CBL Options History — March 2009

In March 2009, CBL traded between $2.06 and $3.15. ATM implied volatility averaged 153.9%, placing in the 59.4% IV rank vs the trailing year. The 30-day expected move averaged 44.9%. IV traded below realized volatility by 61.6% (HV 20d: 215.5%). Max pain ranged from $2.50 to $7.50. Net GEX was positive for 4 of 22 trading days. Term structure was in contango for 14 of 22 days. Put/call ratio averaged 6.10.

Notable Days

  • 2009-03-03: Highest Volume — 872 contracts
  • 2009-03-09: Largest IV spike — 21.8% change
  • 2009-03-09: Highest IV Rank — 78.5%
  • 2009-03-06: Largest Expected Move — 61.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$2.50$2.06$3.15$2.71$2.36
Max Pain$5.34$2.50$7.50$7.50$2.50
ATM IV153.9%116.7%195.3%171.0%126.6%
Expected Move44.9%33.4%61.0%49.0%36.3%
HV 20d215.5%153.0%242.7%161.5%242.7%
HV 60d186.1%171.1%195.6%173.5%195.6%
IV Rank59.4%42.2%78.5%67.3%46.8%
IV Percentile71.5%48.8%92.8%88.4%51.0%
Term Structure10.3%-27.4%45.3%41.5%22.1%
VWIV148.9%101.2%174.6%170.0%146.0%
Skew 25d13.0%-10.3%61.2%28.3%-10.3%
Skew 10d42.7%-26.7%87.8%87.8%23.8%
Call IV 25d151.9%117.6%180.0%165.8%158.9%
Put IV 25d164.9%144.7%194.1%194.1%148.6%
Bid-Ask Spread %51.0211.3993.8015.3954.34
Gamma HHI0.530.380.770.770.65
Net GEX-514-1.8K1.1K-1.5K-1.1K
Net DEX323.2K31.3K525.3K404.8K117.9K
Net VEX-1.1K-1.5K-680-1.4K-945
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio6.100.0045.751.833.33
Total Volume168.2271387269513
Total OI6,221.0453,7107,5296,6084,032

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2009-03-02$2.71$7.50171.0%49.0%161.5%67.3%170.0%28.3%41.5%-1.5K404.8K-1.4K1.8315.39N/AN/A2464493,5123,096
2009-03-03$2.46$7.50175.0%50.2%158.2%69.1%174.6%0.5%31.4%-1.4K441.7K-1.2K1.5011.39N/AN/A3495233,6693,256
2009-03-04$2.68$7.50164.9%47.3%161.3%64.4%167.4%11.2%37.9%-1.8K441.4K-1.5K0.4615.93N/AN/A137633,9753,426
2009-03-05$2.38$7.50166.9%47.9%164.9%65.4%0.0%17.7%17.0%-787435.7K-1.2K0.0022.49N/AN/A3104,0673,298
2009-03-06$2.09$5.00160.3%61.0%155.9%62.3%0.0%4.3%-27.4%-42498.3K-6911.6727.24N/AN/A18304,0783,298
2009-03-09$2.15$5.00195.3%54.9%153.0%78.5%0.0%38.8%-6.8%-45517.2K-6800.6964.93N/AN/A65454,0783,318
2009-03-10$3.15$5.00176.1%53.8%211.4%69.6%101.2%61.2%9.9%-1.4K497.0K-1.0K0.2856.47N/AN/A1854,0743,319
2009-03-11$2.33$5.00194.3%56.0%233.2%78.0%160.4%23.4%-11.8%-823385.7K-1.3K0.1078.07N/AN/A125134,0403,237
2009-03-12$2.60$5.00168.3%48.2%238.1%66.0%168.2%19.5%-0.1%1.1K370.8K-1.2K0.4167.23N/AN/A63264,0673,139
2009-03-13$2.66$5.00155.4%44.6%238.4%60.1%153.1%19.0%7.4%-1.3K423.5K-1.4K0.0060.22N/AN/A01964,1033,151
2009-03-16$2.49$5.00156.8%44.9%238.2%60.7%149.0%-1.1%-2.4%-1.1K402.1K-1.3K30.2255.69N/AN/A92724,1033,122
2009-03-17$2.64$5.00145.9%41.8%234.1%55.7%0.0%13.5%18.1%277429.9K-1.2K0.2043.57N/AN/A75154,1033,286
2009-03-18$2.99$5.00136.3%39.1%239.1%51.3%169.0%31.8%45.3%1.0K448.3K-7210.3891.50N/AN/A158604,1583,264
2009-03-19$2.64$5.00147.0%42.1%242.1%56.2%102.6%2.6%-4.3%688351.4K-1.2K0.7893.80N/AN/A32254,2593,264
2009-03-20$2.30$5.00149.1%42.8%239.9%57.2%152.6%3.0%-2.2%-123525.3K-99845.7533.04N/AN/A41834,2553,274
2009-03-23$2.60$5.00149.2%42.8%239.5%57.2%149.1%13.4%-24.4%-385.3K-1.1K0.0575.96N/AN/A18592,3051,405
2009-03-24$2.29$5.00139.5%40.0%231.8%52.7%139.2%-3.0%3.3%-8257.3K-1.0K40.0035.37N/AN/A31202,4371,414
2009-03-25$2.66$5.00127.4%36.5%238.9%47.2%0.0%13.7%19.8%-89331.3K-1.0K0.0554.06N/AN/A4322,4401,534
2009-03-26$2.57$5.00116.7%33.4%238.1%42.2%0.0%6.1%23.2%-68060.0K-1.2K0.5070.77N/AN/A20102,4561,536
2009-03-27$2.28$5.00131.8%37.8%241.0%49.2%131.8%-6.2%21.4%-64586.1K-1.0K0.0053.22N/AN/A3102,4761,536
2009-03-30$2.06$5.00132.0%37.8%239.2%49.3%146.0%-1.5%6.9%-68299.8K-8710.0041.73N/AN/A3002,4671,536
2009-03-31$2.36$2.50126.6%36.3%242.7%46.8%0.0%-10.3%22.1%-1.1K117.9K-9453.3354.34N/AN/A3102,4961,536