M Options History — March 2019

In March 2019, M traded between $23.05 and $24.54. ATM implied volatility averaged 32.5%, placing in the 9.6% IV rank vs the trailing year. The 30-day expected move averaged 11.3%. IV traded above realized volatility by 6.4% (HV 20d: 26.2%). Max pain ranged from $25.00 to $27.00. Net GEX was positive for 12 of 21 trading days. Term structure was in contango for 7 of 21 days. Put/call ratio averaged 0.78.

Notable Days

  • 2019-03-08: Highest Volume — 79,100 contracts
  • 2019-03-11: Largest IV drop — 8.3% change
  • 2019-03-08: Highest IV Rank — 18.3%
  • 2019-03-27: Largest Expected Move — 12.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$23.89$23.05$24.54$24.54$23.99
Max Pain$25.43$25.00$27.00$25.00$25.00
ATM IV32.5%29.9%35.2%34.1%31.7%
Expected Move11.3%10.2%12.4%10.4%12.1%
HV 20d26.2%22.9%27.9%23.9%26.7%
HV 60d51.7%49.9%53.2%53.2%49.9%
IV Rank9.6%0.8%18.3%14.8%6.7%
IV Percentile10.9%0.4%26.6%18.7%6.3%
Term Structure-0.2%-1.0%0.7%-0.3%0.2%
VWIV39.6%34.7%42.6%37.0%42.3%
Skew 25d2.8%1.9%3.5%3.5%2.7%
Skew 10d5.5%3.5%6.4%5.8%5.8%
Call IV 25d31.6%28.9%34.3%32.3%30.4%
Put IV 25d34.4%31.7%37.5%35.9%33.1%
Bid-Ask Spread %2.711.774.274.232.41
Gamma HHI0.170.110.540.510.54
Net GEX53.4K-15.1M14.6M-15.1M14.6M
Net DEX80.5M23.3M163.3M133.9M46.7M
Net VEX-1.1M-1.1M-924.6K-1.0M-1.1M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.780.102.571.430.55
Total Volume24,397.66711,59279,10040,84619,691
Total OI304,132269,533377,894377,894303,637

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2019-03-01$24.54$25.0034.1%10.4%23.9%14.8%37.0%3.5%-0.3%-15.1M133.9M-1.0M1.434.23N/AN/A16,81424,032158,001219,893
2019-03-04$24.39$25.0034.3%10.8%23.2%15.5%36.3%3.5%-0.8%-1.8M81.4M-1.0M0.422.87N/AN/A14,4106,115125,436155,017
2019-03-05$24.45$25.0032.8%10.2%22.9%10.3%34.7%3.3%-0.1%-1.6M83.7M-1.0M0.602.26N/AN/A10,9586,599129,668157,286
2019-03-06$24.14$25.0032.6%10.3%23.1%10.0%34.8%3.2%0.3%-3.2M103.3M-984.3K0.502.22N/AN/A12,1846,098128,552159,590
2019-03-07$23.26$25.0033.7%10.9%25.6%13.5%38.7%2.4%0.1%-4.5M152.2M-924.6K1.572.04N/AN/A14,01522,013130,604160,178
2019-03-08$23.05$25.0035.2%11.0%25.1%18.3%40.1%3.1%0.1%-4.8M163.3M-939.0K2.572.00N/AN/A22,16156,939135,137170,800
2019-03-11$23.64$27.0032.2%11.3%26.5%8.6%38.9%3.3%-0.7%-813.9K109.7M-1.0M0.752.81N/AN/A11,5738,698138,816180,874
2019-03-12$23.86$27.0032.1%11.2%26.9%8.2%39.1%2.8%-0.5%411.8K96.8M-1.1M0.622.97N/AN/A7,1534,439143,208183,126
2019-03-13$24.09$27.0032.2%11.2%27.1%8.4%39.1%2.2%-0.6%1.6M84.3M-1.1M0.103.10N/AN/A48,9504,812145,581184,055
2019-03-14$23.61$27.0031.7%11.3%27.4%6.9%42.2%2.1%-0.8%1.7M100.7M-1.1M0.872.55N/AN/A10,6819,279158,738185,208
2019-03-15$23.63$26.0030.6%11.2%27.4%3.1%39.3%1.9%-0.1%-258.5K93.2M-1.1M1.684.23N/AN/A10,56317,747162,517186,329
2019-03-18$23.91$25.0029.9%11.1%27.7%0.8%38.8%2.8%-0.3%755.1K53.4M-1.1M0.512.22N/AN/A9,4584,797109,258160,275
2019-03-19$23.87$25.0030.2%11.2%26.7%2.0%38.8%2.7%-0.7%1.4M52.5M-1.1M0.792.92N/AN/A6,9385,499116,425162,924
2019-03-20$23.64$25.0031.8%11.4%26.6%7.2%40.5%2.7%-0.2%920.3K62.4M-1.1M0.623.24N/AN/A7,8674,891119,671165,772
2019-03-21$24.02$25.0031.4%11.5%25.9%5.8%39.9%2.5%-0.2%3.0M43.2M-1.1M0.382.21N/AN/A13,8415,224121,776167,487
2019-03-22$23.34$25.0033.3%12.1%27.3%12.1%41.7%2.6%-1.0%-754.6K81.5M-1.1M0.434.27N/AN/A19,2578,284125,485169,294
2019-03-25$23.90$25.0034.1%12.2%27.9%14.6%42.1%3.1%-0.1%652.3K49.6M-1.1M0.521.77N/AN/A11,2665,885114,896167,569
2019-03-26$23.82$25.0033.3%12.2%27.5%12.2%42.4%2.6%0.7%1.4M51.7M-1.1M0.422.45N/AN/A8,2423,463119,835170,647
2019-03-27$24.34$25.0033.4%12.4%27.6%12.4%42.6%2.5%0.3%3.0M23.7M-1.1M0.232.17N/AN/A14,8913,356121,728171,412
2019-03-28$24.29$25.0032.7%12.2%26.5%10.2%42.2%2.6%0.2%4.4M23.3M-1.1M0.871.95N/AN/A7,1126,156127,779172,288
2019-03-29$23.99$25.0031.7%12.1%26.7%6.7%42.3%2.7%0.2%14.6M46.7M-1.1M0.552.41N/AN/A12,7296,962127,546176,091