IP Options History — March 2019

In March 2019, IP traded between $42.07 and $44.84. ATM implied volatility averaged 23.2%, placing in the 22.3% IV rank vs the trailing year. The 30-day expected move averaged 6.8%. IV traded above realized volatility by 0.9% (HV 20d: 22.4%). Max pain ranged from $42.61 to $44.98. Net GEX was positive for 16 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 1.08.

Notable Days

  • 2019-03-22: Highest Volume — 14,989 contracts
  • 2019-03-22: Largest IV spike — 12.3% change
  • 2019-03-25: Highest IV Rank — 34.1%
  • 2019-03-28: Largest Expected Move — 7.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$43.47$42.07$44.84$43.81$43.87
Max Pain$43.92$42.61$44.98$44.98$42.61
ATM IV23.2%20.4%26.0%22.2%24.8%
Expected Move6.8%6.2%7.2%6.2%6.7%
HV 20d22.4%18.9%24.7%23.6%22.9%
HV 60d28.2%25.1%30.8%30.8%25.1%
IV Rank22.3%10.3%34.1%18.1%28.8%
IV Percentile37.3%13.5%59.1%27.8%52.4%
Term Structure0.5%-1.2%3.3%-0.1%-0.6%
VWIV23.5%21.5%25.7%23.0%22.8%
Skew 25d3.8%2.9%4.9%3.2%4.0%
Skew 10d7.8%6.0%9.6%8.0%8.4%
Call IV 25d21.6%18.5%24.7%21.2%23.6%
Put IV 25d25.4%21.6%29.2%24.4%27.6%
Bid-Ask Spread %26.1211.8365.3411.8320.52
Gamma HHI0.130.110.180.120.15
Net GEX984.4K-2.2M5.2M593.8K2.8M
Net DEX-1.1M-40.9M36.5M14.6M-36.2M
Net VEX-711.2K-740.5K-662.1K-726.3K-736.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.080.332.310.890.88
Total Volume5,891.2861,46414,9896,9688,687
Total OI104,257.61996,594113,431102,010113,431

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2019-03-01$43.81$44.9822.2%6.2%23.6%18.1%23.0%3.2%-0.1%593.8K14.6M-726.3K0.8911.833,6793,28950,00452,006
2019-03-04$43.48$44.9823.4%6.7%22.3%23.0%23.6%3.5%0.0%616.7K7.5M-702.9K0.3312.364,0241,32749,12548,058
2019-03-05$43.66$44.9823.2%6.8%22.4%22.1%23.6%3.6%0.0%1.4M-917.5K-740.5K1.3015.481,0661,39052,05348,381
2019-03-06$43.56$44.9823.2%6.7%22.1%22.2%22.9%3.9%0.3%1.2M2.4M-729.9K0.4713.591,28060752,47449,036
2019-03-07$43.41$44.9823.3%6.6%21.8%22.6%24.6%3.3%0.4%561.7K8.8M-729.4K0.8713.1787676552,80849,040
2019-03-08$43.28$44.9824.0%7.2%20.7%25.6%24.4%3.7%-0.1%125.0K10.6M-716.7K0.5465.342,5811,38552,81049,103
2019-03-11$43.98$44.9822.4%6.5%21.3%18.8%22.4%3.7%-1.2%2.3M-8.7M-713.9K2.1834.081,1212,44652,19048,732
2019-03-12$44.50$44.9822.1%6.5%21.5%17.4%22.5%3.4%-0.3%3.8M-26.9M-710.9K0.4135.741,03942552,68547,700
2019-03-13$44.84$44.9821.4%6.4%18.9%14.6%22.8%3.8%-0.7%5.2M-40.9M-703.9K2.3130.272,3195,36753,18447,814
2019-03-14$44.51$44.9821.1%6.3%19.1%13.3%21.5%2.9%-0.4%3.4M-20.0M-706.0K0.7034.573,2812,29954,27750,804
2019-03-15$43.02$44.9821.7%6.6%22.5%16.1%22.7%3.7%-0.2%-1.7M27.5M-662.1K1.5035.464,4026,58556,63851,206
2019-03-18$43.78$0.0020.4%6.6%23.1%10.3%22.4%3.1%2.6%1.4M-11.6M-696.5K1.3831.062,8153,87350,16546,429
2019-03-19$43.62$42.6121.5%7.0%22.7%14.9%23.2%3.8%3.1%1.2M-8.7M-717.9K1.1239.112,3842,66452,17949,786
2019-03-20$42.79$42.6122.8%6.8%23.4%20.3%25.3%3.7%2.6%-641.2K17.2M-694.8K0.7622.093,8392,91753,34250,514
2019-03-21$43.35$42.6122.4%6.9%22.5%18.7%24.5%3.7%2.7%49.0K-3.3M-722.1K0.9821.992,8482,80354,96951,669
2019-03-22$42.07$42.6125.1%6.9%24.7%30.4%22.9%4.5%3.3%-1.7M36.5M-681.9K1.4121.826,2198,77055,41651,968
2019-03-25$42.09$42.6126.0%7.1%23.2%34.1%23.9%4.6%0.0%-2.2M29.8M-680.1K0.5629.543,9792,23755,00252,502
2019-03-26$42.69$42.6125.5%7.1%24.0%31.8%24.5%4.9%-0.8%-777.3K8.2M-706.5K1.2720.312,6523,35956,50352,648
2019-03-27$43.08$42.6125.7%7.2%23.8%32.7%25.7%4.5%-0.2%920.4K-6.8M-719.2K1.0820.563,2633,52757,32152,670
2019-03-28$43.48$42.6125.9%7.2%23.0%33.4%24.4%4.2%-0.5%2.2M-22.2M-736.7K1.6519.742,0093,31959,16953,599
2019-03-29$43.87$42.6124.8%6.7%22.9%28.8%22.8%4.0%-0.6%2.8M-36.2M-736.7K0.8820.524,6154,07259,58553,846