CME Options History — September 2021

In September 2021, CME traded between $186.80 and $199.23. ATM implied volatility averaged 21.5%, placing in the 19.4% IV rank vs the trailing year. The 30-day expected move averaged 6.1%. IV traded above realized volatility by 6.8% (HV 20d: 14.7%). Max pain ranged from $200.00 to $200.00. Net GEX was positive for 6 of 21 trading days. Term structure was in contango for 16 of 21 days. Put/call ratio averaged 0.87.

Notable Days

  • 2021-09-10: Highest Volume — 4,314 contracts
  • 2021-09-20: Largest IV spike — 25.7% change
  • 2021-09-20: Highest IV Rank — 40.3%
  • 2021-09-20: Largest Expected Move — 7.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$192.78$186.80$199.23$199.23$194.29
Max Pain$200.00$200.00$200.00$200.00$200.00
ATM IV21.5%18.9%26.0%18.9%24.4%
Expected Move6.1%5.2%7.3%5.2%6.6%
HV 20d14.7%9.3%16.7%15.4%16.7%
HV 60d15.5%14.9%16.5%15.5%15.9%
IV Rank19.4%7.1%40.3%7.1%33.0%
IV Percentile31.0%7.1%65.1%7.1%56.3%
Term Structure0.4%-1.3%3.1%0.5%0.1%
VWIV21.7%18.6%26.6%18.6%23.8%
Skew 25d3.9%2.1%5.6%2.4%3.4%
Skew 10d8.3%5.2%15.1%5.4%6.0%
Call IV 25d20.4%18.2%23.7%18.6%23.7%
Put IV 25d24.3%21.0%28.8%21.0%27.1%
Bid-Ask Spread %75.4366.9381.3478.4678.32
Gamma HHI0.110.070.290.120.09
Net GEX-4.7M-14.7M5.3M-8.1M108.1K
Net DEX112.2M-35.7M197.9M68.7M62.4M
Net VEX-1.3M-1.3M-1.2M-1.3M-1.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.870.283.771.420.90
Total Volume2,284.5716214,314706934
Total OI61,06854,73769,17759,94157,865

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2021-09-01$199.23$200.0018.9%5.2%15.4%7.1%18.6%2.4%0.5%-8.1M68.7M-1.3M1.4278.46N/AN/A29241426,82233,119
2021-09-02$197.06$200.0019.8%5.8%15.6%11.3%20.6%2.7%0.7%-10.2M102.6M-1.2M0.2877.45N/AN/A2,92680527,12333,377
2021-09-03$195.69$200.0019.8%5.9%15.1%11.3%20.9%2.1%0.3%-11.9M125.9M-1.2M0.5478.66N/AN/A2,1661,16727,42933,633
2021-09-07$193.50$200.0019.7%5.8%15.4%10.9%20.7%2.5%0.4%-8.6M137.5M-1.2M1.1079.02N/AN/A1,2581,38328,46133,193
2021-09-08$193.56$200.0020.2%5.9%15.4%13.4%21.2%2.7%0.3%-8.3M135.0M-1.2M0.7876.77N/AN/A88468729,45234,178
2021-09-09$192.97$200.0019.8%5.8%15.4%11.6%21.3%3.7%0.6%-7.3M141.2M-1.3M0.5274.39N/AN/A2,0961,09130,06235,056
2021-09-10$189.69$200.0020.9%6.1%16.1%16.6%21.0%4.7%0.5%-14.7M193.4M-1.2M0.5076.36N/AN/A2,8771,43730,18735,267
2021-09-13$188.81$200.0021.0%6.1%16.1%17.0%21.6%3.5%0.1%-7.7M188.5M-1.2M1.0776.76N/AN/A85891529,43234,296
2021-09-14$188.50$200.0021.9%6.3%16.1%21.0%24.9%4.4%0.1%-6.4M184.7M-1.2M0.7078.47N/AN/A1,16881630,90034,950
2021-09-15$188.71$200.0021.4%6.1%16.1%19.1%22.5%4.7%0.6%-6.4M184.3M-1.3M3.7781.34N/AN/A5171,94831,09535,287
2021-09-16$189.01$200.0020.8%6.0%11.8%16.1%21.2%3.5%0.1%-6.0M182.3M-1.3M1.1680.25N/AN/A66576931,76035,701
2021-09-17$188.39$200.0020.7%6.0%11.8%15.7%21.4%4.8%-1.3%-5.2M197.9M-1.3M1.5878.57N/AN/A1,3072,06732,17537,002
2021-09-20$187.14$200.0026.0%7.3%11.8%40.3%26.6%5.2%0.4%-4.7M159.3M-1.3M0.5169.80N/AN/A1,50477025,01829,719
2021-09-21$186.80$200.0023.6%6.6%9.3%29.0%23.0%5.5%-0.2%-5.9M165.9M-1.2M0.4169.92N/AN/A1,37656525,60630,674
2021-09-22$189.32$200.0021.6%5.9%11.0%19.8%20.8%4.6%1.6%-2.5M131.3M-1.3M0.6573.24N/AN/A69545025,89931,000
2021-09-23$193.76$200.0020.5%5.6%14.3%14.8%19.6%3.9%1.9%4.2M51.2M-1.3M0.2871.80N/AN/A2,26463426,76131,164
2021-09-24$198.01$200.0019.8%5.7%16.5%11.6%20.8%5.6%3.1%5.3M-35.7M-1.3M0.5972.44N/AN/A1,7891,06326,88831,326
2021-09-27$198.55$200.0022.0%5.8%16.5%21.6%21.0%3.6%-0.1%2.0M-17.6M-1.3M0.5366.93N/AN/A2,0751,09225,29830,972
2021-09-28$198.70$200.0023.9%6.5%16.5%30.4%22.9%3.7%-0.2%2.2M-16.1M-1.3M0.6070.30N/AN/A1,02260925,69931,120
2021-09-29$196.61$200.0024.9%6.4%16.5%35.0%22.2%4.1%-0.9%1.9M14.3M-1.3M0.3874.82N/AN/A45017126,30031,162
2021-09-30$194.29$200.0024.4%6.6%16.7%33.0%23.8%3.4%0.1%108.1K62.4M-1.3M0.9078.32N/AN/A49244226,56131,304