M Options History — January 2022

In January 2022, M traded between $23.03 and $28.11. ATM implied volatility averaged 63.8%, placing in the 18.7% IV rank vs the trailing year. The 30-day expected move averaged 17.6%. IV traded above realized volatility by 5.6% (HV 20d: 58.2%). Max pain ranged from $23.00 to $26.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 7 of 20 days. Put/call ratio averaged 0.78.

Notable Days

2022-01-24: Highest Volume — 122,628 contracts
2022-01-24: Largest IV spike — 16.9% change
2022-01-28: Highest IV Rank — 34.6%
2022-01-24: Largest Expected Move — 21.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$26.05	$23.03	$28.11	$27.34	$25.35
Max Pain	$24.90	$23.00	$26.00	$23.00	$26.00
ATM IV	63.8%	56.1%	79.2%	58.1%	71.6%
Expected Move	17.6%	16.0%	21.0%	16.6%	17.8%
HV 20d	58.2%	47.1%	78.0%	47.7%	77.5%
HV 60d	69.9%	64.4%	74.1%	70.9%	71.4%
IV Rank	18.7%	11.2%	34.6%	13.1%	30.2%
IV Percentile	54.0%	29.4%	93.3%	34.9%	88.5%
Term Structure	0.3%	-6.8%	7.5%	0.1%	-2.4%
VWIV	62.5%	56.1%	77.2%	58.9%	63.3%
Skew 25d	3.3%	0.5%	9.2%	0.5%	5.0%
Skew 10d	10.6%	1.9%	58.5%	1.9%	9.2%
Call IV 25d	63.1%	56.2%	76.3%	58.3%	69.8%
Put IV 25d	66.4%	58.4%	84.4%	58.8%	74.7%
Bid-Ask Spread %	3.35	2.24	6.63	2.59	3.13
Gamma HHI	0.08	0.05	0.12	0.10	0.07
Net GEX	3.5M	176.4K	7.6M	6.5M	1.3M
Net DEX	-111.1M	-251.0M	21.9M	-210.0M	-45.7M
Net VEX	-1.1M	-1.2M	-935.5K	-1.2M	-1.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.78	0.25	2.85	0.25	0.73
Total Volume	49,538.2	23,998	122,628	89,970	25,879
Total OI	454,838	286,477	536,577	489,650	320,685

Daily Data (20 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2022-01-03	$27.34	$23.00	58.1%	16.6%	47.7%	13.1%	58.9%	0.5%	0.1%	6.5M	-210.0M	-1.2M	0.25	2.59	N/A	N/A	72,103	17,867	237,168	252,482
2022-01-04	$28.11	$23.00	57.4%	16.8%	48.1%	12.3%	60.0%	0.7%	-0.4%	7.6M	-251.0M	-1.2M	0.29	2.35	N/A	N/A	38,006	11,073	244,788	256,834
2022-01-05	$26.47	$23.00	58.1%	17.0%	51.8%	13.0%	60.0%	1.9%	-0.5%	6.2M	-154.3M	-1.2M	0.41	2.24	N/A	N/A	48,692	19,930	259,297	259,452
2022-01-06	$26.78	$25.00	58.2%	16.7%	51.6%	13.1%	58.2%	1.9%	0.1%	6.6M	-163.9M	-1.2M	0.65	5.90	N/A	N/A	31,347	20,349	255,405	264,038
2022-01-07	$26.38	$25.00	57.2%	16.6%	51.4%	12.2%	57.7%	1.6%	0.3%	5.4M	-134.0M	-1.2M	0.61	2.62	N/A	N/A	25,961	15,815	264,764	271,813
2022-01-10	$25.38	$25.00	59.1%	16.8%	53.1%	13.9%	59.0%	2.5%	-0.5%	2.7M	-83.0M	-1.1M	0.67	2.89	N/A	N/A	20,244	13,630	233,711	257,065
2022-01-11	$26.76	$25.00	56.3%	16.1%	50.9%	11.4%	57.3%	1.5%	-0.1%	4.5M	-156.2M	-1.1M	0.42	2.46	N/A	N/A	24,076	10,214	239,157	261,391
2022-01-12	$26.56	$25.00	56.6%	16.0%	50.0%	11.7%	57.1%	2.9%	-0.6%	4.5M	-148.4M	-1.1M	0.41	2.76	N/A	N/A	23,059	9,495	245,296	263,413
2022-01-13	$26.91	$25.00	56.1%	16.0%	49.4%	11.2%	56.1%	1.6%	-0.2%	5.8M	-171.6M	-1.1M	0.59	2.63	N/A	N/A	24,390	14,467	249,777	265,739
2022-01-14	$26.01	$25.00	56.9%	16.2%	49.0%	12.0%	57.8%	2.9%	-1.6%	3.0M	-115.8M	-1.1M	0.75	2.89	N/A	N/A	24,483	18,250	254,128	267,470
2022-01-18	$25.34	$25.00	59.6%	17.1%	50.0%	14.4%	63.1%	2.1%	5.9%	2.2M	-76.1M	-1.0M	0.78	2.83	N/A	N/A	13,517	10,481	233,508	261,383
2022-01-19	$25.47	$25.00	58.9%	16.9%	47.1%	13.7%	61.2%	1.8%	6.4%	2.6M	-84.9M	-1.0M	0.55	2.74	N/A	N/A	15,623	8,658	237,889	264,016
2022-01-20	$24.12	$25.00	60.6%	17.0%	48.5%	15.3%	59.8%	2.9%	7.5%	1.1M	-21.7M	-958.9K	0.59	2.34	N/A	N/A	18,899	11,185	240,486	264,096
2022-01-21	$23.03	$25.00	65.1%	18.0%	50.8%	19.4%	62.0%	5.0%	6.4%	176.4K	21.9M	-935.5K	0.41	3.39	N/A	N/A	46,334	19,193	241,202	266,290
2022-01-24	$27.02	$25.00	76.2%	21.0%	77.1%	29.4%	77.2%	9.2%	-0.3%	2.0M	-115.2M	-1.1M	1.00	6.63	N/A	N/A	61,301	61,327	144,502	141,975
2022-01-25	$27.10	$25.00	77.6%	20.6%	76.9%	30.7%	72.2%	5.4%	-2.3%	2.6M	-132.6M	-1.2M	0.82	3.58	N/A	N/A	42,887	35,105	164,885	165,472
2022-01-26	$26.10	$26.00	77.5%	19.8%	78.0%	30.6%	70.1%	4.4%	-2.2%	1.7M	-83.4M	-1.1M	0.92	5.46	N/A	N/A	18,211	16,670	171,513	173,387
2022-01-27	$25.71	$26.00	79.2%	20.2%	77.3%	32.2%	71.4%	6.8%	-6.8%	1.6M	-65.4M	-1.1M	2.85	3.42	N/A	N/A	12,538	35,742	174,193	172,054
2022-01-28	$25.15	$26.00	75.7%	19.2%	77.7%	34.6%	67.8%	5.9%	-2.0%	2.0M	-30.5M	-1.1M	1.82	4.12	N/A	N/A	19,095	34,668	176,093	179,943
2022-01-31	$25.35	$26.00	71.6%	17.8%	77.5%	30.2%	63.3%	5.0%	-2.4%	1.3M	-45.7M	-1.1M	0.73	3.13	N/A	N/A	14,967	10,912	160,467	160,218