CME Options History — March 2021

In March 2021, CME traded between $199.08 and $214.63. ATM implied volatility averaged 27.0%, placing in the 6.2% IV rank vs the trailing year. The 30-day expected move averaged 7.6%. IV traded below realized volatility by 1.4% (HV 20d: 28.4%). Max pain ranged from $190.00 to $200.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 13 of 23 days. Put/call ratio averaged 0.80.

Notable Days

  • 2021-03-08: Highest Volume — 15,110 contracts
  • 2021-03-29: Largest IV spike — 10.5% change
  • 2021-03-08: Highest IV Rank — 11.4%
  • 2021-03-08: Largest Expected Move — 9.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$206.80$199.08$214.63$209.94$204.24
Max Pain$198.70$190.00$200.00$190.00$200.00
ATM IV27.0%22.7%31.5%29.1%24.5%
Expected Move7.6%6.1%9.0%8.3%6.1%
HV 20d28.4%23.9%33.3%31.2%24.7%
HV 60d31.0%29.9%31.8%29.9%31.8%
IV Rank6.2%0.1%11.4%8.3%4.4%
IV Percentile30.2%0.4%61.5%44.4%12.7%
Term Structure0.3%-1.7%2.4%-0.2%-1.0%
VWIV27.1%22.2%31.1%29.1%22.2%
Skew 25d2.0%0.4%7.0%2.0%2.0%
Skew 10d4.6%-0.1%10.8%8.5%3.4%
Call IV 25d26.7%22.6%32.1%28.2%24.5%
Put IV 25d28.8%24.4%33.6%30.2%26.6%
Bid-Ask Spread %68.5859.5184.0662.7164.49
Gamma HHI0.140.120.170.150.13
Net GEX10.5M3.2M16.5M16.5M6.8M
Net DEX-199.4M-382.5M-57.8M-331.2M-120.9M
Net VEX-1.6M-1.7M-1.4M-1.7M-1.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.800.143.810.310.41
Total Volume3,143.21792415,1105,4811,029
Total OI65,477.17455,38573,82769,24558,670

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2021-03-01$209.94$190.0029.1%8.3%31.2%8.3%29.1%2.0%-0.2%16.5M-331.2M-1.7M0.3162.71N/AN/A4,1921,28938,52130,724
2021-03-02$207.53$190.0028.9%8.1%29.8%8.1%28.6%1.5%1.7%14.6M-289.6M-1.6M3.8165.85N/AN/A9903,76938,27330,391
2021-03-03$206.64$190.0030.3%8.2%29.2%9.8%29.4%1.6%-0.9%13.5M-268.5M-1.7M0.2260.31N/AN/A3,31372738,60331,213
2021-03-04$206.54$200.0030.6%8.6%29.2%10.2%30.2%2.3%-0.6%12.4M-265.9M-1.6M0.9084.06N/AN/A62255837,68131,116
2021-03-05$214.31$200.0030.4%8.8%31.5%10.0%30.5%4.3%-0.3%15.5M-382.5M-1.6M1.1766.76N/AN/A4,2424,97937,88230,979
2021-03-08$214.63$200.0031.5%9.0%31.3%11.4%31.1%1.5%0.1%16.0M-362.9M-1.6M0.2268.80N/AN/A12,3942,71638,47830,842
2021-03-09$210.03$200.0030.6%8.4%32.6%10.3%29.6%7.0%-0.5%13.5M-226.2M-1.6M0.9877.47N/AN/A98096234,82631,644
2021-03-10$206.66$200.0028.6%8.4%33.3%7.6%29.8%2.0%0.0%9.6M-169.9M-1.6M0.2971.04N/AN/A97727934,93932,271
2021-03-11$205.65$200.0027.8%8.0%28.6%6.6%28.6%2.0%-0.1%9.0M-162.7M-1.6M0.6370.98N/AN/A3,7332,35235,12332,345
2021-03-12$208.93$200.0028.0%8.1%27.5%6.8%29.1%1.4%0.5%13.3M-224.4M-1.7M0.4467.70N/AN/A1,43563237,19034,431
2021-03-15$208.03$200.0028.3%8.1%27.6%7.2%28.5%2.2%1.0%12.2M-201.9M-1.6M0.1472.22N/AN/A3,42848936,81832,573
2021-03-16$207.13$200.0026.5%7.6%26.6%4.9%28.9%0.9%0.4%12.9M-196.3M-1.6M0.8874.11N/AN/A64156339,39232,919
2021-03-17$206.77$200.0026.2%7.5%26.6%4.6%26.9%0.6%-0.1%12.3M-201.2M-1.6M1.5176.97N/AN/A62894839,54833,226
2021-03-18$206.29$200.0026.9%7.7%26.4%5.5%27.4%1.3%1.0%10.4M-187.6M-1.6M0.4874.45N/AN/A62930039,65533,897
2021-03-19$203.18$200.0025.1%7.3%27.1%4.2%26.1%0.4%-1.7%5.0M-143.2M-1.5M1.2067.80N/AN/A79295439,79534,032
2021-03-22$199.08$200.0022.7%6.4%28.2%0.1%22.8%0.9%1.4%3.3M-58.9M-1.5M0.4959.51N/AN/A1,12755132,32223,063
2021-03-23$199.47$200.0023.1%6.4%27.3%0.9%23.4%1.8%1.5%3.2M-57.8M-1.4M0.5463.82N/AN/A1,09058932,74423,388
2021-03-24$205.53$200.0023.6%6.8%29.1%2.2%24.2%2.4%1.5%7.6M-136.2M-1.5M0.5064.83N/AN/A1,18159233,15823,823
2021-03-25$205.04$200.0024.3%7.0%28.4%3.8%25.3%2.1%1.4%7.7M-133.1M-1.5M0.5065.61N/AN/A61431033,53224,161
2021-03-26$207.08$200.0023.6%6.6%27.8%2.1%22.6%2.0%1.1%8.9M-159.0M-1.5M0.5264.76N/AN/A86244733,68724,220
2021-03-29$209.05$200.0026.1%7.8%23.9%7.7%25.1%3.2%2.4%9.8M-180.6M-1.4M0.5069.07N/AN/A79139933,01923,677
2021-03-30$204.61$200.0025.1%6.6%24.8%5.8%22.7%1.6%-0.9%7.3M-126.6M-1.4M1.7463.99N/AN/A8021,39733,33323,851
2021-03-31$204.24$200.0024.5%6.1%24.7%4.4%22.2%2.0%-1.0%6.8M-120.9M-1.4M0.4164.49N/AN/A72830133,64325,027