M Options History — February 2023

In February 2023, M traded between $20.38 and $24.44. ATM implied volatility averaged 58.0%, placing in the 29.3% IV rank vs the trailing year. The 30-day expected move averaged 17.3%. IV traded above realized volatility by 22.8% (HV 20d: 35.3%). Max pain ranged from $21.00 to $22.00. Net GEX was positive for 6 of 19 trading days. Term structure was in contango for 3 of 19 days. Put/call ratio averaged 1.46.

Notable Days

  • 2023-02-01: Highest Volume — 69,953 contracts
  • 2023-02-08: Largest IV spike — 6.0% change
  • 2023-02-22: Highest IV Rank — 37.8%
  • 2023-02-27: Largest Expected Move — 20.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$22.31$20.38$24.44$24.19$20.66
Max Pain$21.53$21.00$22.00$22.00$22.00
ATM IV58.0%51.6%62.6%52.4%59.0%
Expected Move17.3%12.4%20.3%12.4%20.0%
HV 20d35.3%28.0%42.9%42.9%36.6%
HV 60d43.5%37.0%50.1%50.1%37.8%
IV Rank29.3%17.3%37.8%18.9%31.1%
IV Percentile36.5%10.7%52.8%13.5%40.5%
Term Structure-1.9%-4.7%0.8%-1.7%-2.1%
VWIV60.6%43.7%70.5%43.7%70.0%
Skew 25d6.8%4.6%8.8%8.8%7.3%
Skew 10d12.3%8.0%16.0%16.0%12.7%
Call IV 25d54.8%48.2%59.2%48.2%55.3%
Put IV 25d61.7%54.9%67.4%57.0%62.7%
Bid-Ask Spread %3.252.434.223.823.88
Gamma HHI0.110.080.260.080.13
Net GEX-651.8K-5.0M4.9M2.7M-1.4M
Net DEX-11.5M-155.0M93.1M-131.8M54.3M
Net VEX-1.1M-1.2M-1.0M-1.1M-1.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.460.443.671.821.74
Total Volume31,544.2636,07469,95369,95314,849
Total OI422,763.211363,127475,420373,312377,687

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-02-01$24.19$22.0052.4%12.4%42.9%18.9%43.7%8.8%-1.7%2.7M-131.8M-1.1M1.823.82N/AN/A24,81045,143162,025211,287
2023-02-02$24.30$21.0051.6%14.9%38.8%17.3%52.5%5.9%-1.0%3.0M-140.3M-1.1M0.793.20N/AN/A13,64510,808170,542245,349
2023-02-03$24.44$21.0052.4%15.4%38.7%18.9%53.6%4.6%-1.4%4.9M-155.0M-1.1M0.443.12N/AN/A46,61920,401173,883248,781
2023-02-06$24.18$21.0054.7%15.8%38.8%23.1%54.2%6.1%0.5%2.5M-125.1M-1.2M0.703.03N/AN/A11,6018,178185,509241,660
2023-02-07$23.88$21.0053.4%15.2%28.0%20.6%57.1%6.4%-0.2%1.7M-100.5M-1.2M0.563.08N/AN/A17,7309,865190,229246,721
2023-02-08$22.29$21.0056.5%16.4%38.8%26.5%56.5%7.3%0.8%-418.7K4.7M-1.1M1.252.93N/AN/A28,57435,821197,997252,470
2023-02-09$22.11$21.0058.0%16.7%33.1%29.2%60.0%6.3%0.5%-1.8M31.6M-1.2M0.542.51N/AN/A11,0365,951208,637262,120
2023-02-10$22.06$21.0059.1%17.0%31.8%31.2%59.0%6.5%-0.1%1.1M36.7M-1.1M1.923.28N/AN/A13,24625,463209,870265,550
2023-02-13$22.27$21.0061.8%17.8%31.8%36.3%62.9%7.4%-4.5%-1.9M589.7K-1.1M0.902.64N/AN/A16,98515,232178,048256,878
2023-02-14$22.48$21.0059.4%17.0%32.0%31.7%61.9%6.9%-3.4%-1.5M-13.2M-1.1M2.803.41N/AN/A3,0598,560189,089263,546
2023-02-15$22.73$22.0059.0%16.9%31.9%31.0%60.6%6.3%-3.0%-878.5K-32.5M-1.1M3.673.31N/AN/A4,42916,249189,593264,394
2023-02-16$22.34$22.0059.8%17.4%32.2%32.6%60.1%6.4%-4.3%-3.4M-2.9M-1.1M1.342.43N/AN/A2,5933,481191,567263,706
2023-02-17$22.38$22.0059.5%17.5%32.1%32.0%61.5%6.2%-4.7%-5.0M-5.5M-1.1M2.272.51N/AN/A8,11218,387191,899264,431
2023-02-21$21.02$22.0062.0%19.4%37.0%36.6%66.5%8.0%-1.8%-1.5M56.3M-1.0M1.473.81N/AN/A24,68936,291155,073208,054
2023-02-22$20.84$22.0062.6%19.9%36.9%37.8%70.5%8.3%-2.6%-2.5M66.3M-1.0M2.733.73N/AN/A5,26714,377165,641223,681
2023-02-23$20.80$22.0060.7%18.9%36.4%34.1%64.4%7.3%-2.6%-3.6M77.8M-1.0M0.473.62N/AN/A28,10113,147167,781230,419
2023-02-24$20.56$22.0060.5%18.9%36.3%33.8%66.1%6.9%-2.5%-2.9M93.1M-1.1M1.224.22N/AN/A6,2167,614177,593234,935
2023-02-27$20.38$22.0060.5%20.3%36.3%33.7%70.3%6.8%-2.0%-1.6M67.4M-1.0M1.143.14N/AN/A10,68112,131153,888211,968
2023-02-28$20.66$22.0059.0%20.0%36.6%31.1%70.0%7.3%-2.1%-1.4M54.3M-1.0M1.743.88N/AN/A5,4249,425161,651216,036