CME Options History — April 2009

In April 2009, CME traded between $43.71 and $53.15. ATM implied volatility averaged 62.2%, placing in the 29.7% IV rank vs the trailing year. The 30-day expected move averaged 18.2%. IV traded below realized volatility by 25.0% (HV 20d: 87.3%). Max pain ranged from $42.00 to $48.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 2 of 21 days. Put/call ratio averaged 0.60.

Notable Days

  • 2009-04-23: Highest Volume — 93,620 contracts
  • 2009-04-20: Largest IV spike — 14.9% change
  • 2009-04-20: Highest IV Rank — 39.3%
  • 2009-04-20: Largest Expected Move — 20.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$47.93$43.71$53.15$47.48$44.27
Max Pain$46.67$42.00$48.00$42.00$46.00
ATM IV62.2%54.5%72.2%66.5%55.7%
Expected Move18.2%15.6%20.7%19.1%16.0%
HV 20d87.3%68.0%103.1%97.7%69.5%
HV 60d79.7%76.5%82.7%81.8%76.8%
IV Rank29.7%22.3%39.3%33.8%23.5%
IV Percentile49.7%34.1%66.7%58.7%35.7%
Term Structure-3.3%-7.1%5.3%2.7%-0.9%
VWIV63.6%55.8%71.7%66.7%56.3%
Skew 25d7.0%1.9%11.7%5.5%1.9%
Skew 10d13.4%2.5%25.5%9.3%2.5%
Call IV 25d60.4%53.4%69.4%64.3%55.5%
Put IV 25d67.3%57.2%75.3%69.8%57.5%
Bid-Ask Spread %29.1114.9453.7553.5251.51
Gamma HHI0.080.060.120.070.07
Net GEX5.5M1.4M12.2M5.3M1.7M
Net DEX-172.2M-460.6M36.9M-191.7M12.7M
Net VEX-2.2M-2.4M-1.8M-2.4M-1.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.600.330.900.720.33
Total Volume47,912.14313,72593,62043,59537,060
Total OI435,542.143335,020496,975428,605427,520

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2009-04-01$47.48$42.0066.5%19.1%97.7%33.8%66.7%5.5%2.7%5.3M-191.7M-2.4M0.7253.52N/AN/A25,34018,255246,765181,840
2009-04-02$49.07$42.0061.5%17.6%96.6%29.0%63.1%5.3%5.3%6.6M-256.6M-2.4M0.5553.75N/AN/A30,68016,885249,765185,365
2009-04-03$51.18$48.0058.4%18.5%96.9%26.1%65.3%11.7%-4.4%8.5M-345.8M-2.4M0.5415.66N/AN/A35,29519,120255,580188,280
2009-04-06$49.11$48.0063.4%19.6%99.1%30.9%67.1%11.1%-6.0%7.3M-277.3M-2.4M0.6314.94N/AN/A19,71012,365262,080192,060
2009-04-07$48.07$48.0064.1%20.1%98.7%31.5%67.3%10.4%-5.5%6.3M-223.4M-2.4M0.5216.53N/AN/A27,93514,390267,305198,165
2009-04-08$48.71$48.0061.5%19.7%98.5%29.0%68.8%10.8%-4.8%7.3M-252.8M-2.4M0.5015.54N/AN/A16,5308,220270,425199,470
2009-04-09$51.58$48.0061.7%17.7%99.4%29.2%62.2%10.0%-3.6%10.8M-380.6M-2.4M0.4618.33N/AN/A24,27011,165272,775200,450
2009-04-13$53.15$48.0064.6%18.5%99.0%32.0%64.4%10.0%-5.5%12.2M-460.6M-2.4M0.3318.88N/AN/A56,11518,795271,905201,145
2009-04-14$49.50$48.0068.2%19.5%103.1%35.4%67.9%8.7%-6.3%7.7M-292.2M-2.3M0.8119.30N/AN/A34,01027,410284,200204,365
2009-04-15$50.63$48.0066.5%19.1%91.6%33.8%67.3%9.7%-5.3%9.0M-327.5M-2.3M0.6316.16N/AN/A56,81535,670287,070209,905
2009-04-16$48.92$46.0064.7%18.6%90.3%32.1%63.7%7.1%-4.8%6.7M-228.6M-2.0M0.5819.18N/AN/A36,47521,215278,170204,380
2009-04-17$47.48$48.0062.8%18.0%89.5%30.3%62.4%6.7%-4.7%3.8M-150.1M-2.0M0.6017.32N/AN/A30,34518,310282,805207,250
2009-04-20$44.51$48.0072.2%20.7%92.6%39.3%71.7%5.9%-6.5%1.8M1.1M-1.8M0.6515.57N/AN/A35,55023,075193,780141,240
2009-04-21$45.79$48.0067.2%19.3%75.8%34.5%68.6%6.5%-7.1%2.2M-1.7M-1.9M0.8828.07N/AN/A30,15526,485206,040153,205
2009-04-22$43.71$46.0067.3%19.3%68.0%34.6%67.7%3.7%-6.1%1.4M36.9M-1.9M0.6028.22N/AN/A25,64015,340215,390161,435
2009-04-23$48.29$46.0057.7%16.5%75.4%25.4%58.0%6.1%-1.5%4.6M-92.5M-2.0M0.4335.75N/AN/A65,42028,200220,995165,355
2009-04-24$47.96$46.0054.5%15.6%74.6%22.3%55.9%5.2%-0.2%4.8M-117.0M-2.1M0.6036.28N/AN/A19,99012,065239,360174,565
2009-04-27$46.16$46.0057.5%16.5%73.8%25.2%57.8%5.3%-2.1%3.1M-44.0M-2.0M0.8342.73N/AN/A7,4956,230235,180177,980
2009-04-28$45.36$46.0056.2%16.1%72.6%24.0%56.8%3.0%-1.0%2.3M-14.0M-1.9M0.9042.06N/AN/A15,19513,615235,520177,755
2009-04-29$45.50$46.0054.8%15.7%70.0%22.6%55.8%2.2%-1.3%2.4M-11.1M-1.9M0.4552.08N/AN/A20,1909,130238,430181,115
2009-04-30$44.27$46.0055.7%16.0%69.5%23.5%56.3%1.9%-0.9%1.7M12.7M-1.9M0.3351.51N/AN/A27,8559,205244,600182,920