IT Options History — November 2008

In November 2008, IT traded between $13.53 and $19.38. ATM implied volatility averaged 77.8%, placing in the 36.8% IV rank vs the trailing year. The 30-day expected move averaged 21.8%. IV traded below realized volatility by 18.2% (HV 20d: 96.1%). Max pain ranged from $17.50 to $22.50. Net GEX was positive for 10 of 19 trading days. Term structure was in contango for 4 of 19 days. Put/call ratio averaged 0.91.

Notable Days

  • 2008-11-25: Highest Volume — 54 contracts
  • 2008-11-13: Largest IV drop — 25.0% change
  • 2008-11-21: Highest IV Rank — 45.3%
  • 2008-11-21: Largest Expected Move — 25.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$15.93$13.53$19.38$19.10$15.36
Max Pain$21.45$17.50$22.50$17.50$22.50
ATM IV77.8%64.3%88.8%75.4%76.1%
Expected Move21.8%18.4%25.5%21.6%21.8%
HV 20d96.1%76.9%106.7%89.9%102.2%
HV 60d80.0%69.7%88.0%70.0%88.0%
IV Rank36.8%26.1%45.3%34.9%35.4%
IV Percentile88.7%83.3%92.9%90.1%85.3%
Term Structure-3.9%-15.5%10.9%-10.3%5.0%
VWIV76.9%73.4%80.4%73.4%80.4%
Skew 25d7.1%-2.0%18.0%6.2%15.7%
Skew 10d18.2%-2.6%32.1%-2.6%24.2%
Call IV 25d72.6%62.6%93.9%72.7%67.3%
Put IV 25d79.7%71.2%91.8%78.9%82.9%
Bid-Ask Spread %94.7070.65114.4289.4194.48
Gamma HHI0.260.200.370.230.32
Net GEX38-2.7K4.9K4.5K-1.4K
Net DEX282.1K67.1K409.6K73.2K304.0K
Net VEX-1.1K-2.2K-550-2.2K-752
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.910.0010.0010.000.00
Total Volume80541140
Total OI993.2637881,0471,024842

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2008-11-03$19.10$17.5075.4%21.6%89.9%34.9%0.0%6.2%-10.3%4.5K73.2K-2.2K10.0089.41110691333
2008-11-04$19.38$17.5073.4%21.0%88.6%33.3%0.0%7.1%-5.8%4.9K67.1K-2.2K0.0089.0400691343
2008-11-05$17.56$17.5082.2%23.6%95.8%40.1%0.0%3.6%-15.5%2.4K161.9K-1.7K0.00114.4230691343
2008-11-06$16.91$17.5079.6%22.8%95.9%38.1%0.0%11.1%-7.2%1.5K215.7K-1.6K0.0095.0700694343
2008-11-07$17.21$22.5081.3%20.2%95.8%39.5%0.0%8.3%-4.6%1.2K229.4K-1.7K0.0070.6500694343
2008-11-10$16.44$22.5074.9%20.4%80.0%34.5%0.0%8.4%-2.0%659220.8K-1.4K0.0091.20020694343
2008-11-11$15.87$22.5082.4%20.9%78.8%40.4%0.0%1.6%-4.1%-1.7K340.1K-1.1K0.0084.0310694353
2008-11-12$14.59$22.5085.7%21.8%76.9%42.9%0.0%-0.3%-11.6%-1.6K374.6K-8140.0087.2830694353
2008-11-13$17.16$22.5064.3%18.4%95.2%26.1%0.0%5.8%-0.0%-1.5K330.1K-1.1K0.00109.4020694353
2008-11-14$15.78$22.5076.4%21.9%99.2%35.6%0.0%8.8%-4.3%-1.2K294.0K-1.1K0.0093.2020691353
2008-11-17$16.00$22.5077.7%22.3%98.8%36.7%0.0%9.2%-8.5%-2.5K359.5K-9230.0086.8620691353
2008-11-18$15.10$22.5079.2%22.7%99.6%37.8%0.0%18.0%-7.2%-2.7K368.4K-8350.0099.1210691353
2008-11-19$13.75$22.5076.8%22.0%103.1%36.0%0.0%0.7%5.3%-1.5K393.8K-5990.00101.6150691353
2008-11-20$13.53$22.5076.5%21.9%103.1%35.7%0.0%10.3%10.9%335409.6K-5500.00101.0940693353
2008-11-21$14.51$22.5088.8%25.5%106.7%45.3%0.0%-2.0%-14.9%54399.1K-8790.00106.4640693353
2008-11-24$14.38$22.5080.3%23.0%106.2%38.7%0.0%1.7%-4.6%455251.8K-6900.0095.3500550238
2008-11-25$14.60$22.5075.4%21.6%103.6%34.8%73.4%13.5%-0.2%421258.9K-6680.0089.32054550238
2008-11-26$15.37$22.5072.6%20.8%105.5%32.6%0.0%7.9%5.0%-1.8K307.7K-8040.00101.2500550292
2008-11-28$15.36$22.5076.1%21.8%102.2%35.4%80.4%15.7%5.0%-1.4K304.0K-7520.0094.48040550292