M Options History — October 2008

In October 2008, M traded between $8.66 and $17.31. ATM implied volatility averaged 127.4%, placing in the 71.4% IV rank vs the trailing year. The 30-day expected move averaged 34.3%. IV traded above realized volatility by 5.5% (HV 20d: 121.8%). Max pain ranged from $12.50 to $20.00. Net GEX was positive for 2 of 23 trading days. Term structure was in contango for 1 of 23 days. Put/call ratio averaged 2.04.

Notable Days

  • 2008-10-15: Highest Volume — 21,276 contracts
  • 2008-10-15: Largest IV spike — 65.2% change
  • 2008-10-06: Highest IV Rank — 100.0%
  • 2008-10-27: Largest Expected Move — 40.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$11.53$8.66$17.31$17.31$12.29
Max Pain$15.54$12.50$20.00$20.00$12.50
ATM IV127.4%74.1%212.4%74.1%119.5%
Expected Move34.3%21.2%40.7%21.2%34.3%
HV 20d121.8%81.7%157.1%84.6%157.1%
HV 60d92.4%73.9%109.1%75.4%109.1%
IV Rank71.4%46.6%100.0%62.0%46.6%
IV Percentile98.0%90.5%100.0%90.5%93.7%
Term Structure-14.3%-24.7%0.7%0.7%-13.2%
VWIV118.6%73.4%150.6%74.1%124.9%
Skew 25d23.1%12.6%36.4%13.9%24.2%
Skew 10d45.9%5.6%78.5%21.4%53.5%
Call IV 25d107.4%69.8%133.3%69.8%109.2%
Put IV 25d130.4%83.6%155.9%83.6%133.4%
Bid-Ask Spread %18.369.0243.1220.5713.16
Gamma HHI0.210.150.410.170.18
Net GEX-111.4K-273.5K116.5K116.5K-138.7K
Net DEX31.1M16.2M39.1M16.2M23.6M
Net VEX-149.5K-235.2K-92.9K-226.8K-175.9K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.040.346.711.650.63
Total Volume7,235.131,48821,2768,4303,503
Total OI146,942.087122,230168,732122,230164,059

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-10-01$17.31$20.0074.1%21.2%84.6%62.0%74.1%13.9%0.7%116.5K16.2M-226.8K1.6520.57N/AN/A3,1765,25473,16149,069
2008-10-02$16.21$20.0093.7%26.9%85.3%92.9%73.4%13.4%-8.4%18.2K22.8M-235.2K3.1018.97N/AN/A7852,43275,64352,894
2008-10-03$15.19$20.0093.0%26.7%86.5%91.8%89.6%12.6%-5.4%-64.3K29.8M-211.5K1.0211.58N/AN/A2,3982,45175,62253,801
2008-10-06$14.98$17.50114.3%26.5%81.7%100.0%95.5%20.0%-6.4%-30.5K29.5M-210.3K6.7120.91N/AN/A1,1217,52677,40955,079
2008-10-07$13.70$17.50115.5%30.9%85.3%100.0%112.6%20.8%-17.6%-129.0K35.6M-196.2K1.7524.91N/AN/A3,2315,64577,92259,569
2008-10-08$13.36$17.50119.3%31.3%84.7%100.0%101.3%19.7%-14.8%-121.0K36.3M-181.8K1.0814.96N/AN/A2,9903,21979,43859,598
2008-10-09$11.46$17.50129.7%33.0%95.6%100.0%114.0%25.9%-12.9%-117.7K37.3M-143.0K1.1029.60N/AN/A1,6461,81181,29158,832
2008-10-10$9.92$17.50152.3%39.2%103.5%100.0%129.4%33.3%-24.3%-103.2K34.1M-118.2K2.9543.12N/AN/A3,83511,32981,75957,898
2008-10-13$11.04$17.50133.0%33.3%114.6%83.0%96.9%24.7%-13.0%-146.5K36.9M-123.0K1.4328.34N/AN/A1,5672,23682,95063,277
2008-10-14$10.50$17.50128.6%32.6%112.3%79.2%111.6%23.8%-12.7%-273.5K39.1M-111.6K3.1515.78N/AN/A1,7025,35883,14164,275
2008-10-15$8.66$17.50212.4%39.3%124.8%100.0%132.2%17.8%-19.7%-122.1K37.8M-92.9K1.1421.26N/AN/A9,92911,34784,33965,286
2008-10-16$10.05$15.00140.0%40.1%136.4%58.4%144.1%28.5%-24.7%-123.9K36.0M-125.0K0.8217.08N/AN/A5,7724,71992,33373,419
2008-10-17$9.84$15.00135.8%38.9%135.8%56.0%150.6%29.6%-20.3%-19.6K34.1M-128.5K0.3913.62N/AN/A6,5002,54094,75673,976
2008-10-20$10.74$15.00127.7%36.6%141.4%51.3%125.4%36.4%-15.1%-141.2K30.6M-126.4K1.039.99N/AN/A1,6401,69276,54065,370
2008-10-21$10.19$12.50122.0%35.0%141.7%48.0%123.5%23.9%-10.6%-151.1K30.7M-118.3K2.8913.51N/AN/A1,3243,82077,29365,630
2008-10-22$9.13$12.50130.9%37.5%144.1%53.1%135.1%17.2%-15.2%-146.2K31.2M-104.7K4.7317.25N/AN/A1,1815,58577,26467,463
2008-10-23$9.61$12.50131.7%37.7%143.2%53.6%132.5%24.9%-17.2%-157.8K31.3M-114.9K0.829.02N/AN/A1,8921,55977,61070,885
2008-10-24$8.99$12.50132.7%38.1%141.9%54.2%139.3%20.8%-17.0%-137.4K29.8M-112.3K2.6724.95N/AN/A2,7567,35879,14770,871
2008-10-27$8.92$12.50142.1%40.7%139.2%59.6%141.7%22.6%-22.5%-140.4K30.6M-119.9K1.5716.78N/AN/A57891081,24675,891
2008-10-28$10.34$12.50128.4%36.8%151.5%51.8%128.7%29.4%-9.6%-145.6K29.8M-135.3K4.4410.64N/AN/A2,0709,18681,62175,904
2008-10-29$11.03$12.50130.7%37.5%154.9%53.1%127.0%22.2%-11.9%-150.4K27.1M-159.7K0.349.35N/AN/A5,6181,92181,44081,301
2008-10-30$11.66$12.50122.1%35.0%156.4%48.1%124.3%25.3%-16.3%-137.2K25.3M-167.6K1.5216.88N/AN/A1,3091,98782,27581,121
2008-10-31$12.29$12.50119.5%34.3%157.1%46.6%124.9%24.2%-13.2%-138.7K23.6M-175.9K0.6313.16N/AN/A2,1531,35081,75782,302