IP Options History — April 2021

In April 2021, IP traded between $51.15 and $54.99. ATM implied volatility averaged 27.3%, placing in the 4.9% IV rank vs the trailing year. The 30-day expected move averaged 7.5%. IV traded above realized volatility by 5.3% (HV 20d: 22.0%). Max pain ranged from $47.35 to $53.50. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 0.44.

Notable Days

  • 2021-04-15: Highest Volume — 9,519 contracts
  • 2021-04-29: Largest IV drop — 17.9% change
  • 2021-04-28: Highest IV Rank — 15.3%
  • 2021-04-22: Largest Expected Move — 8.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$53.25$51.15$54.99$51.15$54.70
Max Pain$52.33$47.35$53.50$47.35$53.50
ATM IV27.3%23.6%29.9%29.9%23.6%
Expected Move7.5%6.4%8.1%7.0%6.4%
HV 20d22.0%16.7%30.0%30.0%16.7%
HV 60d30.1%29.5%32.8%32.8%29.5%
IV Rank4.9%0.0%15.3%8.3%0.0%
IV Percentile3.4%0.0%11.5%9.9%0.0%
Term Structure0.2%-1.7%5.8%5.8%0.9%
VWIV26.1%22.4%30.1%25.9%22.4%
Skew 25d4.6%2.6%6.9%4.1%2.6%
Skew 10d9.7%4.6%21.1%7.6%7.7%
Call IV 25d25.5%22.4%29.5%27.4%22.4%
Put IV 25d30.2%25.0%36.3%31.5%25.0%
Bid-Ask Spread %53.7429.0981.8641.0156.86
Gamma HHI0.170.130.390.150.16
Net GEX8.0M4.7M16.6M4.7M10.9M
Net DEX-203.4M-273.5M-144.7M-144.7M-236.7M
Net VEX-1.2M-1.2M-1.1M-1.1M-1.1M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.440.081.040.100.40
Total Volume3,284.8578909,5193,7881,957
Total OI128,606.905119,819140,788125,045130,735

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2021-04-01$51.15$47.3529.9%7.0%30.0%8.3%25.9%4.1%5.8%4.7M-144.7M-1.1M0.1041.013,45333577,75047,295
2021-04-05$51.98$52.0828.2%8.0%27.8%4.0%27.7%6.9%1.9%5.5M-173.1M-1.1M1.0376.721,1471,17679,50946,342
2021-04-06$52.32$52.0828.5%7.9%24.6%4.7%27.5%3.9%-0.3%6.2M-185.2M-1.1M0.3144.8267821280,33347,127
2021-04-07$52.02$52.0827.4%7.8%23.8%2.1%27.0%3.9%-1.3%5.9M-176.3M-1.1M0.2273.571,97343880,40947,165
2021-04-08$51.79$52.0828.3%7.8%23.8%4.3%27.6%4.4%-1.0%6.0M-171.1M-1.1M0.2151.712,24048081,81447,485
2021-04-09$51.95$52.0827.4%7.6%23.0%2.6%26.3%4.2%-0.7%5.6M-179.2M-1.1M0.3264.362,14368183,05447,765
2021-04-12$52.98$52.0827.8%7.7%23.9%3.9%24.3%3.2%0.7%7.0M-209.6M-1.1M0.3481.863,2561,10083,02346,959
2021-04-13$52.39$52.0827.6%7.7%23.6%3.3%26.2%4.5%0.2%7.4M-194.2M-1.2M0.9037.313,9613,55084,78547,195
2021-04-14$52.70$52.0827.1%7.6%23.5%1.7%26.5%2.7%-0.1%7.7M-205.9M-1.2M0.2233.671,15625485,26747,546
2021-04-15$53.74$52.0826.1%7.2%23.5%0.0%24.8%4.3%-1.2%7.6M-239.5M-1.1M0.0879.878,81070985,42947,650
2021-04-16$54.38$52.0825.4%7.1%23.5%0.0%25.2%5.8%-0.9%16.6M-273.5M-1.2M0.4363.472,6131,12592,84847,940
2021-04-19$54.14$52.0826.2%7.4%23.5%2.2%27.6%4.7%0.8%9.5M-212.9M-1.1M1.0434.9388392080,72639,093
2021-04-20$53.48$52.0827.3%7.7%23.0%5.6%30.1%6.3%1.0%8.4M-191.8M-1.2M0.9045.262,0891,88981,19140,166
2021-04-21$53.89$52.0827.0%7.7%20.7%4.8%26.0%5.3%1.4%9.3M-205.2M-1.2M0.5629.092,5581,43282,41941,806
2021-04-22$53.06$53.5028.3%8.1%21.2%9.5%26.8%6.0%1.3%7.4M-177.5M-1.2M0.5148.591,82793084,48242,863
2021-04-23$53.73$53.5027.3%7.7%17.3%6.4%25.4%5.8%0.9%7.2M-198.6M-1.2M0.4949.823,2801,59885,26443,579
2021-04-26$53.88$53.5028.5%7.9%17.2%12.1%26.7%4.8%-1.7%7.7M-202.0M-1.2M0.3939.781,08041783,61243,455
2021-04-27$54.09$53.5028.2%7.8%17.0%11.2%26.5%4.2%-1.2%8.2M-210.6M-1.2M0.1154.211,84419784,19843,691
2021-04-28$54.88$53.5029.2%7.6%17.6%15.3%25.1%3.3%-1.4%8.9M-237.5M-1.2M0.2663.831,59141284,87343,858
2021-04-29$54.99$53.5024.0%6.5%16.8%0.0%23.1%6.6%-1.5%11.0M-246.8M-1.1M0.4457.871,79479485,66644,378
2021-04-30$54.70$53.5023.6%6.4%16.7%0.0%22.4%2.6%0.9%10.9M-236.7M-1.1M0.4056.861,39855985,92844,807