L Options History — November 2008

In November 2008, L traded between $20.07 and $33.50. ATM implied volatility averaged 83.6%. The 30-day expected move averaged 23.9%. IV traded below realized volatility by 50.5% (HV 20d: 134.1%). Max pain ranged from $30.00 to $40.00. Net GEX was positive for 8 of 19 trading days. Term structure was in contango for 4 of 19 days. Put/call ratio averaged 3.64.

Notable Days

  • 2008-11-17: Highest Volume — 1,269 contracts
  • 2008-11-13: Largest IV drop — 21.2% change
  • 2008-11-20: Largest Expected Move — 32.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$27.57$20.07$33.50$33.15$27.39
Max Pain$36.05$30.00$40.00$30.00$30.00
ATM IV83.6%62.9%113.6%65.5%86.1%
Expected Move23.9%18.0%32.6%18.8%24.7%
HV 20d134.1%118.5%162.7%162.7%118.5%
HV 60d112.9%105.5%124.3%105.5%124.2%
Term Structure-2.8%-14.3%4.7%-1.7%-2.0%
VWIV81.0%59.3%104.0%74.9%71.4%
Skew 25d18.3%12.6%26.5%20.6%23.5%
Skew 10d34.3%4.1%63.2%35.8%37.2%
Call IV 25d73.0%58.5%104.5%63.8%65.1%
Put IV 25d91.2%77.1%119.5%84.4%88.5%
Bid-Ask Spread %34.8223.8870.3133.5530.08
Gamma HHI0.230.160.310.300.19
Net GEX2.8K-98.7K157.9K129.2K48.2K
Net DEX6.7M-3.5M15.2M-2.1M3.8M
Net VEX-63.6K-86.0K-38.7K-86.0K-59.3K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio3.640.0920.880.551.79
Total Volume623.053951,26929195
Total OI26,358.78923,74128,07026,19925,177

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2008-11-03$33.15$30.0065.5%18.8%162.7%0.0%74.9%20.6%-1.7%129.2K-2.1M-86.0K0.5533.5518810316,6649,535
2008-11-04$33.50$30.0062.9%18.0%162.1%0.0%71.9%14.4%-1.4%157.9K-3.5M-85.6K0.3470.3132811016,7489,595
2008-11-05$32.05$30.0074.8%21.4%146.4%0.0%66.1%20.5%-2.9%108.8K-550.1K-81.2K0.1559.614226516,7539,654
2008-11-06$29.29$30.0078.7%22.6%150.1%0.0%78.4%14.1%-2.7%41.8K3.5M-75.9K0.5457.1531917216,6409,491
2008-11-07$30.19$40.0072.3%21.0%150.1%0.0%82.2%18.5%-4.7%42.5K3.3M-73.9K14.6937.924870516,6929,488
2008-11-10$29.33$40.0072.9%20.9%129.4%0.0%69.2%20.0%-3.4%-12.4K4.9M-72.9K0.9324.8713012116,7019,865
2008-11-11$28.63$40.0076.5%20.8%128.0%0.0%59.3%18.4%2.2%-34.8K6.6M-67.0K0.3731.9539514816,7479,924
2008-11-12$26.54$40.0091.2%24.7%124.8%0.0%84.2%17.6%-7.8%-44.2K9.3M-60.1K1.0223.8810510716,7229,927
2008-11-13$29.15$40.0071.9%20.6%126.7%0.0%81.9%19.4%0.3%-49.9K6.3M-65.9K0.9631.3113613116,7129,899
2008-11-14$27.94$40.0076.1%21.8%126.9%0.0%87.1%14.4%-3.3%-56.7K7.4M-64.5K8.8232.406052916,7749,955
2008-11-17$25.98$35.0088.6%25.4%123.0%0.0%85.3%12.6%-3.7%-55.9K10.5M-56.0K20.8830.54581,21116,82110,313
2008-11-18$26.18$40.0091.8%26.3%122.6%0.0%78.1%15.8%-3.6%-98.7K12.8M-58.2K6.7824.229463716,82011,250
2008-11-19$23.70$40.00100.7%28.9%123.1%0.0%101.1%15.4%-14.3%-76.0K13.9M-51.8K1.2930.1123830716,87211,085
2008-11-20$20.07$40.00113.6%32.6%131.7%0.0%104.0%15.0%-8.9%-16.0K15.2M-38.7K0.7826.9267853116,83511,029
2008-11-21$22.34$35.00104.5%29.9%139.6%0.0%101.9%18.7%1.4%-53.0K14.2M-45.3K8.4030.5210689016,71010,638
2008-11-24$25.58$35.0089.7%25.7%131.9%0.0%79.5%19.6%4.7%-18.7K8.7M-53.0K0.1828.435049114,8358,906
2008-11-25$25.54$35.0087.1%25.0%123.4%0.0%89.9%21.9%-1.0%1.4K7.9M-54.1K0.0927.729759015,1738,907
2008-11-26$27.35$35.0083.9%24.0%126.2%0.0%72.0%26.5%-0.7%40.6K5.0M-58.2K0.6930.1059941216,0138,947
2008-11-28$27.39$30.0086.1%24.7%118.5%0.0%71.4%23.5%-2.0%48.2K3.8M-59.3K1.7930.08346116,3258,852