CME Options History — March 2009

In March 2009, CME traded between $34.66 and $52.89. ATM implied volatility averaged 61.8%, placing in the 29.4% IV rank vs the trailing year. The 30-day expected move averaged 17.9%. IV traded below realized volatility by 10.6% (HV 20d: 72.5%). Max pain ranged from $36.00 to $42.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 19 of 22 days. Put/call ratio averaged 0.72.

Notable Days

  • 2009-03-18: Highest Volume — 152,395 contracts
  • 2009-03-19: Largest IV spike — 13.4% change
  • 2009-03-02: Highest IV Rank — 39.6%
  • 2009-03-02: Largest Expected Move — 20.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$42.92$34.66$52.89$34.66$49.28
Max Pain$38.73$36.00$42.00$39.00$42.00
ATM IV61.8%53.7%72.6%72.6%65.6%
Expected Move17.9%15.4%20.8%20.8%18.8%
HV 20d72.5%56.4%97.2%58.3%97.2%
HV 60d76.1%69.0%81.8%78.6%81.5%
IV Rank29.4%21.6%39.6%39.6%32.9%
IV Percentile53.7%44.4%67.1%67.1%57.9%
Term Structure2.1%-2.5%5.3%-2.5%3.0%
VWIV63.4%56.0%72.7%72.7%67.0%
Skew 25d10.8%4.5%14.5%12.0%7.1%
Skew 10d20.3%8.1%28.3%23.3%14.6%
Call IV 25d57.7%48.6%69.2%67.3%63.6%
Put IV 25d68.4%60.1%79.4%79.4%70.8%
Bid-Ask Spread %38.7921.6460.6955.3651.49
Gamma HHI0.090.050.160.050.08
Net GEX5.2M197.3K10.4M197.3K6.3M
Net DEX-134.9M-472.6M170.5M170.5M-258.9M
Net VEX-1.8M-2.5M-1.3M-1.3M-2.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.720.521.050.940.63
Total Volume60,957.72720,335152,39530,25033,760
Total OI423,618.864332,810518,200389,335423,645

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2009-03-02$34.66$39.0072.6%20.8%58.3%39.6%72.7%12.0%-2.5%197.3K170.5M-1.3M0.9455.36N/AN/A15,58014,670213,785175,550
2009-03-03$35.57$39.0065.3%18.7%57.6%32.6%65.5%11.4%2.9%642.1K148.0M-1.3M0.7559.22N/AN/A14,71511,005219,525179,830
2009-03-04$37.64$38.0061.3%17.6%60.5%28.9%64.3%12.1%2.5%2.2M95.5M-1.4M0.7759.33N/AN/A20,20015,605223,790183,225
2009-03-05$36.49$38.0066.8%19.2%61.8%34.1%67.8%12.2%1.8%1.5M123.2M-1.4M0.6060.69N/AN/A25,56515,245230,080187,035
2009-03-06$36.49$36.0061.9%19.1%60.9%29.4%64.5%14.4%2.1%1.6M143.6M-1.4M0.6021.64N/AN/A12,7057,630232,500193,695
2009-03-09$36.77$36.0062.0%18.8%56.9%29.5%64.5%14.4%1.7%2.0M72.1M-1.4M1.0523.51N/AN/A14,91015,710235,725178,265
2009-03-10$38.85$36.0054.9%17.3%60.3%22.7%60.8%14.5%3.5%5.2M-32.4M-1.5M0.5223.30N/AN/A24,47512,690241,120174,260
2009-03-11$38.64$36.0057.5%17.0%57.4%25.2%61.1%13.0%3.6%5.0M-30.4M-1.4M0.7226.73N/AN/A34,65024,885245,315175,120
2009-03-12$40.19$36.0055.6%15.9%57.8%23.4%58.0%13.2%5.3%7.7M-99.7M-1.5M0.6629.10N/AN/A34,07522,435251,750184,470
2009-03-13$39.63$38.0056.7%16.3%56.4%24.5%57.8%11.0%4.2%6.5M-76.3M-1.5M0.6633.60N/AN/A22,83514,975256,085188,530
2009-03-16$38.95$38.0058.7%16.8%56.6%26.3%59.4%12.1%2.8%5.8M-46.7M-1.4M0.6434.23N/AN/A18,70512,050259,540191,065
2009-03-17$44.78$38.0054.8%15.7%69.8%22.6%56.0%11.5%1.9%10.4M-335.2M-1.6M0.5632.50N/AN/A84,16547,385261,395191,870
2009-03-18$47.60$38.0053.7%15.4%71.6%21.6%57.4%12.1%-0.3%9.3M-472.6M-1.7M0.5835.78N/AN/A96,31056,085271,780211,565
2009-03-19$45.59$38.0061.0%17.5%74.5%28.5%61.3%11.3%0.5%8.0M-374.2M-1.9M0.8032.51N/AN/A56,51545,255280,415226,265
2009-03-20$45.72$38.0062.0%17.8%74.5%29.5%63.9%10.0%-0.5%7.9M-366.9M-2.0M0.8733.19N/AN/A47,91041,500287,250230,950
2009-03-23$52.89$40.0061.0%17.5%84.8%28.6%61.3%9.6%1.9%5.8M-351.8M-2.2M0.5437.97N/AN/A78,96542,665194,885137,925
2009-03-24$47.57$40.0068.1%19.5%94.4%35.3%68.3%7.4%1.6%4.7M-207.4M-2.3M0.7921.72N/AN/A44,86035,455213,880152,155
2009-03-25$49.85$42.0064.5%18.5%94.6%31.9%65.3%8.6%2.0%6.5M-296.7M-2.5M0.6540.46N/AN/A49,60032,335226,705161,600
2009-03-26$51.35$42.0061.2%17.5%94.8%28.7%62.0%9.2%2.4%7.0M-339.7M-2.5M0.7142.13N/AN/A33,67523,965232,545169,260
2009-03-27$48.90$42.0064.4%18.5%97.2%31.8%64.6%5.8%3.3%5.7M-249.7M-2.5M0.8949.96N/AN/A21,02518,725235,275174,275
2009-03-30$46.88$42.0071.1%20.4%96.4%38.2%71.1%4.5%1.7%4.9M-182.3M-2.4M0.8749.07N/AN/A24,33521,265240,310175,405
2009-03-31$49.28$42.0065.6%18.8%97.2%32.9%67.0%7.1%3.0%6.3M-258.9M-2.5M0.6351.49N/AN/A20,72513,035243,940179,705