IP Options History — January 2023

In January 2023, IP traded between $35.28 and $41.70. ATM implied volatility averaged 29.1%, placing in the 34.0% IV rank vs the trailing year. The 30-day expected move averaged 8.7%. IV traded above realized volatility by 3.9% (HV 20d: 25.2%). Max pain ranged from $35.00 to $37.50. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 5 of 20 days. Put/call ratio averaged 0.69.

Notable Days

  • 2023-01-31: Highest Volume — 13,190 contracts
  • 2023-01-31: Largest IV drop — 10.9% change
  • 2023-01-03: Highest IV Rank — 44.4%
  • 2023-01-30: Largest Expected Move — 9.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$37.34$35.28$41.70$35.28$41.70
Max Pain$37.25$35.00$37.50$35.00$37.50
ATM IV29.1%25.6%31.5%31.5%25.6%
Expected Move8.7%7.3%9.8%8.1%8.5%
HV 20d25.2%21.3%40.7%21.3%40.7%
HV 60d26.4%25.1%32.0%26.3%32.0%
IV Rank34.0%19.1%44.4%44.4%19.1%
IV Percentile50.3%11.5%67.9%67.9%11.5%
Term Structure-0.6%-3.1%1.9%-0.7%-0.6%
VWIV30.1%25.1%34.1%26.8%30.8%
Skew 25d5.1%2.8%6.2%6.0%2.8%
Skew 10d11.9%8.0%19.0%13.3%8.8%
Call IV 25d26.6%24.0%28.5%28.3%24.0%
Put IV 25d31.8%26.8%34.7%34.3%26.8%
Bid-Ask Spread %28.6910.8670.2154.3746.64
Gamma HHI0.150.120.320.160.14
Net GEX1.2M40.7K3.7M40.7K1.4M
Net DEX-25.7M-110.9M15.0M-7.3M-71.4M
Net VEX-593.7K-628.6K-520.6K-538.1K-611.6K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.690.052.211.060.24
Total Volume3,585.667213,1903,62013,190
Total OI110,222.9577,230161,192158,49182,490

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-01-03$35.28$35.0031.5%8.1%21.3%44.4%26.8%6.0%-0.7%40.7K-7.3M-538.1K1.0654.371,7581,86288,06770,424
2023-01-04$36.56$35.0029.8%7.3%24.6%36.8%25.1%4.9%-1.8%979.0K-94.4M-520.6K0.6370.215,7553,60789,00872,115
2023-01-05$36.30$37.5031.0%8.5%24.6%42.1%29.1%4.5%-0.8%768.4K-96.8M-532.8K0.5336.1692749388,83871,462
2023-01-06$36.75$37.5029.1%8.5%24.9%33.9%30.3%4.9%-1.0%1.6M-110.9M-522.7K0.8236.024,3493,57789,27071,922
2023-01-09$37.11$37.5029.2%8.5%25.1%34.4%30.6%4.8%0.2%877.0K-7.6M-592.6K0.1918.102,77852662,10444,949
2023-01-10$37.55$37.5028.6%8.7%25.4%32.0%31.2%6.0%1.8%1.2M-16.2M-609.0K0.6725.5561441164,62444,849
2023-01-11$37.56$37.5028.7%8.7%24.8%32.2%31.1%5.3%1.2%1.3M-17.7M-612.0K0.9011.1135431864,94145,349
2023-01-12$37.70$37.5028.0%8.4%24.0%29.5%25.9%5.5%1.7%1.5M-20.4M-612.0K0.0513.201,6647865,11045,488
2023-01-13$38.27$37.5027.9%8.4%24.4%28.7%30.1%5.2%1.9%1.5M-32.4M-624.6K1.1124.029161,01566,53845,496
2023-01-17$37.59$37.5029.3%8.5%24.3%34.9%30.2%3.6%-3.1%1.6M-17.5M-609.1K2.2114.361,2152,68766,57245,781
2023-01-18$36.91$37.5029.6%8.5%24.1%36.3%29.2%4.8%-0.9%1.2M-3.3M-615.7K0.1324.161,17414967,16447,849
2023-01-19$36.64$37.5030.5%8.8%22.6%40.0%32.9%6.2%-0.5%824.7K1.1M-608.8K1.2616.3175194567,28447,873
2023-01-20$37.41$37.5030.1%8.8%23.4%38.5%30.4%6.0%-1.2%2.9M-10.4M-620.6K0.1410.862,84739367,44948,241
2023-01-23$37.45$37.5029.7%9.0%23.3%36.4%29.0%5.4%-1.5%1.3M-5.3M-619.3K0.4727.913,9851,87539,52037,710
2023-01-24$36.72$37.5029.1%8.8%24.0%34.1%30.5%5.4%-1.4%420.3K7.6M-603.6K0.9143.7946041939,06639,142
2023-01-25$36.20$37.5029.4%9.2%24.5%35.3%31.3%5.5%-1.6%62.2K15.0M-596.6K0.4613.701,44667239,51339,464
2023-01-26$37.03$37.5028.6%9.1%25.5%31.8%31.7%5.7%-1.7%452.7K2.1M-594.3K0.8514.4543737240,07839,862
2023-01-27$38.11$37.5027.7%9.1%26.1%27.9%32.2%5.0%-2.0%3.7M-17.1M-602.0K0.2432.142,27253840,28539,972
2023-01-30$37.97$37.5028.7%9.8%26.2%32.5%34.1%5.3%-0.8%883.1K-11.3M-628.6K0.9940.762,4562,42739,49539,095
2023-01-31$41.70$37.5025.6%8.5%40.7%19.1%30.8%2.8%-0.6%1.4M-71.4M-611.6K0.2446.6410,6582,53241,51640,974