IP Options History — April 2023

In April 2023, IP traded between $32.91 and $36.67. ATM implied volatility averaged 28.3%, placing in the 32.2% IV rank vs the trailing year. The 30-day expected move averaged 7.7%. IV traded above realized volatility by 5.5% (HV 20d: 22.8%). Max pain ranged from $35.00 to $35.00. Net GEX was positive for 15 of 19 trading days. Term structure was in contango for 5 of 19 days. Put/call ratio averaged 0.83.

Notable Days

2023-04-27: Highest Volume — 9,643 contracts
2023-04-27: Largest IV drop — 17.6% change
2023-04-26: Highest IV Rank — 49.8%
2023-04-26: Largest Expected Move — 9.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$35.63	$32.91	$36.67	$35.98	$32.97
Max Pain	$35.00	$35.00	$35.00	$35.00	$35.00
ATM IV	28.3%	25.1%	32.5%	28.5%	27.6%
Expected Move	7.7%	6.7%	9.3%	6.7%	7.0%
HV 20d	22.8%	16.9%	28.7%	25.1%	28.6%
HV 60d	32.3%	27.6%	33.3%	32.9%	27.6%
IV Rank	32.2%	18.8%	49.8%	33.2%	29.4%
IV Percentile	44.8%	14.7%	78.2%	46.8%	37.3%
Term Structure	-0.5%	-3.4%	4.4%	-0.4%	-1.5%
VWIV	27.2%	23.7%	32.3%	23.7%	23.7%
Skew 25d	5.9%	4.4%	7.8%	6.0%	5.9%
Skew 10d	13.4%	9.4%	19.7%	13.4%	16.0%
Call IV 25d	25.2%	22.4%	28.6%	25.5%	23.7%
Put IV 25d	31.1%	29.3%	33.3%	31.5%	29.6%
Bid-Ask Spread %	31.14	12.50	53.36	44.07	52.82
Gamma HHI	0.16	0.13	0.22	0.13	0.18
Net GEX	1.5M	-2.7M	4.4M	2.1M	-2.7M
Net DEX	16.8M	-10.9M	72.7M	4.9M	71.4M
Net VEX	-617.3K	-675.9K	-482.6K	-675.9K	-506.8K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.83	0.19	4.16	1.66	0.80
Total Volume	2,047.895	497	9,643	1,864	2,041
Total OI	109,259.158	95,251	115,114	110,497	107,550

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
2023-04-03	$35.98	$35.00	28.5%	6.7%	25.1%	33.2%	23.7%	6.0%	-0.4%	2.1M	4.9M	-675.9K	1.66	44.07	700	1,164	62,558	47,939
2023-04-04	$35.22	$35.00	30.4%	7.5%	25.9%	41.1%	27.0%	5.9%	-0.3%	1.0M	20.2M	-647.8K	0.63	26.07	304	193	62,773	49,036
2023-04-05	$35.38	$35.00	30.3%	7.4%	25.2%	40.8%	25.1%	6.5%	-0.3%	1.1M	19.2M	-654.6K	0.29	27.27	495	143	62,860	49,101
2023-04-06	$35.73	$35.00	28.3%	8.3%	25.0%	32.5%	28.2%	5.1%	-0.8%	1.8M	13.0M	-653.5K	0.75	20.28	1,009	755	63,159	49,120
2023-04-10	$35.89	$35.00	28.8%	8.4%	23.6%	34.3%	28.6%	6.0%	1.2%	1.7M	9.6M	-648.8K	0.24	12.50	746	178	62,786	48,689
2023-04-11	$36.67	$35.00	27.9%	7.5%	24.1%	30.6%	28.3%	5.1%	-1.7%	3.2M	-10.9M	-668.5K	0.19	22.96	2,243	420	63,281	48,760
2023-04-12	$36.41	$35.00	28.8%	7.4%	24.2%	34.3%	26.5%	4.5%	-2.9%	2.7M	-2.6M	-654.3K	0.37	25.57	546	200	62,985	48,937
2023-04-13	$36.47	$35.00	28.3%	7.4%	21.8%	32.3%	26.8%	6.3%	-3.3%	2.9M	-4.1M	-648.6K	0.72	14.37	555	397	63,175	49,098
2023-04-14	$35.97	$35.00	27.7%	8.1%	22.5%	29.7%	26.6%	5.8%	1.2%	2.0M	11.0M	-623.3K	0.35	28.50	968	339	63,285	49,300
2023-04-17	$36.25	$35.00	29.1%	8.4%	20.8%	35.7%	27.4%	6.7%	-2.0%	2.6M	5.1M	-621.0K	1.20	25.51	1,062	1,276	62,956	49,216
2023-04-18	$36.48	$35.00	25.1%	7.1%	19.1%	18.8%	25.4%	6.0%	4.4%	3.5M	6.3K	-629.9K	0.30	17.31	487	147	63,560	49,927
2023-04-19	$36.61	$35.00	25.5%	7.3%	18.8%	20.4%	26.0%	6.7%	0.0%	4.4M	-3.8M	-630.7K	0.28	35.87	544	152	63,718	49,978
2023-04-20	$36.44	$35.00	25.7%	7.3%	16.9%	21.5%	32.3%	5.6%	2.8%	3.0M	2.8M	-620.7K	4.16	19.94	573	2,383	63,822	49,850
2023-04-21	$36.00	$35.00	28.1%	8.0%	17.2%	31.3%	27.6%	7.8%	-0.5%	2.7M	13.6M	-603.2K	0.66	37.04	822	545	63,952	51,162
2023-04-24	$36.34	$35.00	28.2%	7.6%	17.1%	31.8%	25.5%	5.0%	-1.4%	384.9K	16.0M	-611.4K	0.32	53.36	1,217	385	51,065	44,186
2023-04-25	$34.73	$35.00	29.9%	8.5%	24.1%	38.8%	30.6%	6.6%	-0.3%	-677.2K	37.7M	-585.5K	1.48	43.97	1,399	2,075	51,927	44,476
2023-04-26	$34.48	$35.00	32.5%	9.3%	24.2%	49.8%	30.8%	4.4%	-3.4%	-866.8K	43.2M	-561.2K	0.25	49.87	2,251	553	52,316	45,191
2023-04-27	$32.91	$35.00	26.8%	7.2%	28.7%	25.9%	26.7%	5.9%	-1.2%	-1.9M	72.7M	-482.6K	1.21	34.38	4,360	5,283	56,266	47,964
2023-04-28	$32.97	$35.00	27.6%	7.0%	28.6%	29.4%	23.7%	5.9%	-1.5%	-2.7M	71.4M	-506.8K	0.80	52.82	1,133	908	56,756	50,794