CME Options History — January 2020

In January 2020, CME traded between $201.93 and $218.41. ATM implied volatility averaged 18.8%, placing in the 28.0% IV rank vs the trailing year. The 30-day expected move averaged 5.5%. IV traded above realized volatility by 3.5% (HV 20d: 15.3%). Max pain ranged from $200.00 to $210.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 13 of 21 days. Put/call ratio averaged 1.20.

Notable Days

  • 2020-01-23: Highest Volume — 8,348 contracts
  • 2020-01-13: Largest IV spike — 8.2% change
  • 2020-01-31: Highest IV Rank — 50.1%
  • 2020-01-31: Largest Expected Move — 6.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$208.04$201.93$218.41$201.93$216.62
Max Pain$203.57$200.00$210.00$200.00$210.00
ATM IV18.8%17.2%21.3%17.5%21.3%
Expected Move5.5%4.9%6.3%5.0%6.3%
HV 20d15.3%12.6%17.3%15.5%14.7%
HV 60d16.3%14.6%17.6%17.1%14.6%
IV Rank28.0%13.4%50.1%15.6%50.1%
IV Percentile40.1%10.7%80.2%13.9%80.2%
Term Structure0.5%-0.9%2.6%0.5%-0.0%
VWIV19.4%17.8%22.1%17.8%22.1%
Skew 25d3.0%2.6%3.4%2.6%3.4%
Skew 10d6.0%4.9%7.1%5.4%6.7%
Call IV 25d17.7%15.5%20.0%16.5%20.0%
Put IV 25d20.7%18.4%23.5%19.1%23.5%
Bid-Ask Spread %40.6324.0058.6928.5442.50
Gamma HHI0.160.100.640.150.10
Net GEX9.8M4.2M41.9M6.7M8.9M
Net DEX-81.3M-175.4M-32.0M-32.0M-151.9M
Net VEX-954.1K-1.2M-833.8K-833.8K-1.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.200.228.710.611.37
Total Volume3,381.7621,4058,3481,4316,325
Total OI46,660.47636,40452,45545,51452,455

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-01-02$201.93$200.0017.5%5.0%15.5%15.6%17.8%2.6%0.5%6.7M-32.0M-833.8K0.6128.54N/AN/A88754419,92725,587
2020-01-03$204.69$200.0017.8%5.2%16.2%18.3%18.6%2.9%0.2%41.9M-69.0M-847.2K0.5033.54N/AN/A2,1591,07220,25725,775
2020-01-06$204.86$200.0017.8%5.8%15.6%18.6%19.6%2.9%1.8%7.6M-64.6M-876.8K1.0657.36N/AN/A1,0151,07619,43925,254
2020-01-07$205.19$200.0017.8%5.3%15.5%18.9%19.1%2.9%2.0%8.3M-69.3M-878.4K1.5858.69N/AN/A6591,04019,94126,021
2020-01-08$206.24$200.0017.6%5.2%15.4%17.3%19.0%2.6%1.8%9.4M-78.6M-902.1K1.1157.16N/AN/A1,4691,63320,17326,881
2020-01-09$208.51$200.0017.2%5.3%15.9%13.4%18.4%2.9%2.4%11.4M-106.2M-913.3K0.4556.12N/AN/A3,5541,60320,28227,574
2020-01-10$204.90$200.0017.6%5.7%17.1%17.4%18.9%2.9%2.6%12.0M-58.6M-897.5K0.5955.87N/AN/A1,06262521,46028,026
2020-01-13$203.83$200.0019.1%5.8%17.1%30.2%19.8%3.3%0.4%4.2M-41.0M-876.1K0.2244.38N/AN/A2,17748620,34726,968
2020-01-14$203.35$200.0019.4%5.6%17.0%33.2%18.4%3.0%-0.2%5.3M-43.6M-866.3K0.3730.56N/AN/A1,02438120,96427,196
2020-01-15$204.75$200.0019.3%5.6%17.0%32.2%18.2%2.9%0.1%7.2M-58.2M-863.0K0.6430.25N/AN/A1,23179121,30827,222
2020-01-16$206.82$200.0018.0%5.0%17.3%20.5%18.2%3.1%-0.7%11.8M-85.2M-841.2K0.3154.93N/AN/A2,22769121,49327,269
2020-01-17$206.83$200.0017.8%4.9%15.7%19.4%17.8%2.8%-0.9%10.4M-89.7M-883.2K1.3752.89N/AN/A2,7893,83322,48027,573
2020-01-21$206.79$200.0018.9%5.4%13.8%29.2%19.0%2.7%-0.2%6.2M-53.4M-952.3K1.1624.00N/AN/A1,7472,03016,47219,932
2020-01-22$207.18$207.5018.8%5.4%13.7%28.1%18.7%2.6%-0.3%6.6M-54.9M-997.5K2.2525.46N/AN/A8291,86717,26721,402
2020-01-23$208.38$207.5019.6%5.6%13.8%34.9%19.4%3.3%-0.6%8.0M-66.9M-1.0M8.7130.11N/AN/A8607,48817,54523,051
2020-01-24$209.09$210.0019.6%5.6%13.8%34.9%20.0%3.4%-0.3%6.9M-75.9M-1.1M0.5024.93N/AN/A1,43271418,02130,305
2020-01-27$213.62$210.0020.6%6.0%14.7%44.6%21.2%3.4%0.1%6.8M-107.3M-1.1M0.5031.77N/AN/A2,9131,44616,86529,500
2020-01-28$213.10$210.0019.8%5.8%14.7%36.8%20.2%2.7%0.5%7.5M-105.5M-1.1M1.0432.81N/AN/A1,5121,57517,65530,375
2020-01-29$213.79$210.0019.6%5.7%12.6%35.0%21.0%2.6%0.3%9.2M-120.9M-1.0M0.4344.62N/AN/A1,32256818,35331,191
2020-01-30$218.41$210.0020.1%5.8%14.1%39.6%20.9%3.0%0.1%9.1M-175.4M-1.1M0.5136.81N/AN/A2,8891,47218,72831,336
2020-01-31$216.62$210.0021.3%6.3%14.7%50.1%22.1%3.4%-0.0%8.9M-151.9M-1.2M1.3742.50N/AN/A2,6713,65419,97032,485