M Options History — December 2018

In December 2018, M traded between $28.24 and $34.22. ATM implied volatility averaged 47.7%, placing in the 47.1% IV rank vs the trailing year. The 30-day expected move averaged 14.2%. IV traded above realized volatility by 5.6% (HV 20d: 42.1%). Max pain ranged from $32.00 to $34.00. Net GEX was positive for 0 of 20 trading days. Term structure was in contango for 5 of 20 days. Put/call ratio averaged 1.33.

Notable Days

2018-12-21: Highest Volume — 99,941 contracts
2018-12-04: Largest IV spike — 9.5% change
2018-12-24: Highest IV Rank — 78.4%
2018-12-24: Largest Expected Move — 17.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$30.86	$28.24	$34.22	$34.22	$29.79
Max Pain	$32.30	$32.00	$34.00	$34.00	$32.00
ATM IV	47.7%	35.4%	59.7%	35.4%	50.3%
Expected Move	14.2%	10.5%	17.6%	10.5%	16.1%
HV 20d	42.1%	36.2%	47.0%	45.1%	40.5%
HV 60d	39.9%	37.7%	42.8%	37.7%	41.7%
IV Rank	47.1%	14.9%	78.4%	14.9%	54.0%
IV Percentile	67.1%	24.2%	97.6%	24.2%	73.0%
Term Structure	-0.1%	-3.7%	6.0%	6.0%	-1.3%
VWIV	49.8%	37.0%	61.3%	37.0%	54.6%
Skew 25d	5.4%	2.9%	8.5%	3.8%	5.6%
Skew 10d	10.1%	3.4%	16.1%	6.0%	10.9%
Call IV 25d	45.6%	33.5%	55.1%	33.5%	47.7%
Put IV 25d	50.9%	37.4%	63.1%	37.4%	53.3%
Bid-Ask Spread %	5.04	2.46	10.20	3.87	5.54
Gamma HHI	0.29	0.10	0.55	0.14	0.14
Net GEX	-6.4M	-12.4M	-935.6K	-935.6K	-3.4M
Net DEX	121.0M	-28.8M	289.4M	-28.8M	102.6M
Net VEX	-1.2M	-1.4M	-1.1M	-1.3M	-1.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.33	0.34	9.42	1.27	0.34
Total Volume	21,529.85	9,385	99,941	13,373	20,936
Total OI	430,104.2	414,347	446,915	420,455	414,858

Daily Data (20 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
2018-12-03	$34.22	$34.00	35.4%	10.5%	45.1%	14.9%	37.0%	3.8%	6.0%	-935.6K	-28.8M	-1.3M	1.27	3.87	N/A	N/A	5,903	7,470	130,364	290,091
2018-12-04	$32.48	$34.00	38.7%	12.2%	47.0%	23.7%	42.4%	3.7%	5.5%	-5.4M	79.2M	-1.3M	0.98	7.51	N/A	N/A	9,583	9,420	131,769	291,862
2018-12-05	$32.40	$34.00	39.3%	12.5%	46.6%	25.2%	43.7%	4.3%	5.3%	-5.7M	82.6M	-1.3M	0.98	10.20	N/A	N/A	9,660	9,485	131,769	291,862
2018-12-06	$32.36	$32.00	42.6%	13.3%	46.5%	33.9%	45.6%	4.3%	5.0%	-5.8M	90.2M	-1.4M	0.50	4.43	N/A	N/A	10,188	5,137	133,684	294,086
2018-12-07	$31.81	$32.00	42.7%	13.3%	45.9%	34.1%	47.6%	2.9%	4.9%	-6.3M	116.1M	-1.3M	0.93	4.97	N/A	N/A	4,855	4,530	138,890	294,880
2018-12-10	$31.86	$32.00	45.7%	13.0%	45.8%	41.8%	44.8%	4.6%	-2.1%	-7.1M	105.7M	-1.3M	0.35	4.28	N/A	N/A	16,657	5,750	131,518	291,152
2018-12-11	$31.85	$32.00	45.4%	12.8%	45.7%	41.0%	45.3%	5.5%	-1.3%	-6.7M	97.1M	-1.3M	1.54	3.28	N/A	N/A	6,593	10,175	142,618	292,494
2018-12-12	$32.33	$32.00	45.1%	12.4%	45.5%	40.3%	51.3%	5.4%	-1.2%	-5.6M	65.7M	-1.3M	0.58	3.59	N/A	N/A	16,126	9,347	144,525	292,886
2018-12-13	$30.82	$32.00	44.7%	12.7%	39.8%	39.2%	44.8%	4.8%	-0.3%	-9.7M	150.5M	-1.2M	0.66	3.02	N/A	N/A	13,469	8,904	143,349	295,911
2018-12-14	$30.54	$32.00	46.0%	12.9%	38.3%	42.5%	45.3%	5.3%	-1.2%	-10.8M	155.4M	-1.2M	1.01	4.20	N/A	N/A	8,403	8,529	148,649	294,806
2018-12-17	$30.05	$32.00	48.0%	13.7%	36.2%	48.0%	46.5%	5.6%	-2.5%	-11.2M	176.5M	-1.2M	0.92	2.46	N/A	N/A	5,396	4,982	143,551	289,164
2018-12-18	$31.03	$32.00	46.7%	13.4%	38.5%	44.4%	47.1%	5.3%	-2.6%	-9.0M	92.6M	-1.2M	1.47	2.84	N/A	N/A	5,264	7,764	150,553	288,743
2018-12-19	$30.30	$32.00	49.5%	14.2%	37.8%	51.8%	48.6%	5.1%	-2.4%	-12.0M	139.8M	-1.2M	0.92	4.91	N/A	N/A	7,815	7,202	151,948	286,866
2018-12-20	$29.10	$32.00	53.4%	15.4%	39.2%	61.9%	53.9%	6.4%	-2.2%	-12.4M	240.1M	-1.1M	2.55	7.47	N/A	N/A	10,944	27,924	153,700	287,362
2018-12-21	$28.30	$32.00	57.5%	16.9%	39.9%	72.6%	61.3%	7.4%	-3.7%	-2.1M	289.4M	-1.1M	9.42	6.65	N/A	N/A	9,588	90,353	157,205	289,710
2018-12-24	$28.24	$32.00	59.7%	17.6%	38.9%	78.4%	60.2%	8.5%	-2.2%	-5.0M	180.1M	-1.1M	0.46	6.90	N/A	N/A	10,769	5,003	127,545	286,802
2018-12-26	$29.95	$32.00	55.1%	16.9%	42.5%	66.5%	58.9%	5.8%	-2.0%	-3.1M	94.8M	-1.2M	0.74	5.17	N/A	N/A	7,081	5,257	132,188	286,874
2018-12-27	$29.90	$32.00	54.9%	17.0%	41.7%	65.9%	59.4%	6.4%	-2.6%	-2.9M	93.3M	-1.2M	0.45	3.81	N/A	N/A	7,885	3,534	134,630	288,087
2018-12-28	$29.85	$32.00	53.4%	16.4%	41.5%	61.9%	57.9%	6.6%	-1.4%	-3.4M	96.2M	-1.2M	0.43	5.70	N/A	N/A	8,882	3,834	136,858	288,275
2018-12-31	$29.79	$32.00	50.3%	16.1%	40.5%	54.0%	54.6%	5.6%	-1.3%	-3.4M	102.6M	-1.1M	0.34	5.54	N/A	N/A	15,666	5,270	130,716	284,142