IP Options History — February 2019

In February 2019, IP traded between $43.17 and $45.29. ATM implied volatility averaged 22.7%, placing in the 19.9% IV rank vs the trailing year. The 30-day expected move averaged 6.5%. IV traded above realized volatility by 0.4% (HV 20d: 22.2%). Max pain ranged from $42.61 to $44.98. Net GEX was positive for 15 of 19 trading days. Term structure was in contango for 14 of 19 days. Put/call ratio averaged 1.32.

Notable Days

2019-02-20: Highest Volume — 12,023 contracts
2019-02-12: Largest IV drop — 9.6% change
2019-02-01: Highest IV Rank — 29.7%
2019-02-04: Largest Expected Move — 7.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$44.24	$43.17	$45.29	$43.90	$43.32
Max Pain	$43.49	$42.61	$44.98	$42.61	$44.98
ATM IV	22.7%	20.6%	25.0%	25.0%	23.2%
Expected Move	6.5%	5.9%	7.3%	6.8%	6.6%
HV 20d	22.2%	18.8%	29.0%	29.0%	23.1%
HV 60d	30.7%	30.2%	31.2%	30.3%	31.1%
IV Rank	19.9%	11.2%	29.7%	29.7%	22.3%
IV Percentile	31.6%	13.9%	51.2%	51.2%	36.1%
Term Structure	0.2%	-0.7%	1.1%	-0.1%	0.0%
VWIV	23.0%	20.9%	25.0%	25.0%	23.3%
Skew 25d	3.9%	3.2%	4.9%	4.9%	3.5%
Skew 10d	7.6%	6.4%	8.9%	8.7%	6.4%
Call IV 25d	21.2%	20.0%	23.3%	23.3%	21.3%
Put IV 25d	25.0%	23.3%	28.1%	28.1%	24.8%
Bid-Ask Spread %	8.66	4.14	23.29	4.14	11.75
Gamma HHI	0.15	0.11	0.20	0.13	0.12
Net GEX	1.9M	-652.7K	4.6M	1.9M	-141.4K
Net DEX	-30.6M	-55.8M	27.5M	-40.5M	27.5M
Net VEX	-702.3K	-744.9K	-663.7K	-705.8K	-715.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.32	0.45	4.01	1.44	1.64
Total Volume	5,804.632	2,220	12,023	8,301	5,991
Total OI	95,317.789	85,218	100,741	98,741	100,741

Daily Data (19 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
2019-02-01	$43.90	$42.61	25.0%	6.8%	29.0%	29.7%	25.0%	4.9%	-0.1%	1.9M	-40.5M	-705.8K	1.44	4.14	3,405	4,896	50,972	47,769
2019-02-04	$43.79	$42.61	24.6%	7.3%	25.6%	28.2%	25.0%	4.3%	1.1%	2.2M	-34.5M	-683.7K	2.16	4.26	1,343	2,901	47,923	42,516
2019-02-05	$44.19	$42.61	23.5%	6.6%	25.4%	23.5%	23.5%	4.2%	-0.7%	2.0M	-40.5M	-694.9K	2.12	5.31	1,238	2,622	48,489	44,702
2019-02-06	$44.62	$42.61	22.5%	6.4%	25.4%	19.4%	23.1%	4.4%	-0.1%	2.6M	-52.8M	-694.2K	1.46	6.07	1,453	2,127	49,078	44,933
2019-02-07	$43.75	$42.61	24.3%	7.1%	25.9%	26.8%	24.0%	4.2%	0.5%	1.9M	-31.1M	-688.2K	1.32	5.46	1,247	1,649	49,863	44,943
2019-02-08	$43.41	$42.61	23.8%	6.9%	18.8%	24.7%	24.1%	4.6%	0.8%	1.7M	-22.2M	-678.4K	0.83	4.73	2,119	1,769	50,135	45,320
2019-02-11	$43.17	$42.61	23.3%	6.7%	18.9%	22.5%	23.4%	4.0%	0.2%	1.7M	-21.4M	-663.7K	0.66	4.60	2,014	1,332	49,891	44,178
2019-02-12	$44.50	$42.61	21.1%	6.0%	20.3%	13.2%	21.3%	3.6%	0.6%	3.4M	-55.8M	-682.2K	0.54	5.23	2,287	1,233	50,802	44,551
2019-02-13	$44.40	$42.61	20.6%	5.9%	20.3%	11.2%	20.9%	3.3%	0.3%	3.5M	-53.1M	-681.7K	0.68	5.34	3,182	2,168	51,547	44,704
2019-02-14	$44.12	$42.61	21.2%	6.1%	20.3%	13.7%	21.4%	3.8%	0.6%	2.8M	-43.7M	-682.9K	1.31	6.33	2,594	3,405	52,573	44,939
2019-02-15	$44.57	$42.61	21.4%	6.1%	20.3%	14.8%	22.8%	3.9%	0.5%	4.6M	-51.9M	-695.2K	1.14	5.91	2,288	2,601	53,063	46,500
2019-02-19	$45.05	$42.61	21.3%	6.1%	19.7%	14.1%	22.5%	3.5%	0.2%	3.1M	-40.1M	-688.1K	0.45	14.32	6,230	2,811	45,548	39,670
2019-02-20	$45.29	$44.98	21.7%	6.2%	19.7%	15.7%	22.5%	3.2%	-0.1%	3.9M	-53.1M	-722.0K	1.34	13.24	5,141	6,882	47,323	41,898
2019-02-21	$44.19	$44.98	22.6%	6.5%	21.9%	19.5%	22.9%	3.7%	-0.0%	432.6K	-8.6M	-723.2K	0.89	12.47	5,279	4,697	47,458	47,558
2019-02-22	$44.19	$44.98	22.7%	6.6%	21.7%	20.0%	22.5%	3.4%	0.2%	-330.3K	-4.3M	-733.5K	0.78	12.55	6,513	5,073	47,941	48,883
2019-02-25	$45.13	$44.98	22.4%	6.6%	21.9%	18.6%	22.4%	3.5%	0.4%	733.3K	-32.1M	-737.9K	4.01	23.29	1,187	4,764	47,965	48,026
2019-02-26	$44.87	$44.98	22.5%	6.5%	21.8%	19.2%	22.7%	3.5%	0.0%	-95.4K	-24.6M	-744.9K	1.05	9.70	1,083	1,137	48,410	50,393
2019-02-27	$44.19	$44.98	23.0%	6.5%	22.2%	21.2%	22.9%	4.0%	0.2%	-652.7K	1.6M	-728.8K	1.25	9.75	1,611	2,016	48,739	51,094
2019-02-28	$43.32	$44.98	23.2%	6.6%	23.1%	22.3%	23.3%	3.5%	0.0%	-141.4K	27.5M	-715.4K	1.64	11.75	2,273	3,718	49,199	51,542