IP Options History — April 2024

In April 2024, IP traded between $33.30 and $39.25. ATM implied volatility averaged 30.0%, placing in the 74.2% IV rank vs the trailing year. The 30-day expected move averaged 8.2%. IV traded below realized volatility by 7.6% (HV 20d: 37.6%). Max pain ranged from $35.00 to $40.00. Net GEX was positive for 18 of 22 trading days. Term structure was in contango for 6 of 22 days. Put/call ratio averaged 0.86.

Notable Days

  • 2024-04-18: Highest Volume — 40,475 contracts
  • 2024-04-25: Largest IV drop — 11.5% change
  • 2024-04-16: Highest IV Rank — 91.9%
  • 2024-04-16: Largest Expected Move — 9.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$36.51$33.30$39.25$38.98$35.19
Max Pain$38.30$35.00$40.00$37.50$35.00
ATM IV30.0%26.1%32.8%28.9%26.5%
Expected Move8.2%6.9%9.3%7.0%7.4%
HV 20d37.6%18.3%48.1%46.8%25.7%
HV 60d35.2%34.7%35.8%35.0%34.9%
IV Rank74.2%49.9%91.9%67.2%52.2%
IV Percentile89.9%62.7%99.2%90.1%66.7%
Term Structure-0.6%-3.6%2.0%-0.6%-0.6%
VWIV28.6%23.8%32.5%25.1%24.7%
Skew 25d1.9%0.4%3.3%3.1%3.3%
Skew 10d4.2%-4.5%11.0%4.3%9.0%
Call IV 25d29.1%23.8%32.0%27.3%23.8%
Put IV 25d31.0%26.2%33.6%30.4%27.1%
Bid-Ask Spread %54.4223.8473.4862.5873.48
Gamma HHI0.180.140.240.190.19
Net GEX2.1M-594.2K6.5M3.8M6.5M
Net DEX-18.7M-79.6M60.1M-66.1M-56.4M
Net VEX-478.0K-580.5K-381.6K-436.1K-580.5K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.860.052.281.250.35
Total Volume9,0791,47240,4753,4212,628
Total OI114,795.81884,335144,88984,335137,071

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2024-04-01$38.98$37.5028.9%7.0%46.8%67.2%25.1%3.1%-0.6%3.8M-66.1M-436.1K1.2562.581,5191,90253,69730,638
2024-04-02$38.61$37.5030.5%7.4%46.7%77.5%26.2%3.1%-1.1%3.1M-55.6M-445.0K1.6464.692,8304,64454,49532,304
2024-04-03$39.00$37.5028.4%7.2%46.7%64.6%26.0%2.2%-0.6%3.9M-68.0M-496.9K0.1964.444,94294961,26136,022
2024-04-04$39.25$40.0030.8%8.2%46.6%79.3%28.6%2.1%-1.4%4.5M-79.6M-510.9K0.2144.873,11864664,38636,500
2024-04-05$38.64$40.0030.2%8.5%47.2%75.4%28.8%1.8%-1.0%3.8M-58.5M-518.3K0.0555.3311,54561766,70536,990
2024-04-08$38.09$40.0030.3%8.5%47.6%76.4%29.5%1.8%-0.4%3.2M-48.6M-512.8K0.1155.907,39080670,68135,933
2024-04-09$38.16$40.0030.3%8.5%47.5%76.4%29.5%1.4%-1.0%3.9M-60.7M-550.6K1.2323.849231,13578,09836,430
2024-04-10$38.05$40.0030.9%8.5%47.1%79.9%29.8%1.9%-0.8%3.2M-53.8M-536.0K1.5656.481,0391,61978,31037,344
2024-04-11$37.89$40.0029.6%8.4%47.2%72.2%28.9%2.0%-0.4%2.4M-46.7M-518.7K0.7154.0886161178,67637,610
2024-04-12$37.11$40.0031.5%8.7%47.9%84.1%30.4%2.0%-2.0%353.9K-22.7M-498.5K0.9654.501,2941,23878,76437,820
2024-04-15$36.67$40.0032.4%9.1%48.1%89.8%32.5%1.5%0.3%1.5M-10.9M-466.5K2.2150.492,1684,78174,70436,785
2024-04-16$35.91$40.0032.8%9.3%47.7%91.9%32.1%1.7%0.0%-130.1K21.6M-420.1K0.6143.131,7711,07375,54240,572
2024-04-17$35.14$40.0031.3%9.0%31.7%82.4%30.8%1.7%1.9%-305.0K39.8M-381.6K0.3349.282,78792975,98039,705
2024-04-18$35.22$40.0031.3%8.9%31.0%82.6%31.4%0.4%1.5%-305.1K27.2M-387.5K0.2056.0333,7756,70077,55437,421
2024-04-19$35.31$37.5031.8%8.9%29.9%85.6%31.2%0.5%2.0%189.7K6.9M-464.2K2.2851.436,66315,20490,40137,591
2024-04-22$34.73$37.5030.4%8.3%30.1%76.9%29.5%1.9%-1.1%623.3K22.1M-452.5K1.0246.314,0464,14277,01734,886
2024-04-23$34.33$37.5029.8%8.3%27.6%73.5%28.6%0.8%-1.7%456.0K35.0M-429.8K0.3554.153,5051,21380,37738,123
2024-04-24$34.39$37.5031.3%8.6%19.0%82.8%30.4%1.6%-3.6%667.5K30.9M-454.3K1.1941.045,9637,07482,50238,789
2024-04-25$33.30$35.0027.7%7.3%18.3%60.1%25.3%2.0%-1.5%124.4K60.1M-409.9K0.0861.0927,1542,08387,63044,437
2024-04-26$33.91$35.0026.1%6.9%20.4%49.9%23.8%1.7%-1.5%-594.2K27.0M-488.7K2.0764.162,1264,394102,34542,544
2024-04-29$35.25$35.0026.4%7.3%25.7%51.5%25.1%3.3%0.1%6.1M-53.7M-557.4K0.2369.858,1041,827100,57430,294
2024-04-30$35.19$35.0026.5%7.4%25.7%52.2%24.7%3.3%-0.6%6.5M-56.4M-580.5K0.3573.481,943685106,52330,548