GPK Options History — March 2023

In March 2023, GPK traded between $23.27 and $25.49. ATM implied volatility averaged 28.4%, placing in the 14.6% IV rank vs the trailing year. The 30-day expected move averaged 7.7%. IV traded above realized volatility by 0.2% (HV 20d: 28.2%). Max pain ranged from $22.50 to $25.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 20 of 23 days. Put/call ratio averaged 0.28.

Notable Days

  • 2023-03-17: Highest Volume — 2,127 contracts
  • 2023-03-06: Largest IV spike — 43.0% change
  • 2023-03-14: Highest IV Rank — 39.0%
  • 2023-03-16: Largest Expected Move — 11.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$24.32$23.27$25.49$24.38$25.49
Max Pain$23.37$22.50$25.00$22.50$22.50
ATM IV28.4%19.1%43.7%23.3%27.1%
Expected Move7.7%5.5%11.0%6.7%7.8%
HV 20d28.2%20.9%36.9%35.0%26.7%
HV 60d28.7%27.2%29.4%27.4%28.5%
IV Rank14.6%0.0%39.0%6.3%12.6%
IV Percentile30.3%0.0%98.4%1.2%19.4%
Term Structure1.8%-11.4%9.0%0.7%4.4%
VWIV26.3%17.7%32.1%22.9%27.3%
Skew 25d3.3%-5.9%15.0%-4.0%-0.0%
Skew 10d6.5%-10.1%36.2%-7.6%-2.4%
Call IV 25d25.6%22.2%30.2%24.2%24.7%
Put IV 25d28.9%19.1%37.4%20.1%24.6%
Bid-Ask Spread %68.2243.4290.4759.2869.84
Gamma HHI0.740.500.870.840.76
Net GEX394.1K109.4K696.1K515.5K328.2K
Net DEX-6.7M-9.2M-4.0M-6.8M-9.2M
Net VEX-22.5K-27.7K-17.8K-20.8K-25.4K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.280.002.150.160.00
Total Volume359.826252,127285998
Total OI8,942.9136,82110,3769,0898,522

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-03-01$24.38$22.5023.3%6.7%35.0%6.3%22.9%-4.0%0.7%515.5K-6.8M-20.8K0.1659.28245406,4872,602
2023-03-02$24.38$22.5024.1%6.9%34.7%7.5%23.1%-5.9%0.2%529.6K-7.0M-21.4K0.0069.0914406,5982,642
2023-03-03$24.59$22.5019.1%5.5%34.8%0.0%17.7%-2.4%4.1%696.1K-8.0M-20.5K0.0279.5519136,6902,642
2023-03-06$24.24$22.5027.3%7.0%35.1%13.0%24.9%1.6%1.6%426.2K-6.5M-19.5K0.7681.7172556,7532,640
2023-03-07$25.06$25.0025.0%7.6%36.9%9.3%26.4%2.3%1.4%646.4K-9.2M-20.6K0.0076.2526016,7612,694
2023-03-08$24.95$25.0026.1%6.9%24.4%11.0%24.7%1.7%2.5%663.4K-8.8M-19.7K0.0387.3012546,7662,693
2023-03-09$24.59$25.0027.6%7.1%20.9%13.4%25.5%2.0%1.9%588.6K-7.6M-19.5K0.5072.1666336,7952,693
2023-03-10$23.81$25.0028.2%6.1%24.1%14.5%25.5%6.5%3.1%414.3K-5.2M-19.9K0.1961.583266,8042,680
2023-03-13$23.48$25.0035.4%9.1%24.4%25.8%28.9%6.3%2.6%306.2K-4.2M-19.3K0.1851.5655106,8202,681
2023-03-14$23.93$25.0043.7%8.2%25.3%39.0%27.4%6.9%0.3%414.9K-5.1M-17.8K0.0160.561,13076,6382,687
2023-03-15$23.34$22.5031.5%9.0%26.8%19.7%28.8%2.7%1.0%179.5K-4.5M-19.6K0.2675.6761167,6622,682
2023-03-16$23.61$25.0038.5%11.0%27.1%30.8%27.7%15.0%-11.4%407.6K-5.2M-20.5K0.0756.336047,6942,682
2023-03-17$23.27$25.0032.2%9.2%27.5%20.8%32.1%5.4%2.2%109.4K-4.5M-19.5K0.0385.852,063647,6712,683
2023-03-20$23.70$22.5033.4%9.6%28.1%22.7%29.4%5.6%-1.7%221.9K-4.0M-21.7K0.0253.381,196214,6732,148
2023-03-21$23.99$22.5024.4%7.0%27.6%8.3%27.7%4.5%2.6%274.9K-5.8M-27.5K0.6943.511801245,7472,165
2023-03-22$23.88$22.5025.5%7.3%27.5%10.2%24.2%6.6%9.0%283.8K-5.6M-27.7K0.0490.472415,7812,276
2023-03-23$24.06$22.5031.5%9.0%26.4%19.7%30.8%-1.5%-0.6%305.0K-5.8M-27.3K0.0079.4938315,7892,276
2023-03-24$24.46$22.5026.3%7.5%26.8%11.3%26.3%5.4%3.5%331.2K-6.8M-27.2K0.2181.8590195,9322,277
2023-03-27$24.82$22.5026.3%7.5%27.2%11.4%26.4%6.7%2.7%349.4K-7.9M-26.4K0.0660.34157105,9892,277
2023-03-28$25.11$22.5025.6%7.3%27.4%10.3%26.1%6.4%3.0%357.8K-8.5M-25.7K0.0743.423026,0262,287
2023-03-29$25.12$22.5024.2%6.9%26.5%8.1%24.2%-0.1%4.0%372.2K-8.5M-24.9K2.1567.8633716,0232,288
2023-03-30$25.18$22.5026.1%7.5%26.5%11.0%26.4%4.5%3.6%343.1K-8.6M-25.3K1.0562.0992976,0192,352
2023-03-31$25.49$22.5027.1%7.8%26.7%12.6%27.3%-0.0%4.4%328.2K-9.2M-25.4K0.0069.8499626,0752,447