A Options History — July 2008

In July 2008, A traded between $24.84 and $26.26. ATM implied volatility averaged 35.1%, placing in the 22.3% IV rank vs the trailing year. The 30-day expected move averaged 10.3%. IV traded above realized volatility by 13.0% (HV 20d: 22.1%). Max pain ranged from $25.04 to $25.04. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 3 of 22 days. Put/call ratio averaged 1.48.

Notable Days

  • 2008-07-02: Highest Volume — 6,217 contracts
  • 2008-07-10: Largest IV spike — 25.6% change
  • 2008-07-31: Highest IV Rank — 30.4%
  • 2008-07-31: Largest Expected Move — 11.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$25.42$24.84$26.26$25.44$25.79
Max Pain$25.04$25.04$25.04$25.04$25.04
ATM IV35.1%26.8%40.6%27.0%40.6%
Expected Move10.3%7.7%11.6%7.7%11.6%
HV 20d22.1%19.9%23.6%22.5%22.9%
HV 60d28.9%26.6%31.3%30.9%26.9%
IV Rank22.3%11.7%30.4%12.3%30.4%
IV Percentile68.8%38.9%81.3%42.9%81.3%
Term Structure-3.0%-8.0%6.9%6.1%-8.0%
VWIV36.1%27.0%44.7%27.0%39.3%
Skew 25d4.3%2.4%5.1%4.9%5.1%
Skew 10d9.4%6.3%11.7%9.3%10.8%
Call IV 25d34.3%25.2%37.6%25.2%37.6%
Put IV 25d38.6%30.1%42.7%30.1%42.7%
Bid-Ask Spread %6.073.319.697.373.84
Gamma HHI0.260.230.280.260.24
Net GEX1.6M1.4M2.0M1.8M1.5M
Net DEX-24.5M-38.4M-12.6M-26.9M-28.9M
Net VEX-334.0K-366.9K-305.2K-356.1K-305.2K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.480.0515.571.170.60
Total Volume2,121.1823996,2172,9481,903
Total OI93,081.04585,16697,69191,55792,159

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-07-01$25.44$25.0427.0%7.7%22.5%12.3%27.0%4.9%6.1%1.8M-26.9M-356.1K1.177.37N/AN/A1,3571,59158,06933,488
2008-07-02$25.29$25.0428.1%8.1%22.5%13.7%27.7%4.6%6.0%1.7M-24.2M-355.3K0.838.06N/AN/A3,4032,81458,73334,162
2008-07-03$24.84$25.0426.8%7.7%21.8%11.7%28.2%2.4%6.9%1.4M-12.6M-357.2K0.575.11N/AN/A1,35977460,56335,891
2008-07-07$25.09$25.0429.0%10.0%19.9%14.4%36.7%3.3%-1.8%1.6M-19.5M-353.3K0.777.24N/AN/A1,27597960,62636,019
2008-07-08$25.70$25.0428.4%9.9%21.5%12.0%33.1%4.1%-2.0%2.0M-32.6M-366.9K0.778.28N/AN/A58344960,60236,282
2008-07-09$25.10$25.0429.0%10.2%22.9%12.1%35.6%3.0%-2.3%1.7M-19.9M-357.0K0.535.58N/AN/A1,28567760,70136,492
2008-07-10$25.30$25.0436.4%10.4%22.8%23.8%36.8%4.7%-3.0%1.7M-23.8M-356.5K0.406.40N/AN/A2,15786460,63436,161
2008-07-11$25.53$25.0436.1%10.4%22.0%23.4%35.9%4.2%-2.9%1.9M-30.8M-359.2K0.448.48N/AN/A2,09792361,04436,647
2008-07-14$25.14$25.0437.4%10.7%22.0%25.4%37.1%4.4%-3.8%1.6M-18.7M-340.9K2.409.69N/AN/A11728259,84037,004
2008-07-15$24.91$25.0438.1%10.9%22.0%26.4%38.8%4.5%-4.2%1.5M-13.6M-333.2K0.987.74N/AN/A27126759,84837,076
2008-07-16$25.12$25.0437.1%10.6%22.4%24.9%36.9%4.2%-3.5%1.7M-17.2M-332.8K0.977.86N/AN/A23923259,91337,047
2008-07-17$25.14$25.0437.8%10.8%22.4%25.9%38.5%4.6%-4.1%1.8M-17.7M-328.4K0.938.60N/AN/A36634059,92237,114
2008-07-18$25.44$25.0437.2%10.7%22.2%25.1%36.3%4.4%-3.9%1.6M-28.0M-328.0K0.054.61N/AN/A2,70512460,05537,131
2008-07-21$25.27$25.0437.5%10.8%22.2%25.6%37.3%4.4%-4.8%1.5M-21.4M-315.6K0.704.63N/AN/A1,32893151,78333,383
2008-07-22$25.13$25.0436.7%10.5%21.9%24.3%37.0%4.2%-4.6%1.4M-18.9M-313.7K1.164.49N/AN/A76187952,54433,985
2008-07-23$25.75$25.0437.0%10.6%23.6%24.8%36.3%4.4%-4.7%1.7M-30.5M-322.0K0.694.87N/AN/A1,7381,20152,99334,437
2008-07-24$25.53$25.0437.8%10.8%23.5%25.9%36.7%4.1%-5.4%1.5M-26.4M-318.3K0.405.34N/AN/A1,55262652,53434,651
2008-07-25$25.90$25.0437.5%10.8%20.7%25.6%37.6%4.7%-5.1%1.7M-32.9M-321.3K1.644.03N/AN/A16126452,42234,895
2008-07-28$25.63$25.0439.8%11.4%21.1%29.1%44.7%4.4%-6.8%1.5M-26.8M-307.9K15.574.33N/AN/A3024,70152,48435,053
2008-07-29$25.84$25.0439.7%11.4%21.3%29.0%40.2%4.3%-7.0%1.5M-29.6M-311.2K0.753.31N/AN/A43332752,55839,062
2008-07-30$26.26$25.0437.0%10.6%21.9%24.7%37.0%4.8%-6.4%1.7M-38.4M-306.8K0.243.73N/AN/A1,63639352,65339,123
2008-07-31$25.79$25.0440.6%11.6%22.9%30.4%39.3%5.1%-8.0%1.5M-28.9M-305.2K0.603.84N/AN/A1,18771652,99039,169