IP Options History — March 2007

In March 2007, IP traded between $32.06 and $34.05. ATM implied volatility averaged 20.2%. The 30-day expected move averaged 5.8%. IV traded below realized volatility by 0.7% (HV 20d: 20.9%). Max pain ranged from $32.69 to $32.69. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 13 of 22 days. Put/call ratio averaged 1.50.

Notable Days

  • 2007-03-02: Highest Volume — 11,453 contracts
  • 2007-03-05: Largest IV spike — 12.8% change
  • 2007-03-13: Largest Expected Move — 6.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$33.25$32.06$34.05$33.41$33.99
Max Pain$32.69$32.69$32.69$32.69$32.69
ATM IV20.2%18.2%23.2%21.4%18.2%
Expected Move5.8%5.2%6.4%6.1%5.2%
HV 20d20.9%17.2%23.3%22.2%17.2%
HV 60d20.8%20.1%21.5%20.7%20.1%
Term Structure0.8%-0.8%3.2%-0.7%2.6%
VWIV20.5%18.5%23.3%21.1%19.5%
Skew 25d2.1%-0.1%3.6%-0.1%2.3%
Skew 10d6.3%-2.1%12.2%-2.1%3.2%
Call IV 25d19.1%16.0%21.3%20.8%17.6%
Put IV 25d21.2%16.6%24.1%20.6%19.9%
Bid-Ask Spread %10.325.6718.9811.7010.89
Gamma HHI0.240.210.270.230.27
Net GEX2.0M1.5M2.3M2.3M2.2M
Net DEX-51.5M-70.7M-22.4M-48.8M-67.7M
Net VEX-746.4K-824.2K-530.8K-530.8K-807.1K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.500.0010.890.100.22
Total Volume3,575.6829511,4535,6674,221
Total OI98,767.63674,993107,11674,993107,116

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2007-03-01$33.41$32.6921.4%6.1%22.2%0.0%21.1%-0.1%-0.7%2.3M-48.8M-530.8K0.1011.705,15351449,04425,949
2007-03-02$32.73$32.6920.6%5.9%23.3%0.0%20.5%0.6%0.8%2.1M-40.0M-591.0K0.495.677,6903,76353,23525,960
2007-03-05$32.34$32.6923.2%6.3%22.6%0.0%23.0%2.8%-0.8%1.9M-38.9M-660.9K0.2810.924,0101,14059,02029,003
2007-03-06$32.67$32.6921.1%6.0%22.9%0.0%21.2%2.2%0.0%2.3M-45.6M-653.8K0.709.832,5881,82361,32129,152
2007-03-07$32.59$32.6920.5%6.1%22.6%0.0%21.4%2.2%-0.5%2.2M-44.4M-675.3K10.8912.295395,86660,83030,385
2007-03-08$32.83$32.6919.6%6.0%21.5%0.0%20.7%2.0%-0.4%2.0M-43.6M-729.6K0.5311.091,02254361,02435,076
2007-03-09$32.92$32.6919.9%6.1%20.7%0.0%21.8%2.1%-0.8%2.1M-46.9M-732.3K1.338.271,2961,72261,53535,185
2007-03-12$33.01$32.6922.1%6.1%19.8%0.0%21.4%2.5%-0.7%2.2M-48.9M-733.4K2.929.805691,66262,15836,050
2007-03-13$32.06$32.6922.1%6.4%21.6%0.0%23.3%2.8%-0.6%1.5M-22.4M-716.6K1.7910.422,0053,58462,23036,273
2007-03-14$32.57$32.6920.3%6.3%20.0%0.0%22.4%2.5%-0.6%1.7M-34.4M-757.2K0.5410.1390849263,19239,510
2007-03-15$33.05$32.6922.1%6.3%20.9%0.0%21.6%2.9%-0.3%1.9M-46.1M-771.0K1.928.832,3184,44662,95139,683
2007-03-16$32.97$32.6921.3%6.1%20.9%0.0%21.5%3.4%0.2%1.7M-44.3M-778.8K2.058.551,4683,01363,79042,753
2007-03-19$33.34$32.6920.2%5.8%20.8%0.0%19.6%2.4%1.2%1.6M-48.2M-792.4K0.9318.981,4311,33555,98143,187
2007-03-20$33.73$32.6920.7%5.9%21.5%0.0%18.7%3.6%1.4%1.7M-57.1M-791.7K0.406.543,5341,42256,63343,967
2007-03-21$33.94$32.6918.6%5.3%21.7%0.0%19.9%3.3%1.9%2.1M-63.7M-822.7K0.388.521,87771759,07644,765
2007-03-22$34.04$32.6918.2%5.2%21.4%0.0%18.5%0.6%2.1%2.3M-70.7M-820.5K0.129.594135260,35845,301
2007-03-23$34.01$32.6918.6%5.3%21.4%0.0%19.1%0.3%1.9%2.2M-68.8M-824.2K0.7610.6043132860,34945,302
2007-03-26$34.05$32.6918.4%5.3%21.2%0.0%18.5%3.4%2.4%2.3M-68.8M-815.4K0.729.341,01773060,47545,506
2007-03-27$33.99$32.6918.5%5.3%18.3%0.0%18.6%2.3%2.2%2.3M-68.6M-818.4K0.0012.3395060,50245,894
2007-03-28$33.62$32.6919.7%5.6%18.3%0.0%19.3%0.7%2.9%2.2M-58.5M-799.3K2.4712.475081,25660,55245,894
2007-03-29$33.52$32.6919.3%5.5%18.3%0.0%19.1%0.4%3.2%2.1M-56.3M-799.3K3.4010.3426490060,60546,116
2007-03-30$33.99$32.6918.2%5.2%17.2%0.0%19.5%2.3%2.6%2.2M-67.7M-807.1K0.2210.893,46275960,35046,766