CME Options History — November 2007

In November 2007, CME traded between $124.60 and $133.82. ATM implied volatility averaged 30.7%, placing in the 41.7% IV rank vs the trailing year. The 30-day expected move averaged 9.0%. IV traded above realized volatility by 3.9% (HV 20d: 26.7%). Max pain ranged from $118.00 to $126.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 21 of 21 days. Put/call ratio averaged 0.66.

Notable Days

  • 2007-11-06: Highest Volume — 63,545 contracts
  • 2007-11-13: Largest IV drop — 25.1% change
  • 2007-11-26: Highest IV Rank — 56.4%
  • 2007-11-26: Largest Expected Move — 10.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$129.64$124.60$133.82$129.79$131.72
Max Pain$119.24$118.00$126.00$126.00$120.00
ATM IV30.7%24.7%35.1%33.2%26.7%
Expected Move9.0%7.6%10.1%9.5%7.6%
HV 20d26.7%23.6%30.4%27.3%28.4%
HV 60d27.3%26.1%29.2%29.2%28.2%
IV Rank41.7%22.1%56.4%50.1%28.5%
IV Percentile73.6%27.4%96.9%92.4%44.3%
Term Structure2.2%0.5%3.9%0.5%3.2%
VWIV32.2%27.6%35.3%34.2%27.6%
Skew 25d3.3%-0.4%5.7%-0.4%3.6%
Skew 10d6.9%-2.0%13.1%-2.0%8.6%
Call IV 25d30.5%25.9%34.8%34.4%25.9%
Put IV 25d33.7%29.5%37.7%34.0%29.5%
Bid-Ask Spread %27.278.3952.1122.7152.11
Gamma HHI0.110.080.140.090.13
Net GEX67.6M44.7M90.0M68.6M70.4M
Net DEX-2.40B-3.21B-1.57B-2.59B-2.51B
Net VEX-10.2M-11.4M-9.3M-11.2M-9.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.660.391.160.500.79
Total Volume39,993.57110,68063,54556,67032,220
Total OI681,235.952584,470738,870703,310659,830

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2007-11-01$129.79$126.0033.2%9.5%27.3%50.1%34.2%-0.4%0.5%68.6M-2.59B-11.2M0.5022.71N/AN/A37,69018,980425,500277,810
2007-11-02$129.95$126.0031.2%8.9%23.8%43.4%32.2%0.2%2.5%70.2M-2.55B-11.4M0.5228.39N/AN/A29,10014,995430,820281,685
2007-11-05$130.55$118.0033.0%9.6%23.6%49.5%34.9%0.4%1.6%76.0M-2.76B-11.1M0.628.39N/AN/A27,45517,150433,275283,795
2007-11-06$133.82$118.0029.5%9.0%24.8%37.9%32.2%2.7%1.5%90.0M-3.21B-10.6M0.3919.56N/AN/A45,83517,710434,350289,130
2007-11-07$132.00$118.0034.4%9.8%25.3%54.1%34.8%1.4%0.8%77.9M-2.89B-10.9M0.4819.21N/AN/A32,96015,750435,390290,985
2007-11-08$132.46$118.0032.1%10.0%25.1%46.4%35.3%1.9%1.4%84.6M-2.90B-11.0M0.4519.35N/AN/A36,16516,430439,665292,585
2007-11-09$129.34$118.0031.2%10.0%26.6%43.5%35.2%2.3%1.1%64.1M-2.38B-10.9M0.6216.30N/AN/A15,6759,675437,930296,505
2007-11-12$126.56$118.0034.2%9.8%27.5%53.4%33.9%3.1%1.5%47.6M-1.92B-10.5M0.5516.32N/AN/A29,02015,885437,450297,040
2007-11-13$129.50$118.0025.6%8.7%28.6%25.1%31.1%3.4%2.3%71.4M-2.40B-10.1M0.6924.56N/AN/A21,19014,685436,715296,055
2007-11-14$130.29$118.0024.7%8.2%28.6%22.1%29.0%3.3%2.4%86.7M-2.64B-9.7M0.7327.95N/AN/A23,10016,840436,445295,205
2007-11-15$129.60$118.0029.2%8.4%28.7%37.0%31.1%4.1%2.9%85.0M-2.55B-9.9M0.9612.69N/AN/A17,24516,525439,550298,245
2007-11-16$130.55$118.0028.2%8.1%28.1%33.6%28.7%4.4%3.9%88.8M-2.63B-9.8M0.6227.00N/AN/A24,41515,150439,510299,360
2007-11-19$130.20$118.0030.7%8.8%28.1%41.7%30.7%4.0%3.3%56.8M-2.36B-9.6M0.6336.52N/AN/A18,55511,750353,585230,885
2007-11-20$129.78$118.0031.2%8.9%26.8%43.4%32.0%4.5%2.8%55.4M-2.18B-9.8M0.8325.91N/AN/A22,86519,090359,375234,570
2007-11-21$126.56$118.0032.8%9.4%26.9%48.8%33.4%4.1%2.2%49.0M-1.81B-9.9M1.1636.13N/AN/A15,15017,565365,670240,470
2007-11-23$127.75$118.0032.4%9.3%23.9%47.4%33.2%5.7%2.6%50.4M-1.90B-9.9M0.8430.67N/AN/A5,8154,865366,945249,240
2007-11-26$124.93$120.0035.1%10.1%24.7%56.4%34.9%5.7%1.3%45.4M-1.68B-9.7M0.6334.20N/AN/A12,6508,025367,910250,575
2007-11-27$124.60$120.0032.9%9.4%24.7%49.1%32.7%5.1%2.1%44.7M-1.57B-9.5M0.5530.45N/AN/A23,02512,555369,435252,925
2007-11-28$130.68$120.0027.9%8.0%30.4%32.7%28.4%4.7%2.7%67.6M-2.36B-9.3M0.4844.79N/AN/A41,10019,875375,945255,655
2007-11-29$131.80$120.0027.8%8.0%30.0%32.3%29.6%4.1%2.7%68.9M-2.57B-9.7M0.7539.37N/AN/A25,78519,350385,745262,195
2007-11-30$131.72$120.0026.7%7.6%28.4%28.5%27.6%3.6%3.2%70.4M-2.51B-9.8M0.7952.11N/AN/A18,04014,180390,800269,030