CME Options History — May 2020

In May 2020, CME traded between $173.06 and $187.01. ATM implied volatility averaged 34.1%, placing in the 21.4% IV rank vs the trailing year. The 30-day expected move averaged 9.9%. IV traded below realized volatility by 3.7% (HV 20d: 37.7%). Max pain ranged from $177.50 to $190.00. Net GEX was positive for 5 of 20 trading days. Term structure was in contango for 13 of 20 days. Put/call ratio averaged 1.01.

Notable Days

  • 2020-05-27: Highest Volume — 5,265 contracts
  • 2020-05-13: Largest IV spike — 18.0% change
  • 2020-05-13: Highest IV Rank — 25.9%
  • 2020-05-01: Largest Expected Move — 11.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$179.31$173.06$187.01$173.88$181.96
Max Pain$189.38$177.50$190.00$177.50$190.00
ATM IV34.1%30.6%37.9%37.4%31.2%
Expected Move9.9%8.6%11.4%11.4%9.1%
HV 20d37.7%34.5%44.4%44.4%36.8%
HV 60d77.0%74.5%78.3%76.9%74.5%
IV Rank21.4%17.3%25.9%25.3%18.0%
IV Percentile80.3%75.4%84.9%84.1%75.4%
Term Structure0.6%-1.7%3.1%-0.6%-1.0%
VWIV34.9%28.9%39.5%39.2%35.7%
Skew 25d11.6%8.3%24.6%24.6%9.6%
Skew 10d23.4%18.7%29.6%29.6%22.7%
Call IV 25d29.1%26.0%32.1%29.1%27.9%
Put IV 25d40.6%35.4%53.7%53.7%37.5%
Bid-Ask Spread %53.4227.0963.6060.1559.83
Gamma HHI0.070.060.110.060.06
Net GEX-1.8M-4.7M2.8M-4.3M-2.5M
Net DEX103.7M33.0M164.6M164.6M86.8M
Net VEX-1.8M-1.9M-1.6M-1.9M-1.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.010.252.520.920.81
Total Volume2,6251,0075,2652,8862,618
Total OI81,661.775,92885,80385,80382,747

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-05-01$173.88$177.5037.4%11.4%44.4%25.3%39.2%24.6%-0.6%-4.3M164.6M-1.9M0.9260.15N/AN/A1,5051,38136,05649,747
2020-05-04$173.06$190.0036.3%11.0%43.4%24.1%39.3%18.4%3.1%-4.1M163.3M-1.9M2.1737.15N/AN/A1,6363,54334,65947,147
2020-05-05$178.56$190.0035.1%10.3%41.7%22.6%33.4%11.0%0.2%-2.3M113.9M-1.9M0.2538.60N/AN/A1,25131534,25848,558
2020-05-06$174.22$190.0036.3%10.8%42.5%24.0%39.3%15.2%1.0%-3.8M152.5M-1.9M1.0227.09N/AN/A1,0131,03534,72948,560
2020-05-07$178.74$190.0035.2%10.2%43.6%22.7%33.3%11.8%1.1%-1.2M102.0M-1.9M0.3029.68N/AN/A2,00359935,11249,212
2020-05-08$180.16$190.0033.5%9.9%38.0%20.7%34.2%10.0%0.8%79.8K77.3M-1.9M0.5059.98N/AN/A88844136,23449,353
2020-05-11$184.37$190.0031.8%9.4%36.0%18.7%32.7%10.7%0.7%2.8M34.8M-1.9M0.4362.44N/AN/A1,62469935,16547,635
2020-05-12$179.83$190.0032.1%9.8%35.2%19.1%34.6%10.4%2.4%132.6K85.8M-1.8M1.0363.60N/AN/A90793035,90847,722
2020-05-13$177.13$190.0037.9%11.0%35.3%25.9%39.5%10.5%0.4%-2.1M113.6M-1.8M1.4363.06N/AN/A1,2351,76935,77448,099
2020-05-14$179.73$190.0037.5%11.1%35.8%25.4%39.5%13.9%1.4%-694.6K87.8M-1.9M0.8759.90N/AN/A53846935,98048,985
2020-05-15$180.41$190.0035.7%10.2%34.8%23.4%36.8%13.6%-0.0%2.1M79.4M-1.8M1.0462.19N/AN/A1,9242,00036,18349,250
2020-05-18$187.01$190.0031.0%8.9%34.8%17.8%33.1%8.3%2.0%904.6K33.0M-1.8M0.9055.18N/AN/A1,2081,08232,56343,365
2020-05-19$180.31$190.0034.4%9.8%35.8%21.7%34.7%8.7%1.2%-1.6M98.1M-1.7M0.8756.32N/AN/A1,7491,51632,97443,486
2020-05-20$181.22$190.0032.8%9.4%35.5%19.9%33.4%9.3%0.1%-2.2M96.5M-1.7M2.1954.80N/AN/A33072233,42444,505
2020-05-21$177.99$190.0034.6%9.9%35.9%22.0%36.0%8.5%-0.2%-3.5M127.8M-1.7M2.5256.79N/AN/A4161,04733,46944,875
2020-05-22$178.05$190.0032.5%9.2%34.5%19.5%33.6%9.3%1.5%-4.7M132.0M-1.7M0.7351.83N/AN/A1,29494233,58445,358
2020-05-26$182.76$190.0030.6%8.6%35.0%17.3%28.9%9.0%-0.4%-2.3M80.8M-1.6M0.4256.50N/AN/A2,38599633,03744,485
2020-05-27$176.12$190.0033.7%9.5%37.1%21.0%32.5%9.4%-1.7%-4.7M152.6M-1.6M1.0055.58N/AN/A2,6342,63134,19744,970
2020-05-28$180.69$190.0031.8%9.1%38.3%18.7%29.1%8.9%-0.5%-2.4M92.1M-1.6M0.8557.82N/AN/A1,7441,48134,88346,986
2020-05-29$181.96$190.0031.2%9.1%36.8%18.0%35.7%9.6%-1.0%-2.5M86.8M-1.7M0.8159.83N/AN/A1,4471,17134,91047,837