M Options History — March 2020

In March 2020, M traded between $4.86 and $12.82. ATM implied volatility averaged 120.0%, placing in the 84.3% IV rank vs the trailing year. The 30-day expected move averaged 33.9%. IV traded above realized volatility by 15.8% (HV 20d: 104.2%). Max pain ranged from $10.00 to $16.00. Net GEX was positive for 0 of 22 trading days. Term structure was in contango for 7 of 22 days. Put/call ratio averaged 1.54.

Notable Days

  • 2020-03-13: Highest Volume — 81,463 contracts
  • 2020-03-31: Largest IV spike — 76.5% change
  • 2020-03-06: Highest IV Rank — 100.0%
  • 2020-03-19: Largest Expected Move — 49.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$8.06$4.86$12.82$12.82$4.87
Max Pain$12.45$10.00$16.00$16.00$10.00
ATM IV120.0%50.0%223.3%58.4%223.3%
Expected Move33.9%16.4%49.2%19.5%37.0%
HV 20d104.2%49.3%169.9%53.9%168.8%
HV 60d73.6%42.3%107.6%42.4%107.6%
IV Rank84.3%45.8%100.0%64.9%100.0%
IV Percentile96.6%73.8%100.0%87.7%100.0%
Term Structure-13.6%-159.1%91.7%-3.0%-20.5%
VWIV116.9%58.8%162.1%67.0%135.9%
Skew 25d38.4%-7.2%97.1%6.6%25.1%
Skew 10d61.5%-17.9%126.7%36.1%64.7%
Call IV 25d98.3%51.2%170.2%58.0%135.4%
Put IV 25d136.7%59.0%205.5%64.6%160.5%
Bid-Ask Spread %45.716.5478.0434.9877.88
Gamma HHI0.170.090.320.210.17
Net GEX-1.5M-4.6M-209.7K-3.9M-349.6K
Net DEX178.0M89.3M262.3M216.7M92.2M
Net VEX-498.3K-836.3K-246.6K-835.3K-305.3K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.540.473.450.681.27
Total Volume48,149.68218,91481,46322,25145,359
Total OI567,334.318455,468682,854538,289503,152

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-03-02$12.82$16.0058.4%19.5%53.9%64.9%67.0%6.6%-3.0%-3.9M216.7M-835.3K0.6834.98N/AN/A13,2499,002197,631340,658
2020-03-03$12.77$16.0050.0%18.8%50.7%45.8%71.7%7.8%10.0%-3.8M211.6M-836.3K2.3713.63N/AN/A17,24740,811204,194342,280
2020-03-04$12.53$16.0054.8%16.4%50.5%56.9%58.8%7.8%-2.2%-4.6M224.9M-792.2K0.9413.34N/AN/A18,09016,954208,834350,615
2020-03-05$11.57$14.0072.5%17.9%49.3%97.2%62.5%15.2%-13.3%-4.2M256.8M-745.4K1.219.64N/AN/A30,23536,716216,070357,853
2020-03-06$11.55$14.0078.3%19.5%49.7%100.0%67.4%22.8%-8.1%-3.8M250.9M-783.7K2.746.54N/AN/A15,52142,492230,890360,613
2020-03-09$10.40$14.00101.5%23.9%58.1%100.0%79.9%23.4%0.5%-2.4M246.4M-674.7K1.4816.64N/AN/A14,84721,930219,796343,269
2020-03-10$10.30$14.0086.2%23.2%58.3%78.6%85.1%23.5%2.7%-2.6M254.5M-617.2K1.2715.87N/AN/A13,53617,192225,978350,280
2020-03-11$9.53$14.0096.7%24.2%60.3%93.2%80.4%64.1%0.7%-1.9M262.3M-533.4K0.9822.46N/AN/A27,92727,432231,938358,361
2020-03-12$7.40$12.00147.8%39.4%95.9%100.0%124.0%70.8%-11.3%-680.1K213.6M-468.7K2.5456.65N/AN/A18,39946,666250,257372,472
2020-03-13$7.71$12.00123.8%38.6%100.1%79.7%132.3%59.2%91.7%-650.2K223.2M-476.9K0.4758.17N/AN/A55,52025,943254,047380,716
2020-03-16$6.72$12.00132.7%38.3%104.9%87.2%134.7%42.6%-5.1%-252.6K189.0M-382.7K3.4548.01N/AN/A15,57853,795269,211359,791
2020-03-17$6.46$12.00148.7%42.5%104.9%100.0%140.2%50.8%-2.8%-300.5K186.9M-387.1K1.7143.96N/AN/A24,08141,156276,675373,906
2020-03-18$5.98$12.00156.8%45.0%103.0%100.0%162.1%64.1%13.0%-377.1K167.9M-372.6K2.5651.72N/AN/A13,45334,449288,367379,117
2020-03-19$6.61$12.00163.0%49.2%114.0%100.0%153.1%77.8%-159.1%-330.7K169.8M-437.0K1.1678.04N/AN/A16,57019,303290,903381,597
2020-03-20$6.09$11.00140.4%39.6%114.2%82.9%134.6%38.1%7.7%-353.6K169.3M-358.7K1.3054.09N/AN/A8,23110,683295,755387,099
2020-03-23$4.86$11.00150.9%40.9%130.3%90.8%139.9%97.1%-39.4%-300.3K97.9M-246.6K1.7665.83N/AN/A17,13430,197179,338279,372
2020-03-24$5.66$11.00128.5%38.0%150.2%73.9%150.1%52.8%-7.4%-270.0K100.2M-304.9K0.5865.29N/AN/A31,91318,503187,179268,289
2020-03-25$6.68$11.00137.3%43.6%167.6%80.5%140.6%34.6%-6.1%-233.4K89.3M-441.2K1.0977.37N/AN/A21,63723,579200,892277,641
2020-03-26$5.96$10.00130.5%42.2%169.9%75.4%147.4%41.1%-11.6%-227.9K99.9M-339.0K1.2469.76N/AN/A21,78726,954208,743285,099
2020-03-27$5.56$10.00130.7%42.4%169.2%75.6%150.3%27.3%-28.0%-223.4K98.8M-321.6K1.2960.49N/AN/A15,58020,171216,290292,077
2020-03-30$5.28$10.00126.5%44.7%169.0%72.4%153.6%-7.2%-106.6%-209.7K92.7M-302.2K1.7565.25N/AN/A14,37325,098206,777277,333
2020-03-31$4.87$10.00223.3%37.0%168.8%100.0%135.9%25.1%-20.5%-349.6K92.2M-305.3K1.2777.88N/AN/A19,97825,381213,672289,480