C Options History — February 2023

In February 2023, C traded between $49.81 and $52.61. ATM implied volatility averaged 24.4%, placing in the 10.8% IV rank vs the trailing year. The 30-day expected move averaged 7.0%. IV traded above realized volatility by 3.9% (HV 20d: 20.5%). Max pain ranged from $50.00 to $50.00. Net GEX was positive for 15 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 0.90.

Notable Days

2023-02-02: Highest Volume — 407,359 contracts
2023-02-21: Largest IV spike — 17.4% change
2023-02-21: Highest IV Rank — 18.9%
2023-02-13: Largest Expected Move — 7.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$50.91	$49.81	$52.61	$52.61	$50.80
Max Pain	$50.00	$50.00	$50.00	$50.00	$50.00
ATM IV	24.4%	21.2%	26.8%	21.2%	24.8%
Expected Move	7.0%	6.3%	7.8%	6.3%	7.0%
HV 20d	20.5%	17.2%	22.2%	17.2%	20.6%
HV 60d	23.9%	21.9%	27.9%	27.2%	21.9%
IV Rank	10.8%	0.0%	18.9%	0.0%	12.0%
IV Percentile	5.4%	0.0%	11.5%	0.0%	7.1%
Term Structure	0.3%	-1.1%	1.9%	0.0%	-0.3%
VWIV	24.9%	22.8%	28.1%	22.8%	24.9%
Skew 25d	4.3%	3.1%	4.9%	3.1%	4.4%
Skew 10d	8.8%	5.7%	10.8%	5.7%	9.6%
Call IV 25d	22.8%	20.5%	24.7%	20.5%	22.9%
Put IV 25d	27.0%	23.6%	29.6%	23.6%	27.3%
Bid-Ask Spread %	1.88	1.48	2.83	2.83	2.19
Gamma HHI	0.09	0.07	0.26	0.09	0.08
Net GEX	16.3M	-28.9M	51.8M	45.2M	6.9M
Net DEX	156.8M	-853.5M	644.8M	-853.5M	258.8M
Net VEX	-23.7M	-24.3M	-23.1M	-23.7M	-23.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.90	0.28	3.22	1.06	0.82
Total Volume	86,625.684	34,328	407,359	119,102	34,328
Total OI	2,276,699.632	2,180,580	2,349,445	2,258,211	2,245,430

Daily Data (19 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
2023-02-01	$52.61	$50.00	21.2%	6.3%	17.2%	0.0%	22.8%	3.1%	0.0%	45.2M	-853.5M	-23.7M	1.06	2.83	57,739	61,363	1,061,077	1,197,134
2023-02-02	$52.09	$50.00	22.7%	6.6%	17.7%	5.1%	23.2%	3.3%	0.1%	38.5M	-567.2M	-23.4M	0.28	1.80	318,794	88,565	1,071,204	1,220,324
2023-02-03	$50.66	$50.00	23.2%	7.1%	21.2%	6.8%	24.3%	3.8%	0.2%	3.0M	320.2M	-23.4M	0.86	1.85	53,260	46,006	1,024,190	1,236,883
2023-02-06	$50.80	$50.00	23.6%	7.1%	20.8%	8.0%	24.7%	4.5%	1.3%	16.0M	226.5M	-23.5M	0.63	1.56	49,393	31,316	1,011,849	1,212,462
2023-02-07	$51.30	$50.00	23.6%	6.4%	21.0%	8.0%	24.6%	4.1%	-1.1%	28.4M	14.1M	-23.8M	0.82	1.90	52,192	42,995	1,027,114	1,219,330
2023-02-08	$51.05	$50.00	24.6%	7.4%	21.0%	11.4%	25.8%	4.0%	1.2%	21.3M	132.3M	-24.3M	1.06	1.94	56,487	59,911	1,040,180	1,242,261
2023-02-09	$50.11	$50.00	26.4%	7.6%	22.2%	17.3%	27.0%	4.7%	0.3%	-6.6M	576.3M	-24.2M	0.82	2.04	30,516	24,954	1,063,899	1,271,729
2023-02-10	$50.06	$50.00	26.3%	7.6%	21.9%	17.0%	28.1%	4.6%	0.5%	-28.9M	578.2M	-24.1M	0.67	1.63	41,949	28,283	1,067,166	1,275,072
2023-02-13	$51.03	$50.00	26.8%	7.8%	22.2%	18.8%	26.3%	4.9%	-0.8%	17.9M	120.5M	-24.2M	0.83	1.57	30,047	25,056	1,054,380	1,254,329
2023-02-14	$51.53	$50.00	22.8%	6.6%	22.2%	5.5%	24.3%	4.3%	0.8%	34.6M	-104.4M	-24.3M	0.67	1.54	26,322	17,654	1,067,917	1,263,366
2023-02-15	$51.81	$50.00	22.4%	6.4%	21.2%	3.9%	24.2%	4.1%	0.9%	41.8M	-211.8M	-24.2M	3.22	1.48	10,304	33,152	1,068,790	1,264,641
2023-02-16	$51.36	$50.00	22.6%	6.4%	21.6%	4.7%	23.8%	4.1%	1.8%	25.8M	4.5M	-23.8M	0.58	1.51	23,993	13,965	1,069,588	1,270,940
2023-02-17	$51.41	$50.00	22.8%	6.4%	18.8%	5.5%	23.5%	4.2%	1.9%	9.8M	-15.3M	-24.1M	0.68	1.69	34,503	23,288	1,074,117	1,275,328
2023-02-21	$49.95	$50.00	26.8%	7.6%	20.0%	18.9%	26.3%	4.9%	-0.4%	-2.6M	583.9M	-23.3M	0.97	2.05	41,838	40,763	997,935	1,182,645
2023-02-22	$49.81	$50.00	26.5%	7.5%	19.7%	17.9%	25.9%	4.5%	-0.4%	-746.7K	644.8M	-23.1M	0.89	2.03	22,644	20,191	1,015,103	1,205,677
2023-02-23	$50.41	$50.00	25.5%	7.2%	20.1%	14.5%	24.3%	4.4%	-0.3%	5.8M	375.5M	-23.4M	0.57	1.98	47,774	27,117	1,015,352	1,211,697
2023-02-24	$50.05	$50.00	26.3%	7.4%	20.1%	17.0%	25.0%	4.5%	-0.2%	51.8M	515.4M	-23.2M	0.90	1.95	38,722	34,747	1,031,696	1,221,291
2023-02-27	$50.53	$50.00	24.9%	7.1%	20.5%	12.6%	25.0%	4.5%	-0.2%	1.7M	380.9M	-23.4M	0.72	2.20	32,360	23,397	1,010,508	1,214,689
2023-02-28	$50.80	$50.00	24.8%	7.0%	20.6%	12.0%	24.9%	4.4%	-0.3%	6.9M	258.8M	-23.5M	0.82	2.19	18,905	15,423	1,022,777	1,222,653