M Options History — September 2009

In September 2009, M traded between $14.75 and $18.77. ATM implied volatility averaged 52.1%, placing in the 3.2% IV rank vs the trailing year. The 30-day expected move averaged 15.1%. IV traded above realized volatility by 10.0% (HV 20d: 42.1%). Max pain ranged from $15.00 to $18.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 21 of 21 days. Put/call ratio averaged 1.31.

Notable Days

  • 2009-09-15: Highest Volume — 34,771 contracts
  • 2009-09-08: Largest IV spike — 13.9% change
  • 2009-09-23: Highest IV Rank — 4.5%
  • 2009-09-08: Largest Expected Move — 16.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$16.99$14.75$18.77$15.16$18.29
Max Pain$16.29$15.00$18.00$16.00$18.00
ATM IV52.1%46.8%54.1%52.2%52.2%
Expected Move15.1%14.0%16.1%15.0%15.0%
HV 20d42.1%35.0%56.7%55.7%37.2%
HV 60d51.0%46.8%56.1%55.7%46.8%
IV Rank3.2%0.0%4.5%3.1%3.3%
IV Percentile5.2%0.0%10.3%3.6%5.6%
Term Structure3.4%1.2%6.4%3.5%2.1%
VWIV53.9%49.2%58.6%52.7%52.5%
Skew 25d6.7%4.0%9.8%4.5%5.1%
Skew 10d13.5%-1.3%20.4%15.1%13.6%
Call IV 25d50.2%47.9%52.7%49.6%50.7%
Put IV 25d56.9%52.6%59.2%54.1%55.8%
Bid-Ask Spread %14.779.4621.499.4614.71
Gamma HHI0.160.120.580.120.14
Net GEX1.3M405.3K6.6M475.7K1.2M
Net DEX-86.0M-135.5M-26.6M-36.4M-110.7M
Net VEX-472.1K-501.6K-452.1K-461.1K-493.1K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.310.225.751.001.19
Total Volume8,890.811,48634,7719,0932,044
Total OI232,011.381213,779259,912219,565240,986

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2009-09-01$15.16$16.0052.2%15.0%55.7%3.1%52.7%4.5%3.5%475.7K-36.4M-461.1K1.009.46N/AN/A4,5374,556115,692103,873
2009-09-02$14.75$16.0050.9%14.6%56.7%2.4%51.0%6.9%5.9%405.3K-26.6M-456.7K1.0711.54N/AN/A1,7021,825118,441105,037
2009-09-03$14.95$16.0048.8%14.0%53.5%1.1%49.2%4.7%6.4%455.0K-31.6M-459.1K1.0012.60N/AN/A983979118,957105,516
2009-09-04$15.21$15.0046.8%15.4%48.6%0.0%54.1%9.8%4.2%491.1K-36.6M-461.8K1.9416.22N/AN/A505981118,705105,555
2009-09-08$15.47$15.0053.3%16.1%45.8%3.9%55.3%8.8%1.2%587.1K-44.0M-452.1K1.7317.74N/AN/A1,2982,247118,822105,373
2009-09-09$16.01$15.0048.4%15.3%47.1%1.0%53.3%8.7%2.3%719.2K-59.0M-459.7K0.3418.70N/AN/A6,8812,324118,978106,557
2009-09-10$16.23$15.0053.7%15.4%42.4%4.2%56.6%8.6%1.7%1.1M-68.6M-457.9K0.9921.49N/AN/A1,1311,116123,082107,278
2009-09-11$16.07$15.0052.2%15.0%42.1%3.3%53.3%7.2%4.5%1.0M-61.4M-455.9K0.7421.48N/AN/A3,3572,500121,149107,999
2009-09-14$16.83$16.0053.5%15.3%40.3%4.1%56.5%8.6%1.4%1.3M-87.1M-460.4K0.4914.18N/AN/A10,6535,266123,928109,829
2009-09-15$17.61$16.0053.1%15.2%35.0%3.8%58.6%5.1%2.9%1.4M-114.9M-463.8K0.6216.48N/AN/A21,50013,271126,124111,581
2009-09-16$17.52$16.0052.4%15.0%35.4%3.4%53.2%8.2%2.9%1.8M-114.8M-492.8K0.5915.51N/AN/A4,5502,697137,337119,586
2009-09-17$17.63$16.0052.3%15.0%35.4%3.3%57.3%6.6%4.3%1.9M-116.4M-476.8K0.7612.27N/AN/A8,9516,809134,767118,210
2009-09-18$18.03$16.0051.8%14.9%35.6%3.1%55.5%7.9%3.5%6.6M-135.5M-478.7K0.449.78N/AN/A4,8582,119138,009121,903
2009-09-21$17.79$16.0052.3%15.0%35.6%3.4%54.8%6.5%5.1%1.4M-104.0M-470.3K0.9110.23N/AN/A7,4666,807119,46594,314
2009-09-22$18.77$17.0053.7%15.4%38.9%4.2%54.1%5.7%2.2%1.5M-129.2M-466.0K0.9111.76N/AN/A6,3095,758121,73695,402
2009-09-23$18.43$17.0054.1%15.5%39.1%4.5%51.8%7.1%1.2%1.4M-117.4M-478.2K0.2214.51N/AN/A6,4741,437122,75299,446
2009-09-24$18.01$17.0054.1%15.5%40.1%4.4%54.3%6.2%2.9%1.5M-110.9M-483.4K5.5117.97N/AN/A2,16011,891126,92098,682
2009-09-25$17.79$18.0053.3%15.3%40.6%3.9%53.3%6.0%4.5%998.4K-94.6M-501.6K5.7513.67N/AN/A8154,683125,776109,321
2009-09-28$17.94$18.0051.9%14.9%40.4%3.1%52.3%4.7%5.4%1.0M-98.0M-488.3K0.9015.52N/AN/A4,7644,273126,009109,444
2009-09-29$18.26$18.0052.5%15.0%38.9%3.5%51.5%4.0%3.2%1.1M-108.6M-497.2K0.4914.34N/AN/A2,8361,394128,359111,339
2009-09-30$18.29$18.0052.2%15.0%37.2%3.3%52.5%5.1%2.1%1.2M-110.7M-493.1K1.1914.71N/AN/A9331,111129,429111,557