M Options History — July 2015

In July 2015, M traded between $65.85 and $72.80. ATM implied volatility averaged 25.2%, placing in the 24.2% IV rank vs the trailing year. The 30-day expected move averaged 7.5%. IV traded below realized volatility by 2.3% (HV 20d: 27.5%). Max pain ranged from $67.50 to $70.00. Net GEX was positive for 16 of 22 trading days. Term structure was in contango for 6 of 22 days. Put/call ratio averaged 1.31.

Notable Days

  • 2015-07-15: Highest Volume — 92,481 contracts
  • 2015-07-15: Largest IV spike — 10.5% change
  • 2015-07-15: Highest IV Rank — 32.0%
  • 2015-07-09: Largest Expected Move — 8.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$69.23$65.85$72.80$67.74$69.05
Max Pain$68.86$67.50$70.00$69.00$70.00
ATM IV25.2%23.6%28.6%24.1%25.4%
Expected Move7.5%6.9%8.3%7.0%7.6%
HV 20d27.5%18.4%34.2%18.4%31.1%
HV 60d24.3%21.0%26.3%22.7%26.0%
IV Rank24.2%20.4%32.0%26.6%24.1%
IV Percentile62.0%54.0%80.6%56.3%63.1%
Term Structure0.2%-3.4%5.6%0.1%-0.6%
VWIV26.7%24.1%28.8%24.6%27.8%
Skew 25d1.2%0.1%2.5%1.4%1.8%
Skew 10d2.8%-0.3%4.6%4.1%1.9%
Call IV 25d25.2%22.5%28.8%23.9%25.3%
Put IV 25d26.4%24.6%28.9%25.2%27.0%
Bid-Ask Spread %11.446.7922.8710.5110.59
Gamma HHI0.120.090.250.120.11
Net GEX12.3M-4.1M41.4M1.2M19.0M
Net DEX-218.5M-612.8M64.3M-76.8M-222.0M
Net VEX-2.3M-2.6M-2.0M-2.1M-2.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.310.333.311.131.03
Total Volume28,923.04510,07892,48110,51127,897
Total OI246,091.727195,500296,189195,500284,935

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2015-07-01$67.74$69.0024.1%7.0%18.4%26.6%24.6%1.4%0.1%1.2M-76.8M-2.1M1.1310.51N/AN/A4,9305,581101,35294,148
2015-07-02$67.47$68.5023.6%6.9%18.4%25.4%24.1%0.8%0.1%-471.2K-60.6M-2.1M0.779.72N/AN/A5,6964,382101,79094,475
2015-07-06$67.47$67.5024.3%7.9%18.4%21.4%27.5%1.7%3.7%198.6K-57.3M-2.0M0.717.59N/AN/A6,4984,624101,69195,041
2015-07-07$67.97$67.5023.9%8.1%18.6%20.4%28.7%1.3%4.8%1.6M-93.5M-2.0M3.317.79N/AN/A6,73922,301103,62495,401
2015-07-08$66.30$67.5024.4%8.0%20.4%21.7%28.6%1.6%2.6%-3.3M35.7M-2.0M1.5613.66N/AN/A7,24611,291105,149106,237
2015-07-09$65.85$67.5024.3%8.3%20.5%21.4%28.5%1.7%-0.5%-4.1M64.3M-2.0M0.8913.02N/AN/A17,45415,583107,797107,791
2015-07-10$66.51$67.5024.6%8.0%21.0%22.2%28.8%2.5%5.6%-2.9M21.9M-2.1M1.826.79N/AN/A8,70315,818117,614114,568
2015-07-13$66.72$67.5025.9%7.4%20.4%25.5%26.3%1.5%-1.0%-2.4M6.8M-2.0M1.068.74N/AN/A13,12113,850115,339113,934
2015-07-14$66.73$67.5025.8%7.3%20.2%25.2%26.0%0.6%-0.4%-2.3M6.5M-2.0M0.628.88N/AN/A16,71410,378120,489118,487
2015-07-15$71.92$67.5028.6%7.4%33.9%32.0%25.4%0.1%-3.4%16.7M-413.0M-2.1M0.3322.87N/AN/A69,39423,087125,929121,190
2015-07-16$72.80$67.5025.7%7.1%33.7%24.8%25.1%1.2%-1.1%29.3M-612.8M-2.4M0.5117.40N/AN/A31,87516,202158,893129,585
2015-07-17$72.36$70.0024.9%7.0%33.7%23.0%24.7%0.3%-0.2%41.4M-582.9M-2.4M0.8814.72N/AN/A17,73515,568163,238132,951
2015-07-20$72.05$70.0025.4%7.2%33.6%24.1%26.0%1.1%-0.9%21.2M-433.1M-2.4M1.6211.89N/AN/A7,44512,042143,722117,882
2015-07-21$71.71$70.0025.0%7.1%33.6%23.1%25.4%0.9%-0.1%21.0M-407.6M-2.4M1.068.78N/AN/A18,16519,289144,396119,063
2015-07-22$71.93$70.0025.1%7.2%33.7%23.5%27.5%1.1%-0.3%22.1M-424.9M-2.3M2.2210.44N/AN/A7,38116,350143,842113,709
2015-07-23$71.11$70.0025.4%7.3%33.9%24.3%27.3%1.4%-1.1%19.9M-358.8M-2.4M1.2410.14N/AN/A11,63714,398144,861114,537
2015-07-24$69.97$70.0026.0%7.5%34.2%25.7%27.2%1.6%-1.2%17.7M-275.7M-2.5M2.029.81N/AN/A9,46119,149149,039114,291
2015-07-27$69.91$70.0026.5%7.9%34.1%26.9%28.0%1.7%-0.8%18.9M-270.4M-2.5M2.0911.94N/AN/A6,30613,160148,536116,904
2015-07-28$68.90$70.0025.4%7.5%31.1%24.2%27.2%0.4%-0.2%16.6M-186.1M-2.4M1.9612.34N/AN/A9,43818,497150,578117,929
2015-07-29$69.15$70.0025.0%7.5%31.1%23.1%26.6%1.1%-0.6%19.9M-220.4M-2.4M0.6513.36N/AN/A17,90811,560153,146114,793
2015-07-30$69.38$70.0025.0%7.5%31.1%23.1%26.5%1.5%-0.2%20.3M-246.1M-2.5M1.2910.66N/AN/A13,75017,704156,446118,696
2015-07-31$69.05$70.0025.4%7.6%31.1%24.1%27.8%1.8%-0.6%19.0M-222.0M-2.6M1.0310.59N/AN/A13,72614,171162,680122,255