CME Options History — February 2023

In February 2023, CME traded between $174.27 and $188.86. ATM implied volatility averaged 20.7%, placing in the 13.6% IV rank vs the trailing year. The 30-day expected move averaged 6.0%. IV traded below realized volatility by 1.3% (HV 20d: 22.0%). Max pain ranged from $175.00 to $175.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 10 of 19 days. Put/call ratio averaged 0.77.

Notable Days

  • 2023-02-08: Highest Volume — 6,673 contracts
  • 2023-02-08: Largest IV drop — 11.4% change
  • 2023-02-06: Highest IV Rank — 27.9%
  • 2023-02-01: Largest Expected Move — 7.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$183.77$174.27$188.86$176.95$185.64
Max Pain$175.00$175.00$175.00$175.00$175.00
ATM IV20.7%18.8%23.7%22.2%20.2%
Expected Move6.0%5.4%7.2%7.2%6.0%
HV 20d22.0%12.0%25.0%15.4%24.3%
HV 60d20.1%17.8%21.3%18.3%20.5%
IV Rank13.6%4.5%27.9%21.0%11.2%
IV Percentile5.0%1.2%25.0%8.3%4.0%
Term Structure-0.0%-0.8%1.1%0.6%0.4%
VWIV21.4%19.2%25.6%25.2%21.2%
Skew 25d3.9%3.0%5.2%5.1%3.4%
Skew 10d8.4%6.1%13.6%11.6%7.8%
Call IV 25d19.1%17.6%21.9%20.0%18.7%
Put IV 25d23.0%21.3%26.5%25.2%22.1%
Bid-Ask Spread %63.2335.2178.7978.7972.61
Gamma HHI0.160.120.220.160.14
Net GEX8.3M2.4M13.0M6.2M6.5M
Net DEX-92.0M-175.1M15.9M-19.6M-87.8M
Net VEX-1.2M-1.3M-1.1M-1.1M-1.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.770.301.990.871.28
Total Volume2,165.1587016,6731,5241,878
Total OI44,970.10540,54148,50940,54146,000

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-02-01$176.95$175.0022.2%7.2%15.4%21.0%25.2%5.1%0.6%6.2M-19.6M-1.1M0.8778.79N/AN/A81570919,18221,359
2023-02-02$175.31$175.0020.9%6.3%15.9%14.8%22.4%3.6%1.1%4.2M6.3M-1.1M0.5776.12N/AN/A1,17566919,42721,761
2023-02-03$175.55$175.0022.2%6.4%15.9%20.8%22.2%3.8%0.2%6.4M3.4M-1.2M0.3074.32N/AN/A1,37140519,67522,118
2023-02-06$174.27$175.0023.7%6.7%12.0%27.9%24.3%4.2%-0.4%2.4M15.9M-1.1M0.9773.56N/AN/A35534619,19021,771
2023-02-07$177.82$175.0022.8%6.5%14.0%23.8%25.6%5.2%0.2%4.5M-22.9M-1.2M0.5771.64N/AN/A2,5401,45619,41822,042
2023-02-08$187.89$175.0020.2%5.8%23.8%11.2%22.4%3.6%0.6%9.4M-161.0M-1.2M0.3445.33N/AN/A4,9731,70021,03223,102
2023-02-09$184.02$175.0021.0%6.1%25.0%15.3%21.1%4.4%0.4%11.7M-117.2M-1.2M0.6770.46N/AN/A2,1181,42622,97823,541
2023-02-10$184.32$175.0020.6%5.9%25.0%13.2%21.4%3.8%0.2%12.3M-119.5M-1.2M0.7270.19N/AN/A1,5991,15023,54324,316
2023-02-13$185.75$175.0021.1%6.0%25.0%15.7%20.9%4.5%-0.7%10.8M-127.7M-1.3M0.6839.02N/AN/A1,6271,11122,70023,553
2023-02-14$186.57$175.0020.3%5.8%25.0%11.8%19.3%4.2%-0.6%11.7M-141.4M-1.3M0.8272.87N/AN/A47739123,35024,237
2023-02-15$187.39$175.0019.6%5.6%25.0%8.4%20.4%3.6%0.0%12.1M-151.2M-1.3M1.9951.30N/AN/A29859323,53324,383
2023-02-16$188.21$175.0018.8%5.4%24.8%4.5%19.3%3.4%-0.5%13.0M-166.8M-1.3M0.4235.21N/AN/A1,07045323,56124,481
2023-02-17$188.86$175.0019.0%5.4%24.7%5.2%19.6%4.0%0.2%8.9M-175.1M-1.3M0.4035.37N/AN/A2,26290123,81624,693
2023-02-21$188.03$175.0019.9%6.0%24.7%9.6%20.7%3.4%-0.4%7.9M-111.5M-1.3M0.9746.37N/AN/A47045720,87023,130
2023-02-22$186.46$175.0021.0%5.9%24.8%15.0%22.3%3.8%-0.8%7.1M-93.6M-1.3M0.4967.93N/AN/A1,11054021,10123,425
2023-02-23$186.96$175.0020.0%5.6%24.7%10.4%19.5%3.0%-0.3%8.1M-102.0M-1.3M0.7870.80N/AN/A90270321,70723,871
2023-02-24$187.13$175.0019.6%5.6%23.5%8.5%19.7%3.3%-0.4%9.1M-103.5M-1.3M0.3975.01N/AN/A1,18545721,94824,215
2023-02-27$184.46$175.0019.9%5.6%24.2%9.6%19.2%3.7%-0.2%5.5M-73.8M-1.3M1.4374.41N/AN/A59585121,66323,740
2023-02-28$185.64$175.0020.2%6.0%24.3%11.2%21.2%3.4%0.4%6.5M-87.8M-1.3M1.2872.61N/AN/A8221,05621,91924,081