CME Options History — March 2020

In March 2020, CME traded between $139.04 and $223.25. ATM implied volatility averaged 62.5%, placing in the 76.2% IV rank vs the trailing year. The 30-day expected move averaged 18.3%. IV traded below realized volatility by 22.0% (HV 20d: 84.5%). Max pain ranged from $190.00 to $210.00. Net GEX was positive for 4 of 22 trading days. Term structure was in contango for 6 of 22 days. Put/call ratio averaged 1.17.

Notable Days

  • 2020-03-04: Highest Volume — 8,692 contracts
  • 2020-03-12: Largest IV spike — 34.9% change
  • 2020-03-11: Highest IV Rank — 100.0%
  • 2020-03-18: Largest Expected Move — 28.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$179.26$139.04$223.25$206.28$173.11
Max Pain$200.45$190.00$210.00$210.00$190.00
ATM IV62.5%32.1%100.6%37.5%61.5%
Expected Move18.3%10.0%28.8%11.9%18.0%
HV 20d84.5%44.4%122.8%44.4%116.6%
HV 60d51.3%28.3%72.9%28.3%72.8%
IV Rank76.2%47.3%100.0%62.9%53.8%
IV Percentile98.5%94.8%100.0%99.6%94.8%
Term Structure-1.6%-8.0%3.0%-0.5%-1.9%
VWIV63.5%38.6%103.1%42.3%60.9%
Skew 25d11.5%3.3%21.4%3.8%14.6%
Skew 10d22.6%3.7%39.2%3.7%35.6%
Call IV 25d55.8%30.9%90.3%35.9%52.9%
Put IV 25d67.4%34.2%106.2%39.7%67.5%
Bid-Ask Spread %53.6038.5571.4947.0263.21
Gamma HHI0.080.060.110.060.08
Net GEX-1.4M-5.0M10.9M-315.7K-2.7M
Net DEX136.9M-205.5M340.0M8.6M143.8M
Net VEX-1.8M-2.1M-1.6M-1.7M-2.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.170.373.750.770.44
Total Volume3,951.5451,7738,6923,8812,274
Total OI68,147.77362,78773,94064,26868,218

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-03-02$206.28$210.0037.5%11.9%44.4%62.9%42.3%3.8%-0.5%-315.7K8.6M-1.7M0.7747.02N/AN/A2,1881,69325,25939,009
2020-03-03$217.07$210.0042.3%14.5%48.2%76.6%52.5%4.0%-2.3%4.8M-124.2M-1.7M0.3747.85N/AN/A3,9171,45826,54040,162
2020-03-04$223.25$210.0032.1%10.8%49.1%47.3%38.7%3.3%-1.2%10.9M-205.5M-1.6M0.8655.75N/AN/A4,6764,01627,20440,943
2020-03-05$220.30$210.0037.8%10.0%49.0%63.8%38.6%5.9%-2.5%7.9M-166.6M-1.7M0.6449.75N/AN/A1,7631,13727,99243,752
2020-03-06$216.24$210.0048.4%12.2%49.5%94.2%43.6%7.7%-5.0%4.6M-86.2M-2.0M3.4145.14N/AN/A8712,96828,09844,873
2020-03-09$205.72$210.0049.5%13.9%52.6%97.6%47.2%9.6%0.1%-864.4K39.5M-2.1M0.9953.62N/AN/A1,01099825,64843,247
2020-03-10$204.88$210.0047.5%13.9%52.6%91.7%44.7%6.5%1.3%-2.0M59.5M-2.0M1.2638.55N/AN/A1,0171,28125,56843,565
2020-03-11$195.43$210.0053.6%15.4%55.0%100.0%50.7%15.2%-0.2%-4.7M148.9M-2.0M0.5150.50N/AN/A2,3021,18225,70143,123
2020-03-12$175.53$200.0072.4%19.6%66.0%100.0%67.3%19.7%-5.4%-4.7M259.1M-1.9M1.2244.95N/AN/A2,3982,92226,86943,442
2020-03-13$176.18$200.0068.3%19.5%66.0%92.9%66.9%19.3%-2.2%-5.0M262.0M-1.9M1.4046.95N/AN/A2,4463,43327,64243,126
2020-03-16$150.11$200.0087.9%25.3%84.1%100.0%84.4%17.8%-1.9%-3.5M312.5M-1.7M1.6341.76N/AN/A1,9013,09925,86542,016
2020-03-17$162.42$200.0082.4%23.7%90.6%92.4%81.3%15.8%-3.4%-4.0M277.3M-1.8M1.3846.16N/AN/A1,4221,96426,50542,143
2020-03-18$141.35$200.00100.6%28.8%100.9%100.0%103.1%15.9%-8.0%-3.1M316.6M-1.6M1.7953.01N/AN/A1,0091,80427,31642,716
2020-03-19$157.65$200.0082.0%23.7%110.6%78.1%85.2%21.4%-4.9%-4.0M292.2M-1.8M3.7561.00N/AN/A1,2814,80627,45943,308
2020-03-20$148.82$195.0068.8%19.6%111.5%62.5%68.0%9.4%2.4%-3.8M340.0M-1.6M1.2171.49N/AN/A2,8413,45127,97045,970
2020-03-23$139.04$195.0078.1%24.4%112.7%73.5%82.7%7.8%-2.1%-3.4M274.3M-1.6M0.6258.47N/AN/A1,31281821,72941,058
2020-03-24$152.57$190.0063.7%18.3%119.6%56.4%65.4%9.6%3.0%-4.1M248.4M-1.7M0.5865.93N/AN/A1,61293921,62641,261
2020-03-25$159.32$190.0066.7%19.4%118.6%60.0%67.8%11.0%-0.8%-3.6M210.4M-1.8M0.4161.73N/AN/A1,26151222,45341,640
2020-03-26$172.00$190.0061.8%19.1%122.8%54.2%66.9%10.2%1.5%-3.0M139.7M-2.0M0.4755.11N/AN/A2,7721,29523,06941,818
2020-03-27$173.65$190.0067.1%20.1%120.3%60.5%70.6%10.8%2.3%-3.1M124.9M-2.0M0.6159.68N/AN/A2,7081,66224,47242,506
2020-03-30$172.69$190.0065.2%19.4%118.6%58.2%68.7%14.3%-3.3%-2.5M136.5M-2.0M1.3261.60N/AN/A1,0851,43024,30742,063
2020-03-31$173.11$190.0061.5%18.0%116.6%53.8%60.9%14.6%-1.9%-2.7M143.8M-2.0M0.4463.21N/AN/A1,57769725,03343,185