M Options History — April 2023

In April 2023, M traded between $16.23 and $18.80. ATM implied volatility averaged 48.6%, placing in the 16.3% IV rank vs the trailing year. The 30-day expected move averaged 13.2%. IV traded above realized volatility by 4.7% (HV 20d: 43.9%). Max pain ranged from $19.00 to $20.00. Net GEX was positive for 0 of 19 trading days. Term structure was in contango for 12 of 19 days. Put/call ratio averaged 1.23.

Notable Days

  • 2023-04-03: Highest Volume — 82,135 contracts
  • 2023-04-24: Largest IV spike — 9.4% change
  • 2023-04-26: Highest IV Rank — 31.8%
  • 2023-04-12: Largest Expected Move — 14.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$17.59$16.23$18.80$18.74$16.31
Max Pain$19.89$19.00$20.00$20.00$19.00
ATM IV48.6%44.6%57.4%46.2%52.9%
Expected Move13.2%11.9%14.2%13.2%11.9%
HV 20d43.9%38.3%47.9%47.6%40.5%
HV 60d44.7%43.5%47.8%47.8%44.0%
IV Rank16.3%9.2%31.8%12.1%23.9%
IV Percentile15.5%6.0%42.1%7.9%27.4%
Term Structure1.6%-3.1%8.7%0.6%-1.5%
VWIV46.7%40.3%51.5%46.2%40.3%
Skew 25d5.7%4.7%7.6%5.4%5.0%
Skew 10d10.6%8.0%13.1%10.7%11.9%
Call IV 25d46.3%41.9%55.6%43.8%52.6%
Put IV 25d52.1%47.4%62.1%49.3%57.6%
Bid-Ask Spread %3.021.914.293.663.88
Gamma HHI0.150.110.450.120.14
Net GEX-4.4M-11.7M-160.6K-1.8M-5.1M
Net DEX131.2M48.3M193.1M63.9M188.2M
Net VEX-936.0K-1.1M-757.5K-1.0M-759.5K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.230.185.090.182.06
Total Volume29,270.78910,49182,13582,13521,883
Total OI450,226.105419,612479,219419,612449,620

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-04-03$18.74$20.0046.2%13.2%47.6%12.1%46.2%5.4%0.6%-1.8M63.9M-1.0M0.183.66N/AN/A69,89512,240166,840252,772
2023-04-04$18.80$19.5045.1%12.8%47.4%10.2%45.7%5.7%0.2%-160.6K48.3M-1.0M0.824.07N/AN/A18,23114,903183,181256,486
2023-04-05$18.34$19.5045.8%13.0%47.9%11.4%46.1%5.8%-0.0%-277.1K83.2M-1.0M0.423.12N/AN/A22,0169,186186,876264,217
2023-04-06$18.45$20.0044.9%13.9%47.6%9.7%47.1%5.3%0.6%-2.0M62.1M-1.1M0.402.68N/AN/A8,2873,340203,246268,578
2023-04-10$18.51$20.0046.2%13.4%44.7%12.1%46.8%5.8%0.3%-2.6M86.5M-1.0M0.182.57N/AN/A16,8573,082178,745250,049
2023-04-11$18.52$20.0046.3%13.4%42.6%12.2%47.2%5.1%0.5%-3.1M87.5M-1.0M0.293.38N/AN/A10,8253,165176,569250,981
2023-04-12$17.62$20.0049.1%14.2%46.0%17.1%50.5%6.4%0.6%-4.0M137.5M-967.6K1.073.31N/AN/A29,33731,454180,315252,092
2023-04-13$17.55$20.0048.2%13.8%45.9%15.6%50.0%5.8%-0.3%-5.4M142.2M-995.6K1.412.15N/AN/A10,60014,936196,950267,535
2023-04-14$17.69$20.0046.1%13.3%45.8%11.9%47.3%5.3%0.4%-4.7M129.5M-985.5K1.742.24N/AN/A13,37523,304200,714272,120
2023-04-17$17.84$20.0045.7%13.2%46.0%11.2%46.0%5.0%7.1%-4.2M119.7M-973.2K1.612.08N/AN/A12,73420,481194,021263,333
2023-04-18$17.73$20.0045.7%13.1%45.3%11.1%47.6%6.4%7.8%-4.3M127.0M-953.3K0.961.91N/AN/A18,39317,693199,890264,027
2023-04-19$17.81$20.0044.6%12.8%44.4%9.2%45.8%6.1%8.7%-5.5M125.9M-954.7K0.342.52N/AN/A7,8052,686199,946277,314
2023-04-20$17.37$20.0048.3%13.5%43.4%15.7%45.4%5.2%6.4%-7.3M165.9M-906.2K0.622.25N/AN/A7,6404,741198,984277,637
2023-04-21$17.02$20.0047.1%12.7%38.4%13.7%45.1%5.5%8.7%-11.7M193.1M-858.7K3.333.94N/AN/A7,77025,898201,818277,401
2023-04-24$17.09$20.0051.5%12.7%38.3%21.5%43.4%4.7%-2.5%-5.5M155.7M-847.2K0.483.44N/AN/A8,3103,964183,868245,084
2023-04-25$16.39$20.0055.7%13.9%40.7%28.8%50.4%7.6%-1.3%-5.1M191.4M-783.0K1.784.29N/AN/A9,64617,155186,519247,222
2023-04-26$16.27$20.0057.4%13.9%40.7%31.8%51.5%6.5%-2.5%-4.6M191.7M-777.8K5.092.88N/AN/A6,10731,109189,671246,438
2023-04-27$16.23$20.0056.2%13.0%40.6%29.7%44.9%5.8%-3.1%-5.4M193.0M-757.5K0.563.07N/AN/A10,9916,106190,294252,943
2023-04-28$16.31$19.0052.9%11.9%40.5%23.9%40.3%5.0%-1.5%-5.1M188.2M-759.5K2.063.88N/AN/A7,14614,737197,064252,556