IP Options History — February 2024

In February 2024, IP traded between $33.08 and $35.84. ATM implied volatility averaged 24.2%, placing in the 37.6% IV rank vs the trailing year. The 30-day expected move averaged 6.9%. IV traded below realized volatility by 6.2% (HV 20d: 30.4%). Max pain ranged from $32.50 to $35.00. Net GEX was positive for 18 of 20 trading days. Term structure was in contango for 10 of 20 days. Put/call ratio averaged 0.60.

Notable Days

  • 2024-02-20: Highest Volume — 22,177 contracts
  • 2024-02-12: Largest IV spike — 8.7% change
  • 2024-02-16: Highest IV Rank — 51.7%
  • 2024-02-16: Largest Expected Move — 7.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$34.57$33.08$35.84$34.45$35.50
Max Pain$34.13$32.50$35.00$35.00$35.00
ATM IV24.2%21.7%26.4%24.3%23.0%
Expected Move6.9%6.2%7.6%6.7%6.7%
HV 20d30.4%24.4%34.4%24.9%32.8%
HV 60d25.7%24.1%26.7%24.9%24.5%
IV Rank37.6%21.9%51.7%38.5%30.5%
IV Percentile43.6%17.5%61.9%45.2%32.9%
Term Structure-0.0%-1.0%1.4%-0.5%0.0%
VWIV24.1%21.6%26.6%23.2%22.8%
Skew 25d1.7%0.1%2.9%1.7%2.0%
Skew 10d5.1%1.1%15.8%7.3%3.7%
Call IV 25d23.9%21.0%27.2%23.4%22.6%
Put IV 25d25.6%22.8%27.9%25.1%24.6%
Bid-Ask Spread %43.119.7173.8664.3472.24
Gamma HHI0.270.140.500.220.33
Net GEX2.6M-203.2K13.6M-203.2K3.1M
Net DEX-15.8M-68.1M22.0M7.8M-30.8M
Net VEX-285.2K-335.7K-222.5K-259.4K-307.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.600.022.241.030.24
Total Volume5,721.251222,1775,2201,937
Total OI72,062.8557,22089,58271,72257,220

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2024-02-01$34.45$35.0024.3%6.7%24.9%38.5%23.2%1.7%-0.5%-203.2K7.8M-259.4K1.0364.342,5672,65352,38819,334
2024-02-02$33.48$35.0024.1%6.9%26.4%36.8%23.8%1.9%-0.6%2.4K22.0M-232.2K0.8625.171,4371,23553,33420,570
2024-02-05$33.08$35.0024.1%7.1%25.6%37.4%25.0%2.8%1.0%-88.3K17.0M-222.5K1.4037.003,1314,37851,67918,413
2024-02-06$33.11$35.0022.7%6.8%24.4%28.1%23.9%2.6%1.4%63.5K12.2M-239.0K0.2910.701,57445353,83518,276
2024-02-07$33.66$35.0022.6%6.7%25.7%27.4%22.9%2.2%1.1%81.1K7.9M-243.2K0.599.7161536253,84818,352
2024-02-08$34.91$35.0021.7%6.2%29.7%21.9%24.1%1.7%0.1%1.2M-11.3M-264.4K0.2121.777,3381,50754,11116,984
2024-02-09$35.13$32.5023.1%6.7%29.7%30.8%24.8%0.3%0.5%1.5M-19.6M-270.6K0.0448.697,49529256,07916,492
2024-02-12$35.64$32.5025.1%7.3%30.4%43.6%25.7%1.7%-1.0%3.3M-31.1M-297.3K0.0851.075,68945561,32716,046
2024-02-13$34.58$32.5025.4%7.3%31.8%45.0%25.6%0.1%0.0%2.2M-20.2M-289.7K1.2839.4367686865,81516,147
2024-02-14$34.59$32.5024.5%7.0%31.8%39.4%25.2%1.0%-0.2%2.1M-18.1M-290.0K0.0738.012,78818465,88316,861
2024-02-15$34.98$32.5024.3%7.0%32.1%38.5%24.1%2.7%0.2%3.4M-28.3M-299.5K0.0261.178,17014268,51116,870
2024-02-16$35.84$32.5026.4%7.6%33.5%51.7%26.6%0.9%-0.6%5.5M-50.8M-322.6K0.0258.7221,29652272,67816,904
2024-02-20$35.77$32.5025.8%7.4%33.1%48.0%21.6%0.4%-0.7%13.6M-68.1M-335.7K0.0365.5121,57160660,63814,629
2024-02-21$34.72$35.0026.2%7.0%34.4%50.2%24.4%1.8%-0.7%5.2M-28.9M-312.6K2.2468.901,3963,12354,34614,876
2024-02-22$34.39$35.0024.7%6.9%34.2%40.7%24.4%1.4%0.3%2.7M-17.8M-313.9K2.0438.9347997653,51317,288
2024-02-23$34.72$35.0023.7%6.7%31.2%34.6%23.3%2.2%1.3%2.7M-20.9M-316.9K0.5173.8681842153,56218,070
2024-02-26$33.94$35.0024.3%6.9%31.9%38.1%23.8%2.2%-0.6%1.7M-6.5M-286.2K0.4530.5473233140,65917,725
2024-02-27$34.19$35.0024.3%6.7%31.6%38.7%23.3%2.9%-0.8%1.8M-10.2M-293.2K0.3724.6737413840,97417,914
2024-02-28$34.70$35.0023.3%6.8%32.2%32.2%24.2%1.7%-0.6%2.6M-21.1M-307.5K0.1621.784,90279341,19417,912
2024-02-29$35.50$35.0023.0%6.7%32.8%30.5%22.8%2.0%0.0%3.1M-30.8M-307.7K0.2472.241,56337439,36117,859