JPM Options History — October 2008

In October 2008, JPM traded between $34.00 and $49.85. ATM implied volatility averaged 87.0%, placing in the 58.2% IV rank vs the trailing year. The 30-day expected move averaged 22.4%. IV traded below realized volatility by 47.0% (HV 20d: 134.0%). Max pain ranged from $40.00 to $42.50. Net GEX was positive for 19 of 23 trading days. Term structure was in contango for 4 of 23 days. Put/call ratio averaged 1.00.

Notable Days

  • 2008-10-10: Highest Volume — 248,388 contracts
  • 2008-10-09: Largest IV spike — 33.5% change
  • 2008-10-07: Highest IV Rank — 100.0%
  • 2008-10-09: Largest Expected Move — 31.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$40.19$34.00$49.85$49.63$41.25
Max Pain$40.87$40.00$42.50$42.50$40.00
ATM IV87.0%58.9%147.0%79.4%65.9%
Expected Move22.4%16.9%31.7%22.8%18.9%
HV 20d134.0%96.1%163.4%149.6%102.2%
HV 60d106.0%104.3%109.5%105.4%109.5%
IV Rank58.2%27.4%100.0%72.8%31.8%
IV Percentile94.0%83.7%100.0%98.4%84.1%
Term Structure-4.7%-16.1%3.0%-16.1%-1.6%
VWIV78.4%57.8%99.7%88.6%66.1%
Skew 25d21.4%12.7%26.8%22.8%18.7%
Skew 10d43.9%24.5%54.3%44.0%38.0%
Call IV 25d68.3%50.1%96.0%70.2%55.9%
Put IV 25d89.7%67.9%122.5%93.0%74.6%
Bid-Ask Spread %7.653.4414.087.045.72
Gamma HHI0.100.080.110.110.10
Net GEX4.9M-4.5M18.6M18.6M8.1M
Net DEX-97.4M-1.84B857.3M-1.84B-189.8M
Net VEX-11.6M-13.7M-8.9M-13.6M-11.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.000.542.730.740.68
Total Volume132,946.60955,671248,388221,699100,491
Total OI1,877,902.7391,760,0542,095,3821,816,3531,862,041

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-10-01$49.63$42.5079.4%22.8%149.6%72.8%88.6%22.8%-16.1%18.6M-1.84B-13.6M0.747.04N/AN/A127,51294,187852,691963,662
2008-10-02$49.85$42.5078.7%22.6%148.1%71.9%85.7%19.7%-10.2%15.8M-1.78B-13.4M2.7311.74N/AN/A56,330154,044833,705950,960
2008-10-03$45.90$42.5084.8%24.3%151.5%79.8%85.1%12.7%-11.5%11.5M-1.05B-13.7M0.549.99N/AN/A87,38847,490852,841974,833
2008-10-06$44.00$42.5092.1%22.1%151.7%89.2%76.3%18.9%-7.8%11.0M-891.2M-13.5M0.8614.08N/AN/A59,32450,758876,159985,061
2008-10-07$39.32$42.50113.4%25.2%156.0%100.0%84.7%18.6%-10.1%3.2M-45.0M-12.4M0.817.78N/AN/A59,64248,577878,137982,190
2008-10-08$39.30$42.50110.1%24.5%156.0%96.2%84.9%21.0%-10.3%3.1M53.9M-12.1M0.9012.97N/AN/A74,35666,785889,377983,186
2008-10-09$36.68$42.50147.0%31.7%156.4%100.0%99.7%26.5%-12.8%1.1M205.0M-11.8M1.068.95N/AN/A86,08491,165899,252991,990
2008-10-10$41.64$42.50121.0%27.1%163.4%78.8%94.0%26.8%-9.3%7.8M-443.6M-13.3M1.126.59N/AN/A117,014131,374927,3331,022,770
2008-10-13$41.99$40.00109.6%23.6%158.4%69.5%80.6%25.7%-4.3%11.8M-509.8M-12.7M0.627.20N/AN/A61,26538,086938,9271,035,825
2008-10-14$40.71$40.00105.5%21.8%155.2%65.8%75.6%22.3%-4.7%7.7M-65.7M-12.1M0.986.92N/AN/A105,396102,859949,0391,045,867
2008-10-15$38.49$40.00101.4%23.4%149.1%62.4%77.4%21.7%-6.2%1.5M413.1M-11.3M1.077.03N/AN/A86,65392,631970,0831,064,907
2008-10-16$40.49$40.0075.5%21.7%143.9%41.1%79.2%23.7%-3.4%8.1M-12.2M-12.1M1.005.44N/AN/A68,43368,433991,9931,083,410
2008-10-17$39.33$40.0071.1%20.4%132.0%37.5%72.2%20.2%-1.3%2.0M285.1M-11.6M0.976.29N/AN/A93,48390,429999,8211,095,561
2008-10-20$40.66$40.0058.9%16.9%122.9%27.4%57.8%17.8%3.0%3.6M13.7M-11.4M0.626.08N/AN/A66,80241,711821,580938,474
2008-10-21$39.74$40.0059.9%17.2%123.1%28.2%60.2%16.1%1.9%3.3M97.0M-11.1M0.865.38N/AN/A40,85035,051842,024931,969
2008-10-22$37.17$40.0074.7%21.4%125.3%40.4%76.3%22.3%-1.1%-27.6K394.9M-10.7M1.176.77N/AN/A44,08351,529859,611940,218
2008-10-23$37.85$40.0074.5%21.4%122.5%40.3%72.9%24.7%-0.9%2.0M236.9M-10.9M0.977.69N/AN/A60,64458,641858,768937,181
2008-10-24$35.43$40.0079.1%22.7%116.8%44.1%79.4%22.7%-0.9%-2.1M634.4M-10.0M1.248.43N/AN/A37,33846,262872,067944,700
2008-10-27$34.00$40.0081.8%23.4%103.7%46.2%82.2%25.6%-2.2%-4.5M857.3M-8.9M0.793.44N/AN/A53,77942,242876,943943,155
2008-10-28$37.60$40.0069.1%19.8%98.8%35.8%77.5%20.9%2.0%502.7K387.5M-10.4M1.244.92N/AN/A40,79350,556883,301956,369
2008-10-29$35.71$40.0076.0%21.8%96.1%41.5%74.1%22.4%-1.0%-2.6M659.3M-9.4M1.039.10N/AN/A35,34736,284888,180949,638
2008-10-30$37.62$40.0071.9%20.6%98.9%38.1%72.4%21.2%0.5%1.2M343.9M-10.4M0.966.29N/AN/A28,34527,326890,155955,809
2008-10-31$41.25$40.0065.9%18.9%102.2%31.8%66.1%18.7%-1.6%8.1M-189.8M-11.2M0.685.72N/AN/A59,65340,838899,959962,082