IP Options History — March 2022

In March 2022, IP traded between $41.03 and $46.67. ATM implied volatility averaged 31.5%, placing in the 31.5% IV rank vs the trailing year. The 30-day expected move averaged 9.4%. IV traded below realized volatility by 0.1% (HV 20d: 31.6%). Max pain ranged from $45.00 to $47.50. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 13 of 23 days. Put/call ratio averaged 1.19.

Notable Days

2022-03-01: Highest Volume — 14,167 contracts
2022-03-16: Largest IV drop — 13.0% change
2022-03-07: Highest IV Rank — 53.7%
2022-03-07: Largest Expected Move — 12.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$43.82	$41.03	$46.67	$41.40	$46.43
Max Pain	$45.66	$45.00	$47.50	$47.50	$45.00
ATM IV	31.5%	25.9%	39.2%	39.0%	26.9%
Expected Move	9.4%	7.0%	12.4%	11.9%	7.2%
HV 20d	31.6%	20.2%	36.3%	30.5%	20.4%
HV 60d	25.9%	25.2%	26.6%	25.8%	25.2%
IV Rank	31.5%	15.3%	53.7%	53.1%	17.9%
IV Percentile	79.4%	44.4%	98.4%	98.4%	56.7%
Term Structure	0.5%	-1.3%	3.9%	1.0%	0.2%
VWIV	32.7%	25.2%	43.6%	42.2%	25.4%
Skew 25d	5.5%	3.2%	8.6%	6.3%	3.2%
Skew 10d	10.7%	4.1%	15.3%	12.0%	4.3%
Call IV 25d	29.7%	24.1%	37.1%	37.1%	26.8%
Put IV 25d	35.2%	27.3%	43.4%	43.4%	30.0%
Bid-Ask Spread %	56.35	23.87	72.27	63.34	41.93
Gamma HHI	0.34	0.27	0.41	0.35	0.38
Net GEX	2.6M	628.8K	5.7M	840.8K	5.7M
Net DEX	-54.5M	-125.5M	11.6M	11.6M	-103.1M
Net VEX	-1.2M	-1.3M	-1.0M	-1.0M	-1.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.19	0.34	1.71	0.68	1.20
Total Volume	6,301	4,327	14,167	14,167	4,626
Total OI	127,766.609	119,023	131,812	119,023	124,005

Daily Data (23 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
2022-03-01	$41.40	$47.50	39.0%	11.9%	30.5%	53.1%	42.2%	6.3%	1.0%	840.8K	11.6M	-1.0M	0.68	63.34	8,451	5,716	84,171	34,852
2022-03-02	$41.97	$47.50	35.4%	10.3%	31.3%	42.7%	38.1%	8.6%	-1.2%	637.0K	-8.9M	-1.2M	0.91	32.66	4,436	4,048	89,533	38,123
2022-03-03	$42.19	$46.00	35.8%	10.6%	31.6%	43.8%	38.0%	5.8%	-0.5%	1.3M	-17.1M	-1.2M	1.65	67.82	1,706	2,819	91,111	37,726
2022-03-04	$42.11	$46.00	35.1%	10.9%	31.5%	41.9%	36.8%	7.3%	-0.4%	1.2M	-20.3M	-1.2M	1.61	69.96	1,889	3,050	91,400	38,346
2022-03-07	$41.03	$45.00	39.2%	12.4%	32.2%	53.7%	43.6%	7.4%	0.0%	628.8K	-3.9M	-1.1M	1.54	68.78	1,787	2,751	90,661	37,916
2022-03-08	$41.86	$45.00	37.5%	12.2%	33.6%	48.8%	43.6%	5.6%	-1.2%	973.5K	-20.5M	-1.2M	1.71	72.27	1,966	3,355	90,922	38,401
2022-03-09	$42.31	$45.00	34.9%	10.8%	33.9%	41.1%	39.1%	5.9%	-0.3%	1.3M	-25.6M	-1.2M	1.13	55.94	2,718	3,069	91,414	38,324
2022-03-10	$41.97	$45.00	34.5%	10.3%	33.8%	40.2%	38.2%	7.0%	-1.3%	883.6K	-10.7M	-1.1M	1.31	48.01	2,555	3,337	92,027	38,718
2022-03-11	$42.33	$45.00	34.8%	10.7%	34.1%	41.0%	37.0%	6.5%	-0.1%	1.6M	-17.6M	-1.2M	0.96	64.21	2,754	2,652	92,427	39,385
2022-03-14	$42.54	$47.50	35.8%	10.2%	34.2%	43.7%	32.3%	6.0%	-0.6%	1.4M	-31.3M	-1.2M	1.12	60.35	2,959	3,325	91,302	37,075
2022-03-15	$43.15	$47.50	34.3%	9.8%	34.8%	39.4%	30.0%	6.9%	-0.2%	1.9M	-37.9M	-1.2M	0.78	59.18	3,041	2,374	92,239	37,963
2022-03-16	$43.84	$47.50	29.8%	9.1%	35.1%	26.5%	30.6%	6.2%	0.2%	2.6M	-46.4M	-1.2M	0.94	61.15	3,226	3,030	92,355	38,076
2022-03-17	$44.86	$0.00	29.0%	8.8%	36.3%	24.2%	31.1%	6.4%	1.6%	3.3M	-75.3M	-1.3M	1.22	57.10	2,537	3,104	92,315	38,102
2022-03-18	$45.29	$45.00	28.0%	8.6%	36.3%	21.1%	30.3%	5.9%	0.7%	3.6M	-87.2M	-1.3M	1.53	38.66	2,896	4,418	92,444	37,906
2022-03-21	$44.70	$45.00	27.5%	8.2%	36.0%	19.7%	26.9%	5.3%	2.6%	3.0M	-75.3M	-1.2M	1.18	42.93	2,389	2,825	87,969	35,876
2022-03-22	$45.01	$45.00	27.6%	8.1%	36.1%	20.1%	27.7%	4.8%	1.8%	3.3M	-84.9M	-1.3M	1.66	48.35	2,183	3,617	88,925	35,852
2022-03-23	$44.77	$45.00	27.9%	8.2%	33.6%	21.0%	27.2%	5.3%	2.3%	3.0M	-75.6M	-1.2M	1.27	63.05	1,904	2,423	89,477	37,050
2022-03-24	$45.05	$45.00	26.5%	8.2%	32.5%	16.9%	28.9%	3.5%	3.5%	3.4M	-80.4M	-1.2M	1.47	65.46	2,254	3,321	89,707	37,096
2022-03-25	$46.11	$45.00	26.3%	8.3%	31.9%	16.3%	26.6%	3.2%	3.9%	4.0M	-110.6M	-1.3M	1.11	69.32	2,451	2,728	90,025	38,226
2022-03-28	$45.88	$45.00	27.3%	8.1%	27.5%	19.3%	27.8%	3.4%	0.3%	4.5M	-98.7M	-1.3M	1.65	67.53	1,743	2,879	89,827	37,680
2022-03-29	$46.67	$45.00	26.1%	7.1%	20.2%	15.8%	26.6%	3.2%	-0.3%	5.5M	-125.5M	-1.3M	0.40	54.14	7,370	2,966	90,026	37,940
2022-03-30	$46.48	$45.00	25.9%	7.0%	20.3%	15.3%	25.2%	3.3%	0.0%	5.2M	-108.2M	-1.2M	0.34	23.87	6,909	2,366	85,972	37,745
2022-03-31	$46.43	$45.00	26.9%	7.2%	20.4%	17.9%	25.4%	3.2%	0.2%	5.7M	-103.1M	-1.2M	1.20	41.93	2,101	2,525	86,216	37,789