JPM Options History — April 2008

In April 2008, JPM traded between $41.50 and $47.79. ATM implied volatility averaged 37.9%, placing in the 43.8% IV rank vs the trailing year. The 30-day expected move averaged 10.8%. IV traded below realized volatility by 19.3% (HV 20d: 57.2%). Max pain ranged from $42.50 to $45.00. Net GEX was positive for 19 of 22 trading days. Term structure was in contango for 13 of 22 days. Put/call ratio averaged 1.35.

Notable Days

  • 2008-04-01: Highest Volume — 185,695 contracts
  • 2008-04-16: Largest IV drop — 22.2% change
  • 2008-04-14: Highest IV Rank — 59.8%
  • 2008-04-14: Largest Expected Move — 13.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$45.39$41.50$47.79$47.00$47.65
Max Pain$44.66$42.50$45.00$42.50$45.00
ATM IV37.9%30.2%46.2%41.2%30.3%
Expected Move10.8%8.6%13.2%11.8%8.7%
HV 20d57.2%35.3%70.6%70.5%35.3%
HV 60d55.3%50.7%59.0%59.0%50.7%
IV Rank43.8%29.0%59.8%50.2%29.2%
IV Percentile60.8%34.1%86.1%75.8%34.1%
Term Structure0.2%-2.9%2.7%0.1%1.1%
VWIV38.5%31.2%48.5%37.3%31.2%
Skew 25d7.1%4.0%9.9%9.9%4.2%
Skew 10d15.4%7.9%22.9%18.7%8.1%
Call IV 25d35.1%28.5%43.5%39.2%28.8%
Put IV 25d42.2%32.5%52.0%49.0%33.0%
Bid-Ask Spread %4.582.487.244.653.01
Gamma HHI0.150.130.190.160.19
Net GEX13.8M-13.1M28.2M18.2M28.2M
Net DEX-562.9M-1.00B152.2M-870.3M-958.1M
Net VEX-11.6M-12.3M-11.1M-12.2M-11.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.350.314.110.310.98
Total Volume73,294.22721,680185,695185,69561,076
Total OI1,397,158.4091,284,9761,549,4031,316,4051,373,518

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-04-01$47.00$42.5041.2%11.8%70.5%50.2%37.3%9.9%0.1%18.2M-870.3M-12.2M0.314.65N/AN/A141,50744,188643,484672,921
2008-04-02$46.24$42.5046.1%13.2%70.6%59.6%45.3%9.8%-1.6%16.3M-756.7M-12.3M0.725.10N/AN/A42,74130,817645,908686,866
2008-04-03$46.28$42.5040.3%11.5%70.2%48.4%45.4%8.8%0.3%18.2M-750.1M-12.3M1.714.58N/AN/A32,18355,167655,903697,969
2008-04-04$45.57$45.0042.4%12.3%68.8%52.6%43.3%9.6%-1.7%15.3M-606.9M-12.3M1.656.15N/AN/A17,52128,954663,959714,809
2008-04-07$45.54$45.0042.1%11.8%68.9%52.0%40.1%8.9%-1.7%15.3M-608.1M-12.0M1.085.67N/AN/A29,13131,364663,177720,686
2008-04-08$44.86$45.0042.2%11.9%68.1%52.2%43.6%8.9%-1.1%12.9M-490.4M-11.9M2.115.69N/AN/A16,22834,221671,168717,780
2008-04-09$44.30$45.0041.1%11.5%65.6%50.1%39.6%7.8%-1.4%10.7M-380.4M-11.6M4.117.24N/AN/A21,29287,530672,536721,497
2008-04-10$43.86$45.0041.4%11.9%65.7%50.6%42.7%7.8%-1.3%3.8M-272.6M-11.8M3.276.16N/AN/A20,87868,357677,701764,507
2008-04-11$42.53$45.0043.7%12.5%66.7%55.0%42.9%8.0%-0.8%-5.4M11.7M-11.7M1.496.47N/AN/A23,86635,598678,298782,354
2008-04-14$41.50$45.0046.2%13.2%65.3%59.8%47.5%8.4%-2.4%-9.3M152.2M-11.1M2.474.68N/AN/A36,72990,884681,605794,436
2008-04-15$42.12$45.0046.1%13.2%55.8%59.6%48.5%9.2%-2.9%-13.1M119.5M-11.4M1.296.12N/AN/A50,63665,382691,601848,555
2008-04-16$44.96$45.0035.9%10.3%56.8%39.9%37.2%8.0%0.5%15.1M-522.6M-11.5M1.054.21N/AN/A55,34157,904700,311844,546
2008-04-17$45.12$45.0035.1%10.1%56.7%38.4%35.6%6.1%1.1%22.0M-609.4M-11.4M0.684.95N/AN/A42,04628,671701,296837,669
2008-04-18$45.76$45.0035.5%10.2%49.3%39.3%36.2%5.9%1.1%15.3M-810.7M-11.4M0.554.35N/AN/A57,31131,527705,693843,710
2008-04-21$45.23$45.0033.4%9.6%49.3%35.3%34.0%5.9%1.9%14.9M-478.7M-11.2M1.243.00N/AN/A26,56933,045612,330672,970
2008-04-22$45.65$45.0033.9%9.7%49.3%36.1%34.3%5.4%2.7%15.8M-567.9M-11.2M0.812.99N/AN/A15,55512,598611,684673,292
2008-04-23$45.15$45.0033.2%9.5%46.8%34.8%34.0%5.0%2.0%13.7M-447.1M-11.3M0.803.33N/AN/A20,33016,190620,562687,936
2008-04-24$46.97$45.0030.8%8.8%47.3%30.2%31.7%4.8%2.2%20.8M-798.5M-11.4M0.624.05N/AN/A33,85420,953628,523694,772
2008-04-25$47.79$45.0030.2%8.6%47.4%29.0%31.2%4.0%2.0%26.8M-1.00B-11.4M1.072.85N/AN/A14,77415,834641,575702,214
2008-04-28$47.34$45.0031.5%9.0%47.7%31.5%32.3%4.7%1.3%25.3M-916.9M-11.3M0.793.12N/AN/A23,44218,599646,232706,631
2008-04-29$47.08$45.0031.0%8.9%35.6%30.6%32.1%4.8%2.0%23.8M-822.6M-11.3M0.802.48N/AN/A12,0479,633650,948713,353
2008-04-30$47.65$45.0030.3%8.7%35.3%29.2%31.2%4.2%1.1%28.2M-958.1M-11.3M0.983.01N/AN/A30,87030,206658,557714,961