JPM Options History — January 2020

In January 2020, JPM traded between $131.88 and $140.86. ATM implied volatility averaged 17.9%, placing in the 28.7% IV rank vs the trailing year. The 30-day expected move averaged 5.1%. IV traded above realized volatility by 2.2% (HV 20d: 15.7%). Max pain ranged from $120.00 to $140.00. Net GEX was positive for 18 of 21 trading days. Term structure was in contango for 13 of 21 days. Put/call ratio averaged 0.63.

Notable Days

  • 2020-01-02: Highest Volume — 808,596 contracts
  • 2020-01-24: Largest IV spike — 16.0% change
  • 2020-01-31: Highest IV Rank — 61.6%
  • 2020-01-31: Largest Expected Move — 6.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$136.40$131.88$140.86$140.86$131.88
Max Pain$134.52$120.00$140.00$120.00$135.00
ATM IV17.9%13.7%21.8%17.0%21.8%
Expected Move5.1%3.8%6.3%5.3%6.3%
HV 20d15.7%12.6%19.4%15.6%19.4%
HV 60d15.2%14.3%16.4%16.4%15.8%
IV Rank28.7%0.0%61.6%15.0%61.6%
IV Percentile39.4%0.0%88.1%23.4%88.1%
Term Structure0.1%-1.6%0.9%0.1%-1.6%
VWIV17.8%14.2%22.1%18.5%22.1%
Skew 25d3.6%2.1%5.2%2.1%5.2%
Skew 10d7.6%4.1%12.8%4.3%12.8%
Call IV 25d16.5%13.2%20.3%16.5%20.3%
Put IV 25d20.1%15.3%25.5%18.7%25.5%
Bid-Ask Spread %3.181.965.025.024.83
Gamma HHI0.120.070.330.160.09
Net GEX64.6M-59.6M221.7M153.8M-11.4M
Net DEX-895.9M-3.53B27.4M-3.53B27.4M
Net VEX-15.8M-16.5M-15.0M-15.0M-16.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.630.031.280.031.28
Total Volume123,55945,816808,596808,59685,729
Total OI976,689.524799,4681,185,0641,079,914904,317

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-01-02$140.86$120.0017.0%5.3%15.6%15.0%18.5%2.1%0.1%153.8M-3.53B-15.0M0.035.02N/AN/A787,30021,296515,655564,259
2020-01-03$138.68$140.0018.0%5.8%15.8%20.9%20.4%3.7%0.1%37.7M-1.10B-15.9M0.564.03N/AN/A54,24130,170387,596572,360
2020-01-06$137.82$135.0019.5%5.2%16.0%36.7%19.4%4.2%-0.3%63.0M-1.01B-16.0M0.723.04N/AN/A35,43125,377398,401569,523
2020-01-07$136.12$135.0019.9%5.5%15.8%40.0%18.4%4.6%-0.5%39.8M-672.7M-15.9M0.583.22N/AN/A69,00839,904411,321579,877
2020-01-08$137.29$135.0019.8%5.6%15.9%41.8%18.8%4.3%-0.6%75.9M-972.0M-16.3M0.322.77N/AN/A48,34715,625428,705594,341
2020-01-09$137.39$135.0018.9%5.4%15.8%36.6%19.1%3.6%-0.5%94.4M-1.04B-16.4M0.473.59N/AN/A37,23217,640448,173599,017
2020-01-10$136.00$135.0019.0%5.3%16.3%37.1%18.0%3.6%-0.5%-59.6M-633.1M-15.8M0.783.01N/AN/A32,68825,539451,863605,866
2020-01-13$136.89$135.0018.9%5.4%12.6%36.9%18.7%3.8%0.1%79.6M-963.0M-15.7M0.842.56N/AN/A74,51362,652439,167587,615
2020-01-14$138.75$135.0016.0%4.5%13.0%13.5%16.4%2.4%-0.5%164.2M-1.46B-15.9M0.183.97N/AN/A319,99657,444472,382616,564
2020-01-15$136.39$135.0016.0%4.6%14.4%13.2%15.8%2.6%0.1%53.8M-652.7M-15.3M0.452.88N/AN/A68,14130,982519,680630,443
2020-01-16$137.14$135.0014.7%4.3%14.2%3.0%14.2%2.1%0.6%97.4M-908.2M-15.4M0.352.76N/AN/A59,77221,128536,776636,264
2020-01-17$137.96$135.0013.7%3.8%14.4%0.0%14.8%2.1%-0.5%221.7M-1.20B-15.1M0.811.96N/AN/A35,50428,826544,844640,220
2020-01-21$137.08$135.0015.8%4.5%14.3%16.2%15.6%2.7%0.4%74.8M-934.1M-15.3M0.562.76N/AN/A43,30724,416417,241382,227
2020-01-22$136.89$135.0015.4%4.4%14.3%13.1%15.5%2.8%0.6%72.7M-864.6M-15.6M0.683.12N/AN/A27,23218,584439,689396,231
2020-01-23$136.67$135.0015.8%4.5%14.3%16.5%16.0%3.1%0.6%72.6M-871.3M-15.7M0.513.76N/AN/A41,82621,349449,208401,824
2020-01-24$133.10$135.0018.4%5.2%17.1%35.7%17.5%4.4%0.6%-35.8M-44.5M-15.9M0.693.46N/AN/A57,77040,016462,994409,351
2020-01-27$132.40$135.0020.0%5.7%16.4%48.5%19.6%5.1%0.6%9.7M-48.0M-16.0M0.902.28N/AN/A36,57133,040449,289402,712
2020-01-28$134.76$135.0018.2%5.0%17.9%34.8%17.6%4.2%0.7%49.8M-602.4M-16.2M0.682.33N/AN/A37,45125,614457,993413,066
2020-01-29$134.83$135.0019.0%5.1%17.9%40.8%18.2%4.8%0.9%48.1M-589.3M-16.5M0.802.55N/AN/A26,91921,647461,173417,679
2020-01-30$135.53$135.0019.1%5.1%17.9%41.4%18.4%4.7%0.8%54.9M-751.6M-16.5M0.952.99N/AN/A27,97126,541471,166423,408
2020-01-31$131.88$135.0021.8%6.3%19.4%61.6%22.1%5.2%-1.6%-11.4M27.4M-16.3M1.284.83N/AN/A37,67548,054478,945425,372