JPM Options History — December 2023

In December 2023, JPM traded between $156.13 and $170.45. ATM implied volatility averaged 17.9%, placing in the 12.4% IV rank vs the trailing year. The 30-day expected move averaged 5.3%. IV traded above realized volatility by 7.1% (HV 20d: 10.9%). Max pain ranged from $140.00 to $145.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 7 of 20 days. Put/call ratio averaged 0.81.

Notable Days

  • 2023-12-20: Highest Volume — 107,545 contracts
  • 2023-12-04: Largest IV spike — 7.8% change
  • 2023-12-21: Highest IV Rank — 19.7%
  • 2023-12-26: Largest Expected Move — 5.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$163.36$156.13$170.45$156.90$170.20
Max Pain$140.25$140.00$145.00$145.00$140.00
ATM IV17.9%14.6%19.9%14.6%18.6%
Expected Move5.3%4.3%5.8%4.3%5.6%
HV 20d10.9%9.1%11.8%10.6%11.1%
HV 60d15.6%14.9%16.0%15.9%14.9%
IV Rank12.4%0.0%19.7%0.0%14.8%
IV Percentile18.5%0.0%35.3%0.0%22.6%
Term Structure0.5%-0.8%3.5%0.9%-0.0%
VWIV19.3%15.5%21.4%15.5%19.9%
Skew 25d2.0%1.5%2.9%1.9%1.5%
Skew 10d4.0%2.8%5.0%3.5%2.8%
Call IV 25d17.2%13.6%19.6%13.6%18.2%
Put IV 25d19.1%15.5%21.4%15.5%19.6%
Bid-Ask Spread %2.631.683.692.992.03
Gamma HHI0.200.130.290.180.22
Net GEX172.8M131.1M239.2M174.2M193.9M
Net DEX-4.44B-5.33B-3.26B-3.69B-5.14B
Net VEX-19.2M-20.2M-18.3M-19.0M-18.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.810.411.281.010.93
Total Volume60,230.233,163107,54572,00249,117
Total OI1,150,383.351,072,8221,220,8141,126,1871,165,846

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-12-01$156.90$145.0014.6%4.3%10.6%0.0%15.5%1.9%0.9%174.2M-3.69B-19.0M1.012.99N/AN/A35,77736,225524,512601,675
2023-12-04$157.91$140.0015.8%5.2%10.2%4.3%19.8%2.3%2.6%165.2M-3.80B-18.5M1.122.44N/AN/A22,28824,895515,247597,284
2023-12-05$158.06$140.0015.7%5.1%10.3%4.0%18.6%2.3%2.6%171.1M-3.84B-19.4M1.282.84N/AN/A23,55530,082526,468607,352
2023-12-06$156.13$140.0016.3%5.5%11.8%6.3%18.7%2.4%2.9%136.2M-3.26B-19.9M0.773.11N/AN/A31,00823,899533,930616,988
2023-12-07$156.68$140.0016.4%5.5%11.8%6.5%19.2%2.2%2.9%150.0M-3.41B-20.2M0.792.26N/AN/A18,88214,885544,462622,850
2023-12-08$158.63$140.0016.5%5.1%11.7%6.9%17.7%2.0%3.5%183.8M-4.04B-19.4M0.833.26N/AN/A31,54426,194547,494627,632
2023-12-11$159.14$140.0017.7%5.2%11.1%11.5%19.1%2.9%-0.3%198.2M-4.04B-19.5M0.833.69N/AN/A20,60417,006540,136621,999
2023-12-12$160.61$140.0017.9%5.1%10.9%12.1%19.5%2.4%-0.2%230.9M-4.45B-19.4M0.762.67N/AN/A46,87335,531546,148629,499
2023-12-13$160.79$140.0018.5%5.1%9.1%14.5%18.2%2.0%-0.5%239.2M-4.56B-19.1M0.593.21N/AN/A32,85719,490555,103640,667
2023-12-14$163.93$140.0018.6%5.2%10.6%15.0%19.1%1.6%-0.6%199.2M-5.28B-18.9M0.412.96N/AN/A76,03331,164558,586647,208
2023-12-15$164.49$140.0018.4%5.1%10.5%14.1%18.6%1.7%-0.8%204.7M-5.33B-18.8M0.632.57N/AN/A53,95633,986563,708657,106
2023-12-18$166.23$140.0018.9%5.4%10.6%16.1%19.1%1.9%-0.4%147.6M-4.50B-18.5M0.862.47N/AN/A36,29831,174486,658586,164
2023-12-19$168.16$140.0019.0%5.4%10.8%16.2%19.5%1.6%-0.5%158.9M-4.95B-18.4M0.822.22N/AN/A40,21132,941498,955600,493
2023-12-20$167.01$140.0019.6%5.6%11.2%18.6%20.3%1.8%-0.5%140.8M-4.55B-19.8M0.933.50N/AN/A55,66951,876508,891613,517
2023-12-21$166.91$140.0019.9%5.7%11.3%19.7%20.7%1.8%-0.6%131.1M-4.45B-20.1M0.901.93N/AN/A25,08622,620518,105626,703
2023-12-22$167.47$140.0019.2%5.5%11.2%17.0%20.2%1.7%-0.5%170.6M-4.61B-19.8M0.532.35N/AN/A30,88416,455524,025633,612
2023-12-26$168.45$140.0019.6%5.8%10.9%18.8%21.4%1.7%-0.3%143.9M-4.73B-19.1M0.782.30N/AN/A20,74516,247510,926615,803
2023-12-27$169.01$140.0018.8%5.6%10.9%15.7%20.7%1.8%0.0%152.5M-4.87B-19.3M0.851.68N/AN/A17,91815,245519,631622,336
2023-12-28$170.45$140.0018.8%5.6%11.0%15.8%20.0%1.5%-0.0%164.1M-5.22B-18.3M0.642.07N/AN/A33,70721,677520,592629,356
2023-12-29$170.20$140.0018.6%5.6%11.1%14.8%19.9%1.5%-0.0%193.9M-5.14B-18.9M0.932.03N/AN/A25,39423,723530,338635,508