IP Options History — May 2023

In May 2023, IP traded between $29.57 and $33.28. ATM implied volatility averaged 25.0%, placing in the 18.3% IV rank vs the trailing year. The 30-day expected move averaged 7.0%. IV traded below realized volatility by 1.2% (HV 20d: 26.1%). Max pain ranged from $35.00 to $35.00. Net GEX was positive for 0 of 22 trading days. Term structure was in contango for 8 of 22 days. Put/call ratio averaged 1.40.

Notable Days

  • 2023-05-31: Highest Volume — 27,254 contracts
  • 2023-05-02: Largest IV spike — 9.5% change
  • 2023-05-04: Highest IV Rank — 34.3%
  • 2023-05-02: Largest Expected Move — 7.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$31.72$29.57$33.28$33.28$29.57
Max Pain$35.00$35.00$35.00$35.00$35.00
ATM IV25.0%21.6%28.8%26.2%24.9%
Expected Move7.0%6.2%7.9%7.4%7.4%
HV 20d26.1%18.9%29.3%27.6%18.9%
HV 60d26.3%24.4%28.1%27.6%24.4%
IV Rank18.3%4.3%34.3%23.6%18.2%
IV Percentile19.2%1.6%52.4%24.6%17.9%
Term Structure-0.4%-2.1%1.7%-1.0%0.1%
VWIV25.0%18.5%28.7%24.4%26.2%
Skew 25d5.5%3.2%7.8%4.7%4.7%
Skew 10d13.4%5.8%23.9%7.3%14.6%
Call IV 25d22.3%18.0%26.4%22.5%23.8%
Put IV 25d27.8%25.1%32.4%27.2%28.5%
Bid-Ask Spread %19.356.4952.8021.6118.86
Gamma HHI0.270.210.340.210.32
Net GEX-2.2M-2.8M-1.8M-2.0M-1.8M
Net DEX93.7M66.4M125.5M66.4M114.1M
Net VEX-433.0K-513.8K-308.4K-513.8K-337.3K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.400.0513.220.5313.22
Total Volume3,617.81853527,2541,46127,254
Total OI115,894.682104,320134,836104,320126,737

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-05-01$33.28$35.0026.2%7.4%27.6%23.6%24.4%4.7%-1.0%-2.0M66.4M-513.8K0.5321.6195250954,17750,143
2023-05-02$32.34$35.0028.7%7.9%28.9%34.0%28.7%5.5%-0.5%-2.1M79.4M-462.8K0.5751.403,5262,02154,55350,265
2023-05-03$32.30$35.0027.9%7.8%28.3%30.7%24.5%6.4%-2.1%-2.0M77.2M-493.0K0.8052.8055344255,57251,141
2023-05-04$31.73$35.0028.8%7.9%28.5%34.3%27.7%6.0%-1.7%-2.0M85.4M-456.7K0.4912.8569634155,85751,288
2023-05-05$32.34$35.0026.6%7.3%29.3%25.3%25.6%4.6%0.3%-2.1M76.6M-485.9K0.1816.501,84533956,35551,345
2023-05-08$32.44$35.0026.7%7.1%29.2%25.7%28.3%6.3%-2.1%-2.1M75.5M-474.3K1.458.5332346956,23550,944
2023-05-09$32.13$35.0026.4%7.2%27.5%24.3%27.8%5.4%-1.9%-2.1M79.6M-471.8K0.419.9955823156,45251,325
2023-05-10$32.00$35.0025.9%7.0%27.5%22.1%25.1%6.1%-1.4%-2.3M85.4M-439.9K0.668.131,12974156,64651,482
2023-05-11$31.66$35.0024.4%6.7%27.4%16.0%25.8%5.3%-0.6%-2.3M89.5M-425.5K0.057.022,91615157,07651,857
2023-05-12$31.64$35.0023.4%6.7%27.4%11.7%25.1%4.7%-0.2%-2.2M85.7M-455.5K0.4323.6637316259,54751,816
2023-05-15$31.84$35.0023.0%6.6%27.3%10.3%23.5%7.0%0.0%-2.4M85.4M-436.4K1.028.1168469558,88651,633
2023-05-16$31.55$35.0023.6%6.8%26.9%12.7%25.6%5.6%-0.4%-2.3M100.2M-434.4K0.476.4949623264,47955,803
2023-05-17$32.08$35.0021.6%6.2%27.9%4.3%21.5%7.8%1.1%-2.6M96.3M-450.9K0.349.5163221264,65556,933
2023-05-18$31.98$35.0022.3%6.4%28.0%7.2%24.8%5.5%0.2%-2.4M99.2M-434.3K0.399.7670927965,03356,929
2023-05-19$31.95$35.0022.6%6.3%28.0%8.5%18.5%5.7%1.7%-2.3M99.1M-428.9K1.289.119421,20665,22456,873
2023-05-22$31.74$35.0022.1%6.3%27.4%6.4%22.6%3.2%-0.3%-2.4M98.6M-422.4K0.8438.897,1836,02963,10455,878
2023-05-23$32.08$35.0023.2%6.4%23.9%10.9%21.8%4.1%-0.4%-2.5M110.9M-423.8K1.3526.851,4351,94369,73361,663
2023-05-24$31.56$35.0023.3%6.6%24.3%11.3%25.1%4.5%0.0%-2.8M114.8M-308.4K0.7213.721,02773554,22758,341
2023-05-25$30.73$35.0025.0%7.3%20.4%18.6%25.7%5.8%0.1%-2.4M125.5M-417.2K0.5222.6878240970,99163,845
2023-05-26$30.59$35.0026.0%7.2%20.3%22.5%25.9%5.2%-0.4%-2.0M105.6M-390.6K1.9731.447761,53071,26356,497
2023-05-30$30.20$35.0026.4%7.8%19.9%24.3%25.7%6.5%-0.1%-2.1M110.1M-361.1K3.0217.801,5224,60370,74156,139
2023-05-31$29.57$35.0024.9%7.4%18.9%18.2%26.2%4.7%0.1%-1.8M114.1M-337.3K13.2218.861,91725,33771,19555,542