IT Options History — January 2023

In January 2023, IT traded between $325.98 and $337.88. ATM implied volatility averaged 34.7%, placing in the 15.4% IV rank vs the trailing year. The 30-day expected move averaged 10.5%. IV traded above realized volatility by 14.4% (HV 20d: 20.2%). Max pain ranged from $330.00 to $350.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 2 of 20 days. Put/call ratio averaged 1.34.

Notable Days

2023-01-18: Highest Volume — 1,041 contracts
2023-01-11: Largest IV spike — 32.3% change
2023-01-31: Highest IV Rank — 32.4%
2023-01-31: Largest Expected Move — 13.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$332.11	$325.98	$337.88	$336.82	$336.27
Max Pain	$336.00	$330.00	$350.00	$340.00	$330.00
ATM IV	34.7%	25.1%	45.3%	26.2%	45.3%
Expected Move	10.5%	7.5%	13.0%	7.5%	13.0%
HV 20d	20.2%	17.2%	22.5%	19.8%	17.2%
HV 60d	28.0%	21.8%	30.4%	30.4%	21.8%
IV Rank	15.4%	0.0%	32.4%	1.7%	32.4%
IV Percentile	39.3%	0.0%	84.5%	3.6%	84.5%
Term Structure	-3.8%	-11.5%	9.6%	9.6%	-11.5%
VWIV	36.3%	25.1%	45.9%	25.1%	45.9%
Skew 25d	5.1%	3.0%	6.6%	3.9%	6.5%
Skew 10d	12.4%	-0.5%	21.0%	7.9%	16.5%
Call IV 25d	34.3%	25.2%	42.1%	25.2%	42.1%
Put IV 25d	39.5%	28.7%	48.6%	29.1%	48.6%
Bid-Ask Spread %	77.75	69.15	87.66	87.66	77.01
Gamma HHI	0.37	0.35	0.41	0.35	0.35
Net GEX	3.3M	2.5M	4.6M	2.7M	4.6M
Net DEX	-58.9M	-80.5M	-41.3M	-64.3M	-80.5M
Net VEX	-265.5K	-288.4K	-238.3K	-281.2K	-277.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.34	0.04	9.50	0.47	0.29
Total Volume	175.55	13	1,041	47	58
Total OI	6,637.15	6,079	7,331	6,079	7,113

Daily Data (20 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
2023-01-03	$336.82	$340.00	26.2%	7.5%	19.8%	1.7%	25.1%	3.9%	9.6%	2.7M	-64.3M	-281.2K	0.47	87.66	32	15	4,622	1,457
2023-01-04	$331.98	$340.00	26.8%	7.7%	20.2%	2.6%	26.6%	3.0%	8.3%	2.7M	-55.1M	-274.5K	1.73	85.70	66	114	4,633	1,470
2023-01-05	$326.03	$350.00	26.6%	10.1%	20.9%	2.4%	34.1%	5.0%	-2.9%	2.7M	-42.8M	-265.6K	0.43	69.15	60	26	4,682	1,595
2023-01-06	$329.72	$340.00	25.1%	10.0%	21.0%	0.0%	33.4%	5.2%	-3.1%	2.8M	-49.9M	-270.8K	4.33	74.00	9	39	4,726	1,608
2023-01-09	$328.91	$340.00	26.3%	10.2%	20.7%	2.0%	37.0%	6.2%	-4.2%	2.9M	-48.2M	-264.0K	3.50	70.60	8	28	4,732	1,635
2023-01-10	$331.39	$340.00	26.7%	10.3%	21.0%	2.7%	36.7%	5.0%	-4.3%	2.6M	-52.3M	-265.7K	1.17	69.53	6	7	4,740	1,661
2023-01-11	$337.88	$340.00	35.4%	10.1%	21.8%	16.5%	34.1%	4.8%	-4.2%	2.7M	-65.0M	-267.9K	0.10	70.81	30	3	4,741	1,672
2023-01-12	$335.49	$340.00	32.9%	9.4%	21.6%	12.6%	34.4%	5.3%	-2.1%	2.5M	-58.8M	-259.3K	1.79	79.84	24	43	4,745	1,671
2023-01-13	$336.81	$340.00	34.4%	9.8%	21.4%	14.9%	32.4%	4.4%	-3.4%	2.5M	-60.4M	-260.4K	0.05	83.50	62	3	4,765	1,710
2023-01-17	$333.81	$340.00	34.9%	10.0%	20.7%	15.9%	34.8%	5.3%	-3.1%	2.5M	-53.6M	-246.1K	9.50	76.76	8	76	4,798	1,710
2023-01-18	$330.30	$340.00	34.4%	9.9%	20.9%	14.9%	34.3%	4.9%	-3.0%	3.0M	-44.8M	-238.3K	1.51	77.01	415	626	4,815	1,747
2023-01-19	$325.98	$330.00	36.8%	10.5%	21.3%	18.8%	40.6%	6.2%	-4.4%	3.2M	-41.3M	-258.8K	0.88	79.01	8	7	5,198	2,133
2023-01-20	$332.24	$330.00	39.0%	11.2%	22.5%	22.4%	37.4%	3.1%	-6.0%	3.6M	-55.1M	-262.3K	0.25	84.65	330	84	5,197	2,094
2023-01-23	$332.88	$330.00	39.1%	11.2%	21.2%	22.5%	38.4%	5.5%	-6.1%	4.1M	-68.1M	-265.3K	0.15	81.42	78	12	4,961	1,691
2023-01-24	$330.90	$330.00	39.1%	11.2%	18.7%	22.6%	39.9%	5.3%	-6.2%	4.2M	-65.6M	-263.1K	0.04	79.78	753	27	5,004	1,692
2023-01-25	$328.35	$330.00	39.5%	11.3%	18.6%	23.2%	38.3%	3.9%	-6.8%	4.2M	-58.4M	-257.0K	0.20	78.74	127	25	5,004	1,698
2023-01-26	$328.51	$330.00	39.1%	11.2%	18.5%	22.5%	38.7%	6.3%	-5.2%	4.2M	-60.5M	-264.3K	0.14	78.46	213	29	5,129	1,717
2023-01-27	$332.37	$330.00	41.2%	11.8%	18.8%	25.9%	40.4%	6.6%	-7.9%	4.6M	-73.3M	-288.4K	0.22	76.20	36	8	5,341	1,730
2023-01-30	$335.46	$330.00	44.4%	12.7%	17.7%	31.1%	43.8%	6.6%	-10.0%	4.6M	-79.1M	-278.8K	0.07	75.24	15	1	5,375	1,731
2023-01-31	$336.27	$330.00	45.3%	13.0%	17.2%	32.4%	45.9%	6.5%	-11.5%	4.6M	-80.5M	-277.4K	0.29	77.01	45	13	5,383	1,730