M Options History — January 2023

In January 2023, M traded between $20.11 and $23.54. ATM implied volatility averaged 47.9%, placing in the 8.0% IV rank vs the trailing year. The 30-day expected move averaged 13.5%. IV traded above realized volatility by 4.8% (HV 20d: 43.1%). Max pain ranged from $20.00 to $22.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 10 of 20 days. Put/call ratio averaged 1.19.

Notable Days

  • 2023-01-09: Highest Volume — 167,396 contracts
  • 2023-01-30: Largest IV spike — 12.6% change
  • 2023-01-04: Highest IV Rank — 23.7%
  • 2023-01-04: Largest Expected Move — 17.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$22.46$20.11$23.54$20.11$23.54
Max Pain$21.35$20.00$22.00$20.00$22.00
ATM IV47.9%42.3%57.1%56.3%51.7%
Expected Move13.5%11.7%17.8%17.3%12.8%
HV 20d43.1%29.6%47.9%29.6%44.0%
HV 60d51.1%48.4%52.9%48.4%49.8%
IV Rank8.0%0.0%23.7%22.2%17.6%
IV Percentile5.9%0.0%25.8%22.2%11.5%
Term Structure1.5%-1.7%8.1%-1.0%-1.7%
VWIV49.2%42.1%63.7%62.9%44.4%
Skew 25d5.6%4.5%7.4%7.4%6.2%
Skew 10d11.4%9.3%14.4%14.4%11.2%
Call IV 25d45.7%39.8%54.5%52.8%49.8%
Put IV 25d51.3%44.4%60.7%60.2%56.1%
Bid-Ask Spread %3.022.364.753.532.77
Gamma HHI0.110.080.220.080.08
Net GEX3.9M334.5K9.6M978.2K2.0M
Net DEX-137.3M-317.1M14.6M7.4M-104.3M
Net VEX-1.0M-1.1M-926.3K-926.3K-988.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.190.303.490.343.49
Total Volume47,408.2512,065167,39633,01832,289
Total OI488,660.05330,377651,484473,098348,006

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-01-03$20.11$20.0056.3%17.3%29.6%22.2%62.9%7.4%-1.0%978.2K7.4M-926.3K0.343.53N/AN/A24,6908,328226,153246,945
2023-01-04$21.32$20.0057.1%17.8%36.1%23.7%63.7%6.2%-0.9%3.4M-86.9M-985.2K0.493.90N/AN/A78,44638,394237,562251,338
2023-01-05$21.62$21.0056.5%15.7%36.5%22.5%59.2%6.7%-1.4%5.8M-148.7M-1.0M0.844.75N/AN/A37,47631,613275,319280,421
2023-01-06$22.04$21.0055.4%15.8%36.4%20.4%58.1%6.4%-0.8%7.2M-210.8M-1.1M1.013.59N/AN/A75,12376,082288,480299,839
2023-01-09$20.55$21.0050.6%14.2%43.6%10.9%51.5%7.4%-0.9%334.5K14.6M-995.8K0.602.73N/AN/A104,84762,549254,582292,095
2023-01-10$20.84$21.0048.4%14.0%42.6%6.6%50.2%6.7%0.5%5.7M-58.1M-1.1M0.702.84N/AN/A16,02011,280319,541315,179
2023-01-11$22.09$21.0048.4%13.8%47.9%6.5%49.1%4.8%-0.2%8.2M-196.6M-1.1M0.492.36N/AN/A38,31918,799301,987315,223
2023-01-12$22.63$21.0045.9%13.1%47.6%1.7%48.8%5.3%-0.4%9.6M-288.9M-1.1M1.672.51N/AN/A13,81323,134321,300316,355
2023-01-13$22.87$21.0043.5%12.6%47.7%0.0%45.7%4.5%0.3%6.2M-317.1M-1.1M0.302.55N/AN/A30,8069,161323,316328,168
2023-01-17$22.88$21.0044.2%12.7%46.3%1.2%49.2%5.0%-0.6%5.5M-184.2M-1.0M0.782.45N/AN/A12,4159,672250,697281,963
2023-01-18$23.18$21.0043.8%12.6%44.8%0.5%47.1%5.1%0.0%6.2M-209.8M-1.0M0.902.55N/AN/A19,16917,200256,138282,957
2023-01-19$22.88$22.0044.4%12.7%44.6%1.6%46.1%5.1%0.5%5.0M-177.5M-1.0M1.312.50N/AN/A6,1768,077256,745288,192
2023-01-20$22.73$22.0043.0%12.2%44.8%0.0%43.1%4.7%1.1%1.7M-169.5M-1.0M1.662.51N/AN/A11,87319,659258,406288,304
2023-01-23$23.39$22.0044.0%12.2%45.5%1.8%43.7%5.3%5.9%2.0M-106.1M-1.0M1.953.29N/AN/A12,05423,485153,304177,073
2023-01-24$23.07$22.0043.9%12.4%45.0%1.7%45.4%5.0%6.3%1.0M-91.0M-1.0M0.862.76N/AN/A6,5425,642158,923185,774
2023-01-25$23.34$22.0042.3%12.0%44.9%0.0%45.0%5.1%8.1%1.6M-107.7M-997.1K0.933.33N/AN/A8,6808,050159,935186,729
2023-01-26$23.39$22.0043.0%11.8%45.0%1.3%42.1%4.8%7.8%1.9M-110.3M-990.7K1.773.19N/AN/A4,3617,704161,646190,569
2023-01-27$23.23$22.0044.8%11.7%44.3%4.7%43.5%4.7%7.9%1.3M-101.1M-987.5K2.673.87N/AN/A5,07813,550163,504193,267
2023-01-30$23.45$22.0050.5%12.9%44.1%15.2%45.7%5.7%-1.1%1.8M-98.9M-974.2K0.972.46N/AN/A8,9308,679154,558182,708
2023-01-31$23.54$22.0051.7%12.8%44.0%17.6%44.4%6.2%-1.7%2.0M-104.3M-988.7K3.492.77N/AN/A7,18625,103159,733188,273