JPM Options History — May 2023

In May 2023, JPM traded between $133.64 and $141.30. ATM implied volatility averaged 23.0%, placing in the 19.6% IV rank vs the trailing year. The 30-day expected move averaged 6.7%. IV traded below realized volatility by 3.9% (HV 20d: 26.9%). Max pain ranged from $130.00 to $140.00. Net GEX was positive for 21 of 22 trading days. Term structure was in contango for 19 of 22 days. Put/call ratio averaged 0.76.

Notable Days

  • 2023-05-01: Highest Volume — 173,329 contracts
  • 2023-05-02: Largest IV spike — 17.8% change
  • 2023-05-04: Highest IV Rank — 42.3%
  • 2023-05-04: Largest Expected Move — 8.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$136.77$133.64$141.30$141.30$135.80
Max Pain$134.77$130.00$140.00$140.00$135.00
ATM IV23.0%19.6%28.9%19.6%21.8%
Expected Move6.7%5.5%8.2%5.5%6.2%
HV 20d26.9%19.0%34.5%31.9%19.0%
HV 60d31.2%30.8%31.5%30.8%31.2%
IV Rank19.6%6.4%42.3%6.4%14.7%
IV Percentile19.1%3.6%54.0%3.6%14.3%
Term Structure0.4%-0.2%1.9%0.4%0.4%
VWIV23.7%20.0%31.7%20.0%22.9%
Skew 25d6.7%4.7%9.5%4.7%6.1%
Skew 10d13.0%8.8%19.3%8.8%11.5%
Call IV 25d20.2%17.2%24.8%17.2%19.3%
Put IV 25d26.8%21.9%34.3%21.9%25.4%
Bid-Ask Spread %2.131.403.002.262.83
Gamma HHI0.080.060.130.110.08
Net GEX66.1M-3.6M157.3M150.5M34.5M
Net DEX-1.00B-2.47B62.9M-2.47B-762.3M
Net VEX-26.5M-28.5M-24.4M-27.1M-24.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.760.481.170.620.71
Total Volume79,837.81837,147173,329173,32962,798
Total OI1,425,154.0911,337,8981,486,2511,364,8901,382,169

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-05-01$141.30$140.0019.6%5.5%31.9%6.4%20.0%4.7%0.4%150.5M-2.47B-27.1M0.622.26N/AN/A106,77766,552640,598724,292
2023-05-02$138.82$140.0023.1%6.5%32.8%19.8%23.7%6.0%0.0%95.4M-1.54B-28.4M1.172.92N/AN/A56,42866,197675,852744,726
2023-05-03$136.06$140.0025.5%7.2%33.2%29.0%23.9%6.9%-0.2%39.7M-675.9M-28.3M0.562.48N/AN/A60,11633,667685,679748,308
2023-05-04$133.91$130.0028.9%8.2%33.8%42.3%31.7%9.5%-0.1%3.4M-5.6M-28.5M1.132.60N/AN/A72,49981,612699,254753,819
2023-05-05$136.70$130.0024.1%7.3%34.3%23.6%24.6%7.7%0.3%64.8M-910.4M-28.1M0.691.92N/AN/A59,59141,051716,465769,786
2023-05-08$137.03$130.0023.7%7.3%34.3%22.1%25.8%7.6%1.9%64.7M-1.01B-27.6M0.881.79N/AN/A28,74725,295682,910749,302
2023-05-09$136.78$130.0024.2%7.4%34.3%24.0%24.1%7.1%1.4%64.8M-977.2M-27.6M0.761.54N/AN/A34,64526,427693,621758,360
2023-05-10$136.50$135.0024.0%7.1%34.4%23.4%24.2%7.1%0.7%58.9M-883.8M-27.6M0.781.80N/AN/A26,72020,874703,668763,129
2023-05-11$135.88$135.0024.2%7.2%34.5%24.0%25.4%6.9%1.0%47.2M-685.5M-27.6M0.911.72N/AN/A19,43817,709708,517768,994
2023-05-12$133.64$135.0023.8%6.8%22.3%22.7%25.2%6.6%-0.2%-3.6M62.9M-26.7M0.871.42N/AN/A47,05540,734710,318773,587
2023-05-15$134.89$135.0022.7%6.6%22.5%18.4%22.8%6.9%0.2%31.2M-410.6M-26.1M0.482.23N/AN/A37,78318,290663,889754,246
2023-05-16$134.59$135.0022.9%6.6%21.5%19.1%23.4%6.5%0.0%29.7M-380.0M-25.9M0.651.40N/AN/A25,47416,462677,637758,249
2023-05-17$138.03$135.0020.9%6.0%23.7%11.5%23.5%6.1%1.1%112.3M-1.56B-25.8M0.562.11N/AN/A59,48433,530685,726755,872
2023-05-18$139.50$135.0020.8%5.9%24.0%11.0%20.6%6.3%0.7%157.3M-2.09B-25.9M0.572.32N/AN/A43,94125,042694,120763,560
2023-05-19$139.30$135.0021.9%6.2%24.0%15.2%24.0%6.4%0.7%135.0M-1.88B-26.0M0.811.80N/AN/A69,79356,441695,821769,951
2023-05-22$138.06$135.0021.7%6.2%24.1%14.3%21.4%6.2%0.0%78.1M-1.36B-25.4M0.613.00N/AN/A45,42927,892634,599703,299
2023-05-23$136.72$135.0022.2%6.4%23.2%16.3%21.5%6.5%0.1%58.4M-980.8M-25.4M0.752.44N/AN/A36,55127,408649,964714,592
2023-05-24$135.41$135.0024.6%7.1%22.1%25.7%25.4%7.4%0.0%36.2M-592.9M-26.0M0.862.05N/AN/A32,28327,623665,101723,006
2023-05-25$135.71$135.0023.0%6.6%21.3%19.4%22.9%6.4%0.3%43.4M-704.2M-25.5M0.492.16N/AN/A37,77618,440675,308727,522
2023-05-26$136.93$135.0021.6%6.1%21.5%14.0%21.6%6.2%0.2%82.0M-1.08B-25.2M0.702.12N/AN/A38,23426,738686,770731,974
2023-05-30$137.38$135.0021.6%6.2%19.5%14.1%21.8%5.5%0.4%69.8M-1.20B-24.8M1.082.02N/AN/A27,37129,515660,094708,736
2023-05-31$135.80$135.0021.8%6.2%19.0%14.7%22.9%6.1%0.4%34.5M-762.3M-24.4M0.712.83N/AN/A36,67526,123667,223714,946