M Options History — March 2015

In March 2015, M traded between $62.36 and $65.98. ATM implied volatility averaged 19.0%, placing in the 16.3% IV rank vs the trailing year. The 30-day expected move averaged 5.5%. IV traded above realized volatility by 0.9% (HV 20d: 18.0%). Max pain ranged from $62.50 to $62.50. Net GEX was positive for 21 of 22 trading days. Term structure was in contango for 21 of 22 days. Put/call ratio averaged 0.63.

Notable Days

  • 2015-03-09: Highest Volume — 16,676 contracts
  • 2015-03-26: Largest IV spike — 11.0% change
  • 2015-03-10: Highest IV Rank — 20.5%
  • 2015-03-11: Largest Expected Move — 5.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$63.96$62.36$65.98$63.91$64.93
Max Pain$62.50$62.50$62.50$62.50$62.50
ATM IV19.0%17.3%20.7%18.1%18.2%
Expected Move5.5%5.0%5.8%5.2%5.2%
HV 20d18.0%13.3%22.2%22.1%16.2%
HV 60d22.1%21.4%22.9%22.9%21.8%
IV Rank16.3%12.0%20.5%13.9%14.2%
IV Percentile19.2%5.2%36.5%9.1%11.9%
Term Structure3.2%-0.2%5.0%1.0%4.2%
VWIV19.2%17.2%20.4%18.4%18.2%
Skew 25d2.4%1.4%2.9%2.3%1.4%
Skew 10d4.8%3.4%5.8%4.4%3.4%
Call IV 25d18.2%16.6%19.5%17.9%18.0%
Put IV 25d20.6%18.8%22.3%20.2%19.5%
Bid-Ask Spread %10.336.9413.3510.1211.76
Gamma HHI0.300.200.650.260.23
Net GEX7.7M-203.2K32.1M5.6M9.3M
Net DEX-75.2M-192.0M-10.4M-61.0M-103.4M
Net VEX-1.1M-1.1M-1.0M-1.0M-1.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.630.141.890.660.97
Total Volume6,1621,23716,6765,46814,719
Total OI116,714.27399,984131,171113,291105,528

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2015-03-02$63.91$62.5018.1%5.2%22.1%13.9%18.4%2.3%1.0%5.6M-61.0M-1.0M0.6610.12N/AN/A3,2952,17359,01954,272
2015-03-03$63.46$62.5019.6%5.6%22.2%17.9%19.0%2.9%-0.2%3.5M-41.0M-1.0M0.4210.34N/AN/A3,6751,55558,50654,248
2015-03-04$62.89$62.5019.3%5.5%19.3%17.1%20.1%2.5%0.3%1.5M-23.6M-1.0M1.1710.31N/AN/A2,3122,70258,33353,786
2015-03-05$63.17$62.5018.6%5.6%18.3%15.3%20.4%2.5%2.5%2.4M-30.8M-1.0M0.689.12N/AN/A3,6322,47458,68053,567
2015-03-06$62.96$62.5019.4%5.7%17.4%17.4%19.8%2.5%2.8%2.0M-32.9M-1.0M0.5212.47N/AN/A5,6372,94359,15253,543
2015-03-09$62.56$62.5019.5%5.7%17.6%17.6%20.1%2.5%2.6%-203.2K-10.4M-1.0M0.679.26N/AN/A10,0056,67159,30754,502
2015-03-10$63.30$62.5020.7%5.8%18.1%20.5%19.8%2.5%2.5%4.3M-50.7M-1.1M0.276.94N/AN/A3,54594968,10760,359
2015-03-11$62.36$62.5020.4%5.8%18.0%19.8%20.1%2.8%2.8%1.5M-19.3M-1.1M0.669.63N/AN/A84855666,91560,484
2015-03-12$63.19$62.5020.2%5.8%18.7%19.3%20.3%2.5%2.6%5.3M-53.3M-1.1M0.679.78N/AN/A2,0321,36966,85060,432
2015-03-13$63.36$62.5020.4%5.8%18.8%19.8%20.3%2.7%3.2%6.0M-57.0M-1.1M0.718.23N/AN/A2,5831,82767,04860,447
2015-03-16$64.13$62.5019.3%5.5%19.3%17.1%20.2%2.6%3.9%11.4M-95.1M-1.1M0.788.35N/AN/A4,8633,77466,80361,350
2015-03-17$64.10$62.5019.1%5.5%18.8%16.5%19.2%2.5%4.0%11.8M-90.3M-1.1M0.2512.15N/AN/A1,45836867,82063,182
2015-03-18$64.61$62.5018.6%5.3%19.0%15.2%19.3%2.4%4.1%19.4M-115.9M-1.1M0.4110.15N/AN/A1,81673768,03463,128
2015-03-19$65.07$62.5018.3%5.2%18.8%14.5%18.7%2.3%4.3%32.1M-142.0M-1.1M0.2210.34N/AN/A3,80284268,08163,090
2015-03-20$65.98$62.5017.7%5.1%19.0%12.9%17.2%2.1%4.8%7.1M-192.0M-1.0M0.1410.02N/AN/A10,7991,52767,70663,383
2015-03-23$65.64$62.5018.0%5.2%19.2%13.7%17.8%2.2%4.0%8.1M-121.9M-1.0M0.409.61N/AN/A1,94377550,17449,810
2015-03-24$65.33$62.5017.3%5.0%15.3%12.0%17.8%2.2%5.0%8.1M-111.9M-1.0M0.309.54N/AN/A1,36541050,95250,135
2015-03-25$64.72$62.5017.8%5.1%13.3%13.2%18.2%2.1%4.5%7.9M-97.5M-1.0M0.2412.45N/AN/A10,3412,44151,41950,204
2015-03-26$63.31$62.5019.7%5.7%15.6%18.1%19.5%2.4%3.8%7.6M-59.7M-1.1M0.8410.25N/AN/A2,7602,31956,77452,325
2015-03-27$63.65$62.5019.7%5.6%15.7%18.0%18.8%2.7%3.5%6.1M-59.0M-1.1M1.8913.35N/AN/A42880952,21252,655
2015-03-30$64.43$62.5018.0%5.2%16.3%13.7%20.0%1.5%4.5%7.8M-86.0M-1.0M0.9613.01N/AN/A3,3173,16852,43452,958
2015-03-31$64.93$62.5018.2%5.2%16.2%14.2%18.2%1.4%4.2%9.3M-103.4M-1.0M0.9711.76N/AN/A7,4767,24353,51552,013