JPM Options History — December 2007

In December 2007, JPM traded between $43.26 and $47.42. ATM implied volatility averaged 36.0%, placing in the 59.4% IV rank vs the trailing year. The 30-day expected move averaged 10.3%. IV traded below realized volatility by 5.9% (HV 20d: 41.8%). Max pain ranged from $45.00 to $45.00. Net GEX was positive for 5 of 20 trading days. Term structure was in contango for 7 of 20 days. Put/call ratio averaged 1.23.

Notable Days

  • 2007-12-31: Highest Volume — 460,359 contracts
  • 2007-12-11: Largest IV spike — 22.7% change
  • 2007-12-12: Highest IV Rank — 72.1%
  • 2007-12-13: Largest Expected Move — 11.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$44.86$43.26$47.42$45.21$43.65
Max Pain$45.00$45.00$45.00$45.00$45.00
ATM IV36.0%30.5%40.8%36.4%35.4%
Expected Move10.3%8.8%11.5%10.4%10.2%
HV 20d41.8%28.2%49.7%49.0%28.2%
HV 60d36.7%36.2%37.9%36.4%36.9%
IV Rank59.4%45.2%72.1%60.4%58.0%
IV Percentile80.9%68.0%91.6%84.0%78.0%
Term Structure-0.7%-3.3%1.5%0.5%-0.7%
VWIV38.3%31.4%62.2%39.4%62.2%
Skew 25d8.0%5.6%9.8%8.8%5.6%
Skew 10d16.6%12.6%20.4%18.6%13.9%
Call IV 25d32.6%28.7%37.3%32.6%32.3%
Put IV 25d40.6%35.4%44.2%41.4%37.9%
Bid-Ask Spread %10.726.5215.719.939.28
Gamma HHI0.150.130.190.140.16
Net GEX-8.0M-27.5M20.8M-855.8K-18.8M
Net DEX-3.1M-853.3M485.4M-140.9M316.1M
Net VEX-10.6M-11.5M-9.3M-11.3M-9.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.230.023.033.030.02
Total Volume58,210.217,549460,35967,835460,359
Total OI1,677,545.951,538,2301,786,6681,628,6741,566,797

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2007-12-03$45.21$45.0036.4%10.4%49.0%60.4%39.4%8.8%0.5%-855.8K-140.9M-11.3M3.039.93N/AN/A16,83950,996761,664867,010
2007-12-04$44.15$45.0036.8%10.5%49.7%61.5%39.5%8.2%0.3%-7.6M117.2M-11.3M1.646.52N/AN/A8,03613,218771,249881,728
2007-12-05$44.90$45.0036.1%10.3%48.9%59.7%37.3%9.2%-0.1%-3.3M-54.8M-11.3M0.857.71N/AN/A10,9919,303769,925881,586
2007-12-06$46.21$45.0034.5%9.9%46.9%55.5%35.0%7.0%1.3%6.5M-394.6M-11.3M0.5810.60N/AN/A21,92612,778772,215879,902
2007-12-07$46.08$45.0034.2%10.0%46.9%54.7%35.9%9.6%-1.0%7.1M-385.3M-11.3M0.8314.05N/AN/A12,0619,997783,159884,940
2007-12-10$47.42$45.0032.3%9.3%47.5%49.8%33.6%9.0%-1.2%20.8M-853.3M-10.9M0.9912.76N/AN/A27,02826,707784,436885,878
2007-12-11$45.94$45.0039.6%10.9%49.4%68.9%39.4%8.6%-2.7%5.9M-347.0M-11.1M2.3115.71N/AN/A26,38160,954791,567894,278
2007-12-12$46.15$45.0040.8%11.4%44.6%72.1%40.2%9.8%-2.9%3.0M-365.4M-11.4M2.5511.91N/AN/A16,62442,314791,378933,437
2007-12-13$45.76$45.0040.0%11.5%44.7%69.9%39.7%8.4%-2.9%-2.7M-208.7M-11.5M1.069.20N/AN/A14,91915,839791,365970,782
2007-12-14$45.20$45.0039.1%11.2%42.8%67.5%41.0%9.1%-3.3%-8.0M-70.5M-11.5M1.509.35N/AN/A15,93223,896797,288974,998
2007-12-17$44.53$45.0039.2%11.2%43.0%67.8%41.6%6.9%-2.2%-15.2M114.3M-11.0M1.0914.21N/AN/A16,36517,869803,313981,289
2007-12-18$43.90$45.0038.1%10.9%40.5%65.0%38.4%7.6%-1.4%-21.6M318.6M-10.6M0.808.14N/AN/A19,69215,814805,807978,962
2007-12-19$43.98$45.0036.3%10.4%40.5%60.3%36.4%7.5%-0.9%-22.8M317.6M-10.4M0.6311.90N/AN/A14,7069,247810,399976,269
2007-12-20$43.33$45.0038.6%11.1%39.9%66.4%40.2%9.3%-1.2%-27.5M485.4M-10.2M1.088.46N/AN/A19,86121,505813,045967,387
2007-12-21$44.11$45.0032.9%9.4%39.0%51.5%34.7%7.6%0.5%-14.7M274.5M-10.1M2.028.85N/AN/A11,89824,053813,918968,428
2007-12-24$44.83$45.0030.8%8.8%36.4%46.0%31.4%7.9%0.8%-12.7M90.5M-9.9M0.7411.03N/AN/A10,0827,467689,222849,008
2007-12-26$44.94$45.0030.5%8.8%33.2%45.2%32.2%6.6%1.1%-9.0M-27.5M-9.6M0.9210.32N/AN/A10,3069,511694,979851,754
2007-12-27$43.64$45.0034.5%9.9%32.4%55.6%34.1%6.0%-0.3%-18.7M359.2M-9.5M0.9411.92N/AN/A12,32911,634699,664853,203
2007-12-28$43.26$45.0033.0%9.5%32.5%51.6%33.8%6.6%1.5%-19.0M392.0M-9.3M1.0312.59N/AN/A17,15217,615703,067855,623
2007-12-31$43.65$45.0035.4%10.2%28.2%58.0%62.2%5.6%-0.7%-18.8M316.1M-9.3M0.029.28N/AN/A451,5028,857705,989860,808