A Options History — March 2020

In March 2020, A traded between $62.97 and $83.84. ATM implied volatility averaged 58.9%, placing in the 64.6% IV rank vs the trailing year. The 30-day expected move averaged 16.3%. IV traded below realized volatility by 0.6% (HV 20d: 59.5%). Max pain ranged from $77.50 to $82.50. Net GEX was positive for 0 of 22 trading days. Term structure was in contango for 0 of 22 days. Put/call ratio averaged 2.76.

Notable Days

  • 2020-03-19: Highest Volume — 5,136 contracts
  • 2020-03-09: Largest IV spike — 75.0% change
  • 2020-03-16: Highest IV Rank — 97.0%
  • 2020-03-16: Largest Expected Move — 23.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$71.62$62.97$83.84$80.90$71.62
Max Pain$79.55$77.50$82.50$82.50$77.50
ATM IV58.9%31.4%80.5%39.5%52.7%
Expected Move16.3%9.0%23.1%11.3%15.1%
HV 20d59.5%37.6%77.8%37.6%72.7%
HV 60d38.0%25.4%48.0%25.5%48.0%
IV Rank64.6%23.2%97.0%35.3%55.3%
IV Percentile95.4%84.1%99.6%93.7%91.7%
Term Structure-6.8%-18.3%-1.6%-4.6%-4.0%
VWIV55.5%37.4%79.6%40.0%53.8%
Skew 25d16.6%7.7%27.1%10.8%16.6%
Skew 10d38.3%16.3%61.7%19.8%37.6%
Call IV 25d51.2%30.0%69.3%34.5%49.5%
Put IV 25d67.8%37.7%96.4%45.3%66.1%
Bid-Ask Spread %57.8720.0888.9037.7971.16
Gamma HHI0.100.090.160.110.12
Net GEX-730.9K-1.2M-176.2K-677.6K-640.6K
Net DEX43.7M-6.1M75.0M12.3M35.0M
Net VEX-355.5K-420.8K-281.8K-416.9K-366.9K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.760.1813.740.810.35
Total Volume1,659.9092895,1361,1431,452
Total OI30,557.72725,34034,75730,35228,423

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-03-02$80.90$82.5039.5%11.3%37.6%35.3%40.0%10.8%-4.6%-677.6K12.3M-416.9K0.8137.79N/AN/A63151213,71816,634
2020-03-03$81.21$82.5040.6%11.6%37.7%37.0%38.5%10.7%-4.5%-616.8K11.9M-420.8K0.4131.17N/AN/A1,26252314,05216,879
2020-03-04$83.84$82.5031.4%9.0%39.2%23.2%37.4%7.7%-1.6%-176.2K-6.1M-419.0K3.1620.08N/AN/A24075813,20517,110
2020-03-05$79.93$80.0041.9%11.0%42.2%39.0%40.9%12.0%-3.2%-1.0M20.1M-415.5K6.2633.17N/AN/A3292,05913,24017,115
2020-03-06$78.29$80.0045.7%12.6%42.6%44.6%45.6%12.7%-6.1%-1.2M31.9M-412.5K2.7348.62N/AN/A12433813,52017,347
2020-03-09$71.56$80.0079.9%17.0%52.2%96.2%60.2%14.5%-7.9%-947.0K54.3M-354.2K0.9147.07N/AN/A94986213,54817,387
2020-03-10$71.90$80.0073.0%15.9%51.8%85.8%55.5%15.6%-5.4%-1.1M58.0M-346.3K2.5444.80N/AN/A1,3393,39913,87317,710
2020-03-11$68.81$80.0057.3%16.4%53.0%62.2%57.4%12.2%-3.6%-988.6K67.1M-340.3K1.1050.72N/AN/A88898014,26418,873
2020-03-12$64.84$80.0067.7%19.4%55.4%77.8%53.9%11.2%-6.9%-802.8K75.0M-298.2K9.7588.90N/AN/A2292,23314,43719,251
2020-03-13$67.95$80.0063.7%18.3%59.3%71.9%58.5%20.6%-2.6%-982.4K65.6M-341.3K0.7968.05N/AN/A2,1951,72914,47919,786
2020-03-16$65.19$80.0080.5%23.1%59.9%97.0%69.6%27.1%-18.3%-909.4K71.8M-307.8K0.3160.37N/AN/A2206914,93819,771
2020-03-17$69.06$80.0068.5%19.7%65.1%79.1%66.1%19.9%-8.5%-1.1M62.5M-354.9K1.0956.77N/AN/A18520114,84219,774
2020-03-18$68.79$80.0069.9%20.1%64.8%81.2%64.8%16.1%-11.7%-996.8K64.6M-343.7K7.3568.05N/AN/A7252914,86719,754
2020-03-19$65.90$80.0074.4%21.3%65.8%87.9%79.6%22.2%-10.6%-1.0M73.9M-306.1K4.4967.45N/AN/A9354,20114,83819,558
2020-03-20$67.28$80.0062.4%17.9%66.5%69.9%62.8%21.7%-12.2%-508.5K71.4M-318.0K0.1867.01N/AN/A1,46826414,68220,075
2020-03-23$62.97$77.5071.4%20.5%68.1%83.4%55.8%25.8%-10.3%-456.8K46.9M-281.8K1.4154.49N/AN/A42860311,01114,364
2020-03-24$66.30$77.5056.1%16.1%71.3%60.3%48.4%20.4%-4.1%-503.0K42.1M-302.0K0.5672.63N/AN/A20811611,05914,281
2020-03-25$71.28$77.5054.6%15.7%76.9%58.1%62.0%21.2%-8.5%-369.5K29.1M-359.7K0.5876.84N/AN/A22012711,08114,316
2020-03-26$73.40$77.5055.2%15.8%77.8%58.9%51.3%15.9%-7.1%-299.5K21.9M-381.2K0.2067.21N/AN/A59411611,13314,408
2020-03-27$72.02$77.5055.5%15.9%77.0%59.5%58.2%14.4%-5.2%-298.5K25.2M-368.1K13.7470.36N/AN/A6589311,58914,454
2020-03-30$72.69$77.5054.6%15.6%72.7%58.1%60.7%15.2%-2.5%-442.3K25.7M-365.9K2.0870.55N/AN/A6401,33311,61615,008
2020-03-31$71.62$77.5052.7%15.1%72.7%55.3%53.8%16.6%-4.0%-640.6K35.0M-366.9K0.3571.16N/AN/A1,07737512,16516,258