IP Options History — April 2007

In April 2007, IP traded between $34.16 and $35.68. ATM implied volatility averaged 21.5%. The 30-day expected move averaged 6.3%. IV traded above realized volatility by 3.3% (HV 20d: 18.2%). Max pain ranged from $32.69 to $35.02. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 4 of 20 days. Put/call ratio averaged 0.61.

Notable Days

  • 2007-04-10: Highest Volume — 8,082 contracts
  • 2007-04-12: Largest IV spike — 16.3% change
  • 2007-04-30: Largest Expected Move — 6.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$34.71$34.16$35.68$34.22$35.23
Max Pain$33.15$32.69$35.02$32.69$35.02
ATM IV21.5%17.6%24.1%18.8%24.1%
Expected Move6.3%5.0%6.9%5.4%6.9%
HV 20d18.2%16.4%20.8%16.4%19.3%
HV 60d20.1%19.2%20.6%19.9%19.7%
Term Structure-0.6%-2.4%4.2%2.8%-1.9%
VWIV22.2%17.7%25.5%19.1%24.2%
Skew 25d2.0%-0.1%6.7%2.2%-0.1%
Skew 10d3.4%-5.7%10.9%3.4%0.6%
Call IV 25d21.3%14.5%24.7%17.7%24.7%
Put IV 25d23.3%18.8%24.7%19.9%24.7%
Bid-Ask Spread %13.346.3319.329.7117.79
Gamma HHI0.270.240.290.290.28
Net GEX2.6M1.9M3.4M2.4M3.1M
Net DEX-82.4M-99.1M-61.8M-74.1M-83.8M
Net VEX-835.1K-870.1K-796.3K-803.3K-851.1K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.610.052.010.640.39
Total Volume2,399.12198,0821,777219
Total OI113,916.15102,544121,773109,274110,332

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2007-04-02$34.22$32.6918.8%5.4%16.4%0.0%19.1%2.2%2.8%2.4M-74.1M-803.3K0.649.711,08569262,00347,271
2007-04-03$35.04$32.6918.8%5.4%17.9%0.0%18.9%6.7%3.5%2.5M-95.7M-803.3K0.686.421,9061,29162,27947,565
2007-04-04$34.16$32.6917.9%5.1%20.5%0.0%18.6%1.5%3.8%2.3M-72.5M-809.1K0.4519.323,0941,40062,80548,361
2007-04-05$34.36$32.6917.6%5.0%20.5%0.0%17.7%2.5%4.2%2.5M-78.7M-817.7K0.566.331779964,41749,145
2007-04-09$34.61$32.6919.4%6.5%20.6%0.0%22.2%3.3%-0.9%2.6M-86.8M-804.7K0.1013.281,25212264,47549,228
2007-04-10$34.97$32.6919.6%6.6%20.8%0.0%23.6%1.7%-1.3%2.8M-99.1M-796.3K0.7710.794,5573,52565,01149,222
2007-04-11$34.69$32.6919.0%6.6%17.5%0.0%22.2%2.4%-1.4%2.6M-89.5M-870.1K0.1415.872,60136567,58652,616
2007-04-12$34.45$32.6922.1%6.3%17.3%0.0%23.4%2.7%-0.5%2.6M-82.8M-870.1K1.2015.6119623568,65952,777
2007-04-13$34.48$32.6922.7%6.5%16.8%0.0%22.2%1.4%-1.6%2.6M-82.9M-869.5K0.6216.7232520168,61052,845
2007-04-16$34.60$32.6922.8%6.5%16.7%0.0%24.5%2.0%-1.5%2.7M-87.7M-850.2K0.179.631,27221668,58452,879
2007-04-17$34.68$32.6923.3%6.7%16.4%0.0%25.5%2.2%-2.1%2.7M-88.6M-851.3K0.2314.291,24529068,44653,030
2007-04-18$34.38$32.6923.4%6.7%16.4%0.0%20.6%0.9%-2.0%2.5M-80.3M-844.1K0.7814.3347437268,50553,009
2007-04-19$34.22$32.6922.9%6.6%16.4%0.0%25.2%1.7%-2.0%1.9M-74.6M-836.7K0.1615.921,74527868,72053,053
2007-04-20$34.74$32.6922.7%6.5%17.2%0.0%21.2%2.2%-1.6%3.4M-85.8M-833.8K2.0112.111,4892,98768,33352,789
2007-04-23$34.70$32.6922.6%6.5%17.2%0.0%22.8%2.3%-1.9%1.9M-65.1M-843.8K0.7212.4256540959,10145,831
2007-04-24$34.46$32.6922.2%6.4%17.4%0.0%22.4%1.1%-1.2%2.1M-61.8M-826.6K1.2118.0241450159,48143,063
2007-04-25$35.31$35.0222.7%6.5%19.3%0.0%22.7%1.6%-2.2%2.5M-81.3M-823.8K0.0510.743,24717059,65643,311
2007-04-26$35.68$35.0223.3%6.7%18.9%0.0%23.4%0.5%-1.9%3.1M-94.6M-828.4K0.9716.883,2363,14761,69343,342
2007-04-27$35.19$35.0223.9%6.8%19.7%0.0%23.8%0.4%-2.4%3.0M-81.7M-868.6K0.2610.712,05253164,11546,175
2007-04-30$35.23$35.0224.1%6.9%19.3%0.0%24.2%-0.1%-1.9%3.1M-83.8M-851.1K0.3917.791586164,12546,207