CBL Options History — November 2008

In November 2008, CBL traded between $3.28 and $9.93. ATM implied volatility averaged 170.1%, placing in the 75.3% IV rank vs the trailing year. The 30-day expected move averaged 47.0%. IV traded below realized volatility by 10.8% (HV 20d: 180.9%). Max pain ranged from $5.00 to $22.50. Net GEX was positive for 14 of 19 trading days. Term structure was in contango for 1 of 19 days. Put/call ratio averaged 1.59.

Notable Days

  • 2008-11-17: Highest Volume — 1,133 contracts
  • 2008-11-20: Largest IV spike — 43.9% change
  • 2008-11-28: Highest IV Rank — 75.4%
  • 2008-11-24: Largest Expected Move — 69.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$5.38$3.28$9.93$8.94$4.07
Max Pain$12.63$5.00$22.50$10.00$5.00
ATM IV170.1%119.2%241.9%144.4%188.5%
Expected Move47.0%34.2%69.4%41.4%54.0%
HV 20d180.9%151.2%215.6%215.6%192.8%
HV 60d161.6%139.7%174.1%139.7%174.1%
IV Rank75.3%75.2%75.4%75.2%75.4%
IV Percentile96.0%96.0%96.1%96.0%96.1%
Term Structure-22.9%-65.3%27.1%-28.8%-14.9%
VWIV154.1%119.2%233.9%145.8%188.4%
Skew 25d12.4%-94.5%54.3%4.8%16.0%
Skew 10d24.8%-28.2%59.6%22.6%20.2%
Call IV 25d143.1%90.2%248.9%148.8%158.8%
Put IV 25d155.5%115.8%234.9%153.6%174.8%
Bid-Ask Spread %97.0986.96108.8589.4798.13
Gamma HHI0.450.170.760.280.65
Net GEX999-7386.9K-2252.5K
Net DEX460.9K134.0K683.1K631.5K166.9K
Net VEX-809-1.4K-283-1.3K-913
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.590.006.672.426.67
Total Volume194.05301,1338923
Total OI2,785.1581,8553,8271,8552,719

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-11-03$8.94$10.00144.4%41.4%215.6%0.0%145.8%4.8%-28.8%-225631.5K-1.3K2.4289.47N/AN/A26637021,153
2008-11-04$9.93$10.00142.7%40.9%151.2%0.0%138.7%7.9%-25.4%250658.3K-1.4K0.3686.96N/AN/A64237161,165
2008-11-05$7.60$10.00119.2%34.2%165.0%0.0%122.4%25.7%-18.4%-619683.1K-7662.6498.57N/AN/A561487531,177
2008-11-06$6.98$10.00153.8%44.1%165.9%0.0%149.5%-24.9%-37.4%-219641.4K-7790.3092.14N/AN/A5401627961,190
2008-11-07$7.36$22.50150.0%34.4%159.0%0.0%119.2%28.4%-25.1%6.9K361.4K-1.4K5.6993.52N/AN/A452561,6321,285
2008-11-10$6.54$17.50149.3%35.0%161.6%0.0%120.4%-6.2%-15.0%4.4K493.4K-1.4K2.7891.62N/AN/A361001,6721,437
2008-11-11$5.63$22.50174.0%41.1%167.0%0.0%129.0%28.1%-31.0%719657.9K-8512.9191.94N/AN/A23671,3411,517
2008-11-12$5.35$22.50165.6%38.3%156.0%0.0%135.8%11.9%-16.3%155646.0K-7480.7795.56N/AN/A26201,3621,520
2008-11-13$6.08$22.50138.5%39.7%165.6%0.0%138.2%35.3%-20.4%1.5K645.3K-1.1K0.0094.44N/AN/A1301,3821,532
2008-11-14$4.86$22.50131.0%37.5%179.1%0.0%131.0%39.0%-14.9%-511622.6K-6192.2699.49N/AN/A35791,3821,532
2008-11-17$3.83$22.50167.9%48.1%191.7%0.0%169.7%4.4%-38.4%-738519.8K-4390.62102.68N/AN/A6994341,4161,573
2008-11-18$3.93$7.50181.7%52.1%192.9%0.0%181.8%24.4%-45.3%607289.3K-7410.1999.63N/AN/A53102,0581,234
2008-11-19$3.38$7.50154.3%44.2%195.7%0.0%233.9%-94.5%-28.8%866301.7K-5300.0799.11N/AN/A150102,0701,224
2008-11-20$3.28$7.50221.9%63.6%195.8%0.0%207.9%32.5%-65.3%927248.9K-6230.11103.12N/AN/A407462,2101,211
2008-11-21$3.39$5.00217.4%62.3%195.8%0.0%0.0%54.3%-6.0%105371.7K-2830.00108.85N/AN/A1102,5881,239
2008-11-24$3.54$5.00241.9%69.4%197.7%0.0%0.0%-14.1%-18.6%101346.7K-2870.3996.72N/AN/A2391,5961,120
2008-11-25$3.58$5.00202.5%58.1%192.4%0.0%0.0%36.3%27.1%81337.2K-3080.00100.01N/AN/A001,5961,111
2008-11-26$3.96$5.00188.2%54.0%197.1%75.2%188.4%26.2%-12.2%2.2K134.0K-9590.50102.70N/AN/A20101,5961,111
2008-11-28$4.07$5.00188.5%54.0%192.8%75.4%0.0%16.0%-14.9%2.5K166.9K-9136.6798.13N/AN/A3201,5981,121