FDS Options History — July 2023

In July 2023, FDS traded between $387.72 and $440.31. ATM implied volatility averaged 20.5%, placing in the 10.8% IV rank vs the trailing year. The 30-day expected move averaged 5.9%. IV traded below realized volatility by 5.0% (HV 20d: 25.5%). Max pain ranged from $400.00 to $420.00. Net GEX was positive for 13 of 20 trading days. Term structure was in contango for 7 of 20 days. Put/call ratio averaged 0.47.

Notable Days

2023-07-27: Highest Volume — 657 contracts
2023-07-10: Largest IV spike — 8.8% change
2023-07-11: Highest IV Rank — 18.2%
2023-07-11: Largest Expected Move — 6.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$417.05	$387.72	$440.31	$392.60	$435.00
Max Pain	$407.00	$400.00	$420.00	$420.00	$410.00
ATM IV	20.5%	18.8%	22.4%	19.3%	20.3%
Expected Move	5.9%	5.4%	6.3%	5.5%	5.8%
HV 20d	25.5%	19.5%	29.5%	27.7%	19.5%
HV 60d	23.3%	21.8%	24.4%	23.1%	21.8%
IV Rank	10.8%	3.0%	18.2%	5.0%	10.2%
IV Percentile	11.0%	0.8%	27.8%	3.2%	9.1%
Term Structure	-0.1%	-1.8%	1.3%	-0.1%	0.7%
VWIV	20.0%	17.9%	21.6%	18.0%	19.7%
Skew 25d	3.3%	1.9%	4.5%	2.3%	2.3%
Skew 10d	5.9%	-1.9%	10.2%	1.6%	6.6%
Call IV 25d	18.8%	17.7%	19.8%	17.7%	19.2%
Put IV 25d	22.1%	20.0%	23.7%	20.0%	21.4%
Bid-Ask Spread %	80.98	74.00	87.92	87.92	85.28
Gamma HHI	0.16	0.11	0.27	0.12	0.27
Net GEX	676.0K	-866.6K	2.5M	-847.4K	2.5M
Net DEX	-9.0M	-35.0M	20.1M	18.5M	-23.0M
Net VEX	-112.8K	-126.7K	-83.0K	-83.0K	-124.1K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.47	0.03	1.53	0.03	0.55
Total Volume	177.65	30	657	68	31
Total OI	3,460.6	2,775	4,310	2,901	3,090

Daily Data (20 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2023-07-03	$392.60	$420.00	19.3%	5.5%	27.7%	5.0%	18.0%	2.3%	-0.1%	-847.4K	18.5M	-83.0K	0.03	87.92	66	2	1,450	1,451
2023-07-05	$394.47	$420.00	20.4%	5.9%	27.7%	9.8%	20.6%	4.0%	0.4%	-808.6K	15.6M	-87.6K	0.17	86.09	259	44	1,464	1,453
2023-07-06	$390.24	$410.00	20.0%	6.0%	27.9%	8.0%	19.6%	4.5%	-0.2%	-864.7K	19.5M	-85.1K	0.24	79.95	37	9	1,628	1,477
2023-07-07	$387.72	$400.00	20.4%	6.1%	27.9%	9.6%	20.9%	3.4%	0.3%	-866.6K	20.1M	-83.9K	1.53	75.91	113	173	1,635	1,476
2023-07-10	$394.02	$400.00	22.1%	6.2%	28.0%	17.1%	21.6%	4.2%	-0.2%	-682.9K	17.1M	-99.4K	0.49	74.32	63	31	1,751	1,654
2023-07-11	$401.25	$400.00	22.4%	6.3%	28.1%	18.2%	21.2%	3.4%	-0.1%	-352.2K	10.8M	-104.7K	1.03	74.00	118	122	1,798	1,699
2023-07-12	$400.60	$400.00	21.4%	6.1%	28.0%	13.9%	20.9%	3.1%	-1.5%	-128.7K	9.4M	-112.1K	0.90	78.63	232	209	1,898	1,816
2023-07-13	$413.30	$400.00	20.8%	6.0%	29.5%	11.8%	20.1%	3.9%	-0.3%	213.0K	-3.7M	-122.8K	0.11	77.32	450	51	2,004	1,935
2023-07-14	$411.82	$400.00	21.1%	6.0%	29.4%	13.8%	19.9%	3.9%	-0.1%	495.0K	-3.6M	-125.9K	0.79	77.97	39	31	2,160	1,967
2023-07-17	$419.88	$400.00	20.4%	5.9%	28.2%	10.7%	19.9%	2.7%	0.2%	617.9K	-14.8M	-125.2K	0.31	78.76	51	16	2,163	1,995
2023-07-18	$424.36	$400.00	21.1%	6.1%	28.4%	13.9%	20.6%	1.9%	1.0%	904.4K	-21.6M	-121.6K	0.16	79.37	68	11	2,174	2,003
2023-07-19	$425.99	$410.00	20.3%	5.8%	28.5%	10.4%	19.8%	4.1%	-0.1%	761.9K	-24.6M	-119.5K	0.22	76.98	88	19	2,188	2,013
2023-07-20	$428.11	$410.00	20.3%	5.8%	28.4%	10.3%	0.0%	3.2%	-0.5%	992.4K	-28.4M	-119.2K	0.10	81.33	203	21	2,138	2,019
2023-07-21	$432.36	$410.00	20.3%	5.8%	23.1%	10.2%	20.1%	3.8%	1.3%	2.1M	-35.0M	-123.9K	0.52	86.12	66	34	2,282	2,028
2023-07-24	$436.60	$410.00	20.9%	6.0%	20.4%	13.2%	19.0%	2.1%	-1.8%	1.7M	-26.9M	-122.5K	0.30	84.86	23	7	1,475	1,300
2023-07-25	$439.81	$410.00	20.1%	5.8%	20.3%	9.4%	20.6%	3.4%	-0.8%	1.7M	-29.1M	-122.0K	0.88	81.48	67	59	1,494	1,301
2023-07-26	$440.31	$410.00	20.2%	5.8%	20.2%	9.5%	19.8%	3.6%	-1.0%	1.8M	-30.8M	-122.9K	1.00	84.43	16	16	1,553	1,347
2023-07-27	$435.61	$410.00	20.0%	5.7%	19.7%	8.9%	20.3%	3.3%	-0.2%	1.8M	-26.2M	-123.7K	0.03	84.30	636	21	1,557	1,358
2023-07-28	$436.88	$410.00	18.8%	5.4%	19.7%	3.0%	17.9%	2.8%	0.6%	2.4M	-23.8M	-126.7K	0.04	84.57	49	2	1,649	1,369
2023-07-31	$435.00	$410.00	20.3%	5.8%	19.5%	10.2%	19.7%	2.3%	0.7%	2.5M	-23.0M	-124.1K	0.55	85.28	20	11	1,719	1,371