JPM Options History — November 2011

In November 2011, JPM traded between $28.38 and $35.02. ATM implied volatility averaged 49.9%, placing in the 39.1% IV rank vs the trailing year. The 30-day expected move averaged 13.5%. IV traded below realized volatility by 7.9% (HV 20d: 57.8%). Max pain ranged from $33.00 to $35.00. Net GEX was positive for 3 of 21 trading days. Term structure was in contango for 11 of 21 days. Put/call ratio averaged 0.92.

Notable Days

  • 2011-11-23: Highest Volume — 302,011 contracts
  • 2011-11-03: Largest IV drop — 20.6% change
  • 2011-11-01: Highest IV Rank — 62.6%
  • 2011-11-23: Largest Expected Move — 15.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$31.68$28.38$35.02$32.71$30.97
Max Pain$34.29$33.00$35.00$33.00$33.00
ATM IV49.9%41.7%69.5%69.5%54.9%
Expected Move13.5%11.2%15.8%15.2%13.6%
HV 20d57.8%45.4%65.4%65.1%51.8%
HV 60d57.0%55.8%60.0%60.0%58.0%
IV Rank39.1%29.3%62.6%62.6%45.1%
IV Percentile85.2%74.2%97.6%97.6%90.5%
Term Structure0.0%-4.1%2.0%-4.1%0.6%
VWIV48.0%41.3%56.3%56.3%48.8%
Skew 25d11.0%7.9%14.0%13.2%8.0%
Skew 10d24.2%15.5%32.8%28.2%20.8%
Call IV 25d42.4%34.2%50.2%47.5%44.8%
Put IV 25d53.4%45.8%60.7%60.7%52.8%
Bid-Ask Spread %4.253.205.744.823.78
Gamma HHI0.130.080.210.110.12
Net GEX-13.4M-35.0M9.0M-12.6M-5.1M
Net DEX1.28B495.3M1.79B1.14B1.24B
Net VEX-9.0M-10.7M-7.0M-10.1M-8.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.920.351.681.370.37
Total Volume117,084.66748,027302,011241,768182,914
Total OI2,567,378.5242,369,1472,692,9472,504,1122,575,428

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2011-11-01$32.71$33.0069.5%15.2%65.1%62.6%56.3%13.2%-4.1%-12.6M1.14B-10.1M1.374.82N/AN/A102,055139,7131,167,7051,336,407
2011-11-02$33.64$33.0059.8%13.6%65.4%50.9%50.6%12.2%-2.4%-7.0M911.0M-10.6M1.223.85N/AN/A28,52934,7001,188,7871,374,892
2011-11-03$34.38$33.0047.5%12.7%63.7%36.2%45.6%10.8%-0.5%136.6K722.2M-10.7M0.814.42N/AN/A57,13446,0301,196,0291,378,673
2011-11-04$33.97$35.0043.6%12.5%60.5%31.5%45.2%13.4%-0.5%9.0M837.5M-10.6M1.154.24N/AN/A30,81935,4931,203,1131,389,718
2011-11-07$34.24$35.0048.0%12.2%58.0%36.8%42.5%12.7%-0.4%-4.5M776.8M-10.4M0.595.74N/AN/A32,56819,1621,179,7391,371,960
2011-11-08$35.02$35.0041.7%11.2%58.4%29.3%41.3%11.7%0.1%6.4M495.3M-10.3M1.044.04N/AN/A38,05339,3981,192,7351,377,508
2011-11-09$32.54$35.0050.2%13.8%63.8%39.5%52.7%14.0%-1.2%-13.5M1.18B-9.7M1.684.82N/AN/A59,749100,5371,199,8391,379,934
2011-11-10$32.74$35.0046.7%13.4%61.2%35.3%46.8%13.6%-0.6%-11.8M1.15B-9.7M1.004.84N/AN/A50,18250,1091,209,6391,401,883
2011-11-11$33.28$35.0043.9%12.6%61.4%31.8%44.3%12.3%0.5%-10.1M1.03B-9.8M0.744.15N/AN/A53,90439,7691,218,0351,405,488
2011-11-14$32.55$35.0043.4%12.4%61.1%31.3%46.5%8.6%0.4%-14.0M1.21B-9.2M1.064.56N/AN/A57,51161,1981,215,1601,401,919
2011-11-15$32.70$35.0042.7%12.2%57.6%30.5%44.4%8.9%0.8%-13.3M1.17B-9.3M0.913.68N/AN/A44,72440,7911,218,5431,424,609
2011-11-16$31.47$35.0047.5%13.6%58.8%36.3%47.5%10.7%0.1%-24.1M1.46B-8.8M1.554.71N/AN/A43,53367,3781,229,6361,428,987
2011-11-17$30.49$35.0051.2%14.7%58.7%40.6%51.2%11.8%-0.5%-35.0M1.69B-8.4M1.003.98N/AN/A62,69462,9061,234,7981,443,819
2011-11-18$30.62$35.0044.7%12.8%58.6%32.8%45.0%10.5%2.0%-22.4M1.65B-8.2M0.843.20N/AN/A55,45946,4221,258,1141,434,833
2011-11-21$29.91$35.0047.0%13.5%57.2%35.6%47.5%11.6%2.0%-22.4M1.63B-7.7M0.563.45N/AN/A77,64043,2731,096,6811,272,466
2011-11-22$29.41$34.0046.8%13.4%56.6%35.3%45.8%10.2%2.0%-22.2M1.71B-7.4M1.043.41N/AN/A36,48438,0521,121,6081,282,138
2011-11-23$28.38$34.0055.0%15.8%56.6%45.1%52.5%10.0%-0.7%-22.5M1.79B-7.2M0.354.77N/AN/A224,23077,7811,132,6221,294,179
2011-11-25$28.48$34.0053.9%15.6%46.1%43.9%52.6%9.5%-0.1%-18.0M1.74B-7.3M0.373.98N/AN/A35,01113,0161,265,6741,308,005
2011-11-28$29.16$33.0054.3%14.3%47.9%44.3%50.4%7.9%1.6%-18.0M1.64B-7.4M1.165.22N/AN/A71,20282,3401,229,2841,295,211
2011-11-29$28.56$33.0055.9%14.3%45.4%46.3%50.4%8.8%0.7%-19.4M1.75B-7.0M0.433.50N/AN/A53,26823,0471,272,3621,306,789
2011-11-30$30.97$33.0054.9%13.6%51.8%45.1%48.8%8.0%0.6%-5.1M1.24B-8.3M0.373.78N/AN/A133,74649,1681,287,0291,288,399