L Options History — August 2008

In August 2008, L traded between $40.94 and $44.37. ATM implied volatility averaged 25.2%. The 30-day expected move averaged 7.7%. IV traded below realized volatility by 6.2% (HV 20d: 31.4%). Max pain ranged from $45.00 to $50.00. Net GEX was positive for 16 of 21 trading days. Term structure was in contango for 19 of 21 days. Put/call ratio averaged 2.55.

Notable Days

  • 2008-08-20: Highest Volume — 1,635 contracts
  • 2008-08-12: Largest IV spike — 39.9% change
  • 2008-08-13: Largest Expected Move — 8.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$42.63$40.94$44.37$44.37$43.43
Max Pain$49.52$45.00$50.00$45.00$45.00
ATM IV25.2%16.0%30.4%24.2%24.0%
Expected Move7.7%6.7%8.7%6.9%6.9%
HV 20d31.4%27.6%33.4%31.6%28.3%
HV 60d28.1%27.7%28.3%27.7%28.0%
Term Structure1.3%-0.6%3.2%3.1%1.1%
VWIV26.6%21.1%30.0%29.7%21.1%
Skew 25d3.4%-1.8%8.2%-1.8%4.9%
Skew 10d1.8%-5.6%14.3%-1.8%10.2%
Call IV 25d25.3%21.9%28.4%23.1%22.3%
Put IV 25d28.7%21.3%31.9%21.3%27.2%
Bid-Ask Spread %24.6910.3742.6614.2318.63
Gamma HHI0.220.180.310.250.27
Net GEX30.4K-217.9K167.7K-217.9K167.7K
Net DEX13.6M-12.7M20.8M5.5M-12.7M
Net VEX-144.1K-190.7K-118.8K-190.7K-133.9K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.550.0038.000.200.56
Total Volume299.333141,6358414
Total OI32,767.57127,60833,80032,82627,608

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2008-08-01$44.37$45.0024.2%6.9%31.6%0.0%0.0%-1.8%3.1%-217.9K5.5M-190.7K0.2014.23701418,22614,600
2008-08-04$43.20$50.0026.7%7.9%32.5%0.0%29.7%3.2%0.1%-125.0K10.5M-171.4K0.3833.4813518,20514,607
2008-08-05$43.98$50.0024.8%7.6%31.1%0.0%26.5%5.0%1.6%-168.6K10.5M-164.6K0.1641.123185118,20014,612
2008-08-06$44.29$50.0022.2%7.4%30.4%0.0%26.0%5.3%1.5%-89.2K7.5M-171.2K0.0025.13152018,48714,662
2008-08-07$42.69$50.0016.0%7.7%32.7%0.0%0.0%2.6%1.7%14.3K14.6M-156.1K38.0042.6627618,63914,662
2008-08-08$43.50$50.0017.6%7.5%33.4%0.0%29.2%4.4%1.7%-26.3K12.5M-161.6K0.7642.5415311618,63914,705
2008-08-11$43.23$50.0018.8%7.7%33.2%0.0%0.0%3.7%1.3%11.3K14.3M-155.2K0.0139.107251018,75414,741
2008-08-12$42.61$50.0026.3%7.2%32.6%0.0%26.3%4.3%2.4%26.4K16.0M-146.8K0.1239.731662018,92414,746
2008-08-13$42.26$50.0030.4%8.7%32.6%0.0%30.0%1.4%0.9%42.7K17.3M-144.7K0.1333.56951219,06414,736
2008-08-14$42.60$50.0025.8%7.4%32.6%0.0%25.9%3.8%2.5%50.6K17.4M-140.7K1.6924.5413122219,02914,718
2008-08-15$42.38$50.0028.6%8.2%32.7%0.0%28.6%3.7%3.2%69.8K17.5M-137.7K1.7914.6411420419,06414,519
2008-08-18$41.57$50.0028.9%8.3%32.9%0.0%27.6%5.6%-0.6%79.2K17.9M-128.2K0.4025.601686817,85114,020
2008-08-19$40.94$50.0028.5%8.2%32.6%0.0%27.6%8.2%0.4%81.2K20.2M-121.3K0.2425.0145010617,96014,062
2008-08-20$41.21$50.0027.3%7.8%32.5%0.0%24.7%-0.5%1.1%82.3K20.8M-118.8K0.4516.091,12551017,92314,107
2008-08-21$40.98$50.0028.4%8.1%30.1%0.0%28.4%-0.3%0.1%81.6K19.8M-124.4K2.1014.45204218,28714,617
2008-08-22$42.08$50.0027.8%8.0%31.7%0.0%27.5%4.3%-0.1%94.8K17.5M-129.4K3.0815.127824018,28914,624
2008-08-25$41.35$50.0027.6%7.9%31.8%0.0%26.5%-0.1%1.5%109.3K18.2M-125.9K1.2510.37597418,30614,636
2008-08-26$41.89$50.0028.7%8.2%27.6%0.0%25.8%2.3%0.9%97.5K18.1M-126.2K0.1614.091652618,33514,676
2008-08-27$43.00$50.0023.2%6.7%28.1%0.0%23.5%6.3%1.9%129.3K13.4M-136.8K1.9811.06418118,44314,681
2008-08-28$43.73$50.0023.6%6.8%28.3%0.0%23.6%6.0%1.1%127.7K9.7M-140.4K0.0417.413371318,42114,734
2008-08-29$43.43$45.0024.0%6.9%28.3%0.0%21.1%4.9%1.1%167.7K-12.7M-133.9K0.5618.639518,2259,383