M Options History — May 2020

In May 2020, M traded between $4.92 and $7.33. ATM implied volatility averaged 111.5%, placing in the 41.8% IV rank vs the trailing year. The 30-day expected move averaged 31.0%. IV traded above realized volatility by 20.2% (HV 20d: 91.3%). Max pain ranged from $5.00 to $8.00. Net GEX was positive for 5 of 20 trading days. Term structure was in contango for 12 of 20 days. Put/call ratio averaged 0.78.

Notable Days

  • 2020-05-27: Highest Volume — 202,689 contracts
  • 2020-05-06: Largest IV drop — 16.5% change
  • 2020-05-05: Highest IV Rank — 57.7%
  • 2020-05-04: Largest Expected Move — 35.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$5.48$4.92$7.33$5.32$6.37
Max Pain$5.63$5.00$8.00$8.00$6.00
ATM IV111.5%93.0%142.0%112.8%100.3%
Expected Move31.0%26.6%35.4%30.7%27.6%
HV 20d91.3%74.1%115.8%115.8%113.3%
HV 60d128.6%125.7%139.2%125.7%139.2%
IV Rank41.8%32.2%57.7%42.5%36.0%
IV Percentile84.4%79.8%96.0%86.5%80.2%
Term Structure0.9%-100.2%89.1%5.7%14.3%
VWIV108.8%89.0%122.6%114.4%97.8%
Skew 25d16.0%7.8%22.9%18.6%7.8%
Skew 10d24.6%8.5%48.4%13.3%16.2%
Call IV 25d101.8%82.3%116.2%108.4%89.9%
Put IV 25d117.8%95.5%133.1%127.0%97.7%
Bid-Ask Spread %5.083.9111.0711.075.64
Gamma HHI0.180.100.370.160.11
Net GEX-252.9K-795.9K278.6K-419.2K188.7K
Net DEX61.2M2.8M84.0M78.0M36.9M
Net VEX-496.5K-687.5K-431.0K-466.1K-624.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.780.351.760.950.82
Total Volume64,37525,467202,68936,03588,705
Total OI612,417.85536,608683,898633,311683,898

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-05-01$5.32$8.00112.8%30.7%115.8%42.5%114.4%18.6%5.7%-419.2K78.0M-466.1K0.9511.07N/AN/A18,46217,573272,208361,103
2020-05-04$5.24$6.00127.4%35.4%113.3%50.1%122.6%16.9%89.1%-367.0K74.8M-461.4K0.844.21N/AN/A16,54413,838243,847335,252
2020-05-05$5.17$6.00142.0%32.0%98.5%57.7%113.8%22.4%-100.2%-423.4K76.8M-440.7K0.724.75N/AN/A14,83810,629251,301338,933
2020-05-06$5.01$6.00118.6%32.8%95.5%45.5%112.5%13.3%-8.9%-456.2K78.5M-431.0K1.554.54N/AN/A17,81627,553254,727341,711
2020-05-07$5.14$6.00116.9%32.9%95.8%44.6%114.1%13.5%18.7%-608.8K80.3M-450.4K0.744.25N/AN/A20,32114,949260,073355,587
2020-05-08$5.35$6.00110.2%31.6%88.6%41.2%115.1%20.1%-2.5%-557.6K78.9M-475.2K1.125.29N/AN/A20,91023,519268,234362,301
2020-05-11$5.31$6.00113.7%32.2%83.2%43.0%111.0%20.5%-8.0%-588.1K77.8M-479.3K0.674.55N/AN/A19,75713,284263,573362,585
2020-05-12$5.01$6.00127.0%31.2%84.5%49.9%110.5%18.9%-25.5%-614.7K81.5M-455.1K1.764.72N/AN/A13,98824,626271,583365,289
2020-05-13$4.93$6.00113.0%32.5%81.3%42.6%110.4%17.4%1.8%-795.9K84.0M-447.5K0.744.40N/AN/A31,60023,375274,887369,548
2020-05-14$4.92$5.00114.7%32.5%81.3%43.5%114.6%22.9%-2.4%-704.0K82.7M-447.8K0.805.56N/AN/A25,28720,233295,629371,037
2020-05-15$5.27$5.00113.5%33.2%84.3%42.8%111.6%15.4%4.6%-196.5K66.6M-483.2K0.363.91N/AN/A49,48617,967302,961363,446
2020-05-18$5.41$5.00109.0%31.1%75.3%40.5%109.2%17.0%0.7%-46.6K52.0M-491.2K0.414.44N/AN/A32,22313,092237,353299,255
2020-05-19$5.13$5.00110.0%31.5%76.6%41.1%109.4%13.0%0.1%-62.1K55.1M-462.6K0.885.74N/AN/A18,78416,606250,831302,808
2020-05-20$5.09$5.00109.4%31.4%74.1%40.8%109.3%14.6%0.2%-114.5K56.5M-462.2K0.854.46N/AN/A18,39915,614258,964312,033
2020-05-21$5.35$5.0099.0%28.5%76.0%35.3%101.9%10.1%-3.0%129.5K50.3M-488.2K0.494.52N/AN/A53,28426,314267,371322,135
2020-05-22$5.20$5.0093.0%26.6%75.9%32.2%89.0%9.3%1.4%-71.0K57.7M-461.7K0.353.96N/AN/A37,58813,296279,446332,028
2020-05-26$6.19$5.0096.3%29.1%93.6%33.9%101.4%22.9%22.7%93.7K38.6M-555.5K0.535.38N/AN/A97,15351,695250,202300,825
2020-05-27$7.33$5.00105.5%29.7%107.6%38.7%109.1%11.5%-0.9%278.6K2.8M-687.5K0.435.03N/AN/A142,17660,513278,267328,208
2020-05-28$6.88$5.5097.4%27.8%110.6%34.5%97.7%13.1%11.1%276.3K14.9M-658.5K0.505.11N/AN/A97,26648,237314,091344,827
2020-05-29$6.37$6.00100.3%27.6%113.3%36.0%97.8%7.8%14.3%188.7K36.9M-624.7K0.825.64N/AN/A48,79239,913327,881356,017