CME Options History — November 2021

In November 2021, CME traded between $218.20 and $229.03. ATM implied volatility averaged 22.3%, placing in the 22.9% IV rank vs the trailing year. The 30-day expected move averaged 6.4%. IV traded above realized volatility by 6.5% (HV 20d: 15.8%). Max pain ranged from $200.00 to $210.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 14 of 21 days. Put/call ratio averaged 2.49.

Notable Days

  • 2021-11-23: Highest Volume — 12,069 contracts
  • 2021-11-26: Largest IV spike — 22.3% change
  • 2021-11-26: Highest IV Rank — 53.8%
  • 2021-11-26: Largest Expected Move — 8.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$223.50$218.20$229.03$218.20$221.96
Max Pain$203.33$200.00$210.00$200.00$210.00
ATM IV22.3%19.4%29.0%19.8%26.4%
Expected Move6.4%5.8%8.1%6.0%7.7%
HV 20d15.8%12.4%18.4%18.4%16.1%
HV 60d17.1%16.2%18.0%17.7%17.5%
IV Rank22.9%9.8%53.8%11.5%42.0%
IV Percentile43.3%11.9%92.1%17.1%82.1%
Term Structure0.4%-3.0%2.9%1.0%2.4%
VWIV23.1%20.7%28.4%21.5%27.3%
Skew 25d2.4%0.7%4.1%3.1%1.1%
Skew 10d5.7%0.9%9.7%6.8%6.2%
Call IV 25d21.8%18.5%28.5%19.3%27.3%
Put IV 25d24.3%21.3%30.0%22.4%28.4%
Bid-Ask Spread %75.3259.1186.5459.1178.24
Gamma HHI0.150.120.260.150.17
Net GEX12.6M7.9M21.5M10.0M11.2M
Net DEX-242.2M-299.1M-195.9M-195.9M-208.4M
Net VEX-854.8K-1.0M-734.7K-914.4K-949.6K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.490.834.062.162.85
Total Volume7,838.7146,60012,0697,9417,169
Total OI50,017.28644,33152,45649,61250,200

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2021-11-01$218.20$200.0019.8%6.0%18.4%11.5%21.5%3.1%1.0%10.0M-195.9M-914.4K2.1659.11N/AN/A2,5125,42924,08925,523
2021-11-02$220.77$200.0020.8%5.9%17.6%15.9%20.7%0.9%1.6%12.2M-228.1M-912.2K2.6366.35N/AN/A2,0495,39524,47725,839
2021-11-03$220.51$200.0020.5%5.8%17.5%14.9%20.7%2.4%-0.2%11.7M-230.3M-896.3K3.0871.57N/AN/A1,7145,28224,90725,870
2021-11-04$220.05$200.0022.6%6.2%17.2%24.2%21.9%2.4%1.1%12.4M-226.9M-913.2K0.8573.56N/AN/A6,4685,47925,01226,002
2021-11-05$221.93$200.0023.2%6.6%17.1%27.3%23.0%3.4%0.0%12.4M-237.1M-939.1K2.0677.00N/AN/A2,6935,55326,25026,206
2021-11-08$220.61$200.0023.0%6.5%17.5%26.2%22.5%4.1%-2.1%11.5M-218.6M-867.4K3.3471.68N/AN/A1,6215,41524,78925,773
2021-11-09$221.92$200.0022.4%6.5%17.5%23.6%23.5%0.8%-0.1%11.3M-229.1M-872.5K3.2772.88N/AN/A1,5945,20724,94625,958
2021-11-10$221.05$200.0021.4%6.3%17.7%19.1%23.4%0.7%1.0%12.3M-223.6M-855.8K3.7783.53N/AN/A1,4105,31425,06625,989
2021-11-11$222.69$200.0019.4%6.1%17.6%9.8%22.3%3.4%2.9%14.3M-248.9M-785.6K4.0678.88N/AN/A1,3495,47925,08925,982
2021-11-12$224.77$200.0020.4%6.2%15.9%14.2%22.9%2.8%1.6%21.5M-271.3M-763.3K2.9781.82N/AN/A1,8675,53825,06025,966
2021-11-15$226.58$200.0021.0%5.9%15.7%17.0%22.9%3.4%1.0%13.0M-270.9M-775.4K2.9183.85N/AN/A1,6864,91424,03625,192
2021-11-16$225.50$200.0020.3%5.8%15.2%14.0%21.4%2.5%1.9%13.5M-273.7M-734.7K1.5582.42N/AN/A3,0874,77224,24125,263
2021-11-17$226.97$200.0020.5%5.9%13.5%14.7%22.5%3.9%1.7%15.6M-299.1M-810.6K1.4686.54N/AN/A3,3964,96025,83125,519
2021-11-18$226.27$200.0020.4%5.8%13.7%14.3%22.1%3.2%0.6%15.1M-283.7M-812.1K2.3582.24N/AN/A2,2915,37425,71925,609
2021-11-19$223.36$210.0021.7%6.3%13.2%20.2%22.0%3.8%-1.0%12.0M-240.1M-835.4K2.4383.74N/AN/A2,1755,28926,13726,176
2021-11-22$224.96$210.0021.3%6.0%13.2%18.3%22.5%2.6%0.1%7.9M-206.5M-762.8K2.9668.37N/AN/A1,7595,21021,83222,499
2021-11-23$227.56$210.0025.0%6.8%13.3%35.5%25.5%2.4%-3.0%8.7M-227.6M-810.6K0.8364.63N/AN/A6,6075,46222,07022,633
2021-11-24$229.03$210.0023.7%6.4%12.4%29.4%23.8%1.1%-2.4%14.7M-290.2M-883.0K1.9667.62N/AN/A2,7655,42026,16922,932
2021-11-26$223.24$210.0029.0%8.1%15.9%53.8%28.4%1.4%1.1%10.1M-219.1M-1.0M2.1974.60N/AN/A2,4235,31326,69723,030
2021-11-29$225.48$210.0024.7%6.7%15.7%34.3%24.6%1.9%-0.4%14.0M-258.0M-855.1K2.6473.13N/AN/A1,9715,20226,95022,835
2021-11-30$221.96$210.0026.4%7.7%16.1%42.0%27.3%1.1%2.4%11.2M-208.4M-949.6K2.8578.24N/AN/A1,8605,30927,23022,970