M Options History — June 2018

In June 2018, M traded between $35.50 and $40.18. ATM implied volatility averaged 35.1%, placing in the 14.5% IV rank vs the trailing year. The 30-day expected move averaged 10.1%. IV traded below realized volatility by 11.2% (HV 20d: 46.2%). Max pain ranged from $32.00 to $38.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 14 of 21 days. Put/call ratio averaged 0.96.

Notable Days

2018-06-05: Highest Volume — 151,610 contracts
2018-06-06: Largest IV drop — 6.8% change
2018-06-29: Highest IV Rank — 26.4%
2018-06-25: Largest Expected Move — 11.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$38.53	$35.50	$40.18	$35.50	$37.48
Max Pain	$36.90	$32.00	$38.00	$32.00	$38.00
ATM IV	35.1%	32.0%	39.6%	32.0%	39.6%
Expected Move	10.1%	9.4%	11.3%	9.8%	11.0%
HV 20d	46.2%	38.1%	54.6%	49.4%	43.8%
HV 60d	41.1%	38.9%	42.1%	38.9%	41.1%
IV Rank	14.5%	6.6%	26.4%	6.6%	26.4%
IV Percentile	24.1%	11.5%	43.7%	11.5%	43.7%
Term Structure	0.1%	-1.4%	0.9%	-0.8%	0.6%
VWIV	35.8%	33.8%	40.2%	35.0%	38.4%
Skew 25d	2.1%	-3.7%	3.2%	3.0%	2.8%
Skew 10d	4.1%	-3.2%	7.0%	6.2%	6.9%
Call IV 25d	34.6%	31.5%	38.0%	31.5%	38.0%
Put IV 25d	36.7%	33.9%	40.9%	34.5%	40.7%
Bid-Ask Spread %	4.62	2.29	9.82	4.66	7.78
Gamma HHI	0.19	0.12	0.27	0.16	0.12
Net GEX	3.9M	347.3K	6.4M	6.4M	5.0M
Net DEX	-246.5M	-474.9M	-91.0M	-211.3M	-122.9M
Net VEX	-1.8M	-2.0M	-1.6M	-1.8M	-1.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.96	0.27	3.08	1.08	0.95
Total Volume	41,113.333	22,329	151,610	25,323	28,710
Total OI	487,713.048	443,033	537,633	470,919	505,641

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
2018-06-01	$35.50	$32.00	32.0%	9.8%	49.4%	6.6%	35.0%	3.0%	-0.8%	6.4M	-211.3M	-1.8M	1.08	4.66	N/A	N/A	12,168	13,155	174,521	296,398
2018-06-04	$37.13	$34.00	32.4%	9.5%	51.2%	7.5%	34.3%	-3.7%	0.5%	5.1M	-302.7M	-1.7M	0.94	9.82	N/A	N/A	15,791	14,823	169,086	290,880
2018-06-05	$39.98	$34.00	34.5%	9.9%	52.3%	13.1%	34.9%	2.5%	0.5%	4.0M	-474.9M	-1.6M	0.41	5.45	N/A	N/A	107,460	44,150	175,958	296,805
2018-06-06	$39.99	$35.00	32.2%	9.4%	51.8%	7.0%	33.8%	2.4%	0.8%	5.7M	-448.1M	-1.8M	1.98	6.37	N/A	N/A	18,567	36,811	197,827	320,111
2018-06-07	$40.18	$36.00	33.9%	9.9%	52.0%	11.6%	35.1%	2.4%	0.9%	5.6M	-448.0M	-1.8M	3.08	5.05	N/A	N/A	16,026	49,347	201,582	329,913
2018-06-08	$39.87	$37.00	33.5%	9.8%	50.9%	10.6%	35.3%	2.1%	0.0%	6.1M	-415.0M	-1.7M	1.27	5.41	N/A	N/A	11,896	15,062	203,888	333,745
2018-06-11	$39.71	$37.00	33.5%	9.6%	51.3%	10.4%	34.5%	2.2%	-0.2%	4.5M	-376.2M	-1.7M	0.86	4.85	N/A	N/A	13,349	11,512	192,476	319,087
2018-06-12	$40.00	$37.00	34.1%	9.8%	51.2%	12.0%	34.4%	1.9%	-0.2%	4.9M	-397.3M	-1.8M	0.78	2.97	N/A	N/A	17,530	13,610	196,843	321,218
2018-06-13	$38.45	$37.00	34.8%	10.0%	54.6%	13.8%	36.9%	2.4%	0.3%	2.4M	-266.9M	-1.8M	0.27	4.75	N/A	N/A	68,606	18,280	201,395	325,782
2018-06-14	$37.49	$38.00	33.8%	9.8%	42.3%	11.3%	34.3%	2.3%	0.3%	347.3K	-93.9M	-1.9M	0.60	3.26	N/A	N/A	23,439	14,149	169,425	325,447
2018-06-15	$38.21	$38.00	33.7%	9.7%	42.5%	11.0%	34.1%	2.1%	0.2%	3.8M	-153.6M	-1.8M	0.61	5.05	N/A	N/A	18,827	11,570	173,766	325,694
2018-06-18	$38.60	$38.00	33.9%	9.7%	42.5%	11.6%	34.2%	2.2%	-0.1%	2.5M	-174.0M	-1.8M	0.80	3.32	N/A	N/A	13,406	10,686	156,465	286,568
2018-06-19	$38.81	$38.00	34.6%	9.9%	42.3%	13.3%	34.9%	2.2%	0.0%	3.2M	-186.4M	-1.8M	0.82	2.29	N/A	N/A	12,301	10,028	159,436	288,613
2018-06-20	$39.59	$38.00	34.3%	9.8%	38.1%	12.6%	34.7%	2.1%	0.0%	5.2M	-236.1M	-1.8M	0.92	2.30	N/A	N/A	12,393	11,455	161,381	290,254
2018-06-21	$39.30	$38.00	35.1%	10.1%	38.5%	14.5%	34.6%	2.4%	-1.4%	4.7M	-216.6M	-1.8M	0.41	4.78	N/A	N/A	26,141	10,643	162,823	292,261
2018-06-22	$37.36	$38.00	36.4%	10.4%	43.5%	18.0%	36.5%	2.3%	0.3%	573.7K	-95.6M	-1.9M	0.85	7.97	N/A	N/A	17,879	15,204	177,977	295,373
2018-06-25	$37.14	$38.00	38.9%	11.3%	43.6%	24.4%	39.8%	2.2%	0.5%	765.2K	-91.0M	-1.9M	1.21	2.65	N/A	N/A	17,794	21,524	174,301	292,447
2018-06-26	$37.76	$38.00	37.5%	10.8%	43.5%	20.8%	38.4%	2.1%	-0.5%	2.6M	-133.1M	-1.9M	0.76	2.60	N/A	N/A	15,891	12,113	180,345	301,412
2018-06-27	$38.04	$38.00	39.0%	11.2%	43.1%	24.8%	40.2%	2.9%	-0.1%	3.8M	-147.9M	-2.0M	1.14	3.32	N/A	N/A	11,200	12,742	183,345	302,685
2018-06-28	$38.51	$38.00	38.5%	11.1%	42.6%	23.5%	38.1%	3.2%	0.2%	5.5M	-184.2M	-1.9M	0.49	2.48	N/A	N/A	24,947	12,195	184,846	303,954
2018-06-29	$37.48	$38.00	39.6%	11.0%	43.8%	26.4%	38.4%	2.8%	0.6%	5.0M	-122.9M	-1.9M	0.95	7.78	N/A	N/A	14,704	14,006	200,701	304,940