M Options History — August 2018

In August 2018, M traded between $35.40 and $41.79. ATM implied volatility averaged 41.8%, placing in the 31.9% IV rank vs the trailing year. The 30-day expected move averaged 12.1%. IV traded below realized volatility by 9.9% (HV 20d: 51.6%). Max pain ranged from $35.50 to $40.00. Net GEX was positive for 16 of 23 trading days. Term structure was in contango for 2 of 23 days. Put/call ratio averaged 0.69.

Notable Days

2018-08-15: Highest Volume — 288,585 contracts
2018-08-16: Largest IV drop — 15.9% change
2018-08-10: Highest IV Rank — 62.5%
2018-08-03: Largest Expected Move — 18.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$37.97	$35.40	$41.79	$38.01	$36.43
Max Pain	$37.20	$35.50	$40.00	$36.00	$35.50
ATM IV	41.8%	31.2%	53.5%	51.8%	31.2%
Expected Move	12.1%	8.9%	18.6%	18.5%	8.9%
HV 20d	51.6%	27.7%	71.6%	27.7%	69.1%
HV 60d	44.2%	34.0%	50.1%	40.5%	46.7%
IV Rank	31.9%	4.6%	62.5%	58.1%	4.6%
IV Percentile	46.4%	3.2%	92.5%	88.5%	3.2%
Term Structure	-1.5%	-4.2%	0.2%	-2.9%	0.2%
VWIV	42.6%	31.1%	66.6%	65.6%	31.1%
Skew 25d	3.5%	0.4%	8.9%	4.3%	1.9%
Skew 10d	6.4%	2.6%	13.6%	9.9%	3.6%
Call IV 25d	40.8%	30.7%	53.4%	50.1%	30.7%
Put IV 25d	44.3%	32.6%	62.3%	54.3%	32.6%
Bid-Ask Spread %	7.31	2.64	18.14	6.98	18.14
Gamma HHI	0.13	0.05	0.57	0.10	0.11
Net GEX	329.2K	-36.0M	11.9M	1.9M	11.9M
Net DEX	-131.4M	-314.2M	216.5M	-130.2M	-128.0M
Net VEX	-1.6M	-2.0M	-1.3M	-1.5M	-1.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.69	0.19	1.09	1.08	0.95
Total Volume	59,011.957	20,958	288,585	41,213	39,362
Total OI	482,650.217	403,263	643,353	422,089	540,071

Daily Data (23 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
2018-08-01	$38.01	$36.00	51.8%	18.5%	27.7%	58.1%	65.6%	4.3%	-2.9%	1.9M	-130.2M	-1.5M	1.08	6.98	N/A	N/A	19,789	21,424	144,051	278,038
2018-08-02	$38.70	$36.00	51.4%	18.5%	27.9%	57.0%	66.6%	4.2%	-4.2%	4.4M	-175.5M	-1.5M	1.01	3.41	N/A	N/A	12,617	12,799	149,642	281,232
2018-08-03	$39.03	$36.00	51.0%	18.6%	27.9%	55.8%	66.1%	4.6%	-3.3%	-855.3K	-204.0M	-1.4M	0.50	2.85	N/A	N/A	16,611	8,265	151,299	284,695
2018-08-06	$38.72	$39.00	51.4%	13.6%	27.8%	56.9%	47.7%	4.2%	-0.7%	-1.4M	-157.9M	-1.4M	0.55	2.64	N/A	N/A	14,881	8,216	128,833	274,430
2018-08-07	$39.52	$38.00	51.8%	13.6%	28.4%	58.0%	48.8%	5.0%	-1.8%	-81.3K	-202.9M	-1.4M	0.62	2.98	N/A	N/A	16,781	10,394	132,619	275,833
2018-08-08	$39.90	$38.00	51.6%	13.7%	28.3%	57.4%	49.1%	3.6%	-2.0%	730.7K	-229.3M	-1.4M	0.62	3.76	N/A	N/A	17,922	11,028	136,904	279,670
2018-08-09	$40.49	$39.00	51.1%	13.7%	28.0%	56.1%	47.7%	4.5%	-1.9%	2.1M	-261.8M	-1.3M	0.78	7.27	N/A	N/A	19,658	15,429	139,607	283,370
2018-08-10	$40.07	$39.00	53.5%	14.3%	28.6%	62.5%	49.8%	8.9%	-2.5%	361.4K	-237.4M	-1.4M	1.06	6.44	N/A	N/A	20,982	22,163	145,077	289,142
2018-08-13	$40.13	$39.00	52.6%	14.3%	28.3%	60.0%	50.2%	5.2%	-2.1%	-1.1M	-220.7M	-1.4M	0.85	3.78	N/A	N/A	21,924	18,529	138,660	294,500
2018-08-14	$41.79	$39.00	50.8%	13.5%	31.1%	55.3%	47.9%	5.7%	-3.9%	920.9K	-314.2M	-1.3M	1.09	13.92	N/A	N/A	98,842	107,256	149,944	303,221
2018-08-15	$35.40	$40.00	43.4%	11.4%	68.3%	36.1%	39.9%	0.4%	-3.5%	-15.5M	216.5M	-1.5M	0.94	13.09	N/A	N/A	148,515	140,070	213,000	364,177
2018-08-16	$35.67	$36.00	36.5%	10.1%	66.8%	18.3%	35.3%	4.7%	-1.9%	-14.1M	96.6M	-1.8M	1.05	5.30	N/A	N/A	44,054	46,250	250,574	372,642
2018-08-17	$35.96	$36.00	33.8%	9.8%	66.9%	11.1%	34.1%	0.7%	-0.1%	-36.0M	39.1M	-1.8M	0.69	5.32	N/A	N/A	29,074	19,944	266,995	376,358
2018-08-20	$38.13	$36.00	34.6%	9.9%	70.2%	13.4%	36.1%	3.0%	-1.0%	2.9M	-181.4M	-1.8M	0.41	8.17	N/A	N/A	36,917	15,117	175,018	268,712
2018-08-21	$38.19	$36.00	33.9%	9.7%	70.2%	11.4%	33.1%	2.5%	-1.2%	4.5M	-195.8M	-1.9M	0.19	8.69	N/A	N/A	68,359	13,295	181,414	271,716
2018-08-22	$37.64	$37.00	34.4%	9.9%	69.9%	12.9%	34.2%	1.9%	-0.4%	8.7M	-183.5M	-2.0M	0.37	7.53	N/A	N/A	25,491	9,483	223,372	275,334
2018-08-23	$38.15	$37.00	33.2%	9.6%	70.1%	9.7%	33.2%	2.5%	-0.8%	11.3M	-240.6M	-1.9M	0.37	4.12	N/A	N/A	22,992	8,446	231,764	276,484
2018-08-24	$36.52	$37.00	33.7%	9.7%	71.6%	11.0%	33.3%	2.6%	-0.3%	8.6M	-76.8M	-1.9M	0.49	15.24	N/A	N/A	30,074	14,784	235,408	276,962
2018-08-27	$36.32	$37.00	32.8%	9.5%	71.1%	8.6%	33.0%	2.7%	-0.1%	3.9M	-64.8M	-1.8M	0.53	4.61	N/A	N/A	20,715	11,018	223,717	267,491
2018-08-28	$36.33	$37.00	31.7%	9.2%	71.1%	5.7%	31.8%	2.6%	0.0%	2.8M	-54.3M	-1.8M	0.52	5.88	N/A	N/A	17,760	9,185	226,994	273,225
2018-08-29	$36.20	$36.50	32.0%	9.3%	69.3%	6.7%	32.2%	2.6%	-0.1%	3.3M	-46.1M	-1.8M	0.31	11.70	N/A	N/A	53,537	16,365	231,251	274,870
2018-08-30	$35.95	$35.50	32.2%	9.3%	68.9%	7.0%	32.8%	2.5%	-0.1%	8.3M	-69.1M	-1.9M	0.80	6.29	N/A	N/A	11,650	9,308	262,441	280,198
2018-08-31	$36.43	$35.50	31.2%	8.9%	69.1%	4.6%	31.1%	1.9%	0.2%	11.9M	-128.0M	-1.9M	0.95	18.14	N/A	N/A	20,197	19,165	262,780	277,291