IP Options History — April 2020

In April 2020, IP traded between $27.92 and $34.81. ATM implied volatility averaged 52.9%, placing in the 40.4% IV rank vs the trailing year. The 30-day expected move averaged 15.6%. IV traded below realized volatility by 22.0% (HV 20d: 74.9%). Max pain ranged from $30.78 to $37.88. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 8 of 21 days. Put/call ratio averaged 0.45.

Notable Days

2020-04-28: Highest Volume — 10,595 contracts
2020-04-08: Largest IV drop — 35.1% change
2020-04-07: Highest IV Rank — 57.3%
2020-04-01: Largest Expected Move — 20.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$30.47	$27.92	$34.81	$28.71	$32.54
Max Pain	$31.11	$30.78	$37.88	$37.88	$30.78
ATM IV	52.9%	43.3%	67.1%	59.0%	48.3%
Expected Move	15.6%	13.0%	20.7%	20.7%	15.0%
HV 20d	74.9%	50.4%	100.8%	100.8%	65.6%
HV 60d	67.6%	63.7%	72.8%	63.7%	72.8%
IV Rank	40.4%	29.0%	57.3%	47.7%	34.9%
IV Percentile	90.2%	86.1%	94.4%	93.3%	86.5%
Term Structure	1.7%	-10.4%	21.6%	21.6%	-1.7%
VWIV	52.9%	45.2%	67.2%	67.2%	51.7%
Skew 25d	14.0%	-2.3%	42.2%	29.6%	13.9%
Skew 10d	27.1%	-7.6%	55.1%	32.3%	26.8%
Call IV 25d	51.5%	38.4%	81.3%	67.0%	41.5%
Put IV 25d	65.5%	52.1%	97.6%	96.5%	55.4%
Bid-Ask Spread %	59.24	27.74	80.92	75.88	68.20
Gamma HHI	0.11	0.09	0.23	0.09	0.15
Net GEX	620.7K	89.2K	2.0M	267.6K	1.4M
Net DEX	21.1M	-28.9M	42.5M	40.9M	-2.5M
Net VEX	-342.6K	-448.3K	-297.4K	-310.1K	-398.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.45	0.12	1.10	0.26	0.69
Total Volume	2,559.286	689	10,595	812	2,620
Total OI	70,837.286	58,439	78,554	76,101	71,024

Daily Data (21 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
2020-04-01	$28.71	$37.88	59.0%	20.7%	100.8%	47.7%	67.2%	29.6%	21.6%	267.6K	40.9M	-310.1K	0.26	75.88	642	170	46,936	29,165
2020-04-02	$28.61	$30.78	55.9%	18.1%	100.2%	43.9%	57.0%	5.3%	-2.0%	204.8K	41.6M	-303.0K	0.94	47.56	355	334	47,274	28,929
2020-04-03	$27.92	$30.78	57.4%	17.8%	100.2%	45.7%	59.7%	4.9%	11.0%	89.2K	42.5M	-297.4K	0.27	57.94	1,180	313	47,392	29,080
2020-04-06	$29.58	$30.78	58.8%	16.4%	98.6%	47.4%	45.2%	16.8%	-1.5%	201.1K	35.8M	-320.8K	0.12	67.36	4,230	515	45,196	27,929
2020-04-07	$29.62	$30.78	67.1%	15.7%	97.2%	57.3%	51.2%	42.2%	-10.4%	397.8K	35.8M	-313.7K	0.42	70.14	666	282	48,889	28,179
2020-04-08	$31.33	$30.78	43.6%	14.8%	97.1%	29.3%	49.6%	5.5%	9.4%	682.6K	23.6M	-361.3K	0.53	67.85	609	322	49,191	28,094
2020-04-09	$32.49	$30.78	43.3%	13.5%	88.4%	29.0%	49.0%	-2.3%	14.9%	784.2K	14.8M	-390.0K	0.30	66.66	2,154	643	49,540	28,304
2020-04-13	$32.70	$30.78	49.2%	14.2%	80.1%	36.0%	49.7%	15.6%	7.3%	881.9K	14.0M	-387.5K	0.43	59.10	708	302	49,549	27,898
2020-04-14	$31.85	$30.78	54.3%	15.1%	76.6%	42.1%	56.5%	15.4%	-0.7%	881.3K	21.7M	-365.2K	1.10	66.48	684	754	49,753	28,186
2020-04-15	$30.22	$30.78	54.5%	15.6%	72.2%	42.3%	52.3%	11.5%	0.6%	568.6K	28.7M	-335.3K	0.17	64.20	2,223	377	50,241	27,334
2020-04-16	$28.92	$30.78	55.8%	15.9%	66.3%	43.9%	56.4%	12.3%	2.4%	353.2K	35.8M	-304.4K	0.62	66.24	1,721	1,059	50,143	27,282
2020-04-17	$30.28	$30.78	50.7%	14.3%	68.1%	37.8%	51.8%	15.0%	2.5%	845.8K	30.9M	-332.7K	0.25	58.66	2,409	599	50,670	27,884
2020-04-20	$29.30	$30.78	56.7%	15.7%	69.1%	44.9%	52.2%	11.1%	-0.1%	497.4K	19.4M	-324.5K	0.28	55.02	1,182	326	36,417	22,022
2020-04-21	$28.64	$30.78	58.1%	16.3%	58.2%	46.6%	56.5%	14.9%	-4.0%	294.4K	22.7M	-306.3K	0.96	52.77	550	529	37,267	22,010
2020-04-22	$28.56	$30.78	55.5%	16.1%	57.6%	43.5%	54.2%	15.2%	-2.1%	139.3K	24.4M	-298.5K	0.46	31.69	2,278	1,052	37,637	22,443
2020-04-23	$29.12	$30.78	54.6%	15.9%	51.0%	42.4%	49.6%	13.9%	-2.8%	289.9K	21.7M	-313.9K	0.38	34.90	769	291	38,571	23,145
2020-04-24	$29.63	$30.78	50.5%	14.4%	50.4%	37.6%	49.4%	13.6%	-2.4%	391.2K	20.1M	-324.0K	0.55	27.74	1,746	968	38,936	23,278
2020-04-27	$31.16	$30.78	44.2%	13.0%	53.2%	30.0%	46.1%	15.7%	-0.4%	696.4K	11.9M	-347.1K	0.45	57.81	2,505	1,121	37,208	22,906
2020-04-28	$33.92	$30.78	46.3%	14.8%	60.7%	32.5%	51.5%	12.3%	-3.4%	1.2M	-12.5M	-411.6K	0.13	66.95	9,343	1,252	38,815	23,719
2020-04-29	$34.81	$30.78	47.2%	14.6%	60.8%	33.6%	53.0%	12.4%	-1.5%	2.0M	-28.9M	-448.3K	0.24	80.92	3,195	767	44,966	24,181
2020-04-30	$32.54	$30.78	48.3%	15.0%	65.6%	34.9%	51.7%	13.9%	-1.7%	1.4M	-2.5M	-398.4K	0.69	68.20	1,553	1,067	46,356	24,668