IP Options History — April 2022

In April 2022, IP traded between $45.63 and $49.86. ATM implied volatility averaged 28.9%, placing in the 23.9% IV rank vs the trailing year. The 30-day expected move averaged 8.3%. IV traded above realized volatility by 9.8% (HV 20d: 19.1%). Max pain ranged from $45.00 to $45.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 6 of 20 days. Put/call ratio averaged 0.96.

Notable Days

  • 2022-04-01: Highest Volume — 5,715 contracts
  • 2022-04-22: Largest IV spike — 10.1% change
  • 2022-04-26: Highest IV Rank — 39.4%
  • 2022-04-26: Largest Expected Move — 9.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$47.17$45.63$49.86$46.07$46.45
Max Pain$45.00$45.00$45.00$45.00$45.00
ATM IV28.9%26.2%34.3%26.2%32.2%
Expected Move8.3%7.5%9.9%7.8%9.3%
HV 20d19.1%16.2%23.4%20.8%23.3%
HV 60d25.3%24.7%26.2%25.1%26.1%
IV Rank23.9%16.1%39.4%16.1%33.5%
IV Percentile74.3%49.6%94.0%49.6%91.7%
Term Structure-0.4%-2.7%1.5%-0.8%-2.7%
VWIV29.5%24.9%36.5%26.5%33.0%
Skew 25d5.5%3.4%7.0%5.0%6.8%
Skew 10d11.4%7.4%15.6%7.4%13.5%
Call IV 25d26.9%23.4%33.1%25.3%29.1%
Put IV 25d32.3%29.4%37.7%30.3%35.9%
Bid-Ask Spread %52.9132.4770.3253.7147.52
Gamma HHI0.410.280.560.350.44
Net GEX6.0M2.9M19.1M4.9M4.6M
Net DEX-118.0M-178.6M-81.7M-96.8M-98.2M
Net VEX-1.2M-1.2M-1.1M-1.2M-1.1M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.960.391.821.820.99
Total Volume3,991.22,5415,7155,7153,300
Total OI112,279.9597,595125,598124,715103,020

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2022-04-01$46.07$45.0026.2%7.8%20.8%16.1%26.5%5.0%-0.8%4.9M-96.8M-1.2M1.8253.712,0233,69286,74537,970
2022-04-04$45.98$45.0026.8%7.9%17.6%17.8%27.6%4.2%-0.4%4.2M-88.6M-1.1M1.3432.471,6352,19485,89337,467
2022-04-05$45.92$45.0027.4%8.0%16.9%19.5%29.0%3.4%-0.1%4.1M-89.1M-1.1M1.4844.101,5722,32786,11437,966
2022-04-06$45.66$45.0026.8%8.3%17.1%17.8%28.4%4.4%0.4%3.2M-85.0M-1.1M1.7564.081,3792,40986,29638,241
2022-04-07$45.63$45.0028.0%8.3%16.6%21.2%29.6%5.4%0.0%2.9M-81.7M-1.1M1.5558.971,3982,16786,34238,666
2022-04-08$46.75$45.0027.8%7.6%18.0%20.5%28.7%5.3%-0.2%5.9M-109.8M-1.2M1.0467.311,5711,63386,49439,104
2022-04-11$46.79$45.0029.6%8.1%18.1%25.9%28.2%5.5%-1.5%5.7M-118.4M-1.2M0.6770.322,4251,62485,94637,619
2022-04-12$46.63$45.0028.4%7.8%18.0%22.4%27.6%5.7%-0.8%5.3M-109.8M-1.1M0.9866.611,4711,43686,17737,804
2022-04-13$47.06$45.0027.2%7.7%17.5%18.8%24.9%4.8%-0.3%7.0M-122.4M-1.1M0.7667.971,9031,43886,40437,943
2022-04-14$47.53$45.0027.5%7.9%16.2%19.7%29.4%4.5%0.3%19.1M-140.0M-1.2M0.4059.353,9161,56886,91538,138
2022-04-18$47.26$45.0028.7%8.1%16.2%23.1%29.4%6.6%1.5%5.2M-118.0M-1.1M0.5953.152,2681,34374,56923,026
2022-04-19$48.59$45.0026.4%7.5%17.6%16.5%25.6%6.8%-0.0%6.1M-146.8M-1.2M0.7236.132,0391,45975,53423,115
2022-04-20$49.32$45.0027.0%7.7%18.0%18.3%26.2%5.6%0.5%6.4M-166.2M-1.2M0.3947.853,7601,45276,41323,338
2022-04-21$49.86$45.0027.2%7.8%17.7%19.0%27.4%6.4%0.4%6.5M-178.6M-1.2M0.3943.283,5101,35277,31823,560
2022-04-22$48.01$45.0030.0%8.6%23.4%27.0%34.3%7.0%-0.1%6.9M-134.5M-1.2M0.6755.712,5871,73077,49623,627
2022-04-25$47.62$45.0032.2%9.3%22.5%33.5%34.0%5.4%-1.2%5.4M-120.9M-1.1M0.7052.622,2911,61377,01222,215
2022-04-26$47.22$45.0034.3%9.9%22.6%39.4%36.5%4.2%-1.0%5.1M-116.4M-1.1M1.1842.961,6181,91577,36322,658
2022-04-27$47.57$45.0033.9%9.8%22.0%38.3%33.6%7.0%-1.5%5.4M-122.1M-1.2M0.7242.381,4751,06677,01622,719
2022-04-28$47.45$45.0031.0%8.6%22.0%30.0%31.0%5.2%-1.1%5.4M-116.8M-1.1M1.1451.692,4562,80977,91523,441
2022-04-29$46.45$45.0032.2%9.3%23.3%33.5%33.0%6.8%-2.7%4.6M-98.2M-1.1M0.9947.521,6611,63978,35424,666