JPM Options History — March 2023

In March 2023, JPM traded between $124.98 and $143.41. ATM implied volatility averaged 30.5%, placing in the 45.6% IV rank vs the trailing year. The 30-day expected move averaged 8.7%. IV traded below realized volatility by 0.1% (HV 20d: 30.5%). Max pain ranged from $133.00 to $140.00. Net GEX was positive for 15 of 23 trading days. Term structure was in contango for 9 of 23 days. Put/call ratio averaged 0.92.

Notable Days

  • 2023-03-10: Highest Volume — 414,758 contracts
  • 2023-03-09: Largest IV spike — 31.3% change
  • 2023-03-17: Highest IV Rank — 89.6%
  • 2023-03-17: Largest Expected Move — 11.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$132.32$124.98$143.41$142.63$130.05
Max Pain$136.00$133.00$140.00$135.00$133.00
ATM IV30.5%20.6%41.3%21.7%27.4%
Expected Move8.7%5.5%11.6%6.1%8.1%
HV 20d30.5%17.3%39.2%17.3%38.8%
HV 60d23.4%17.3%27.3%18.3%27.3%
IV Rank45.6%5.3%89.6%9.8%33.1%
IV Percentile56.8%3.2%99.2%6.7%34.9%
Term Structure-0.0%-3.1%2.1%0.9%0.2%
VWIV30.5%19.4%38.8%21.8%28.3%
Skew 25d7.5%4.1%11.3%4.7%5.9%
Skew 10d15.1%7.6%24.0%9.6%11.1%
Call IV 25d27.2%18.2%36.9%19.6%25.1%
Put IV 25d34.7%22.3%48.2%24.3%30.9%
Bid-Ask Spread %2.981.905.822.262.65
Gamma HHI0.080.060.230.110.23
Net GEX20.7M-73.2M154.3M73.5M154.3M
Net DEX-160.0M-2.51B1.37B-2.21B-139.6M
Net VEX-25.8M-27.5M-23.5M-24.4M-26.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.920.571.541.120.61
Total Volume147,123.43545,585414,75845,585102,767
Total OI1,356,081.3911,216,6981,574,1291,216,6981,452,029

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-03-01$142.63$135.0021.7%6.1%17.3%9.8%21.8%4.7%0.9%73.5M-2.21B-24.4M1.122.26N/AN/A21,51224,073553,328663,370
2023-03-02$141.36$135.0022.3%6.3%17.4%12.3%22.3%4.9%1.0%47.8M-1.86B-24.5M1.541.95N/AN/A22,51934,593559,378665,083
2023-03-03$143.41$135.0020.6%5.5%17.6%5.3%19.4%4.1%1.1%112.6M-2.51B-23.7M0.993.07N/AN/A34,93934,572563,302671,755
2023-03-06$143.01$140.0021.4%6.4%17.3%8.5%23.8%4.4%2.1%84.0M-2.31B-23.5M0.931.90N/AN/A26,23924,454555,971665,692
2023-03-07$138.88$140.0024.1%7.2%19.8%19.5%25.9%5.3%1.6%10.9M-1.17B-23.7M1.142.22N/AN/A42,06147,942564,172674,515
2023-03-08$137.68$140.0024.1%7.0%19.4%19.6%25.2%5.0%1.8%-9.0M-874.8M-23.7M0.982.15N/AN/A40,32439,669574,077688,077
2023-03-09$130.21$140.0031.6%9.0%27.2%50.3%30.7%7.2%0.4%-41.1M836.7M-24.0M1.152.56N/AN/A122,761141,332587,044694,053
2023-03-10$133.01$140.0033.8%9.2%28.2%58.9%32.1%8.3%0.5%1.5M-6.6M-25.3M0.863.42N/AN/A222,468192,290627,694712,732
2023-03-13$131.76$140.0036.3%10.4%28.2%69.1%35.8%10.0%-0.2%-7.7M206.0M-25.8M1.135.82N/AN/A120,925136,750639,503730,063
2023-03-14$133.91$135.0032.6%8.8%28.6%54.1%31.2%8.3%-1.9%23.9M-453.4M-25.8M0.603.31N/AN/A102,03561,304677,132746,473
2023-03-15$127.96$135.0040.0%10.6%32.0%84.4%37.2%11.3%-3.1%-25.0M1.11B-25.8M1.133.77N/AN/A122,871138,868710,386755,924
2023-03-16$130.90$135.0033.4%9.4%33.5%57.6%33.2%9.4%-0.8%14.1M124.2M-26.4M0.673.25N/AN/A115,11877,258754,635776,762
2023-03-17$125.91$135.0041.3%11.6%35.6%89.6%38.8%11.3%-1.0%-39.4M1.37B-26.9M1.043.15N/AN/A113,666117,757782,001792,128
2023-03-20$126.93$135.0035.2%10.0%35.8%64.6%33.5%9.8%-1.2%-1.3M759.1M-26.8M0.602.31N/AN/A95,75357,013636,089658,166
2023-03-21$130.73$135.0030.9%8.8%37.5%47.2%31.0%8.0%-0.1%36.1M-136.8M-27.1M0.742.71N/AN/A74,03854,839657,909676,264
2023-03-22$127.92$135.0032.0%9.2%37.9%51.7%31.7%7.8%-0.4%1.4M622.4M-26.8M0.574.66N/AN/A70,34039,850664,170687,240
2023-03-23$126.91$135.0036.2%10.4%37.3%68.8%38.2%10.1%-0.5%-4.1M792.0M-27.5M1.123.95N/AN/A63,56271,358690,780694,404
2023-03-24$124.98$135.0035.2%10.1%37.2%64.9%36.1%9.1%-0.2%-73.2M1.30B-26.9M0.993.40N/AN/A89,40588,394702,964712,119
2023-03-27$129.03$135.0031.4%9.1%39.2%49.5%32.6%7.5%-0.1%27.6M168.9M-27.5M0.592.45N/AN/A80,05647,004670,544681,258
2023-03-28$128.54$134.0031.2%9.1%38.9%48.4%32.1%7.4%-0.1%26.7M254.9M-27.5M0.732.87N/AN/A35,87726,363691,032697,314
2023-03-29$129.13$133.0029.2%8.5%39.1%40.4%28.4%6.8%-0.1%35.9M135.0M-27.0M0.882.27N/AN/A52,72846,380695,451706,296
2023-03-30$128.61$133.0029.2%8.6%39.0%40.3%31.3%6.7%-0.0%27.5M302.6M-27.0M1.162.41N/AN/A50,83358,979712,239718,354
2023-03-31$130.05$133.0027.4%8.1%38.8%33.1%28.3%5.9%0.2%154.3M-139.6M-26.8M0.612.65N/AN/A63,67139,096718,187733,842