M Options History — February 2019

In February 2019, M traded between $24.05 and $25.88. ATM implied volatility averaged 47.8%, placing in the 56.1% IV rank vs the trailing year. The 30-day expected move averaged 14.3%. IV traded above realized volatility by 7.0% (HV 20d: 40.8%). Max pain ranged from $25.00 to $28.00. Net GEX was positive for 4 of 19 trading days. Term structure was in contango for 1 of 19 days. Put/call ratio averaged 0.71.

Notable Days

  • 2019-02-26: Highest Volume — 131,517 contracts
  • 2019-02-26: Largest IV drop — 35.8% change
  • 2019-02-25: Highest IV Rank — 85.7%
  • 2019-02-25: Largest Expected Move — 19.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$25.11$24.05$25.88$25.62$24.72
Max Pain$26.29$25.00$28.00$28.00$25.00
ATM IV47.8%34.0%55.5%48.1%34.6%
Expected Move14.3%10.4%19.0%13.3%10.8%
HV 20d40.8%21.7%79.9%79.8%24.7%
HV 60d55.0%53.1%57.1%57.1%53.2%
IV Rank56.1%14.5%85.7%48.1%16.3%
IV Percentile67.2%17.5%95.6%66.3%20.6%
Term Structure-1.8%-3.7%0.3%-2.0%-0.8%
VWIV49.6%36.8%65.4%46.6%37.2%
Skew 25d4.6%3.1%6.2%4.3%3.1%
Skew 10d8.8%5.3%11.2%7.6%6.2%
Call IV 25d45.4%32.5%52.7%47.0%32.6%
Put IV 25d50.0%35.7%58.0%51.3%35.7%
Bid-Ask Spread %4.312.0514.652.613.53
Gamma HHI0.140.080.220.190.13
Net GEX-1.1M-4.4M1.9M-979.5K-4.4M
Net DEX71.9M32.9M122.0M63.5M122.0M
Net VEX-936.4K-1.1M-842.2K-929.6K-1.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.710.322.390.390.96
Total Volume36,671.84210,350131,51721,33942,785
Total OI280,355.947201,123370,251276,961370,251

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2019-02-01$25.62$28.0048.1%13.3%79.8%48.1%46.6%4.3%-2.0%-979.5K63.5M-929.6K0.392.61N/AN/A15,3875,952105,217171,744
2019-02-04$25.86$27.0047.1%13.3%79.9%45.5%45.6%4.1%-0.2%-948.4K54.6M-902.0K0.542.87N/AN/A7,5954,07896,941167,863
2019-02-05$25.88$27.0046.6%13.2%79.3%44.2%45.7%3.8%-0.3%-484.6K53.9M-907.2K0.602.63N/AN/A7,1234,24199,666169,663
2019-02-06$25.43$27.0046.9%13.5%78.0%47.7%46.5%4.0%0.3%-2.1M74.2M-889.2K0.432.14N/AN/A10,3274,473100,712171,297
2019-02-07$25.68$27.0049.1%13.9%77.2%53.8%48.5%3.9%-1.0%-963.6K61.3M-904.0K0.453.13N/AN/A7,1193,231103,837172,329
2019-02-08$25.12$27.0048.9%14.0%32.2%53.5%48.8%3.7%-0.2%-3.2M87.9M-871.8K0.773.34N/AN/A7,6295,851105,459173,558
2019-02-11$25.09$27.0049.8%14.2%31.2%55.7%49.2%4.9%-2.9%-2.6M86.2M-851.0K0.882.96N/AN/A6,0975,38998,690170,897
2019-02-12$24.89$27.0050.0%14.3%31.0%65.3%50.1%5.4%-3.4%-2.1M91.8M-842.2K0.362.83N/AN/A11,5584,164100,342173,234
2019-02-13$25.18$27.0051.6%14.8%31.2%72.6%51.1%5.0%-3.3%-693.5K74.3M-868.1K0.422.60N/AN/A30,82012,959105,398174,733
2019-02-14$25.22$26.0051.4%14.9%30.2%72.1%51.2%5.5%-3.0%1.9M50.3M-954.9K0.382.36N/AN/A17,9066,810126,771179,038
2019-02-15$24.93$26.0050.6%14.8%30.3%69.6%51.5%5.1%-2.8%-144.5K72.5M-937.9K0.352.93N/AN/A17,2866,107130,793181,412
2019-02-19$25.37$26.0049.6%15.2%27.3%66.2%53.1%5.7%-2.2%1.3M32.9M-941.7K0.323.46N/AN/A18,0615,82891,497109,626
2019-02-20$25.05$26.0050.3%15.8%24.0%68.7%55.0%5.5%-2.5%1.2M41.0M-944.7K0.643.59N/AN/A7,3234,68897,891112,803
2019-02-21$24.40$26.0055.1%17.3%25.8%84.4%60.8%6.2%-3.5%-110.8K62.6M-919.3K2.397.75N/AN/A20,91649,906100,915115,560
2019-02-22$24.05$25.5054.3%17.6%26.1%81.8%60.5%4.2%-3.7%-2.2M113.9M-992.9K0.6313.50N/AN/A23,62614,895111,211157,329
2019-02-25$24.49$25.0055.5%19.0%21.7%85.7%65.4%5.3%-2.9%-2.0M86.0M-1.0M1.1614.65N/AN/A49,64057,519110,406160,617
2019-02-26$24.80$25.0035.6%11.0%22.2%19.8%38.7%3.4%-0.4%-2.6M92.1M-1.0M0.763.03N/AN/A74,66456,853143,678204,016
2019-02-27$25.30$25.0034.0%10.4%23.4%14.5%36.8%3.6%-0.3%301.5K45.8M-1.1M1.042.05N/AN/A33,33334,626154,460206,909
2019-02-28$24.72$25.0034.6%10.8%24.7%16.3%37.2%3.1%-0.8%-4.4M122.0M-1.0M0.963.53N/AN/A21,87720,908153,580216,671