IT Options History — July 2023

In July 2023, IT traded between $346.76 and $374.25. ATM implied volatility averaged 28.3%, placing in the 17.1% IV rank vs the trailing year. The 30-day expected move averaged 8.6%. IV traded above realized volatility by 9.2% (HV 20d: 19.1%). Max pain ranged from $340.00 to $360.00. Net GEX was positive for 14 of 20 trading days. Term structure was in contango for 2 of 20 days. Put/call ratio averaged 2.48.

Notable Days

2023-07-28: Highest Volume — 1,333 contracts
2023-07-12: Largest IV spike — 38.4% change
2023-07-31: Highest IV Rank — 38.2%
2023-07-31: Largest Expected Move — 11.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$357.27	$346.76	$374.25	$348.08	$352.24
Max Pain	$353.00	$340.00	$360.00	$340.00	$360.00
ATM IV	28.3%	17.9%	41.1%	17.9%	41.1%
Expected Move	8.6%	5.1%	11.8%	5.1%	11.8%
HV 20d	19.1%	16.1%	22.0%	19.0%	20.0%
HV 60d	20.7%	19.8%	21.4%	21.3%	19.8%
IV Rank	17.1%	0.0%	38.2%	0.0%	38.2%
IV Percentile	43.8%	0.0%	89.3%	0.0%	89.3%
Term Structure	-3.2%	-10.7%	9.6%	9.6%	-10.7%
VWIV	29.9%	18.1%	42.1%	18.1%	42.1%
Skew 25d	4.2%	2.1%	5.9%	3.5%	3.8%
Skew 10d	7.5%	4.7%	10.0%	9.2%	9.3%
Call IV 25d	28.5%	17.1%	39.8%	17.1%	39.8%
Put IV 25d	32.7%	20.6%	43.6%	20.6%	43.6%
Bid-Ask Spread %	71.88	65.91	90.49	89.71	75.41
Gamma HHI	0.21	0.13	0.31	0.19	0.31
Net GEX	144.4K	-1.5M	763.4K	276.7K	-1.5M
Net DEX	-6.8M	-17.3M	11.3M	-6.3M	11.3M
Net VEX	-66.6K	-110.0K	-53.8K	-60.0K	-110.0K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	2.48	0.00	30.00	0.00	0.46
Total Volume	184.8	2	1,333	2	1,156
Total OI	2,060.2	1,746	3,226	1,826	3,226

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
2023-07-03	$348.08	$340.00	17.9%	5.1%	19.0%	0.0%	18.1%	3.5%	9.6%	276.7K	-6.3M	-60.0K	0.00	89.71	2	0	729	1,097
2023-07-05	$346.76	$340.00	18.6%	5.3%	18.7%	1.3%	19.8%	2.1%	9.6%	268.3K	-5.9M	-60.1K	0.85	90.49	13	11	730	1,097
2023-07-06	$348.81	$350.00	19.7%	8.3%	18.6%	3.1%	0.0%	3.9%	-2.3%	293.1K	-6.6M	-58.4K	0.30	68.92	10	3	734	1,104
2023-07-07	$348.59	$350.00	18.8%	8.2%	18.5%	1.6%	26.1%	5.9%	-2.1%	330.8K	-6.8M	-57.7K	0.25	69.88	16	4	744	1,107
2023-07-10	$351.41	$350.00	20.7%	8.5%	17.7%	4.6%	28.3%	4.2%	-2.4%	400.4K	-8.4M	-55.7K	0.13	71.96	54	7	760	1,104
2023-07-11	$354.45	$350.00	20.5%	8.5%	17.9%	4.4%	27.7%	4.4%	-2.5%	671.3K	-10.8M	-55.4K	0.90	65.91	10	9	813	1,108
2023-07-12	$357.11	$350.00	28.4%	8.1%	16.1%	17.3%	30.2%	4.8%	-2.4%	763.4K	-12.3M	-53.8K	0.60	66.82	25	15	816	1,115
2023-07-13	$362.50	$350.00	29.0%	8.3%	16.9%	18.3%	29.2%	4.7%	-3.0%	724.9K	-13.9M	-61.8K	0.44	66.48	71	31	826	1,251
2023-07-14	$363.53	$350.00	29.3%	8.4%	16.7%	18.8%	27.2%	4.7%	-3.2%	551.1K	-13.2M	-60.9K	4.85	67.17	13	63	783	1,270
2023-07-17	$371.23	$350.00	29.9%	8.6%	17.8%	19.8%	30.5%	4.4%	-3.6%	340.6K	-16.3M	-56.9K	2.56	68.75	25	64	784	1,317
2023-07-18	$374.25	$350.00	31.1%	8.9%	17.8%	21.7%	30.2%	4.2%	-4.4%	106.8K	-17.3M	-56.0K	0.55	66.06	31	17	786	1,367
2023-07-19	$368.67	$350.00	30.8%	8.8%	18.7%	21.3%	30.5%	4.4%	-4.2%	179.3K	-14.8M	-59.8K	0.53	66.97	62	33	801	1,372
2023-07-20	$358.07	$360.00	31.7%	9.1%	21.6%	22.8%	31.3%	4.7%	-4.5%	386.9K	-8.3M	-65.8K	1.06	70.10	63	67	829	1,397
2023-07-21	$355.79	$360.00	31.4%	9.0%	21.1%	22.3%	31.6%	4.5%	-4.4%	191.0K	-6.7M	-66.2K	1.00	66.49	35	35	851	1,393
2023-07-24	$357.71	$360.00	32.0%	9.2%	19.6%	23.2%	31.3%	3.5%	-6.0%	-169.4K	-2.1M	-65.1K	2.81	72.69	73	205	543	1,203
2023-07-25	$364.06	$360.00	32.8%	9.4%	20.1%	24.6%	31.5%	3.7%	-6.4%	-165.5K	-2.4M	-79.8K	0.17	72.40	35	6	614	1,388
2023-07-26	$357.04	$360.00	33.0%	9.5%	21.7%	24.9%	30.8%	4.5%	-6.5%	-234.2K	362.9K	-81.8K	0.10	73.75	39	4	629	1,391
2023-07-27	$353.51	$360.00	33.6%	9.6%	22.0%	25.8%	33.6%	4.0%	-6.3%	-257.7K	1.4M	-82.2K	1.95	72.85	19	37	650	1,390
2023-07-28	$351.56	$360.00	35.5%	10.2%	21.7%	29.0%	37.1%	3.4%	-7.8%	-316.4K	2.8M	-84.7K	30.00	74.72	43	1,290	664	1,421
2023-07-31	$352.24	$360.00	41.1%	11.8%	20.0%	38.2%	42.1%	3.8%	-10.7%	-1.5M	11.3M	-110.0K	0.46	75.41	791	365	681	2,545