M Options History — November 2018

In November 2018, M traded between $31.95 and $37.83. ATM implied volatility averaged 46.4%, placing in the 43.8% IV rank vs the trailing year. The 30-day expected move averaged 13.4%. IV traded above realized volatility by 1.5% (HV 20d: 44.9%). Max pain ranged from $34.00 to $37.00. Net GEX was positive for 6 of 21 trading days. Term structure was in contango for 5 of 21 days. Put/call ratio averaged 1.49.

Notable Days

2018-11-15: Highest Volume — 192,515 contracts
2018-11-14: Largest IV drop — 30.2% change
2018-11-13: Highest IV Rank — 78.2%
2018-11-02: Largest Expected Move — 20.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$34.60	$31.95	$37.83	$34.54	$34.40
Max Pain	$34.76	$34.00	$37.00	$35.00	$34.00
ATM IV	46.4%	35.7%	59.6%	55.8%	36.5%
Expected Move	13.4%	10.7%	20.8%	20.4%	11.3%
HV 20d	44.9%	38.4%	50.7%	38.4%	46.4%
HV 60d	38.5%	31.5%	48.2%	47.4%	37.7%
IV Rank	43.8%	15.8%	78.2%	68.2%	17.9%
IV Percentile	63.5%	24.6%	97.6%	93.7%	27.0%
Term Structure	-1.3%	-5.6%	1.2%	-3.0%	0.9%
VWIV	47.3%	38.8%	73.3%	70.9%	39.3%
Skew 25d	5.8%	4.0%	8.2%	5.6%	6.7%
Skew 10d	11.8%	8.4%	20.6%	13.0%	8.4%
Call IV 25d	43.7%	33.5%	54.9%	53.9%	33.5%
Put IV 25d	49.6%	38.6%	63.1%	59.5%	40.2%
Bid-Ask Spread %	6.80	3.80	18.52	7.07	8.09
Gamma HHI	0.15	0.07	0.38	0.16	0.13
Net GEX	-4.8M	-33.4M	5.1M	5.1M	-536.9K
Net DEX	-8.1M	-238.7M	482.2M	-52.9M	-55.7M
Net VEX	-1.5M	-1.7M	-1.4M	-1.7M	-1.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.49	0.62	5.22	1.14	0.69
Total Volume	49,487.619	21,171	192,515	23,890	24,536
Total OI	515,758.857	412,038	695,770	561,879	435,964

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
2018-11-01	$34.54	$35.00	55.8%	20.4%	38.4%	68.2%	70.9%	5.6%	-3.0%	5.1M	-52.9M	-1.7M	1.14	7.07	N/A	N/A	11,143	12,747	191,027	370,852
2018-11-02	$35.58	$34.50	55.6%	20.8%	39.6%	67.8%	73.3%	6.1%	-3.2%	1.1M	-168.3M	-1.7M	1.54	4.63	N/A	N/A	35,031	53,806	194,387	374,335
2018-11-05	$36.58	$34.00	55.1%	14.1%	40.4%	66.5%	49.9%	6.6%	-1.7%	-383.7K	-141.1M	-1.6M	0.81	6.06	N/A	N/A	13,514	10,964	163,223	352,465
2018-11-06	$36.98	$34.00	53.9%	14.0%	40.3%	63.3%	50.5%	6.5%	-1.5%	606.1K	-172.7M	-1.5M	1.16	4.40	N/A	N/A	12,786	14,813	166,125	356,717
2018-11-07	$37.02	$35.00	52.0%	13.6%	40.1%	58.3%	48.6%	6.0%	-2.0%	1.2M	-182.1M	-1.5M	0.99	3.80	N/A	N/A	15,789	15,683	169,530	360,729
2018-11-08	$37.60	$35.00	51.4%	13.4%	39.5%	56.8%	47.9%	7.4%	-0.4%	2.2M	-223.4M	-1.5M	1.35	5.17	N/A	N/A	10,252	13,845	172,508	364,236
2018-11-09	$37.83	$35.00	52.7%	13.9%	38.5%	60.0%	50.3%	6.6%	-1.9%	1.3M	-238.7M	-1.5M	0.97	5.29	N/A	N/A	15,013	14,613	174,648	367,658
2018-11-12	$37.13	$35.00	55.5%	14.8%	39.5%	67.4%	53.5%	7.2%	-3.1%	-526.7K	-150.2M	-1.5M	4.20	4.27	N/A	N/A	11,435	48,013	166,652	366,030
2018-11-13	$36.03	$37.00	59.6%	15.2%	41.3%	78.2%	54.2%	8.2%	-5.6%	-2.8M	-61.6M	-1.5M	1.83	9.90	N/A	N/A	33,818	61,729	171,505	362,133
2018-11-14	$33.28	$36.00	41.6%	11.9%	47.1%	31.3%	40.4%	5.2%	0.7%	-18.2M	202.2M	-1.4M	2.64	8.23	N/A	N/A	42,249	111,661	198,420	398,218
2018-11-15	$32.19	$35.00	43.2%	12.3%	48.4%	35.4%	44.5%	4.0%	-0.8%	-33.4M	482.2M	-1.4M	5.22	9.54	N/A	N/A	30,965	161,550	205,413	458,472
2018-11-16	$33.25	$35.00	41.8%	11.8%	49.7%	31.6%	41.3%	5.5%	-1.0%	-11.2M	208.7M	-1.5M	1.43	7.58	N/A	N/A	21,218	30,391	219,211	476,559
2018-11-19	$33.00	$35.00	43.2%	12.2%	49.1%	35.3%	41.2%	5.4%	-1.2%	-6.4M	64.4M	-1.5M	0.71	9.65	N/A	N/A	16,334	11,542	130,914	335,637
2018-11-20	$31.95	$35.00	44.9%	12.8%	50.2%	39.6%	43.5%	5.7%	-1.4%	-11.2M	136.3M	-1.5M	0.99	5.65	N/A	N/A	13,088	13,015	135,067	340,879
2018-11-21	$32.51	$35.00	40.7%	11.7%	50.5%	28.9%	40.1%	5.4%	-1.5%	-5.0M	84.0M	-1.4M	1.00	6.73	N/A	N/A	14,673	14,658	138,886	342,035
2018-11-23	$32.01	$34.50	42.3%	12.4%	50.7%	32.9%	43.0%	6.1%	-1.8%	-12.5M	111.1M	-1.4M	0.90	18.52	N/A	N/A	13,144	11,890	143,505	339,708
2018-11-26	$32.58	$34.00	39.7%	11.8%	50.5%	26.1%	41.5%	4.6%	1.2%	-6.2M	70.0M	-1.4M	1.01	5.11	N/A	N/A	13,877	13,967	124,444	287,594
2018-11-27	$33.88	$34.00	37.1%	11.1%	50.6%	19.4%	38.8%	4.8%	0.8%	-2.2M	-15.7M	-1.4M	0.62	4.43	N/A	N/A	18,456	11,413	128,729	289,061
2018-11-28	$34.42	$34.00	35.7%	10.7%	46.4%	15.8%	39.5%	4.6%	0.3%	-238.7K	-55.4M	-1.4M	1.08	3.91	N/A	N/A	11,743	12,705	133,595	292,059
2018-11-29	$33.75	$34.00	36.8%	11.3%	45.9%	18.7%	40.3%	4.3%	-0.6%	-1.1M	-11.1M	-1.4M	0.92	4.72	N/A	N/A	11,030	10,141	136,539	295,267
2018-11-30	$34.40	$34.00	36.5%	11.3%	46.4%	17.9%	39.3%	6.7%	0.9%	-536.9K	-55.7M	-1.4M	0.69	8.09	N/A	N/A	14,490	10,046	138,763	297,201