IT Options History — March 2008

In March 2008, IT traded between $17.98 and $21.21. ATM implied volatility averaged 41.0%, placing in the 59.5% IV rank vs the trailing year. The 30-day expected move averaged 11.7%. IV traded below realized volatility by 9.2% (HV 20d: 50.2%). Max pain ranged from $20.00 to $22.50. Net GEX was positive for 12 of 20 trading days. Term structure was in contango for 19 of 20 days. Put/call ratio averaged 0.50.

Notable Days

  • 2008-03-12: Highest Volume — 370 contracts
  • 2008-03-07: Largest IV spike — 34.3% change
  • 2008-03-10: Highest IV Rank — 69.6%
  • 2008-03-07: Largest Expected Move — 12.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$19.62$17.98$21.21$19.22$19.34
Max Pain$20.50$20.00$22.50$22.50$20.00
ATM IV41.0%32.1%45.2%39.2%41.6%
Expected Move11.7%9.2%12.4%11.2%11.9%
HV 20d50.2%41.0%68.1%67.9%49.7%
HV 60d53.3%52.2%54.6%52.8%54.3%
IV Rank59.5%37.5%69.6%54.8%60.9%
IV Percentile77.1%38.5%90.5%70.2%78.2%
Term Structure1.6%-0.4%3.6%1.6%3.6%
VWIV41.5%40.0%42.4%40.9%42.1%
Skew 25d2.7%-10.1%10.1%7.8%5.1%
Skew 10d7.7%-8.5%21.6%21.6%9.3%
Call IV 25d40.2%31.5%43.7%37.7%41.6%
Put IV 25d42.9%27.3%49.7%45.5%46.8%
Bid-Ask Spread %79.6861.45102.9689.0988.24
Gamma HHI0.500.270.690.310.66
Net GEX5.5K-5.9K17.1K-5.1K17.0K
Net DEX-159.0K-612.5K137.6K27.9K-206.2K
Net VEX-2.6K-3.6K-1.5K-1.6K-3.3K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.500.002.500.000.25
Total Volume42.40370106
Total OI948.056531,2626531,085

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2008-03-03$19.22$22.5039.2%11.2%67.9%54.8%0.0%7.8%1.6%-5.1K27.9K-1.6K0.0089.09010286367
2008-03-04$19.56$22.5041.5%11.9%67.3%60.7%0.0%-1.4%-0.4%-5.9K4.6K-1.6K0.0093.9200286377
2008-03-05$19.50$22.5040.9%11.7%66.8%59.1%40.9%-5.1%0.7%-5.9K6.0K-1.6K0.0094.7205286377
2008-03-06$19.01$22.5032.1%9.2%68.1%37.5%0.0%-10.1%2.5%-5.9K54.9K-1.6K0.00102.96010286382
2008-03-07$18.45$20.0043.1%12.4%44.1%64.6%0.0%10.1%1.2%-4.6K124.1K-1.6K0.0072.80020286392
2008-03-10$17.98$20.0045.2%12.3%43.5%69.6%0.0%7.2%1.2%-2.8K137.6K-1.5K0.0072.55010286372
2008-03-11$19.19$20.0039.7%11.4%48.4%56.1%0.0%-0.5%2.5%-4.6K63.9K-1.6K0.0067.7650286382
2008-03-12$19.67$20.0039.9%11.3%46.3%56.7%40.0%-0.2%2.0%-5.5K12.6K-1.5K0.0073.103700281382
2008-03-13$20.05$20.0040.3%11.6%41.9%57.7%0.0%2.8%1.8%13.3K-379.7K-2.4K0.0074.400165620382
2008-03-14$19.54$20.0041.9%12.0%41.0%61.7%0.0%-0.3%0.7%10.9K-192.4K-3.1K0.0072.78097620502
2008-03-17$18.99$20.0041.0%11.8%42.6%59.4%0.0%4.5%2.1%9.9K219-3.4K2.5075.561230620599
2008-03-18$19.94$20.0041.3%11.8%45.6%60.0%0.0%6.0%1.7%6.9K-152.0K-3.6K0.0078.5800632629
2008-03-19$19.55$20.0041.9%12.0%43.9%61.5%42.4%3.4%0.2%7.8K-117.5K-3.6K0.2571.414010632619
2008-03-20$20.27$20.0041.7%12.0%45.4%61.1%41.9%5.5%1.7%6.7K-295.7K-3.5K0.0084.74230633629
2008-03-24$21.21$20.0042.6%12.2%47.8%63.3%0.0%6.1%0.0%14.4K-612.5K-3.3K0.0077.97010572509
2008-03-25$21.06$20.0041.8%12.0%47.7%61.3%0.0%5.3%1.5%14.8K-581.6K-3.3K0.0076.1700572519
2008-03-26$20.50$20.0041.9%12.0%48.1%61.6%0.0%3.6%2.2%15.9K-483.6K-3.4K0.0061.4500572519
2008-03-27$20.10$20.0041.4%11.9%48.1%60.4%0.0%2.0%2.6%17.1K-403.1K-3.4K0.0080.7200572519
2008-03-28$19.25$20.0042.0%12.0%50.6%61.9%42.1%1.6%1.8%15.1K-188.1K-3.4K0.2584.67205572519
2008-03-31$19.34$20.0041.6%11.9%49.7%60.9%0.0%5.1%3.6%17.0K-206.2K-3.3K0.0088.2406566519