IHDG Options History — September 2023

In September 2023, IHDG traded between $38.53 and $39.94. ATM implied volatility averaged 42.7%, placing in the 15.3% IV rank vs the trailing year. The 30-day expected move averaged 8.0%. IV traded above realized volatility by 32.5% (HV 20d: 10.2%). Max pain ranged from $39.00 to $41.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 8 of 20 days. Put/call ratio averaged 0.00.

Notable Days

2023-09-20: Highest Volume — 2 contracts
2023-09-14: Largest IV spike — 354.2% change
2023-09-12: Highest IV Rank — 49.1%
2023-09-01: Largest Expected Move — 16.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$39.38	$38.53	$39.94	$39.91	$38.75
Max Pain	$39.55	$39.00	$41.00	$40.00	$39.00
ATM IV	42.7%	8.1%	118.0%	56.2%	9.0%
Expected Move	8.0%	2.3%	16.1%	16.1%	2.6%
HV 20d	10.2%	9.5%	11.3%	10.2%	9.9%
HV 60d	10.4%	9.9%	10.7%	10.3%	9.9%
IV Rank	15.3%	0.0%	49.1%	20.7%	0.4%
IV Percentile	36.8%	0.0%	98.0%	74.6%	1.2%
Term Structure	2.8%	-11.4%	16.1%	-11.4%	14.9%
VWIV	12.5%	11.9%	13.0%	13.0%	11.9%
Skew 25d	19.6%	-21.8%	99.3%	53.1%	33.2%
Skew 10d	24.9%	-24.8%	68.9%	63.1%	40.5%
Call IV 25d	28.5%	14.4%	49.2%	49.2%	23.7%
Put IV 25d	48.1%	7.3%	122.5%	102.3%	56.9%
Bid-Ask Spread %	177.67	169.68	188.15	186.93	170.11
Gamma HHI	0.39	0.33	0.87	0.34	0.40
Net GEX	660	200	4.5K	231	632
Net DEX	-2.2K	-6.0K	900	-3.9K	679
Net VEX	-30	-36	-24	-34	-24
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.00	0.00	0.00	0.00	0.00
Total Volume	0.15	0	2	0	0
Total OI	6.4	5	7	6	7

Daily Data (20 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	Spread %	Call Wall	Put Wall	Call Vol	Call OI	Put OI
2023-09-01	$39.91	$40.00	56.2%	16.1%	10.2%	20.7%	0.0%	53.1%	-11.4%	231	-3.9K	-34	186.93	N/A	N/A	0	4	2
2023-09-05	$39.75	$41.00	65.6%	9.7%	9.8%	25.0%	0.0%	28.4%	-3.7%	227	-3.4K	-33	188.15	N/A	N/A	0	4	2
2023-09-06	$39.59	$41.00	68.7%	9.6%	9.9%	26.4%	0.0%	44.6%	-3.8%	215	-3.0K	-32	186.61	N/A	N/A	0	4	2
2023-09-07	$39.53	$41.00	72.4%	9.7%	9.9%	28.1%	0.0%	28.9%	-4.2%	209	-2.9K	-31	186.53	N/A	N/A	0	4	2
2023-09-08	$39.66	$41.00	77.9%	9.8%	9.8%	30.7%	0.0%	29.5%	-4.5%	203	-3.2K	-31	186.52	N/A	N/A	0	4	2
2023-09-11	$39.83	$41.00	102.1%	10.2%	9.8%	41.8%	13.0%	26.1%	-5.7%	485	-2.6K	-28	177.19	N/A	N/A	1	4	2
2023-09-12	$39.59	$39.00	118.0%	10.3%	10.0%	49.1%	0.0%	-20.9%	-5.3%	517	-4.9K	-34	175.66	N/A	N/A	0	5	2
2023-09-13	$39.34	$39.00	8.1%	2.3%	9.5%	0.0%	0.0%	-19.9%	16.1%	828	-4.2K	-31	176.84	N/A	N/A	0	5	2
2023-09-14	$39.94	$39.00	37.0%	10.6%	10.9%	13.1%	0.0%	11.5%	-4.9%	497	-6.0K	-32	175.95	N/A	N/A	0	5	2
2023-09-15	$39.91	$39.00	37.2%	10.7%	10.1%	13.2%	0.0%	-9.4%	-1.1%	4.5K	-3.0K	-31	177.69	N/A	N/A	0	5	2
2023-09-18	$39.61	$39.00	38.2%	10.9%	10.6%	13.6%	0.0%	-21.8%	-4.7%	285	-1.3K	-29	175.54	N/A	N/A	0	3	2
2023-09-19	$39.55	$39.00	38.5%	11.0%	10.5%	13.8%	0.0%	6.0%	-5.4%	214	-1.2K	-29	169.68	N/A	N/A	0	3	2
2023-09-20	$39.66	$39.00	39.7%	11.4%	10.5%	14.3%	11.9%	4.1%	-5.7%	200	-1.6K	-29	173.65	N/A	N/A	2	3	2
2023-09-21	$39.11	$39.00	8.8%	2.5%	11.3%	0.3%	0.0%	14.5%	15.8%	792	56	-28	173.55	N/A	N/A	0	5	2
2023-09-22	$39.16	$39.00	8.5%	2.4%	10.9%	0.2%	0.0%	-18.1%	15.4%	838	-16	-27	173.54	N/A	N/A	0	5	2
2023-09-25	$38.95	$39.00	9.1%	2.6%	10.5%	0.4%	0.0%	19.5%	13.0%	833	-813	-28	171.77	N/A	N/A	0	5	2
2023-09-26	$38.56	$39.00	35.0%	10.0%	10.4%	12.2%	0.0%	38.1%	12.9%	376	-3.9K	-36	179.46	N/A	N/A	0	5	2
2023-09-27	$38.53	$39.00	13.8%	4.0%	9.6%	2.6%	0.0%	45.8%	14.5%	573	900	-25	174.46	N/A	N/A	0	5	2
2023-09-28	$38.67	$39.00	9.3%	2.7%	9.9%	0.5%	0.0%	99.3%	13.9%	593	815	-25	173.57	N/A	N/A	0	5	2
2023-09-29	$38.75	$39.00	9.0%	2.6%	9.9%	0.4%	0.0%	33.2%	14.9%	632	679	-24	170.11	N/A	N/A	0	5	2