MUB Options History — January 2023

In January 2023, MUB traded between $105.88 and $108.20. ATM implied volatility averaged 6.4%, placing in the 13.3% IV rank vs the trailing year. The 30-day expected move averaged 1.9%. IV traded above realized volatility by 2.4% (HV 20d: 4.0%). Max pain ranged from $106.00 to $110.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 12 of 20 days. Put/call ratio averaged 1.37.

Notable Days

2023-01-03: Highest Volume — 791 contracts
2023-01-12: Largest IV spike — 64.8% change
2023-01-12: Highest IV Rank — 33.2%
2023-01-12: Largest Expected Move — 3.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$107.46	$105.88	$108.20	$105.88	$108.09
Max Pain	$109.60	$106.00	$110.00	$106.00	$110.00
ATM IV	6.4%	4.2%	10.9%	7.1%	4.6%
Expected Move	1.9%	1.2%	3.1%	2.0%	1.3%
HV 20d	4.0%	3.4%	4.4%	4.1%	3.6%
HV 60d	5.2%	5.0%	5.4%	5.3%	5.0%
IV Rank	13.3%	0.0%	33.2%	18.9%	1.6%
IV Percentile	34.4%	0.0%	98.4%	53.2%	1.6%
Term Structure	0.1%	-1.3%	1.0%	-0.8%	-0.3%
VWIV	6.3%	4.7%	10.5%	10.5%	5.0%
Skew 25d	2.8%	-2.4%	16.4%	7.4%	16.4%
Skew 10d	17.7%	-0.1%	49.0%	18.1%	41.0%
Call IV 25d	4.9%	2.9%	7.0%	6.0%	3.8%
Put IV 25d	7.7%	4.4%	20.1%	13.4%	20.1%
Bid-Ask Spread %	102.32	48.44	120.10	118.25	118.04
Gamma HHI	0.20	0.14	0.27	0.14	0.20
Net GEX	571.4K	267.3K	951.8K	288.8K	773.8K
Net DEX	3.6M	1.4M	7.0M	5.4M	2.0M
Net VEX	-19.1K	-26.5K	-14.3K	-21.6K	-16.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.37	0.00	12.00	1.85	0.00
Total Volume	83.5	1	791	791	6
Total OI	3,112.6	2,176	3,679	2,916	2,408

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
2023-01-03	$105.88	$106.00	7.1%	2.0%	4.1%	18.9%	10.5%	7.4%	-0.8%	288.8K	5.4M	-21.6K	1.85	118.25	278	513	1,352	1,564
2023-01-04	$106.27	$106.00	7.3%	2.1%	4.3%	19.6%	0.0%	1.5%	-1.3%	355.6K	7.0M	-20.1K	0.00	120.10	134	0	1,629	1,859
2023-01-05	$106.13	$110.00	7.4%	1.8%	4.3%	20.3%	6.1%	4.2%	0.4%	267.3K	7.0M	-22.5K	0.54	110.38	28	15	1,632	1,859
2023-01-06	$106.59	$110.00	5.6%	3.0%	4.3%	13.2%	5.7%	1.9%	1.0%	342.1K	5.7M	-19.8K	0.04	114.37	25	1	1,640	1,955
2023-01-09	$106.88	$110.00	7.2%	1.8%	4.3%	19.4%	6.0%	1.1%	0.8%	385.5K	3.9M	-20.5K	0.29	110.90	56	16	1,662	1,954
2023-01-10	$106.91	$110.00	7.1%	1.9%	4.2%	19.0%	6.6%	1.2%	0.2%	421.6K	4.3M	-22.9K	1.00	113.44	16	16	1,685	1,969
2023-01-11	$107.30	$110.00	6.6%	1.9%	4.4%	17.1%	6.7%	4.2%	0.5%	412.6K	3.3M	-26.5K	0.40	114.42	25	10	1,700	1,979
2023-01-12	$107.66	$110.00	10.9%	3.1%	4.2%	33.2%	5.9%	1.8%	0.2%	572.2K	1.4M	-16.7K	0.13	115.19	8	1	1,679	1,989
2023-01-13	$107.56	$110.00	10.5%	3.0%	4.2%	28.7%	7.1%	-2.4%	-1.3%	617.3K	3.0M	-16.0K	0.07	117.17	46	3	1,635	1,990
2023-01-17	$107.62	$110.00	4.7%	1.4%	3.9%	5.9%	4.7%	3.7%	0.7%	520.2K	2.6M	-14.3K	1.00	117.49	1	1	1,649	1,999
2023-01-18	$108.19	$110.00	5.1%	1.5%	4.1%	7.4%	5.3%	0.7%	0.8%	544.8K	1.6M	-15.0K	1.82	103.40	11	20	1,645	1,999
2023-01-19	$108.20	$110.00	6.1%	1.8%	4.0%	11.3%	6.2%	0.8%	0.6%	459.3K	5.0M	-18.2K	0.29	112.20	34	10	1,327	2,019
2023-01-20	$108.00	$110.00	6.4%	1.8%	3.7%	12.3%	5.5%	1.5%	0.1%	602.9K	5.1M	-17.7K	0.03	71.41	114	3	1,349	2,029
2023-01-23	$107.75	$110.00	6.6%	1.9%	3.9%	13.2%	6.3%	1.0%	0.3%	453.0K	2.7M	-18.6K	0.24	109.05	182	44	966	1,210
2023-01-24	$107.93	$110.00	7.1%	2.0%	3.9%	14.1%	7.1%	1.1%	-0.0%	685.7K	2.1M	-22.1K	6.00	111.50	1	6	1,116	1,253
2023-01-25	$108.03	$110.00	4.5%	1.3%	3.7%	3.8%	6.4%	1.6%	1.0%	926.9K	2.1M	-18.7K	12.00	51.55	2	24	1,117	1,257
2023-01-26	$108.19	$110.00	4.9%	1.4%	3.4%	3.9%	0.0%	2.9%	-0.3%	943.2K	2.2M	-18.8K	0.00	51.44	1	0	1,117	1,275
2023-01-27	$108.02	$110.00	4.9%	1.4%	3.6%	2.1%	5.0%	2.6%	-0.3%	951.8K	2.5M	-19.0K	0.33	117.57	3	1	1,117	1,275
2023-01-30	$107.94	$110.00	4.2%	1.2%	3.6%	0.0%	0.0%	2.2%	-0.0%	904.2K	2.7M	-16.2K	0.00	48.44	0	15	1,119	1,274
2023-01-31	$108.09	$110.00	4.6%	1.3%	3.6%	1.6%	0.0%	16.4%	-0.3%	773.8K	2.0M	-16.4K	0.00	118.04	6	0	1,119	1,289