JPM Options History — July 2008

In July 2008, JPM traded between $31.02 and $41.96. ATM implied volatility averaged 60.0%, placing in the 70.1% IV rank vs the trailing year. The 30-day expected move averaged 16.7%. IV traded below realized volatility by 7.4% (HV 20d: 67.5%). Max pain ranged from $35.00 to $37.50. Net GEX was positive for 11 of 22 trading days. Term structure was in contango for 2 of 22 days. Put/call ratio averaged 1.04.

Notable Days

  • 2008-07-17: Highest Volume — 396,131 contracts
  • 2008-07-24: Largest IV spike — 27.8% change
  • 2008-07-07: Highest IV Rank — 100.0%
  • 2008-07-15: Largest Expected Move — 23.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$37.09$31.02$41.96$34.02$40.63
Max Pain$36.25$35.00$37.50$37.50$37.50
ATM IV60.0%43.2%80.9%66.4%52.6%
Expected Move16.7%12.4%23.2%19.0%15.1%
HV 20d67.5%41.8%93.9%43.6%93.9%
HV 60d50.4%38.6%63.1%38.6%63.1%
IV Rank70.1%34.9%100.0%98.7%51.2%
IV Percentile91.9%65.1%100.0%99.6%90.5%
Term Structure-4.5%-13.1%0.7%-8.8%-2.2%
VWIV59.3%45.6%78.4%70.2%50.7%
Skew 25d13.9%10.3%19.9%14.0%14.0%
Skew 10d28.6%22.5%39.6%28.4%28.7%
Call IV 25d52.1%39.2%71.2%61.7%45.2%
Put IV 25d66.0%51.6%88.8%75.6%59.2%
Bid-Ask Spread %4.251.7911.611.792.50
Gamma HHI0.120.090.410.110.11
Net GEX1.4M-11.5M45.7M-7.0M4.7M
Net DEX329.9M-478.9M1.25B905.8M-159.1M
Net VEX-10.2M-13.1M-3.9M-8.6M-12.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.040.571.621.391.47
Total Volume134,833.40960,937396,131204,22460,937
Total OI1,650,586.4551,014,0061,890,3071,477,8951,809,217

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-07-01$34.02$37.5066.4%19.0%43.6%98.7%70.2%14.0%-8.8%-7.0M905.8M-8.6M1.391.79N/AN/A85,281118,943690,223787,672
2008-07-02$34.60$37.5065.2%18.7%44.7%95.9%65.1%13.7%-8.1%-6.8M829.0M-9.3M1.002.79N/AN/A40,18140,298716,688833,374
2008-07-03$35.31$37.5063.5%18.2%45.3%92.1%66.0%13.0%-6.7%-4.7M703.4M-9.5M1.432.87N/AN/A36,78652,640723,210831,272
2008-07-07$34.04$35.0072.0%16.8%44.1%100.0%59.3%14.3%-5.0%-8.1M923.5M-8.8M0.973.60N/AN/A43,78442,481733,231856,976
2008-07-08$35.77$35.0068.2%16.2%43.0%92.4%57.6%14.9%-4.9%-5.6M710.6M-9.4M0.766.00N/AN/A75,94457,914738,792870,127
2008-07-09$34.28$35.0074.5%17.2%44.3%100.0%62.9%16.1%-5.9%-7.0M885.8M-8.9M1.074.49N/AN/A47,24150,761763,060884,356
2008-07-10$34.51$35.0062.1%17.8%43.5%76.4%68.6%15.0%-5.9%-5.9M828.3M-9.3M0.885.13N/AN/A60,27753,242778,589894,140
2008-07-11$33.16$35.0073.1%21.0%44.0%97.3%73.4%16.5%-9.9%-7.6M972.6M-8.9M0.884.49N/AN/A55,83449,158809,385917,329
2008-07-14$31.69$35.0077.8%22.3%42.3%100.0%78.4%16.1%-11.0%-5.7M613.9M-3.9M0.794.79N/AN/A70,77855,950499,879514,127
2008-07-15$31.02$35.0080.9%23.2%41.8%100.0%77.3%19.9%-13.1%-11.5M1.25B-7.7M1.265.02N/AN/A95,411119,776841,681942,580
2008-07-16$35.94$35.0058.6%16.8%70.2%61.8%60.4%17.1%-5.7%124.9K631.1M-9.5M0.5711.61N/AN/A114,03564,445860,702957,689
2008-07-17$40.80$35.0050.4%14.5%84.2%47.8%51.3%11.4%-4.4%13.8M-473.6M-10.9M0.656.13N/AN/A240,231155,900880,720965,337
2008-07-18$40.02$35.0046.0%13.2%84.5%39.7%47.7%10.9%-1.7%45.7M-478.9M-11.4M0.805.29N/AN/A96,07476,452898,325991,982
2008-07-21$38.65$35.0051.4%14.7%85.1%49.0%49.3%12.1%-1.3%2.2M99.9M-10.9M1.083.42N/AN/A57,14761,560719,878832,269
2008-07-22$40.86$37.5047.7%13.7%86.6%42.7%48.6%11.8%-0.8%7.1M-254.9M-11.7M0.843.19N/AN/A61,95751,810732,384856,283
2008-07-23$41.96$37.5043.2%12.4%86.7%34.9%45.6%12.3%0.6%8.9M-440.5M-12.1M0.902.65N/AN/A69,90463,140739,995872,331
2008-07-24$39.14$37.5055.2%15.8%90.7%55.7%56.2%15.3%-2.0%2.9M-16.6M-12.0M1.504.34N/AN/A39,69759,416761,636897,329
2008-07-25$39.52$37.5052.7%15.1%89.2%51.4%54.1%12.0%-0.7%2.4M9.7M-12.1M0.962.69N/AN/A32,25930,871764,748905,527
2008-07-28$37.66$37.5059.4%17.0%90.0%62.9%57.5%12.2%-2.1%-1.3M297.4M-11.5M1.383.26N/AN/A68,12293,976768,659907,193
2008-07-29$40.75$37.5051.4%14.7%93.3%49.1%51.7%10.3%0.7%5.9M-202.3M-12.8M0.753.65N/AN/A54,36740,858807,825967,528
2008-07-30$41.57$37.5048.0%13.8%93.2%43.2%52.7%13.2%-0.9%8.3M-372.6M-13.1M1.623.72N/AN/A45,97974,518812,661975,993
2008-07-31$40.63$37.5052.6%15.1%93.9%51.2%50.7%14.0%-2.2%4.7M-159.1M-12.9M1.472.50N/AN/A24,63336,304814,047995,170