JPM Options History — August 2008

In August 2008, JPM traded between $35.58 and $41.89. ATM implied volatility averaged 48.7%, placing in the 44.5% IV rank vs the trailing year. The 30-day expected move averaged 13.6%. IV traded below realized volatility by 26.6% (HV 20d: 75.4%). Max pain ranged from $37.50 to $42.50. Net GEX was positive for 7 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 1.11.

Notable Days

  • 2008-08-12: Highest Volume — 180,457 contracts
  • 2008-08-12: Largest IV spike — 45.2% change
  • 2008-08-12: Highest IV Rank — 79.3%
  • 2008-08-12: Largest Expected Move — 15.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$38.48$35.58$41.89$40.76$38.49
Max Pain$40.71$37.50$42.50$37.50$40.00
ATM IV48.7%40.4%68.9%51.1%45.0%
Expected Move13.6%11.7%15.4%14.7%12.9%
HV 20d75.4%56.5%96.7%93.8%58.9%
HV 60d66.0%62.7%68.7%62.7%68.7%
IV Rank44.5%30.0%79.3%48.6%38.1%
IV Percentile75.5%51.6%98.0%86.9%63.5%
Term Structure1.7%-2.8%6.0%-0.6%5.7%
VWIV48.3%44.0%54.9%49.7%44.8%
Skew 25d10.9%6.9%13.9%13.6%10.9%
Skew 10d22.8%14.5%31.7%27.2%23.0%
Call IV 25d42.8%37.7%48.7%43.3%38.7%
Put IV 25d53.7%49.1%60.1%56.9%49.6%
Bid-Ask Spread %3.751.856.122.802.10
Gamma HHI0.120.100.130.110.12
Net GEX-1.3M-8.4M12.1M5.6M-2.3M
Net DEX272.0M-424.7M716.9M-220.7M309.5M
Net VEX-11.3M-12.8M-10.1M-12.8M-11.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.110.402.041.661.31
Total Volume68,739.14328,030180,45755,13028,030
Total OI1,793,141.3331,651,0901,913,0041,805,4471,772,314

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-08-01$40.76$37.5051.1%14.7%93.8%48.6%49.7%13.6%-0.6%5.6M-220.7M-12.8M1.662.80N/AN/A20,72934,401815,968989,479
2008-08-04$40.14$42.5048.7%14.1%92.7%44.4%54.9%13.9%-2.4%3.4M-21.2M-12.3M2.045.99N/AN/A20,51841,933816,9291,000,191
2008-08-05$41.89$42.5041.1%12.3%92.4%31.2%49.1%13.6%-0.3%9.3M-376.8M-12.5M1.315.55N/AN/A28,17937,004818,4771,005,176
2008-08-06$41.39$42.5040.4%12.2%90.8%30.0%46.1%12.8%-0.1%8.7M-298.9M-12.4M1.144.55N/AN/A33,83938,691828,5001,011,463
2008-08-07$39.81$42.5048.1%13.8%92.4%43.4%48.5%13.6%-1.4%2.9M19.0M-12.2M1.496.07N/AN/A25,82338,467838,1971,020,914
2008-08-08$41.07$42.5046.4%13.1%91.0%40.5%44.0%12.3%-0.5%7.6M-187.7M-12.3M0.956.12N/AN/A30,83229,392844,5591,023,823
2008-08-11$41.89$42.5047.4%12.7%88.6%42.2%48.0%13.0%-0.5%12.1M-424.7M-12.5M1.365.02N/AN/A29,20039,738849,7121,027,859
2008-08-12$37.92$42.5068.9%15.4%96.7%79.3%52.7%13.5%-2.8%-3.3M434.5M-11.4M1.304.92N/AN/A78,486101,971854,6831,030,780
2008-08-13$36.91$40.0063.1%15.2%82.7%69.3%52.5%10.9%-1.5%-8.4M647.8M-11.0M1.134.79N/AN/A48,61154,839871,2111,041,793
2008-08-14$37.81$40.0048.8%14.0%68.9%44.6%48.4%10.0%0.8%-6.3M470.1M-11.3M1.024.46N/AN/A34,76735,522869,4771,036,862
2008-08-15$38.07$40.0045.3%13.0%68.8%38.6%44.4%8.8%3.2%-5.5M366.3M-11.2M1.144.32N/AN/A25,76329,497870,6081,033,749
2008-08-18$36.74$40.0047.3%13.5%68.8%41.9%46.4%7.9%4.0%-6.0M577.4M-10.5M0.402.90N/AN/A65,09926,237750,010901,080
2008-08-19$35.58$40.0051.8%14.9%66.0%49.8%50.5%8.5%2.4%-7.6M716.9M-10.3M0.842.67N/AN/A33,90328,390762,493907,181
2008-08-20$37.00$40.0049.5%14.2%66.9%45.8%50.2%10.6%1.8%-5.3M536.5M-10.7M0.783.28N/AN/A39,18930,553765,018911,855
2008-08-21$36.26$40.0048.7%14.0%62.9%44.4%50.3%9.2%2.2%-6.7M642.3M-10.4M1.962.03N/AN/A14,49328,404776,789923,096
2008-08-22$37.67$40.0046.8%13.4%64.5%41.2%46.6%11.1%3.6%-4.5M464.1M-10.9M0.472.22N/AN/A47,37622,237780,966932,533
2008-08-25$36.13$40.0050.0%14.3%64.0%46.7%48.9%6.9%6.0%-7.3M685.4M-10.1M1.142.72N/AN/A19,41522,081790,195938,288
2008-08-26$36.61$40.0048.0%13.8%56.8%43.2%47.8%8.2%5.0%-6.3M607.0M-10.4M0.422.00N/AN/A33,44313,887793,716942,875
2008-08-27$37.14$40.0046.3%13.3%56.5%40.3%46.4%8.7%5.3%-5.2M512.7M-10.6M0.871.85N/AN/A37,56932,505802,751940,764
2008-08-28$38.88$40.0040.8%11.7%58.9%30.8%44.7%10.5%6.0%-1.5M253.6M-11.1M0.582.45N/AN/A39,54822,961811,436952,198
2008-08-29$38.49$40.0045.0%12.9%58.9%38.1%44.8%10.9%5.7%-2.3M309.5M-11.0M1.312.10N/AN/A12,11815,912817,398954,916