M Options History — November 2017

In November 2017, M traded between $17.49 and $23.97. ATM implied volatility averaged 44.9%, placing in the 59.6% IV rank vs the trailing year. The 30-day expected move averaged 13.3%. IV traded below realized volatility by 8.1% (HV 20d: 53.0%). Max pain ranged from $19.00 to $22.00. Net GEX was positive for 13 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 0.86.

Notable Days

2017-11-08: Highest Volume — 228,569 contracts
2017-11-30: Largest IV spike — 41.2% change
2017-11-08: Highest IV Rank — 97.4%
2017-11-08: Largest Expected Move — 17.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$20.12	$17.49	$23.97	$18.95	$23.83
Max Pain	$19.67	$19.00	$22.00	$22.00	$20.00
ATM IV	44.9%	36.8%	55.4%	53.2%	51.9%
Expected Move	13.3%	11.5%	17.5%	17.4%	13.7%
HV 20d	53.0%	39.4%	60.9%	40.3%	57.1%
HV 60d	41.7%	35.1%	46.4%	41.3%	45.2%
IV Rank	59.6%	27.3%	97.4%	89.6%	84.2%
IV Percentile	78.6%	53.2%	99.6%	99.2%	97.6%
Term Structure	-0.6%	-15.4%	9.1%	-2.0%	-13.8%
VWIV	46.8%	40.3%	61.3%	60.8%	47.8%
Skew 25d	2.3%	-2.0%	10.5%	0.8%	1.0%
Skew 10d	3.8%	-28.0%	24.3%	-0.0%	-3.9%
Call IV 25d	43.8%	34.4%	53.7%	52.6%	53.5%
Put IV 25d	46.1%	35.5%	63.4%	53.4%	54.5%
Bid-Ask Spread %	24.24	4.31	73.07	73.07	34.22
Gamma HHI	0.14	0.08	0.30	0.14	0.09
Net GEX	141.6K	-6.0M	6.6M	-3.2M	1.9M
Net DEX	101.4M	-220.0M	389.0M	241.1M	-186.9M
Net VEX	-1.7M	-2.0M	-1.4M	-1.6M	-1.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.86	0.36	2.07	0.56	0.36
Total Volume	85,895.333	27,974	228,569	42,517	102,271
Total OI	738,947.476	629,789	897,724	644,553	743,491

Daily Data (21 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2017-11-01	$18.95	$22.00	53.2%	17.4%	40.3%	89.6%	60.8%	0.8%	-2.0%	-3.2M	241.1M	-1.6M	0.56	73.07	N/A	N/A	27,207	15,310	297,921	346,632
2017-11-02	$18.78	$20.00	51.4%	14.2%	39.4%	83.0%	50.4%	-0.1%	-4.1%	-3.4M	265.3M	-1.6M	0.44	17.82	N/A	N/A	19,482	8,492	304,465	354,808
2017-11-03	$18.34	$20.00	50.3%	14.4%	39.9%	79.1%	50.9%	-1.0%	-3.0%	-5.1M	303.5M	-1.5M	0.41	9.50	N/A	N/A	33,779	13,850	307,399	356,684
2017-11-06	$18.18	$20.00	52.5%	15.1%	39.5%	87.1%	52.8%	-0.5%	1.5%	-5.0M	298.5M	-1.4M	2.07	6.10	N/A	N/A	39,974	82,927	285,374	355,064
2017-11-07	$17.49	$19.00	54.4%	15.7%	40.4%	94.0%	54.6%	0.4%	1.6%	-6.0M	389.0M	-1.4M	1.45	7.49	N/A	N/A	52,150	75,510	304,483	406,888
2017-11-08	$17.55	$19.00	55.4%	17.5%	40.6%	97.4%	61.3%	10.5%	9.1%	-4.4M	329.0M	-1.5M	0.78	29.94	N/A	N/A	128,125	100,444	335,631	404,873
2017-11-09	$19.64	$19.00	45.6%	13.1%	58.8%	62.4%	46.5%	-2.0%	-1.4%	3.3M	101.5M	-1.7M	0.75	9.57	N/A	N/A	126,656	95,417	415,550	476,743
2017-11-10	$20.00	$19.00	41.8%	12.6%	59.2%	48.9%	44.6%	1.1%	4.0%	616.3K	24.0M	-1.8M	0.70	17.09	N/A	N/A	57,253	40,242	421,854	475,870
2017-11-13	$19.31	$19.00	43.3%	12.7%	60.3%	54.3%	44.7%	2.1%	-1.4%	319.5K	175.0M	-1.7M	0.66	6.00	N/A	N/A	35,569	23,364	380,680	429,914
2017-11-14	$19.70	$19.00	42.1%	12.1%	60.7%	50.2%	42.6%	1.2%	0.0%	3.6M	118.6M	-1.7M	0.57	5.74	N/A	N/A	18,355	10,497	391,836	433,709
2017-11-15	$19.99	$19.00	42.7%	12.2%	60.8%	52.2%	43.3%	1.8%	-1.4%	6.1M	69.4M	-1.8M	0.73	4.62	N/A	N/A	28,003	20,519	394,049	435,165
2017-11-16	$20.21	$19.00	42.9%	12.3%	60.9%	52.7%	42.5%	3.1%	0.1%	6.6M	33.8M	-1.8M	0.74	7.91	N/A	N/A	24,879	18,380	395,506	441,898
2017-11-17	$20.38	$19.00	42.7%	12.5%	58.4%	52.2%	43.4%	-0.4%	-4.4%	-888.6K	-19.2M	-1.8M	0.54	8.34	N/A	N/A	70,010	37,942	401,677	444,474
2017-11-20	$20.83	$20.00	39.2%	11.7%	58.9%	39.7%	40.9%	3.3%	-1.2%	595.4K	45.5M	-1.9M	0.52	9.56	N/A	N/A	23,977	12,473	277,785	352,004
2017-11-21	$20.40	$20.00	39.0%	11.5%	59.3%	39.0%	40.3%	1.5%	-0.6%	342.6K	79.0M	-1.8M	0.87	4.31	N/A	N/A	17,741	15,499	287,871	357,026
2017-11-22	$20.66	$20.00	40.0%	12.2%	59.5%	42.6%	42.4%	5.9%	2.1%	1.3M	58.4M	-1.9M	1.53	25.08	N/A	N/A	25,590	39,114	293,811	367,469
2017-11-24	$21.07	$20.00	39.5%	12.6%	60.0%	39.8%	43.9%	10.0%	-15.4%	1.6M	30.5M	-1.9M	1.46	63.10	N/A	N/A	41,609	60,687	297,148	390,629
2017-11-27	$21.20	$20.00	39.4%	12.1%	52.1%	37.6%	42.1%	6.4%	6.4%	-91.3K	48.6M	-2.0M	1.41	43.16	N/A	N/A	26,575	37,396	289,777	421,486
2017-11-28	$22.07	$20.00	39.7%	11.9%	50.5%	38.4%	42.6%	3.0%	6.3%	2.2M	-55.0M	-1.9M	0.94	64.05	N/A	N/A	47,152	44,535	296,316	416,337
2017-11-29	$23.97	$20.00	36.8%	11.9%	56.8%	27.3%	44.9%	-0.1%	5.3%	2.5M	-220.0M	-1.8M	0.56	62.39	N/A	N/A	67,263	37,584	295,327	432,273
2017-11-30	$23.83	$20.00	51.9%	13.7%	57.1%	84.2%	47.8%	1.0%	-13.8%	1.9M	-186.9M	-1.9M	0.36	34.22	N/A	N/A	75,224	27,047	298,508	444,983