M Options History — April 2020

In April 2020, M traded between $4.41 and $6.69. ATM implied volatility averaged 129.3%, placing in the 51.1% IV rank vs the trailing year. The 30-day expected move averaged 36.2%. IV traded below realized volatility by 25.4% (HV 20d: 154.6%). Max pain ranged from $8.00 to $14.00. Net GEX was positive for 1 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 1.14.

Notable Days

  • 2020-04-28: Highest Volume — 119,644 contracts
  • 2020-04-02: Largest IV spike — 64.8% change
  • 2020-04-07: Highest IV Rank — 70.6%
  • 2020-04-02: Largest Expected Move — 42.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$5.54$4.41$6.69$4.42$5.86
Max Pain$11.62$8.00$14.00$10.00$8.00
ATM IV129.3%93.0%166.7%93.0%122.7%
Expected Move36.2%31.1%42.5%41.1%31.1%
HV 20d154.6%109.0%189.9%169.3%109.0%
HV 60d119.3%107.6%125.8%108.1%125.5%
IV Rank51.1%32.2%70.6%32.2%47.7%
IV Percentile93.3%87.7%99.6%93.7%89.7%
Term Structure1.5%-51.8%108.1%7.9%-1.1%
VWIV126.9%111.8%145.1%142.6%111.8%
Skew 25d23.0%-1.0%55.8%55.4%22.8%
Skew 10d42.4%-25.7%103.5%37.0%40.1%
Call IV 25d119.0%60.2%144.5%117.1%99.5%
Put IV 25d142.0%116.0%174.3%172.5%122.3%
Bid-Ask Spread %21.185.8679.4879.485.86
Gamma HHI0.130.090.240.140.14
Net GEX-211.3K-460.4K146.3K-330.6K-43.8K
Net DEX77.7M60.3M87.0M87.0M66.8M
Net VEX-419.4K-535.1K-272.5K-286.8K-518.1K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.140.542.182.181.11
Total Volume50,583.52423,677119,64459,89746,068
Total OI540,706.952488,493631,725513,900631,725

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-04-01$4.42$10.0093.0%41.1%169.3%32.2%142.6%55.4%7.9%-330.6K87.0M-286.8K2.1879.48N/AN/A18,83941,058223,300290,600
2020-04-02$4.41$14.00153.3%42.5%169.8%63.6%141.5%38.9%91.7%-322.9K86.1M-272.5K0.7034.91N/AN/A49,08734,375230,957295,421
2020-04-03$4.76$14.00136.3%39.6%174.9%54.7%145.1%16.6%-10.4%-221.7K83.8M-315.5K1.4029.22N/AN/A14,25819,900248,314297,266
2020-04-06$5.56$14.00148.2%34.7%186.9%60.9%127.6%28.9%-45.5%-193.4K81.0M-392.5K0.8235.82N/AN/A31,44725,810221,993281,115
2020-04-07$5.93$14.00166.7%34.9%189.9%70.6%127.6%1.0%18.8%-147.2K78.0M-444.3K0.8816.25N/AN/A29,06025,571230,621292,026
2020-04-08$6.04$14.00140.8%34.4%189.6%57.1%128.2%-1.0%-51.8%-177.2K79.0M-457.6K1.1121.04N/AN/A11,65512,927233,128301,139
2020-04-09$6.69$14.00113.5%32.4%173.6%42.8%122.5%55.8%-4.2%-155.8K74.4M-501.7K1.4523.05N/AN/A32,09846,675234,695303,628
2020-04-13$6.10$14.00122.3%36.0%175.4%47.5%126.5%20.2%-9.1%-235.7K84.6M-445.1K1.3711.26N/AN/A15,38421,078228,406294,160
2020-04-14$6.22$13.00129.4%37.4%169.2%51.2%128.8%18.1%108.1%-149.1K83.1M-438.5K1.2714.41N/AN/A12,90516,390241,762296,154
2020-04-15$5.78$12.00129.2%37.0%170.5%51.1%128.1%15.7%-21.1%-204.1K83.0M-445.8K0.929.66N/AN/A20,10918,502247,265302,598
2020-04-16$5.71$12.00132.8%39.1%168.5%52.9%138.6%14.1%-40.4%-158.0K83.8M-422.6K1.756.36N/AN/A9,03515,766254,771307,055
2020-04-17$5.93$12.00121.9%35.5%164.9%47.2%122.7%13.4%-14.6%-227.2K83.7M-445.2K0.817.78N/AN/A13,06410,613256,782311,933
2020-04-20$5.31$11.00119.7%37.3%166.9%46.1%121.9%19.4%8.1%-277.5K78.3M-384.6K0.6716.70N/AN/A35,36323,683213,708274,785
2020-04-21$5.12$12.00127.2%37.0%146.3%50.0%127.0%30.8%3.9%-331.5K79.1M-382.2K0.9825.57N/AN/A15,08714,759217,336285,530
2020-04-22$4.86$12.00147.3%37.6%136.1%60.5%132.4%25.6%5.7%-351.3K77.3M-379.7K1.9912.98N/AN/A20,51840,775224,285289,652
2020-04-23$4.92$12.00134.5%36.4%120.2%53.8%125.8%28.7%1.9%-460.4K79.8M-390.3K0.7721.91N/AN/A17,05713,143230,686309,338
2020-04-24$5.10$8.00115.5%34.1%115.5%43.9%115.0%20.7%-5.7%-308.8K73.8M-397.9K0.5433.83N/AN/A21,68811,812235,750302,167
2020-04-27$5.55$8.00116.7%32.7%117.6%44.5%113.6%24.8%0.3%-168.0K67.6M-444.0K1.9516.32N/AN/A27,38853,425232,115287,274
2020-04-28$5.99$8.00128.8%34.3%118.9%50.8%120.5%8.9%4.6%-119.4K60.3M-507.2K0.5610.61N/AN/A76,54743,097247,420326,258
2020-04-29$6.11$8.00114.3%34.2%114.4%43.3%117.0%23.3%-16.7%146.3K60.7M-535.1K0.7211.73N/AN/A32,62423,614268,724353,004
2020-04-30$5.86$8.00122.7%31.1%109.0%47.7%111.8%22.8%-1.1%-43.8K66.8M-518.1K1.115.86N/AN/A21,88024,188269,327362,398