IP Options History — June 2024

In June 2024, IP traded between $42.97 and $47.09. ATM implied volatility averaged 38.5%, placing in the 58.8% IV rank vs the trailing year. The 30-day expected move averaged 10.6%. IV traded above realized volatility by 7.6% (HV 20d: 30.9%). Max pain ranged from $40.00 to $41.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 10 of 19 days. Put/call ratio averaged 0.67.

Notable Days

2024-06-27: Highest Volume — 75,832 contracts
2024-06-13: Largest IV spike — 39.9% change
2024-06-06: Highest IV Rank — 77.8%
2024-06-03: Largest Expected Move — 12.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$45.27	$42.97	$47.09	$45.81	$42.97
Max Pain	$40.05	$40.00	$41.00	$40.00	$41.00
ATM IV	38.5%	29.3%	45.1%	40.6%	33.3%
Expected Move	10.6%	6.6%	12.8%	12.8%	6.6%
HV 20d	30.9%	26.0%	37.0%	33.0%	35.9%
HV 60d	34.1%	29.2%	38.2%	37.2%	33.0%
IV Rank	58.8%	32.0%	77.8%	64.7%	43.7%
IV Percentile	93.9%	77.8%	99.6%	97.6%	86.5%
Term Structure	-0.3%	-15.5%	10.9%	-8.3%	-0.1%
VWIV	37.0%	23.4%	43.5%	40.2%	23.4%
Skew 25d	4.0%	-4.8%	11.8%	0.3%	4.6%
Skew 10d	5.5%	-4.0%	22.2%	-4.0%	5.5%
Call IV 25d	35.7%	24.3%	49.9%	41.6%	31.7%
Put IV 25d	39.7%	32.0%	47.1%	41.9%	36.3%
Bid-Ask Spread %	73.49	52.67	90.13	90.13	58.05
Gamma HHI	0.20	0.17	0.25	0.20	0.17
Net GEX	18.5M	6.9M	22.3M	19.3M	6.9M
Net DEX	-545.1M	-732.5M	-195.2M	-625.2M	-195.2M
Net VEX	-1.8M	-1.9M	-1.5M	-1.9M	-1.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.67	0.10	2.93	0.17	2.93
Total Volume	14,813.368	2,152	75,832	10,330	7,102
Total OI	331,328.053	275,320	372,423	326,084	292,258

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
2024-06-03	$45.81	$40.00	40.6%	12.8%	33.0%	64.7%	40.2%	0.3%	-8.3%	19.3M	-625.2M	-1.9M	0.17	90.13	8,847	1,483	232,342	93,742
2024-06-04	$44.16	$40.00	39.2%	12.3%	37.0%	60.7%	38.2%	2.7%	-8.4%	20.0M	-524.2M	-1.8M	0.13	74.37	4,872	612	231,667	94,567
2024-06-05	$44.38	$40.00	37.0%	10.0%	32.8%	54.3%	35.6%	11.8%	-7.6%	20.4M	-547.1M	-1.9M	0.71	75.81	1,259	893	235,477	98,267
2024-06-06	$44.42	$40.00	45.1%	10.3%	32.9%	77.8%	38.7%	8.9%	-15.5%	19.9M	-536.7M	-1.9M	0.78	69.57	3,462	2,707	235,408	99,001
2024-06-07	$45.47	$40.00	37.9%	11.8%	33.3%	57.1%	40.8%	10.7%	5.8%	20.9M	-610.7M	-1.9M	0.14	83.83	18,776	2,681	237,221	100,958
2024-06-10	$44.97	$40.00	39.1%	11.1%	30.0%	60.4%	37.3%	5.9%	0.6%	22.3M	-598.4M	-1.9M	0.87	83.92	4,214	3,672	247,940	101,934
2024-06-11	$45.11	$40.00	30.6%	10.2%	29.2%	36.0%	35.3%	8.8%	6.3%	21.7M	-599.1M	-1.9M	0.30	80.14	11,656	3,506	250,849	106,217
2024-06-12	$44.72	$40.00	29.3%	10.1%	29.7%	32.0%	34.5%	3.4%	7.2%	21.3M	-572.7M	-1.8M	0.10	79.35	10,707	1,123	245,680	107,505
2024-06-13	$45.34	$40.00	40.9%	11.0%	29.8%	65.8%	38.5%	-1.1%	-3.3%	20.1M	-615.6M	-1.8M	0.89	75.79	5,958	5,277	244,617	107,792
2024-06-14	$45.09	$40.00	39.7%	11.3%	29.5%	62.2%	40.2%	-4.8%	-4.3%	21.3M	-592.2M	-1.9M	1.48	77.11	2,792	4,145	248,289	112,323
2024-06-17	$45.31	$40.00	34.8%	10.4%	29.5%	48.0%	35.3%	0.1%	10.9%	21.7M	-597.6M	-1.7M	0.34	72.03	2,680	900	243,484	112,418
2024-06-18	$46.22	$40.00	41.3%	11.9%	29.9%	66.9%	43.5%	4.2%	2.8%	19.5M	-647.4M	-1.8M	0.30	74.30	26,541	8,007	242,530	113,129
2024-06-20	$46.69	$40.00	39.8%	11.1%	29.7%	62.4%	38.1%	1.1%	3.0%	20.1M	-732.5M	-1.8M	0.15	70.24	5,436	836	252,996	115,982
2024-06-21	$45.98	$40.00	41.1%	11.3%	30.5%	66.3%	40.7%	0.6%	4.3%	16.5M	-698.8M	-1.8M	0.32	74.07	21,899	7,053	256,332	116,091
2024-06-24	$47.09	$40.00	43.4%	10.9%	27.5%	72.9%	40.7%	6.9%	-3.0%	16.9M	-497.0M	-1.8M	1.28	67.29	3,385	4,328	201,565	73,755
2024-06-25	$46.41	$40.00	43.8%	10.4%	26.0%	74.0%	37.6%	7.5%	-0.9%	16.2M	-462.9M	-1.8M	0.16	65.64	9,037	1,432	202,117	76,460
2024-06-26	$46.58	$40.00	39.6%	10.6%	26.0%	61.9%	37.7%	-3.1%	4.7%	16.6M	-456.9M	-1.8M	0.76	71.95	4,733	3,611	203,618	77,779
2024-06-27	$43.34	$40.00	35.2%	7.4%	35.8%	49.1%	26.5%	6.7%	0.2%	10.1M	-247.0M	-1.6M	0.91	52.67	39,771	36,061	203,439	79,484
2024-06-28	$42.97	$41.00	33.3%	6.6%	35.9%	43.7%	23.4%	4.6%	-0.1%	6.9M	-195.2M	-1.5M	2.93	58.05	1,805	5,297	192,092	100,166