QLD Options History — September 2008

In September 2008, QLD traded between $0.74 and $1.14. ATM implied volatility averaged 63.7%, placing in the 75.8% IV rank vs the trailing year. The 30-day expected move averaged 18.3%. IV traded above realized volatility by 8.8% (HV 20d: 54.9%). Max pain ranged from $0.92 to $1.22. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 4 of 21 days. Put/call ratio averaged 0.35.

Notable Days

  • 2008-09-18: Highest Volume — 939,776 contracts
  • 2008-09-29: Largest IV spike — 50.8% change
  • 2008-09-17: Highest IV Rank — 100.0%
  • 2008-09-29: Largest Expected Move — 31.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$0.97$0.74$1.14$1.14$0.82
Max Pain$1.04$0.92$1.22$1.22$0.92
ATM IV63.7%48.6%111.2%48.6%84.4%
Expected Move18.3%13.9%31.9%13.9%24.2%
HV 20d54.9%34.5%107.4%40.2%107.4%
HV 60d49.0%42.4%70.2%42.4%70.2%
IV Rank75.8%53.2%100.0%53.2%70.3%
IV Percentile83.8%46.2%100.0%46.2%99.6%
Term Structure-4.5%-13.6%3.9%3.9%-9.9%
VWIV62.7%47.8%109.9%47.8%83.4%
Skew 25d5.9%-5.7%12.3%5.1%12.3%
Skew 10d13.2%-2.3%34.8%6.4%24.0%
Call IV 25d60.8%45.9%117.2%45.9%79.7%
Put IV 25d66.7%51.0%111.5%51.0%92.0%
Bid-Ask Spread %42.0614.6186.7523.2934.62
Gamma HHI0.120.050.180.060.08
Net GEX1.3M-123.2K3.3M806.1K1.1M
Net DEX9.1M-40.4M46.7M8.0M6.3M
Net VEX-188.2K-259.1K-129.0K-170.7K-156.8K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.350.070.810.600.23
Total Volume449,743.238177,216939,776243,904377,280
Total OI2,963,279.2381,765,9524,502,5281,765,9522,910,400

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-09-02$1.14$1.2248.6%13.9%40.2%53.2%47.8%5.1%3.9%806.1K8.0M-170.7K0.6023.29N/AN/A152,70491,2001,086,912679,040
2008-09-03$1.12$1.2250.0%14.3%34.5%55.9%49.7%5.5%1.9%482.1K17.0M-165.9K0.4920.83N/AN/A217,024106,8161,115,968744,640
2008-09-04$1.05$1.2054.1%15.5%39.4%63.7%50.9%4.4%-0.3%-123.2K38.8M-140.1K0.1519.56N/AN/A673,856101,5041,198,528822,208
2008-09-05$1.05$1.1149.3%15.0%39.4%54.5%51.5%6.9%1.1%783.4K30.6M-168.3K0.2714.61N/AN/A461,952125,4401,641,728860,352
2008-09-08$1.03$1.0852.2%15.6%35.6%60.0%53.2%5.5%-0.3%1.2M22.1M-176.5K0.4320.72N/AN/A383,104164,5441,915,840916,864
2008-09-09$1.00$1.0853.3%15.9%35.5%62.1%54.1%5.9%-1.8%726.1K33.8M-168.3K0.4129.60N/AN/A337,792139,5842,087,040977,408
2008-09-10$1.00$1.0854.2%15.4%35.9%63.8%52.0%5.2%-0.6%941.8K28.4M-181.3K0.1623.55N/AN/A325,24850,8802,166,0161,041,472
2008-09-11$1.05$1.0652.4%15.0%40.2%60.3%51.4%6.2%0.3%2.3M-4.5M-223.6K0.0727.45N/AN/A469,31232,9602,313,8561,051,840
2008-09-12$1.05$1.0653.6%15.4%38.6%62.8%52.2%6.1%-1.8%3.0M-15.2M-246.7K0.1533.12N/AN/A378,56058,4962,594,8801,046,592
2008-09-15$0.98$1.0661.4%17.6%43.4%77.7%60.0%6.4%-5.7%1.6M23.8M-197.1K0.8154.04N/AN/A166,848135,4882,655,3601,069,056
2008-09-16$0.99$1.0660.1%17.2%43.8%75.2%58.5%6.5%-5.7%1.5M20.9M-203.6K0.4741.59N/AN/A236,096111,7442,699,8401,127,168
2008-09-17$0.89$1.0673.4%21.0%54.7%100.0%76.5%-3.3%-11.5%575.7K46.7M-170.7K0.6879.92N/AN/A323,648219,7762,803,5841,124,672
2008-09-18$0.95$1.0263.1%18.1%62.6%80.4%64.2%5.4%-11.4%1.1M26.8M-205.0K0.2771.58N/AN/A738,432201,3442,958,7201,174,720
2008-09-19$0.99$0.9263.6%18.2%65.1%81.4%56.2%7.1%-2.6%3.3M-40.4M-259.1K0.1486.75N/AN/A779,968109,1203,418,7521,083,776
2008-09-22$0.92$0.9265.0%18.6%67.5%84.1%62.7%9.8%-5.8%1.7M-16.7M-191.0K0.3757.20N/AN/A229,05684,8001,860,864523,392
2008-09-23$0.90$0.9473.3%21.0%67.0%99.7%71.1%7.6%-9.9%1.3M-5.6M-188.7K0.2056.45N/AN/A177,28035,9681,802,880576,704
2008-09-24$0.92$0.9470.7%20.3%68.1%94.8%70.2%8.2%-6.6%1.6M-11.7M-199.1K0.3526.76N/AN/A131,58445,6321,867,904581,440
2008-09-25$0.92$0.9469.3%19.9%68.1%92.3%67.1%9.2%-6.5%1.8M-15.0M-202.6K0.1525.61N/AN/A242,68837,1841,928,832586,112
2008-09-26$0.92$0.9473.7%21.1%67.8%100.0%74.5%8.8%-8.7%1.7M-17.8M-208.3K0.7056.88N/AN/A148,800104,2561,973,632600,704
2008-09-29$0.74$0.94111.2%31.9%98.3%100.0%109.9%-5.7%-13.6%619.5K14.4M-129.0K0.1779.04N/AN/A457,02479,6162,022,784616,384
2008-09-30$0.82$0.9284.4%24.2%107.4%70.3%83.4%12.3%-9.9%1.1M6.3M-156.8K0.2334.62N/AN/A307,13670,1442,266,944643,456