CME Options History — October 2008

In October 2008, CME traded between $46.64 and $82.29. ATM implied volatility averaged 91.5%, placing in the 78.1% IV rank vs the trailing year. The 30-day expected move averaged 24.9%. IV traded below realized volatility by 44.7% (HV 20d: 136.2%). Max pain ranged from $64.00 to $84.00. Net GEX was positive for 19 of 23 trading days. Term structure was in contango for 0 of 23 days. Put/call ratio averaged 0.72.

Notable Days

  • 2008-10-07: Highest Volume — 86,005 contracts
  • 2008-10-09: Largest IV spike — 42.9% change
  • 2008-10-02: Highest IV Rank — 100.0%
  • 2008-10-27: Largest Expected Move — 34.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$68.15$46.64$82.29$79.55$56.43
Max Pain$75.30$64.00$84.00$72.00$64.00
ATM IV91.5%70.1%122.6%70.8%81.9%
Expected Move24.9%20.1%34.6%20.3%23.5%
HV 20d136.2%118.5%149.7%132.0%119.8%
HV 60d100.7%94.0%107.5%94.2%107.1%
IV Rank78.1%46.4%100.0%81.9%58.4%
IV Percentile98.0%93.3%100.0%98.4%93.7%
Term Structure-5.5%-13.1%-1.1%-5.5%-2.1%
VWIV86.6%69.3%114.1%75.0%81.5%
Skew 25d19.8%8.4%29.1%14.6%17.1%
Skew 10d39.8%18.7%58.9%31.5%36.2%
Call IV 25d77.7%62.3%107.6%65.2%74.1%
Put IV 25d97.5%79.9%128.6%79.9%91.2%
Bid-Ask Spread %23.049.8342.8826.9842.88
Gamma HHI0.040.030.060.050.04
Net GEX4.4M-857.0K13.3M8.3M479.4K
Net DEX210.5M-386.8M701.6M-199.1M628.4M
Net VEX-4.9M-6.8M-2.5M-6.0M-3.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.720.461.100.590.66
Total Volume49,146.30426,28586,00532,49040,320
Total OI558,793.261495,415630,705503,380598,975

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-10-01$79.55$72.0070.8%20.3%132.0%81.9%75.0%14.6%-5.5%8.3M-199.1M-6.0M0.5926.98N/AN/A20,40512,085288,745214,635
2008-10-02$74.73$72.0081.4%23.3%132.2%100.0%81.5%8.4%-7.6%6.1M13.0M-5.7M1.1023.93N/AN/A12,87514,135292,080218,280
2008-10-03$72.46$72.0082.9%23.8%132.9%100.0%81.0%11.7%-6.0%5.0M107.2M-5.5M0.4630.18N/AN/A26,83012,435292,960220,440
2008-10-06$80.77$76.0085.1%22.4%136.4%100.0%79.5%20.0%-7.7%9.6M-287.2M-6.3M0.6614.83N/AN/A35,89023,565300,220221,735
2008-10-07$79.20$76.0087.6%23.2%133.5%100.0%80.2%17.4%-6.5%9.5M-292.3M-6.4M0.7911.54N/AN/A48,01037,995306,545227,575
2008-10-08$81.13$84.0085.8%23.0%133.6%97.1%81.4%22.1%-9.2%10.1M-312.7M-6.5M0.829.83N/AN/A26,25021,595318,080240,970
2008-10-09$71.08$84.00122.6%28.3%142.5%100.0%95.5%22.8%-7.3%4.0M178.7M-5.6M0.5315.26N/AN/A43,39023,110319,875247,565
2008-10-10$78.62$84.00103.9%26.9%146.6%81.0%94.9%26.5%-8.3%9.2M-274.6M-6.8M0.6615.54N/AN/A38,28025,195330,235252,095
2008-10-13$82.29$82.0092.4%22.0%146.3%69.2%80.5%24.6%-2.1%13.3M-386.8M-6.6M0.5514.21N/AN/A33,57018,490335,880254,275
2008-10-14$79.68$82.0085.8%21.0%146.9%62.4%75.7%23.5%-3.7%13.0M-202.0M-6.1M0.9913.59N/AN/A20,02019,820345,485259,830
2008-10-15$71.97$80.00111.1%24.5%149.7%88.3%87.9%20.7%-4.5%3.3M184.6M-5.5M0.9417.12N/AN/A29,98528,125339,430260,040
2008-10-16$74.67$80.0081.7%23.4%144.9%58.2%81.8%29.1%-3.3%5.9M130.4M-5.7M0.7412.63N/AN/A28,97521,380353,015275,005
2008-10-17$73.04$80.0076.9%22.0%138.4%53.3%77.4%20.8%-2.9%2.8M237.1M-5.3M0.9217.01N/AN/A26,58024,485355,130275,575
2008-10-20$72.06$80.0070.1%20.1%138.3%46.4%69.3%18.7%-1.1%2.6M332.6M-4.8M0.6817.86N/AN/A15,68510,600276,200219,215
2008-10-21$65.74$78.0077.3%22.2%140.1%53.7%76.9%17.6%-2.0%647.5K495.6M-4.2M0.6622.95N/AN/A26,30017,445280,750223,020
2008-10-22$60.83$76.0088.8%25.5%142.4%65.5%85.4%19.3%-1.4%306.7K556.7M-4.0M0.6127.80N/AN/A22,18013,560292,015229,625
2008-10-23$55.53$74.0096.4%27.6%144.3%73.2%95.0%20.5%-1.4%-204.9K626.7M-3.5M0.7725.42N/AN/A42,67033,005298,150233,235
2008-10-24$50.24$70.00108.7%31.2%145.0%85.8%106.6%24.8%-7.8%-794.3K691.8M-2.9M0.8933.89N/AN/A30,97027,670305,395241,405
2008-10-27$46.64$68.00120.8%34.6%126.7%98.2%114.1%21.0%-13.1%-857.0K701.6M-2.5M0.6033.79N/AN/A19,80511,900315,475246,765
2008-10-28$52.73$68.00104.8%30.1%122.4%81.9%103.9%23.8%-8.3%-375.4K642.2M-3.1M0.8031.97N/AN/A31,91525,605321,880247,690
2008-10-29$53.00$66.0099.9%28.6%118.5%76.8%98.6%13.5%-8.9%61.0K629.2M-3.1M0.5132.56N/AN/A35,63018,125332,985250,425
2008-10-30$55.13$64.0087.2%25.0%119.2%63.9%88.2%16.6%-4.7%175.6K639.5M-3.1M0.5638.05N/AN/A21,47512,030338,855254,485
2008-10-31$56.43$64.0081.9%23.5%119.8%58.4%81.5%17.1%-2.1%479.4K628.4M-3.2M0.6642.88N/AN/A24,34515,975342,755256,220