M Options History — March 2021

In March 2021, M traded between $15.03 and $20.82. ATM implied volatility averaged 67.5%, placing in the 4.0% IV rank vs the trailing year. The 30-day expected move averaged 19.1%. IV traded below realized volatility by 1.1% (HV 20d: 68.6%). Max pain ranged from $14.00 to $17.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 13 of 23 days. Put/call ratio averaged 0.41.

Notable Days

  • 2021-03-15: Highest Volume — 144,677 contracts
  • 2021-03-16: Largest IV drop — 14.3% change
  • 2021-03-04: Highest IV Rank — 12.4%
  • 2021-03-15: Largest Expected Move — 21.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$17.05$15.03$20.82$15.36$16.26
Max Pain$15.89$14.00$17.00$14.00$17.00
ATM IV67.5%60.5%76.9%68.7%64.0%
Expected Move19.1%16.7%21.8%20.1%18.4%
HV 20d68.6%43.2%90.0%54.8%89.4%
HV 60d77.0%72.8%80.7%73.3%78.3%
IV Rank4.0%0.0%12.4%10.8%2.1%
IV Percentile6.6%0.0%30.2%5.2%1.6%
Term Structure0.5%-20.9%14.4%-0.7%-1.0%
VWIV68.2%60.5%77.6%71.9%67.0%
Skew 25d-0.2%-10.1%24.6%-6.5%-2.0%
Skew 10d-0.9%-17.3%29.2%-11.1%-12.0%
Call IV 25d71.0%60.1%81.3%76.2%67.5%
Put IV 25d70.8%62.8%92.8%69.7%65.5%
Bid-Ask Spread %15.114.1664.669.624.51
Gamma HHI0.100.070.140.130.09
Net GEX3.0M480.8K5.1M2.9M3.8M
Net DEX-179.7M-338.7M-53.7M-133.7M-137.1M
Net VEX-971.3K-1.1M-884.6K-1.0M-1.1M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.410.150.720.270.30
Total Volume63,214.43529,013144,67744,64451,058
Total OI500,783.826401,462544,576503,974511,178

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2021-03-01$15.36$14.0068.7%20.1%54.8%10.8%71.9%-6.5%-0.7%2.9M-133.7M-1.0M0.279.62N/AN/A35,0859,559268,359235,615
2021-03-02$15.36$14.0066.9%19.5%53.7%9.7%70.1%0.0%3.8%3.1M-138.2M-978.8K0.297.73N/AN/A22,5056,508276,734240,350
2021-03-03$15.93$14.5070.5%20.0%48.1%11.8%71.5%-1.3%-4.4%4.0M-171.2M-1.0M0.356.66N/AN/A40,84714,170283,756242,714
2021-03-04$15.14$15.0075.8%19.6%43.4%12.4%68.6%-4.5%-0.9%2.5M-121.6M-981.8K0.5064.66N/AN/A28,25914,057284,948243,707
2021-03-05$15.03$15.0068.8%19.5%43.2%2.3%66.9%-5.0%-0.2%1.4M-113.0M-948.6K0.5129.40N/AN/A25,93013,150288,622245,429
2021-03-08$16.55$15.0076.7%19.8%55.1%7.3%70.2%2.1%-6.4%3.6M-194.4M-964.5K0.3130.16N/AN/A56,90017,787263,836230,672
2021-03-09$17.05$15.0067.6%19.3%55.0%1.5%68.8%-10.1%2.0%4.5M-225.2M-961.1K0.279.58N/AN/A62,46416,897272,272238,374
2021-03-10$16.93$15.0069.8%19.5%54.4%2.9%68.7%-2.1%-2.1%4.5M-210.4M-927.9K0.2710.78N/AN/A44,39411,937272,824239,533
2021-03-11$17.03$15.0065.3%18.7%54.3%0.1%65.9%-1.3%0.8%5.1M-208.1M-926.1K0.2021.54N/AN/A25,9615,225270,340241,356
2021-03-12$18.72$15.0067.5%18.9%62.7%1.5%66.2%-4.3%-1.5%3.5M-298.9M-916.4K0.3321.01N/AN/A79,94626,483267,369242,768
2021-03-15$20.82$16.0076.9%21.8%69.8%7.4%77.6%-6.1%2.7%2.9M-338.7M-939.6K0.2817.18N/AN/A113,33831,339240,293237,954
2021-03-16$20.20$16.0065.9%18.8%71.8%0.5%67.4%-3.7%0.5%3.9M-321.0M-1.0M0.615.53N/AN/A37,83523,062268,067254,364
2021-03-17$19.79$16.0064.0%18.3%71.9%0.0%66.3%-1.4%2.9%3.8M-295.5M-999.0K0.727.04N/AN/A24,53817,763272,406258,609
2021-03-18$18.68$17.0067.6%19.3%74.3%2.3%67.9%-1.1%3.0%3.1M-235.5M-988.1K0.5923.51N/AN/A34,50920,318273,924261,714
2021-03-19$18.66$17.0063.9%17.8%73.7%0.0%63.8%-0.8%4.4%2.6M-231.8M-969.4K0.714.79N/AN/A24,09817,172277,953266,623
2021-03-22$17.88$17.0060.8%16.7%76.0%0.0%60.5%0.3%1.5%1.7M-136.3M-928.2K0.3613.52N/AN/A25,8259,257203,902197,560
2021-03-23$16.12$17.0060.5%17.8%84.3%0.0%63.1%6.3%-20.9%925.2K-80.3M-884.6K0.6919.73N/AN/A39,08526,993214,150201,515
2021-03-24$15.30$17.0061.7%19.0%85.2%0.8%70.9%-5.4%10.9%480.8K-53.7M-886.5K0.6218.34N/AN/A57,77836,093228,949212,692
2021-03-25$16.43$17.0066.6%18.4%88.8%3.8%67.3%5.2%-4.2%951.8K-101.8M-981.4K0.605.15N/AN/A47,05028,013256,608231,893
2021-03-26$16.35$17.0069.2%18.4%88.7%5.3%65.1%24.6%3.0%2.5M-111.6M-980.6K0.154.70N/AN/A91,15313,956269,408232,250
2021-03-29$15.97$17.0067.2%19.8%89.2%4.1%72.9%13.9%3.9%2.8M-123.0M-1.0M0.198.30N/AN/A72,29113,557286,301206,429
2021-03-30$16.55$17.0067.8%19.5%90.0%4.5%70.3%-2.2%14.4%3.8M-152.0M-1.1M0.234.16N/AN/A32,3247,463293,744209,964
2021-03-31$16.26$17.0064.0%18.4%89.4%2.1%67.0%-2.0%-1.0%3.8M-137.1M-1.1M0.304.51N/AN/A39,18411,874298,664212,514