IP Options History — April 2019

In April 2019, IP traded between $41.60 and $45.22. ATM implied volatility averaged 25.2%, placing in the 30.8% IV rank vs the trailing year. The 30-day expected move averaged 7.0%. IV traded above realized volatility by 0.2% (HV 20d: 25.1%). Max pain ranged from $42.61 to $44.98. Net GEX was positive for 15 of 21 trading days. Term structure was in contango for 4 of 21 days. Put/call ratio averaged 1.28.

Notable Days

  • 2019-04-16: Highest Volume — 19,014 contracts
  • 2019-04-25: Largest IV drop — 16.1% change
  • 2019-04-22: Highest IV Rank — 45.2%
  • 2019-04-24: Largest Expected Move — 8.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$43.84$41.60$45.22$45.06$44.39
Max Pain$43.74$42.61$44.98$42.61$42.61
ATM IV25.2%21.8%28.7%24.5%21.8%
Expected Move7.0%5.9%8.1%6.7%5.9%
HV 20d25.1%20.7%27.4%24.6%25.4%
HV 60d23.1%20.9%25.5%25.5%23.8%
IV Rank30.8%16.1%45.2%27.7%16.1%
IV Percentile56.1%25.8%78.2%50.0%25.8%
Term Structure-0.6%-2.1%1.0%-0.6%-0.6%
VWIV25.2%20.1%29.8%24.2%20.4%
Skew 25d4.0%3.2%5.4%3.2%4.0%
Skew 10d8.3%7.0%10.1%8.4%7.5%
Call IV 25d23.4%19.7%26.3%22.7%19.7%
Put IV 25d27.4%23.6%31.3%25.9%23.7%
Bid-Ask Spread %12.064.4224.6822.544.95
Gamma HHI0.170.090.440.190.12
Net GEX1.8M-12.2M5.3M4.5M5.3M
Net DEX-25.6M-70.9M73.0M-63.9M-59.5M
Net VEX-742.2K-766.7K-697.3K-743.8K-756.2K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.280.092.750.730.09
Total Volume7,5671,61119,0143,8917,562
Total OI117,559.381104,063135,469108,542110,874

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2019-04-01$45.06$42.6124.5%6.7%24.6%27.7%24.2%3.2%-0.6%4.5M-63.9M-743.8K0.7322.542,2521,63956,63251,910
2019-04-02$44.67$42.6124.6%6.9%24.8%27.9%22.2%3.9%-0.0%4.1M-53.7M-747.5K0.6724.682,2521,50158,14852,542
2019-04-03$45.14$44.9824.7%6.8%25.0%28.4%23.2%3.7%-0.6%5.2M-70.9M-750.6K1.3721.313,4514,73859,93553,524
2019-04-04$44.79$44.9824.3%6.8%25.2%26.8%24.6%3.6%-0.2%4.8M-59.1M-766.7K0.739.483,7672,76261,72054,685
2019-04-05$44.75$44.9824.2%6.7%25.1%26.2%25.5%3.8%-0.6%5.0M-61.7M-763.6K1.8420.891,7233,17662,55555,756
2019-04-08$44.73$44.9824.9%6.9%24.5%29.3%25.3%4.1%-0.5%4.1M-52.4M-748.4K0.928.8184177061,30756,445
2019-04-09$44.60$44.9824.8%6.9%24.2%28.9%24.5%3.7%-0.5%4.0M-47.7M-749.1K1.5420.257801,20462,18357,252
2019-04-10$44.59$44.9824.9%6.8%24.1%29.4%24.6%3.7%-1.4%4.4M-50.2M-717.1K0.736.281,4751,08262,32057,451
2019-04-11$44.54$44.9825.5%7.1%23.9%31.8%25.0%3.6%-0.8%4.3M-46.2M-754.2K2.3520.381,2692,98362,91457,846
2019-04-12$45.22$44.9825.1%7.1%20.8%30.2%25.8%3.9%-0.4%4.3M-70.7M-752.6K1.0322.475,2485,41463,34159,064
2019-04-15$44.62$44.9825.4%7.2%20.7%31.4%25.5%4.1%0.1%4.9M-50.3M-762.4K2.5119.711,4813,71163,65458,411
2019-04-16$42.52$44.9827.9%7.9%27.1%41.7%28.6%4.4%0.7%-2.5M40.4M-704.9K1.205.418,66010,35463,89960,998
2019-04-17$41.60$42.6127.4%7.8%27.4%39.6%28.6%4.6%1.0%-3.6M73.0M-697.3K2.756.093,1368,61165,71266,737
2019-04-18$41.99$42.6126.7%7.6%27.2%36.8%29.1%4.6%0.5%-1.4M61.3M-716.1K2.484.534,21210,42967,16768,302
2019-04-22$41.90$42.6128.7%8.0%25.0%45.2%29.0%4.5%-1.6%-1.3M28.4M-717.2K0.797.475,5124,35853,29550,768
2019-04-23$42.40$42.6128.1%7.9%25.4%42.9%29.8%5.4%-1.9%45.6K10.8M-739.3K1.905.774,2118,01557,40451,694
2019-04-24$42.05$42.6128.3%8.1%25.0%43.7%28.6%5.1%-2.1%-1.0M26.1M-738.8K1.216.613,6574,42058,69555,865
2019-04-25$43.34$42.6123.8%6.5%27.1%24.6%22.8%3.6%-1.6%650.4K-16.8M-755.4K0.706.206,3754,44460,23658,615
2019-04-26$43.59$42.6122.7%6.2%27.0%19.9%21.9%3.8%-0.3%-12.2M-26.5M-754.0K1.124.423,6574,08261,26959,751
2019-04-29$44.13$42.6122.1%6.0%27.2%17.6%20.1%3.7%-0.7%4.0M-47.6M-751.3K0.175.093,16852557,83150,040
2019-04-30$44.39$42.6121.8%5.9%25.4%16.1%20.4%4.0%-0.6%5.3M-59.5M-756.2K0.094.956,95161160,52850,346