CME Options History — February 2020

In February 2020, CME traded between $196.67 and $220.54. ATM implied volatility averaged 23.8%, placing in the 56.9% IV rank vs the trailing year. The 30-day expected move averaged 6.9%. IV traded above realized volatility by 4.0% (HV 20d: 19.8%). Max pain ranged from $200.00 to $210.00. Net GEX was positive for 16 of 19 trading days. Term structure was in contango for 4 of 19 days. Put/call ratio averaged 0.69.

Notable Days

  • 2020-02-26: Highest Volume — 11,216 contracts
  • 2020-02-28: Largest IV spike — 48.4% change
  • 2020-02-26: Highest IV Rank — 100.0%
  • 2020-02-28: Largest Expected Move — 15.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$211.12$196.67$220.54$214.39$196.67
Max Pain$205.26$200.00$210.00$210.00$210.00
ATM IV23.8%17.9%50.4%21.9%50.4%
Expected Move6.9%5.1%15.1%6.5%15.1%
HV 20d19.8%14.5%40.3%14.9%40.3%
HV 60d16.7%14.7%26.5%14.9%26.5%
IV Rank56.9%19.7%100.0%55.6%100.0%
IV Percentile75.5%21.8%100.0%85.7%100.0%
Term Structure-0.8%-6.5%0.6%0.6%-6.5%
VWIV24.3%17.4%53.5%23.2%53.5%
Skew 25d3.7%2.7%5.2%4.3%2.7%
Skew 10d7.4%5.1%18.4%8.1%18.4%
Call IV 25d22.4%16.7%49.1%20.4%49.1%
Put IV 25d26.1%20.1%51.9%24.7%51.9%
Bid-Ask Spread %43.5931.5956.3044.5545.79
Gamma HHI0.080.060.140.080.06
Net GEX3.1M-5.1M11.9M4.9M-2.2M
Net DEX-55.3M-190.1M92.8M-98.7M92.8M
Net VEX-1.2M-1.8M-1.1M-1.1M-1.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.690.181.291.111.29
Total Volume3,891.7891,42311,2162,0456,155
Total OI57,288.36852,90564,82153,90564,821

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-02-03$214.39$210.0021.9%6.5%14.9%55.6%23.2%4.3%0.6%4.9M-98.7M-1.1M1.1144.55N/AN/A9701,07519,78334,122
2020-02-04$216.24$210.0022.0%6.6%15.1%56.9%22.7%3.3%-0.3%4.9M-114.7M-1.1M1.2342.42N/AN/A1,1061,36519,90034,654
2020-02-05$213.04$210.0022.6%6.7%16.3%61.7%23.6%3.9%-0.3%3.6M-70.9M-1.2M0.5144.17N/AN/A1,26964920,18134,762
2020-02-06$212.52$200.0022.3%6.3%16.4%59.1%22.0%4.0%-0.5%4.6M-71.9M-1.1M0.6956.04N/AN/A92563620,49434,763
2020-02-07$213.62$200.0022.4%6.4%16.0%60.3%22.5%3.8%-0.3%3.3M-82.0M-1.2M0.3556.30N/AN/A1,05736620,53434,905
2020-02-10$213.44$200.0022.3%6.4%14.5%59.3%21.8%4.1%0.1%3.4M-75.6M-1.1M1.0647.86N/AN/A9971,05419,03433,871
2020-02-11$212.11$200.0021.5%6.2%14.6%51.8%20.5%3.8%0.2%2.0M-58.3M-1.1M0.9255.21N/AN/A1,8841,74019,27134,513
2020-02-12$207.53$200.0019.2%5.2%16.8%31.4%18.9%3.6%-1.0%-5.1M4.5M-1.1M1.2245.45N/AN/A3,4954,26820,41735,833
2020-02-13$208.31$200.0019.3%5.4%16.7%32.3%19.3%3.5%-0.8%-3.5M-15.0M-1.1M1.0035.57N/AN/A1,7041,71121,41337,105
2020-02-14$212.65$200.0017.9%5.1%17.8%19.7%17.4%3.4%-0.2%9.2M-88.4M-1.1M0.5531.59N/AN/A1,8851,04221,72637,988
2020-02-18$213.72$200.0019.0%5.4%17.9%29.8%19.4%3.9%-0.6%6.2M-88.6M-1.1M0.8235.91N/AN/A1,7501,43319,97535,417
2020-02-19$208.38$200.0018.6%5.3%20.3%26.3%19.0%2.9%-0.2%633.5K-16.2M-1.1M0.3841.10N/AN/A1,81869720,65736,281
2020-02-20$208.50$210.0019.2%5.5%20.3%31.2%20.2%3.6%0.2%243.8K-13.0M-1.2M0.3133.98N/AN/A2,13767121,25436,572
2020-02-21$209.15$210.0021.0%6.1%20.2%47.5%21.4%3.5%-0.6%3.6M-25.2M-1.2M0.3244.86N/AN/A2,23271422,47036,785
2020-02-24$209.46$210.0022.8%6.7%20.2%63.4%22.2%4.1%-0.2%2.4M-35.6M-1.2M0.1839.32N/AN/A3,76768220,42835,160
2020-02-25$208.35$210.0026.2%7.7%18.6%94.1%27.3%4.1%-0.7%2.6M-29.5M-1.3M0.5336.11N/AN/A3,6631,93422,37735,531
2020-02-26$220.54$210.0029.3%8.6%27.8%100.0%30.6%2.8%-1.2%11.9M-190.1M-1.4M0.1841.50N/AN/A9,5201,69624,84436,941
2020-02-27$212.57$210.0034.0%10.3%30.9%100.0%35.9%5.2%-2.6%6.6M-75.4M-1.6M0.5250.56N/AN/A3,8572,02026,07237,625
2020-02-28$196.67$210.0050.4%15.1%40.3%100.0%53.5%2.7%-6.5%-2.2M92.8M-1.8M1.2945.79N/AN/A2,6823,47326,52238,299