MUB Options History — May 2020

In May 2020, MUB traded between $111.58 and $115.24. ATM implied volatility averaged 10.5%, placing in the 20.1% IV rank vs the trailing year. The 30-day expected move averaged 3.0%. IV traded above realized volatility by 6.7% (HV 20d: 3.8%). Max pain ranged from $108.00 to $112.00. Net GEX was positive for 17 of 20 trading days. Term structure was in contango for 15 of 20 days. Put/call ratio averaged 1.84.

Notable Days

2020-05-05: Highest Volume — 1,270 contracts
2020-05-11: Largest IV spike — 24.1% change
2020-05-01: Highest IV Rank — 40.3%
2020-05-01: Largest Expected Move — 5.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$113.36	$111.58	$115.24	$111.58	$115.24
Max Pain	$108.20	$108.00	$112.00	$112.00	$108.00
ATM IV	10.5%	5.5%	19.4%	19.4%	5.5%
Expected Move	3.0%	1.6%	5.6%	5.6%	1.6%
HV 20d	3.8%	2.1%	6.3%	6.3%	2.4%
HV 60d	24.3%	24.3%	24.4%	24.3%	24.4%
IV Rank	20.1%	8.6%	40.3%	40.3%	8.6%
IV Percentile	82.3%	75.4%	91.3%	91.3%	75.4%
Term Structure	0.3%	-0.4%	0.9%	0.9%	0.4%
VWIV	11.1%	5.1%	23.7%	19.8%	5.8%
Skew 25d	3.9%	1.0%	8.1%	8.1%	1.1%
Skew 10d	8.7%	1.6%	20.8%	15.8%	3.4%
Call IV 25d	9.5%	5.4%	16.9%	16.9%	5.4%
Put IV 25d	13.4%	6.5%	24.9%	24.9%	6.5%
Bid-Ask Spread %	77.72	51.42	106.90	72.45	106.90
Gamma HHI	0.18	0.09	0.34	0.10	0.33
Net GEX	2.3M	-182.3K	6.6M	-99.4K	6.6M
Net DEX	-11.1M	-29.5M	2.9M	2.9M	-29.5M
Net VEX	-125.1K	-162.5K	-76.1K	-157.0K	-76.1K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.84	0.08	8.92	1.50	2.01
Total Volume	375.45	76	1,270	400	208
Total OI	11,965	10,300	12,879	10,300	12,499

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	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2020-05-01	$111.58	$112.00	19.4%	5.6%	6.3%	40.3%	19.8%	8.1%	0.9%	-99.4K	2.9M	-157.0K	1.50	72.45	160	240	4,005	6,295
2020-05-04	$111.89	$108.00	17.5%	4.9%	6.3%	35.9%	23.7%	8.1%	0.0%	-182.3K	1.3M	-154.5K	2.69	51.42	181	486	4,113	6,527
2020-05-05	$112.08	$108.00	16.7%	4.5%	5.2%	34.0%	13.6%	7.1%	-0.3%	-82.1K	295.4K	-148.7K	0.08	56.49	1,181	89	4,274	6,914
2020-05-06	$112.19	$108.00	13.8%	4.4%	4.7%	27.5%	15.1%	7.6%	0.3%	365.5K	-1.8M	-160.7K	1.17	73.67	201	236	5,378	6,894
2020-05-07	$112.60	$108.00	13.0%	3.7%	4.7%	25.6%	14.2%	5.8%	0.8%	669.4K	-3.2M	-162.5K	8.92	64.57	13	116	5,375	7,015
2020-05-08	$112.65	$108.00	11.8%	3.5%	4.2%	23.0%	13.2%	5.5%	0.6%	888.4K	-4.3M	-151.6K	0.85	61.70	61	52	5,382	7,022
2020-05-11	$112.65	$108.00	14.6%	3.7%	4.2%	29.4%	13.2%	5.4%	-0.2%	796.9K	-4.1M	-145.7K	3.00	64.76	117	351	5,412	7,024
2020-05-12	$112.88	$108.00	13.0%	3.5%	4.2%	25.8%	13.4%	4.3%	0.0%	1.0M	-6.1M	-141.1K	3.91	70.18	57	223	5,469	7,300
2020-05-13	$112.94	$108.00	11.5%	3.3%	3.7%	22.2%	13.3%	4.5%	-0.4%	1.3M	-7.2M	-129.6K	3.04	77.12	26	79	5,498	7,365
2020-05-14	$113.17	$108.00	10.8%	3.1%	3.8%	20.6%	11.8%	4.0%	-0.1%	2.2M	-9.4M	-126.3K	1.66	72.47	90	149	5,508	7,355
2020-05-15	$113.42	$108.00	9.6%	2.8%	3.9%	18.1%	8.7%	2.8%	0.1%	2.0M	-10.7M	-120.6K	0.09	73.64	388	35	5,483	7,396
2020-05-18	$113.40	$108.00	8.9%	2.5%	3.6%	16.4%	9.6%	2.7%	0.6%	2.1M	-10.1M	-123.7K	3.58	73.43	146	523	5,137	5,531
2020-05-19	$113.80	$108.00	7.3%	2.1%	3.2%	12.8%	8.5%	2.4%	0.8%	2.3M	-12.7M	-109.1K	0.94	85.63	220	207	5,230	5,899
2020-05-20	$113.92	$108.00	6.8%	1.9%	3.1%	11.6%	6.8%	2.0%	0.8%	2.7M	-15.2M	-107.4K	0.18	88.87	634	116	5,419	6,022
2020-05-21	$114.12	$108.00	6.5%	1.9%	2.8%	10.9%	6.7%	1.7%	0.5%	4.2M	-18.9M	-113.4K	1.15	94.55	61	70	5,883	6,083
2020-05-22	$114.56	$108.00	5.8%	1.7%	2.8%	9.5%	6.5%	1.5%	0.9%	4.8M	-20.9M	-105.7K	1.05	85.21	37	39	5,873	6,124
2020-05-26	$114.62	$108.00	6.1%	1.8%	2.7%	10.1%	5.1%	1.6%	0.6%	4.5M	-23.4M	-90.5K	0.20	93.88	213	42	5,883	6,150
2020-05-27	$114.84	$108.00	6.3%	1.8%	2.1%	10.5%	6.8%	1.5%	-0.0%	4.7M	-23.8M	-98.3K	0.50	97.71	111	55	6,075	6,182
2020-05-28	$114.69	$108.00	5.9%	1.7%	2.1%	9.5%	6.3%	1.0%	0.4%	5.7M	-25.4M	-79.0K	0.31	89.72	226	70	6,083	6,223
2020-05-29	$115.24	$108.00	5.5%	1.6%	2.4%	8.6%	5.8%	1.1%	0.4%	6.6M	-29.5M	-76.1K	2.01	106.90	69	139	6,221	6,278