CME Options History — August 2023

In August 2023, CME traded between $199.23 and $207.98. ATM implied volatility averaged 16.6%, placing in the 14.7% IV rank vs the trailing year. The 30-day expected move averaged 4.7%. IV traded below realized volatility by 1.3% (HV 20d: 17.9%). Max pain ranged from $185.00 to $190.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 14 of 23 days. Put/call ratio averaged 0.61.

Notable Days

  • 2023-08-28: Highest Volume — 5,744 contracts
  • 2023-08-08: Largest IV spike — 17.0% change
  • 2023-08-08: Highest IV Rank — 25.8%
  • 2023-08-10: Largest Expected Move — 5.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$203.53$199.23$207.98$199.78$202.87
Max Pain$188.91$185.00$190.00$190.00$190.00
ATM IV16.6%14.4%18.9%14.6%14.4%
Expected Move4.7%4.1%5.4%4.1%4.1%
HV 20d17.9%14.8%21.2%18.3%14.8%
HV 60d18.9%18.0%19.3%18.5%18.0%
IV Rank14.7%3.9%25.8%4.8%3.9%
IV Percentile9.0%0.4%20.2%1.2%0.4%
Term Structure0.0%-2.1%1.7%0.8%0.1%
VWIV16.9%13.6%18.8%15.6%14.5%
Skew 25d3.1%1.0%4.1%1.4%3.0%
Skew 10d6.4%4.2%9.2%6.6%6.2%
Call IV 25d15.4%13.2%19.4%13.2%13.9%
Put IV 25d18.5%14.6%20.5%14.6%16.9%
Bid-Ask Spread %57.1429.9673.9471.8973.78
Gamma HHI0.130.110.150.130.13
Net GEX9.3M4.5M13.0M8.8M13.0M
Net DEX-186.1M-253.3M-91.2M-153.5M-210.7M
Net VEX-1.4M-1.5M-1.3M-1.3M-1.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.610.091.750.630.52
Total Volume1,650.5222865,7441,049675
Total OI49,197.26144,41353,30644,41353,306

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-08-01$199.78$190.0014.6%4.1%18.3%4.8%15.6%1.4%0.8%8.8M-153.5M-1.3M0.6371.89N/AN/A64540421,20623,207
2023-08-02$199.23$190.0016.2%4.5%17.8%12.5%16.2%3.8%-0.1%8.8M-146.2M-1.3M0.8073.94N/AN/A63250721,65323,331
2023-08-03$202.57$185.0016.4%4.9%18.0%13.7%16.0%3.4%0.2%9.0M-184.7M-1.4M0.2159.80N/AN/A2,46451721,87023,599
2023-08-04$205.11$185.0016.9%4.4%17.7%15.8%17.6%3.2%0.1%10.1M-221.9M-1.4M0.1647.55N/AN/A4,41172423,03923,909
2023-08-07$207.98$185.0016.2%4.5%17.5%12.5%16.5%3.4%-0.7%11.7M-253.3M-1.3M0.7866.88N/AN/A82063624,14123,945
2023-08-08$205.79$185.0018.9%5.0%18.5%25.8%18.7%1.0%-1.6%11.1M-217.7M-1.4M1.2768.21N/AN/A60676724,47624,289
2023-08-09$207.26$185.0017.3%4.8%18.0%18.2%18.8%2.4%-2.1%11.5M-236.3M-1.4M0.5567.91N/AN/A1,19365624,86624,789
2023-08-10$203.91$190.0018.1%5.4%19.7%21.8%17.9%3.6%1.2%10.8M-191.4M-1.4M0.2940.75N/AN/A73321325,22725,212
2023-08-11$205.83$190.0016.9%4.5%19.2%16.0%17.1%3.9%-1.9%10.3M-216.7M-1.4M1.0629.96N/AN/A30131925,29825,311
2023-08-14$206.24$190.0016.1%4.5%18.9%12.3%18.8%3.9%1.6%9.8M-211.7M-1.4M1.5161.04N/AN/A20631124,71924,915
2023-08-15$205.20$190.0016.6%4.7%19.2%14.6%18.1%3.9%1.7%8.9M-200.1M-1.4M1.0840.78N/AN/A38641624,76825,067
2023-08-16$206.02$190.0016.1%4.6%19.1%12.3%17.2%4.1%1.4%9.3M-210.4M-1.4M0.4736.00N/AN/A1959124,96325,256
2023-08-17$204.07$190.0018.4%5.3%19.8%23.5%18.2%4.1%-1.3%8.2M-185.1M-1.4M0.5334.55N/AN/A89847725,02925,299
2023-08-18$203.94$190.0018.1%5.2%19.8%21.7%17.9%4.0%-0.7%6.7M-176.7M-1.4M0.4869.52N/AN/A81538824,96225,531
2023-08-21$203.28$190.0016.0%4.6%19.7%11.7%16.5%3.5%0.2%7.1M-142.6M-1.4M1.7564.58N/AN/A33859222,45223,912
2023-08-22$199.31$190.0017.7%5.2%21.2%19.9%18.4%2.9%0.8%4.5M-91.2M-1.4M0.3256.96N/AN/A2,49579122,58724,362
2023-08-23$200.55$190.0017.3%5.0%15.3%17.8%16.8%2.6%0.6%5.7M-132.9M-1.5M0.3254.83N/AN/A86127924,57724,710
2023-08-24$200.51$190.0017.0%5.2%15.3%16.6%16.8%2.4%-0.6%6.1M-139.6M-1.4M0.1347.27N/AN/A7119125,09724,849
2023-08-25$203.31$190.0015.4%4.8%16.1%8.8%16.5%1.3%1.0%8.9M-180.9M-1.4M0.4442.86N/AN/A1,09447725,54624,874
2023-08-28$203.33$190.0016.3%4.7%16.0%13.0%16.3%3.9%0.4%9.9M-180.3M-1.4M0.0972.44N/AN/A5,27447025,15524,762
2023-08-29$202.75$190.0015.3%4.3%15.9%8.4%14.0%3.2%-1.1%12.1M-196.0M-1.4M0.3170.08N/AN/A1,91258827,30725,049
2023-08-30$202.40$190.0016.0%4.1%15.9%11.8%13.6%2.5%0.5%12.3M-200.6M-1.4M0.3562.74N/AN/A43315027,93125,184
2023-08-31$202.87$190.0014.4%4.1%14.8%3.9%14.5%3.0%0.1%13.0M-210.7M-1.4M0.5273.78N/AN/A44423128,06525,241