GS Options History — May 2008

In May 2008, GS traded between $172.64 and $200.27. ATM implied volatility averaged 34.8%, placing in the 28.1% IV rank vs the trailing year. The 30-day expected move averaged 10.6%. IV traded above realized volatility by 2.5% (HV 20d: 32.4%). Max pain ranged from $180.00 to $195.00. Net GEX was positive for 12 of 21 trading days. Term structure was in contango for 3 of 21 days. Put/call ratio averaged 0.80.

Notable Days

  • 2008-05-02: Highest Volume — 105,128 contracts
  • 2008-05-15: Largest IV spike — 23.9% change
  • 2008-05-27: Highest IV Rank — 36.8%
  • 2008-05-07: Largest Expected Move — 11.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$185.93$172.64$200.27$199.05$176.41
Max Pain$191.43$180.00$195.00$180.00$185.00
ATM IV34.8%29.8%39.5%31.7%37.0%
Expected Move10.6%9.0%11.5%9.1%10.6%
HV 20d32.4%22.0%37.9%35.8%22.0%
HV 60d53.3%51.7%54.2%53.8%51.7%
IV Rank28.1%18.7%36.8%22.3%32.2%
IV Percentile33.5%20.2%48.8%27.0%38.9%
Term Structure-1.0%-2.7%7.6%6.4%-2.2%
VWIV37.1%32.2%40.1%33.1%36.7%
Skew 25d4.6%1.0%7.1%4.5%4.1%
Skew 10d8.9%3.0%13.2%8.1%7.5%
Call IV 25d34.9%30.3%38.0%30.3%35.1%
Put IV 25d39.6%32.8%43.2%34.7%39.2%
Bid-Ask Spread %7.264.4511.5510.136.74
Gamma HHI0.060.050.080.080.06
Net GEX12.6M-20.3M53.0M53.0M-11.2M
Net DEX-493.3M-2.37B992.0M-2.19B571.6M
Net VEX-21.0M-23.0M-11.5M-22.2M-19.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.800.541.351.320.87
Total Volume55,110.85722,394105,12882,35522,394
Total OI752,727.81533,234829,627693,892785,268

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2008-05-01$199.05$180.0031.7%9.1%35.8%22.3%33.1%4.5%6.4%53.0M-2.19B-22.2M1.3210.1335,44046,915357,057336,835
2008-05-02$200.27$180.0031.3%9.0%35.5%21.5%32.2%1.0%7.6%48.1M-2.37B-22.8M0.825.0857,90047,228361,500360,820
2008-05-05$197.12$195.0032.5%11.0%36.0%23.8%38.0%5.0%-2.5%42.5M-1.92B-22.3M0.548.3134,94018,789372,184376,661
2008-05-06$197.61$195.0031.2%10.6%36.0%21.3%37.8%4.9%-2.7%42.6M-1.93B-22.6M0.669.8633,25621,848377,450379,617
2008-05-07$189.76$195.0035.4%11.5%37.9%29.1%40.1%4.2%-2.6%26.8M-1.04B-22.8M0.9611.5530,63129,406384,404384,773
2008-05-08$187.72$195.0034.4%11.2%37.2%27.4%38.9%4.7%-2.2%19.9M-709.3M-22.7M0.667.9747,38531,154385,987391,006
2008-05-09$188.09$195.0032.0%11.1%36.1%22.9%38.5%4.7%-2.1%20.9M-735.1M-23.0M0.789.8723,27618,106394,924399,622
2008-05-12$192.08$195.0034.3%11.0%34.8%27.1%38.8%6.1%-2.4%24.5M-856.2M-11.5M0.698.6329,46320,448250,107283,127
2008-05-13$190.33$195.0032.7%10.8%35.3%24.1%38.6%5.3%-2.1%28.3M-1.03B-22.3M0.699.4819,36413,457400,124405,440
2008-05-14$190.13$195.0029.8%10.9%34.5%18.7%38.2%5.5%-2.7%29.3M-950.5M-22.1M0.657.6823,61515,393402,814410,017
2008-05-15$188.62$195.0036.9%10.6%34.5%31.9%37.2%4.2%-1.8%28.8M-788.5M-21.9M0.707.3140,31928,387405,979410,644
2008-05-16$187.14$195.0037.0%10.6%31.4%32.1%36.8%4.0%-1.9%25.1M-550.1M-21.7M0.956.1926,05624,757410,542419,085
2008-05-19$184.40$195.0035.1%10.1%31.9%28.7%34.9%4.2%-1.8%-7.0M-104.3M-21.0M0.664.9526,92117,811345,145357,706
2008-05-20$182.43$190.0034.7%10.0%32.2%27.9%34.0%2.8%-1.4%-7.8M32.6M-20.9M0.726.0924,26817,536354,787362,520
2008-05-21$178.60$190.0035.9%10.3%33.1%30.1%35.9%2.1%-1.7%-14.3M438.1M-20.6M0.676.1539,20226,135362,087369,228
2008-05-22$177.20$190.0035.0%10.0%27.0%28.5%34.7%4.5%-0.3%-20.3M673.3M-20.2M0.676.8642,04428,261366,053373,687
2008-05-23$172.64$190.0037.7%10.8%27.0%33.4%37.9%7.1%0.6%-20.1M992.0M-20.1M1.354.4529,55539,810378,070375,507
2008-05-27$173.92$190.0039.5%11.3%27.4%36.8%39.8%6.3%-1.2%-18.7M806.2M-20.0M0.824.6127,02822,296383,947383,163
2008-05-28$174.83$190.0038.5%11.0%26.9%34.9%38.7%6.4%-1.4%-14.4M757.5M-19.7M0.755.7613,88410,459389,400384,629
2008-05-29$176.24$190.0038.7%11.1%27.2%35.3%37.3%5.3%-2.6%-10.6M546.4M-19.8M0.774.7529,50622,685390,958384,410
2008-05-30$176.41$185.0037.0%10.6%22.0%32.2%36.7%4.1%-2.2%-11.2M571.6M-19.8M0.876.7411,95910,435399,122386,146