CME Options History — September 2009

In September 2009, CME traded between $54.10 and $62.25. ATM implied volatility averaged 42.5%, placing in the 5.5% IV rank vs the trailing year. The 30-day expected move averaged 12.2%. IV traded above realized volatility by 9.9% (HV 20d: 32.5%). Max pain ranged from $54.00 to $58.00. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 19 of 21 days. Put/call ratio averaged 0.63.

Notable Days

  • 2009-09-18: Highest Volume — 188,555 contracts
  • 2009-09-09: Largest IV drop — 8.6% change
  • 2009-09-03: Highest IV Rank — 12.4%
  • 2009-09-03: Largest Expected Move — 14.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$57.94$54.10$62.25$55.83$61.64
Max Pain$56.29$54.00$58.00$54.00$58.00
ATM IV42.5%38.2%49.3%43.3%40.0%
Expected Move12.2%11.0%14.1%12.4%11.5%
HV 20d32.5%28.6%37.9%37.8%31.2%
HV 60d36.6%34.8%38.7%38.6%35.1%
IV Rank5.5%1.1%12.4%6.3%3.0%
IV Percentile9.2%0.4%29.8%11.5%2.8%
Term Structure1.8%-0.3%4.9%0.8%3.3%
VWIV43.0%39.3%50.3%43.7%40.8%
Skew 25d3.0%1.1%5.1%2.7%1.1%
Skew 10d6.0%2.0%10.6%5.5%2.0%
Call IV 25d41.6%38.0%48.1%42.7%40.3%
Put IV 25d44.7%40.3%52.4%45.4%41.4%
Bid-Ask Spread %19.369.0938.089.0938.08
Gamma HHI0.100.070.210.080.09
Net GEX8.7M-922.1K24.1M5.4M12.7M
Net DEX-119.7M-504.3M78.4M-51.0M-237.0M
Net VEX-2.7M-2.9M-2.4M-2.5M-2.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.630.251.960.520.56
Total Volume71,159.52430,375188,55578,99051,885
Total OI526,335.952388,800622,835498,955456,900

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2009-09-01$55.83$54.0043.3%12.4%37.8%6.3%43.7%2.7%0.8%5.4M-51.0M-2.5M0.529.09N/AN/A51,98027,010264,730234,225
2009-09-02$55.55$54.0045.9%13.2%37.8%8.9%47.4%4.3%0.2%5.2M-36.9M-2.7M1.9614.35N/AN/A20,25539,785278,335242,770
2009-09-03$54.29$54.0049.3%14.1%37.9%12.4%50.3%4.3%-0.3%49.8K69.8M-2.7M1.0013.87N/AN/A40,13540,335281,915260,190
2009-09-04$54.10$56.0047.4%13.8%33.8%10.5%48.5%5.1%0.4%-922.1K72.1M-2.8M0.379.81N/AN/A84,64031,435299,235280,750
2009-09-08$54.53$54.0048.4%13.5%33.8%11.4%46.9%4.4%0.2%971.7K75.5M-2.7M0.8110.07N/AN/A33,24026,770297,635284,210
2009-09-09$54.81$56.0044.2%12.8%32.8%7.2%45.2%4.4%1.1%614.1K78.4M-2.7M0.7716.52N/AN/A27,76021,480301,045291,880
2009-09-10$55.13$56.0043.0%12.3%31.9%6.0%43.5%4.0%1.3%1.4M49.9M-2.7M0.9815.70N/AN/A15,36515,010304,305298,265
2009-09-11$54.96$56.0042.3%12.1%31.6%5.3%41.4%3.9%2.2%1.9M40.5M-2.5M0.5514.30N/AN/A25,73514,040308,230296,175
2009-09-14$55.59$56.0041.1%11.8%31.5%4.1%42.6%3.6%1.9%4.6M-4.5M-2.4M0.7817.83N/AN/A20,03015,710311,275296,295
2009-09-15$56.87$56.0041.3%11.8%28.6%4.3%42.3%3.3%2.0%14.5M-131.0M-2.5M0.5925.53N/AN/A42,02024,775313,480300,210
2009-09-16$58.31$56.0042.1%12.1%29.6%5.1%42.6%3.6%1.3%23.9M-269.4M-2.5M0.3319.69N/AN/A80,34526,415316,375302,675
2009-09-17$58.66$56.0041.0%11.8%29.5%4.0%41.0%2.8%1.4%24.1M-290.8M-2.5M0.3617.72N/AN/A64,93023,515312,350304,365
2009-09-18$60.80$56.0042.5%12.2%31.5%5.5%43.0%2.4%-0.1%13.3M-504.3M-2.6M0.2520.69N/AN/A150,59537,960315,880306,955
2009-09-21$60.92$56.0041.4%11.9%31.3%4.4%41.5%2.6%2.7%10.0M-200.7M-2.7M0.4216.10N/AN/A41,32517,285228,670160,130
2009-09-22$62.25$58.0040.3%11.5%29.0%3.2%41.1%1.4%2.3%13.2M-281.8M-2.8M0.2711.87N/AN/A63,02016,950242,355165,600
2009-09-23$61.22$58.0038.5%11.0%30.2%1.4%39.3%1.8%3.6%11.9M-214.5M-2.8M0.3921.13N/AN/A45,96018,110250,525172,615
2009-09-24$59.68$58.0038.2%11.0%31.1%1.1%39.4%2.4%4.9%8.0M-123.2M-2.8M0.6134.29N/AN/A51,75031,570250,920179,465
2009-09-25$58.69$58.0040.0%11.5%31.9%2.9%40.2%1.9%4.0%7.3M-71.4M-2.8M0.5237.55N/AN/A32,97017,285257,760182,395
2009-09-28$61.82$58.0040.7%11.7%35.4%3.6%41.5%2.5%2.9%13.2M-264.7M-2.9M0.5724.66N/AN/A33,90019,395261,045187,445
2009-09-29$61.14$58.0041.2%11.8%35.3%4.2%41.8%1.4%2.5%11.6M-219.6M-2.8M0.5117.72N/AN/A34,32017,355261,895191,580
2009-09-30$61.64$58.0040.0%11.5%31.2%3.0%40.8%1.1%3.3%12.7M-237.0M-2.8M0.5638.08N/AN/A33,36018,525263,735193,165