IP Options History — February 2022

In February 2022, IP traded between $43.45 and $48.18. ATM implied volatility averaged 27.2%, placing in the 18.8% IV rank vs the trailing year. The 30-day expected move averaged 7.8%. IV traded above realized volatility by 7.5% (HV 20d: 19.7%). Max pain ranged from $47.50 to $47.50. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 8 of 19 days. Put/call ratio averaged 1.05.

Notable Days

2022-02-16: Highest Volume — 9,249 contracts
2022-02-17: Largest IV spike — 16.8% change
2022-02-28: Highest IV Rank — 31.9%
2022-02-28: Largest Expected Move — 9.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$46.42	$43.45	$48.18	$48.18	$43.45
Max Pain	$47.50	$47.50	$47.50	$47.50	$47.50
ATM IV	27.2%	24.3%	31.7%	26.7%	31.7%
Expected Move	7.8%	7.0%	9.8%	8.2%	9.8%
HV 20d	19.7%	16.2%	28.4%	23.0%	28.4%
HV 60d	21.5%	20.4%	24.0%	21.5%	24.0%
IV Rank	18.8%	10.4%	31.9%	17.5%	31.9%
IV Percentile	59.4%	32.1%	96.0%	49.2%	96.0%
Term Structure	-0.0%	-1.7%	1.9%	0.3%	-0.5%
VWIV	27.6%	24.6%	33.8%	29.2%	33.8%
Skew 25d	5.1%	3.2%	7.0%	5.3%	6.8%
Skew 10d	9.0%	-6.9%	19.8%	1.1%	5.5%
Call IV 25d	25.6%	23.8%	29.1%	24.9%	29.1%
Put IV 25d	30.7%	28.1%	35.9%	30.2%	35.9%
Bid-Ask Spread %	52.60	24.47	66.76	57.32	61.49
Gamma HHI	0.39	0.34	0.44	0.44	0.35
Net GEX	3.0M	1.2M	4.1M	4.1M	1.3M
Net DEX	-85.2M	-129.9M	-31.6M	-129.9M	-31.6M
Net VEX	-1.3M	-1.4M	-1.2M	-1.4M	-1.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.05	0.38	1.81	0.94	1.25
Total Volume	6,108.632	3,876	9,249	5,377	8,121
Total OI	116,624.684	112,874	120,713	112,874	114,793

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
2022-02-01	$48.18	$47.50	26.7%	8.2%	23.0%	17.5%	29.2%	5.3%	0.3%	4.1M	-129.9M	-1.4M	0.94	57.32	2,776	2,601	81,164	31,710
2022-02-02	$47.74	$47.50	26.0%	8.2%	19.8%	15.4%	28.2%	5.4%	1.9%	4.0M	-114.5M	-1.4M	1.20	62.74	2,525	3,039	81,727	31,927
2022-02-03	$47.72	$47.50	26.8%	7.4%	19.5%	17.6%	26.0%	4.7%	0.8%	3.8M	-116.2M	-1.4M	0.68	53.03	4,292	2,939	81,861	32,049
2022-02-04	$47.11	$47.50	26.0%	7.2%	19.6%	15.5%	26.5%	4.9%	0.4%	3.0M	-98.8M	-1.4M	0.67	54.67	3,679	2,470	82,270	32,110
2022-02-07	$46.72	$47.50	28.2%	7.5%	18.6%	21.9%	26.0%	5.6%	-1.7%	3.2M	-87.7M	-1.3M	0.38	49.96	5,151	1,939	81,244	31,673
2022-02-08	$47.01	$47.50	25.6%	7.1%	18.6%	14.1%	27.0%	3.2%	-0.7%	3.6M	-97.8M	-1.4M	1.81	52.79	2,439	4,412	83,802	32,222
2022-02-09	$47.08	$47.50	25.0%	7.0%	18.6%	12.5%	26.6%	4.4%	-0.8%	3.5M	-97.5M	-1.4M	1.67	41.65	2,234	3,725	84,181	34,129
2022-02-10	$46.53	$47.50	25.1%	7.0%	18.9%	12.7%	25.5%	5.0%	-0.1%	2.6M	-80.2M	-1.4M	1.48	36.02	1,562	2,314	84,546	35,204
2022-02-11	$46.56	$47.50	26.3%	7.5%	17.7%	16.2%	26.2%	3.9%	0.5%	2.3M	-80.5M	-1.3M	1.68	50.24	1,445	2,431	84,843	35,534
2022-02-14	$46.15	$47.50	28.2%	8.1%	17.7%	21.8%	28.8%	5.5%	-0.5%	2.2M	-71.9M	-1.3M	1.19	51.18	2,636	3,141	84,001	33,968
2022-02-15	$46.64	$47.50	25.0%	7.1%	18.4%	12.4%	25.1%	4.2%	1.0%	3.1M	-87.0M	-1.3M	1.57	54.31	1,947	3,048	85,094	33,884
2022-02-16	$46.64	$47.50	24.3%	7.0%	18.3%	10.4%	24.6%	3.8%	0.7%	3.0M	-83.1M	-1.3M	0.45	49.69	6,382	2,867	85,090	34,318
2022-02-17	$46.08	$47.50	28.3%	8.2%	17.1%	22.2%	27.6%	6.2%	-0.9%	2.9M	-70.2M	-1.3M	0.46	63.32	5,153	2,373	85,525	35,037
2022-02-18	$46.78	$47.50	27.0%	7.6%	16.8%	18.2%	27.1%	4.6%	1.5%	4.1M	-92.5M	-1.4M	0.43	42.53	6,015	2,606	85,869	34,844
2022-02-22	$46.92	$47.50	28.7%	8.4%	16.2%	23.2%	28.6%	5.1%	-0.5%	4.0M	-105.2M	-1.4M	0.94	61.84	2,406	2,273	81,521	32,266
2022-02-23	$45.18	$47.50	30.2%	8.9%	20.8%	27.7%	30.3%	6.7%	-0.8%	2.3M	-70.5M	-1.3M	0.87	24.47	3,046	2,639	82,157	32,784
2022-02-24	$44.08	$47.50	30.0%	8.6%	21.9%	27.0%	29.1%	7.0%	-0.6%	1.2M	-37.0M	-1.2M	1.15	65.31	2,296	2,631	82,903	33,162
2022-02-25	$45.37	$47.50	27.5%	8.2%	24.5%	19.9%	28.0%	3.7%	-0.2%	2.6M	-66.4M	-1.3M	1.11	66.76	2,135	2,376	83,143	33,314
2022-02-28	$43.45	$47.50	31.7%	9.8%	28.4%	31.9%	33.8%	6.8%	-0.5%	1.3M	-31.6M	-1.2M	1.25	61.49	3,603	4,518	81,972	32,821