26$35.79$38.0060.3%17.3%81.4%93.2%58.7%10.9%-8.9%3.7M1.16B-16.7M0.488.87159,95277,1181,756,2902,010,750
2008-09-29$31.61$38.00101.1%29.0%91.6%100.0%103.7%14.4%-23.8%-13.9M2.47B-14.7M3.1710.4645,186143,0991,810,6412,049,024
2008-09-30$34.17$38.0075.5%21.7%96.6%67.1%74.9%13.7%-9.6%-9.1M1.88B-16.1M0.5811.40133,44876,9791,807,1312,118,752