M Options History — August 2012

In August 2012, M traded between $35.06 and $40.47. ATM implied volatility averaged 28.4%, placing in the 18.2% IV rank vs the trailing year. The 30-day expected move averaged 8.2%. IV traded above realized volatility by 1.4% (HV 20d: 26.9%). Max pain ranged from $34.00 to $37.00. Net GEX was positive for 22 of 23 trading days. Term structure was in contango for 20 of 23 days. Put/call ratio averaged 1.23.

Notable Days

  • 2012-08-07: Highest Volume — 28,263 contracts
  • 2012-08-08: Largest IV drop — 37.0% change
  • 2012-08-07: Highest IV Rank — 36.9%
  • 2012-08-01: Largest Expected Move — 11.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$38.53$35.06$40.47$35.06$40.31
Max Pain$35.96$34.00$37.00$36.00$37.00
ATM IV28.4%21.0%44.1%40.0%27.1%
Expected Move8.2%6.8%11.5%11.5%7.8%
HV 20d26.9%15.9%33.4%31.1%15.9%
HV 60d33.9%31.3%36.5%35.8%31.3%
IV Rank18.2%5.2%36.9%30.9%19.8%
IV Percentile22.9%1.6%82.5%68.7%17.5%
Term Structure1.8%-4.5%4.8%-4.5%2.1%
VWIV29.3%24.3%39.9%37.8%30.5%
Skew 25d5.0%3.5%7.7%7.1%4.3%
Skew 10d10.1%6.0%16.4%14.7%8.0%
Call IV 25d26.1%21.9%36.6%36.6%25.2%
Put IV 25d31.2%25.5%43.7%43.7%29.5%
Bid-Ask Spread %8.273.4714.8514.4510.36
Gamma HHI0.210.070.710.070.18
Net GEX2.7M-184.6K9.0M-184.6K2.5M
Net DEX-57.0M-105.1M8.8M8.8M-67.8M
Net VEX-374.2K-401.5K-335.8K-396.0K-389.5K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.230.116.112.416.11
Total Volume5,360.0872,06528,2634,1243,354
Total OI86,159.21758,442109,36988,97175,018

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2012-08-01$35.06$36.0040.0%11.5%31.1%30.9%37.8%7.1%-4.5%-184.6K8.8M-396.0K2.4114.45N/AN/A1,2112,91342,74646,225
2012-08-02$36.40$35.0038.8%11.1%32.4%29.2%39.9%6.7%-4.2%541.5K-19.4M-401.5K1.5714.85N/AN/A1,9273,02142,83544,868
2012-08-03$37.26$35.0036.1%10.4%33.0%25.3%39.0%7.0%-3.2%987.6K-36.9M-399.9K1.1712.77N/AN/A1,8672,17743,39144,794
2012-08-06$36.84$34.0038.1%9.3%33.4%28.1%33.8%7.1%1.0%801.9K-28.0M-386.5K1.897.87N/AN/A8731,65243,63945,142
2012-08-07$37.00$35.0044.1%9.7%33.3%36.9%32.2%7.7%0.1%816.5K-31.3M-388.4K0.6314.66N/AN/A17,32310,94044,01946,085
2012-08-08$38.01$35.0027.8%8.4%29.5%15.4%30.2%5.9%2.4%4.2M-76.9M-398.8K1.085.74N/AN/A4,8585,22955,90050,373
2012-08-09$38.12$36.0027.2%8.3%28.9%15.8%30.6%5.6%2.5%4.3M-75.9M-395.7K0.937.16N/AN/A1,5891,48255,58550,137
2012-08-10$38.00$36.0024.8%8.1%28.5%14.4%32.9%5.3%3.0%4.4M-71.9M-389.4K1.696.27N/AN/A1,3682,31355,44950,651
2012-08-13$37.87$36.0025.6%8.1%28.6%16.3%28.4%5.1%3.1%5.0M-73.6M-366.1K2.485.90N/AN/A8432,08855,20252,135
2012-08-14$38.24$36.0024.6%8.1%28.7%13.9%26.6%5.4%3.2%5.2M-84.9M-357.7K0.845.87N/AN/A3,0832,58055,30152,846
2012-08-15$38.54$36.0021.0%7.6%28.3%5.2%29.0%4.9%4.1%5.7M-97.8M-350.0K0.726.30N/AN/A2,5811,85755,93952,172
2012-08-16$38.74$36.0026.4%7.6%27.8%18.0%28.5%4.9%4.1%4.9M-105.1M-347.2K0.187.27N/AN/A7,9191,44656,03653,333
2012-08-17$38.95$36.0025.3%7.2%27.8%15.4%25.4%4.7%4.8%9.0M-103.6M-340.0K0.616.93N/AN/A1,8301,11754,07554,071
2012-08-20$38.84$36.0024.4%7.0%26.9%13.4%25.6%4.3%2.6%839.6K-32.6M-337.1K2.496.05N/AN/A6711,67227,67930,763
2012-08-21$39.28$36.0024.0%6.9%25.6%12.3%24.6%3.6%2.8%961.6K-37.6M-335.8K1.157.69N/AN/A2,4252,77728,05931,903
2012-08-22$39.33$37.0023.9%6.8%25.6%12.1%24.3%3.5%2.8%836.7K-38.0M-351.3K0.568.37N/AN/A1,32873729,42533,859
2012-08-23$38.92$37.0024.2%6.9%24.8%12.9%24.6%3.6%3.0%762.6K-33.3M-361.0K0.397.94N/AN/A1,51058730,15634,201
2012-08-24$39.75$37.0024.3%7.0%24.2%13.0%25.2%3.8%2.7%1.1M-45.3M-371.1K0.116.82N/AN/A6,08664431,24834,510
2012-08-27$39.63$36.0025.1%7.2%24.3%15.0%26.3%4.0%2.5%1.9M-52.9M-384.7K0.397.60N/AN/A1,89474236,06434,898
2012-08-28$40.42$36.0026.0%7.4%22.8%17.1%27.4%4.2%1.9%2.3M-67.4M-381.6K0.538.60N/AN/A2,8341,51436,84435,237
2012-08-29$40.47$36.0027.1%7.8%20.4%19.7%26.0%3.6%1.7%2.3M-69.9M-384.8K0.257.35N/AN/A3,53187737,61135,571
2012-08-30$40.30$37.0026.8%7.7%17.3%19.0%25.4%3.8%2.3%2.7M-69.3M-393.0K0.183.47N/AN/A3,40061239,67835,989
2012-08-31$40.31$37.0027.1%7.8%15.9%19.8%30.5%4.3%2.1%2.5M-67.8M-389.5K6.1110.36N/AN/A4722,88238,85236,166