CME Options History — August 2007

In August 2007, CME traded between $105.90 and $121.00. ATM implied volatility averaged 33.7%, placing in the 59.2% IV rank vs the trailing year. The 30-day expected move averaged 9.8%. IV traded below realized volatility by 1.7% (HV 20d: 35.4%). Max pain ranged from $110.00 to $112.00. Net GEX was positive for 21 of 23 trading days. Term structure was in contango for 4 of 23 days. Put/call ratio averaged 0.83.

Notable Days

  • 2007-08-16: Highest Volume — 221,990 contracts
  • 2007-08-08: Largest IV spike — 89.1% change
  • 2007-08-08: Highest IV Rank — 100.0%
  • 2007-08-16: Largest Expected Move — 13.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$112.28$105.90$121.00$112.27$110.96
Max Pain$111.74$110.00$112.00$110.00$112.00
ATM IV33.7%25.1%48.4%29.2%32.0%
Expected Move9.8%7.2%13.9%8.4%9.2%
HV 20d35.4%29.0%40.7%33.1%35.4%
HV 60d28.0%23.9%29.5%27.9%29.4%
IV Rank59.2%26.2%100.0%72.2%46.1%
IV Percentile85.3%41.6%100.0%80.0%88.6%
Term Structure-1.9%-8.0%3.8%3.7%-1.6%
VWIV34.7%24.9%48.3%30.4%32.4%
Skew 25d6.9%0.3%11.1%1.8%6.5%
Skew 10d13.1%1.1%20.9%4.2%12.4%
Call IV 25d31.0%24.9%43.5%29.3%28.6%
Put IV 25d38.0%28.6%54.7%31.1%35.1%
Bid-Ask Spread %21.9113.2432.8316.5530.39
Gamma HHI0.080.070.110.070.07
Net GEX20.4M-19.9M62.3M13.1M20.1M
Net DEX-898.6M-2.07B80.9M-779.2M-704.1M
Net VEX-9.7M-10.8M-6.7M-8.2M-10.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.830.411.420.780.64
Total Volume70,587.17418,240221,99063,69532,305
Total OI677,191.304553,735808,405553,735738,730

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2007-08-01$112.27$110.0029.2%8.4%33.1%72.2%30.4%1.8%3.7%13.1M-779.2M-8.2M0.7816.55N/AN/A35,71527,980281,105272,630
2007-08-02$111.20$110.0029.4%8.4%31.6%73.5%30.0%1.1%1.5%10.1M-706.5M-8.1M1.0713.36N/AN/A19,30520,725290,095280,180
2007-08-03$111.58$110.0030.0%8.6%29.0%77.4%30.6%0.3%3.8%13.4M-809.6M-8.3M0.8520.98N/AN/A37,84532,275293,490283,590
2007-08-06$114.84$112.0028.9%9.3%30.9%70.5%33.8%5.4%-1.2%26.8M-1.09B-8.2M0.8717.46N/AN/A31,54027,550302,780294,205
2007-08-07$115.80$112.0025.1%8.4%30.3%46.2%30.2%5.6%-0.7%34.0M-1.32B-8.1M0.6813.24N/AN/A42,86028,935308,215302,895
2007-08-08$121.00$112.0047.5%7.2%31.9%100.0%24.9%3.7%1.6%62.3M-2.07B-6.7M0.4114.81N/AN/A58,39524,145312,655309,400
2007-08-09$118.75$112.0025.7%8.7%32.4%26.2%30.6%6.7%-0.7%57.3M-2.07B-8.8M0.5521.78N/AN/A82,59545,675346,055315,195
2007-08-10$118.85$112.0027.5%9.3%32.3%32.3%32.5%7.5%-1.8%44.7M-1.82B-9.3M0.6820.36N/AN/A62,11042,265352,650326,770
2007-08-13$116.21$112.0028.5%9.6%33.3%35.4%33.6%7.5%-3.3%34.7M-1.48B-9.5M0.4615.35N/AN/A63,80029,500373,885336,830
2007-08-14$112.46$112.0029.1%10.6%35.3%37.5%36.4%7.8%-4.5%15.9M-990.1M-10.4M1.4216.29N/AN/A38,83555,120415,520345,145
2007-08-15$107.98$112.0037.2%11.8%37.8%64.9%40.0%6.1%-6.7%-13.6M-102.7M-10.1M1.1214.92N/AN/A65,29072,995419,500352,755
2007-08-16$105.90$112.0048.4%13.9%38.1%100.0%48.3%11.1%-8.0%-19.9M80.9M-10.3M1.4130.23N/AN/A92,035129,955427,815351,610
2007-08-17$108.77$112.0043.1%12.4%39.2%82.8%43.8%9.9%-3.9%9.0M-298.3M-10.7M0.6422.92N/AN/A73,21546,605443,345365,060
2007-08-20$107.52$112.0042.1%12.1%39.4%79.4%42.6%8.9%-3.9%8.4M-401.7M-10.2M0.7924.07N/AN/A24,46519,360342,500281,505
2007-08-21$110.80$112.0037.8%10.8%40.4%65.1%37.7%10.5%-2.8%16.2M-718.0M-10.6M0.9228.69N/AN/A25,57023,515352,610283,565
2007-08-22$109.32$112.0036.6%10.5%40.7%61.3%37.6%7.5%-3.3%12.9M-566.7M-10.5M0.7228.78N/AN/A20,64514,885360,905295,110
2007-08-23$111.01$112.0034.2%9.8%40.4%53.3%35.0%9.7%-3.4%19.2M-760.0M-10.6M0.6717.97N/AN/A17,39011,595367,135301,360
2007-08-24$112.07$112.0031.6%9.1%38.7%44.7%31.9%8.4%-2.1%22.2M-860.7M-10.5M0.6025.44N/AN/A14,6308,785372,965306,550
2007-08-27$111.72$112.0032.3%9.3%37.4%47.2%33.7%8.7%-2.4%23.3M-886.2M-10.3M0.9721.42N/AN/A27,05026,375376,130309,405
2007-08-28$110.84$112.0034.1%9.8%35.5%52.9%34.2%8.3%-1.8%18.9M-743.8M-10.8M0.9732.83N/AN/A9,2409,000394,290329,095
2007-08-29$112.02$112.0031.9%9.1%35.2%45.6%33.3%8.0%-1.4%23.1M-877.5M-10.8M1.0927.57N/AN/A10,91511,890395,330331,680
2007-08-30$110.45$112.0032.6%9.4%35.4%48.2%33.3%7.8%-1.1%18.2M-692.5M-10.6M0.7828.58N/AN/A16,06512,560397,775335,385
2007-08-31$110.96$112.0032.0%9.2%35.4%46.1%32.4%6.5%-1.6%20.1M-704.1M-10.5M0.6430.39N/AN/A19,70512,600400,345338,385