IP Options History — February 2023

In February 2023, IP traded between $36.11 and $41.34. ATM implied volatility averaged 24.4%, placing in the 15.0% IV rank vs the trailing year. The 30-day expected move averaged 7.0%. IV traded below realized volatility by 18.9% (HV 20d: 43.3%). Max pain ranged from $37.50 to $40.00. Net GEX was positive for 18 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 0.74.

Notable Days

  • 2023-02-10: Highest Volume — 11,382 contracts
  • 2023-02-21: Largest IV spike — 19.4% change
  • 2023-02-21: Highest IV Rank — 30.7%
  • 2023-02-01: Largest Expected Move — 8.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$38.65$36.11$41.34$41.03$36.55
Max Pain$39.61$37.50$40.00$37.50$40.00
ATM IV24.4%20.6%27.9%25.6%24.0%
Expected Move7.0%5.9%8.0%8.0%6.7%
HV 20d43.3%39.8%47.5%41.4%44.9%
HV 60d31.6%30.2%32.8%32.3%32.0%
IV Rank15.0%0.0%30.7%19.0%14.4%
IV Percentile9.9%0.0%41.3%11.1%7.1%
Term Structure0.3%-1.3%2.5%-0.1%-0.2%
VWIV24.5%20.7%28.3%28.3%23.8%
Skew 25d3.4%1.2%5.0%4.0%4.2%
Skew 10d6.4%-3.1%14.5%11.3%10.0%
Call IV 25d23.1%19.9%25.5%23.1%22.7%
Put IV 25d26.5%23.8%30.5%27.1%26.9%
Bid-Ask Spread %31.627.7571.4863.1062.79
Gamma HHI0.130.110.140.130.13
Net GEX1.1M-110.0K2.5M2.2M47.5K
Net DEX-17.0M-78.8M30.7M-70.7M19.8M
Net VEX-686.3K-716.9K-653.7K-668.7K-662.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.740.261.600.391.14
Total Volume3,137.78969411,3824,045694
Total OI96,386.26389,823108,30589,82395,864

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-02-01$41.03$37.5025.6%8.0%41.4%19.0%28.3%4.0%-0.1%2.2M-70.7M-668.7K0.3963.102,9001,14547,79042,033
2023-02-02$41.34$37.5024.6%6.8%40.1%15.0%24.1%4.0%-1.3%2.5M-77.1M-694.2K0.9659.871,03098748,97342,220
2023-02-03$41.34$37.5023.4%6.9%39.8%9.6%25.9%3.0%0.0%2.4M-78.8M-684.8K0.2671.481,68844549,38342,736
2023-02-06$40.53$40.0023.7%7.0%40.8%11.0%24.2%4.3%0.6%2.1M-59.8M-691.1K0.9014.8982874448,50442,106
2023-02-07$40.31$40.0023.9%6.9%41.0%11.9%23.9%2.7%0.3%2.0M-55.6M-692.4K0.3515.711,39348449,01042,646
2023-02-08$39.41$40.0024.9%7.1%41.9%15.9%25.1%1.2%0.0%1.8M-39.4M-697.3K1.0337.9038840049,75342,938
2023-02-09$38.30$40.0025.3%7.3%43.3%17.8%25.3%2.8%0.6%1.3M-15.6M-681.8K1.6023.981,2451,98949,96343,009
2023-02-10$38.61$40.0024.4%7.2%43.4%14.1%24.9%2.6%1.1%1.3M-20.6M-690.1K0.9531.495,8235,55950,15544,156
2023-02-13$39.25$40.0024.2%6.9%43.5%12.9%24.3%1.7%1.0%1.8M-22.9M-702.6K0.4423.191,23654954,29548,493
2023-02-14$39.28$40.0022.5%6.4%42.9%5.8%26.6%1.9%1.3%1.9M-20.4M-689.5K0.4514.893,2331,45054,91748,934
2023-02-15$39.30$40.0020.6%5.9%42.2%0.0%20.7%2.1%2.5%1.8M-19.2M-705.9K0.4718.887,1183,36856,17749,672
2023-02-16$38.66$40.0023.9%6.9%42.6%14.0%22.2%2.4%-0.7%91.0K6.0M-716.9K1.1112.911,2111,34453,69052,285
2023-02-17$38.36$40.0023.4%6.7%42.2%11.8%21.6%4.8%0.4%163.6K15.6M-710.5K0.4510.171,89984854,53553,770
2023-02-21$36.11$40.0027.9%7.8%47.5%30.7%28.3%5.0%-0.3%11.8K30.7M-653.7K1.2653.392,0792,61947,87645,071
2023-02-22$36.20$40.0026.6%7.5%47.1%25.3%26.9%4.4%-0.2%-110.0K28.1M-667.5K0.6625.7468645348,77646,764
2023-02-23$36.59$40.0024.5%6.8%47.0%16.4%22.2%4.3%0.3%53.1K20.0M-677.8K0.2610.5498625448,97345,985
2023-02-24$36.50$40.0026.0%7.2%46.2%22.6%23.2%3.7%-0.0%18.7K19.8M-682.6K1.037.7538239349,40346,116
2023-02-27$36.59$40.0024.8%6.8%44.9%17.7%23.5%4.6%-0.4%54.5K17.7M-669.7K0.3242.011,34342548,90845,460
2023-02-28$36.55$40.0024.0%6.7%44.9%14.4%23.8%4.2%-0.2%47.5K19.8M-662.7K1.1462.7932437049,57646,288