M Options History — December 2023

In December 2023, M traded between $16.38 and $20.91. ATM implied volatility averaged 43.8%, placing in the 22.7% IV rank vs the trailing year. The 30-day expected move averaged 12.4%. IV traded below realized volatility by 36.6% (HV 20d: 80.4%). Max pain ranged from $13.50 to $17.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 9 of 20 days. Put/call ratio averaged 0.74.

Notable Days

  • 2023-12-13: Highest Volume — 252,086 contracts
  • 2023-12-26: Largest IV spike — 10.7% change
  • 2023-12-07: Highest IV Rank — 40.1%
  • 2023-12-06: Largest Expected Move — 14.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$19.08$16.38$20.91$17.02$20.21
Max Pain$15.78$13.50$17.00$13.50$17.00
ATM IV43.8%37.6%51.3%42.8%38.5%
Expected Move12.4%10.3%14.7%13.5%10.3%
HV 20d80.4%60.4%92.0%70.6%83.9%
HV 60d60.6%49.7%65.5%49.7%64.6%
IV Rank22.7%8.4%40.1%20.5%10.4%
IV Percentile28.2%4.4%56.0%23.0%5.6%
Term Structure0.1%-6.4%16.6%-0.5%16.6%
VWIV43.9%37.9%52.0%48.2%38.3%
Skew 25d0.0%-5.5%7.3%-0.7%2.1%
Skew 10d-4.2%-42.0%13.3%-1.7%-6.5%
Call IV 25d45.3%35.3%53.2%44.5%35.3%
Put IV 25d45.3%37.5%53.4%43.9%37.5%
Bid-Ask Spread %30.7412.1942.2925.4424.61
Gamma HHI0.180.090.470.470.19
Net GEX5.6M2.5M13.1M13.1M4.7M
Net DEX-280.1M-537.0M-146.0M-240.9M-289.9M
Net VEX-940.2K-1.1M-695.6K-765.8K-893.6K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.740.223.450.421.60
Total Volume67,68514,691252,086112,25920,186
Total OI648,932.2555,377773,593555,377626,937

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-12-01$17.02$13.5042.8%13.5%70.6%20.5%48.2%-0.7%-0.5%13.1M-240.9M-765.8K0.4225.44N/AN/A79,32832,931277,692277,685
2023-12-04$17.38$15.0045.0%13.0%69.9%25.6%45.7%-1.1%0.6%3.4M-223.0M-845.4K0.4736.28N/AN/A53,91225,408261,595293,971
2023-12-05$16.48$15.0046.7%13.5%71.8%29.4%47.1%0.4%2.0%2.7M-156.7M-921.4K1.2242.29N/AN/A39,78748,617273,709306,772
2023-12-06$16.38$15.0049.9%14.7%71.7%37.0%52.0%-0.3%1.4%2.5M-146.0M-994.5K0.3439.12N/AN/A41,40413,910297,518337,009
2023-12-07$16.91$15.0051.3%14.6%65.2%40.1%52.0%0.2%0.8%4.5M-212.3M-1.0M0.2741.09N/AN/A37,94610,189321,464339,455
2023-12-08$17.39$15.0049.0%14.3%60.4%34.8%51.1%0.3%2.2%8.1M-275.6M-1.1M0.2241.46N/AN/A49,61110,914346,951343,826
2023-12-11$20.91$15.0045.5%12.4%82.1%26.7%44.3%7.3%-3.1%4.8M-537.0M-695.6K0.5012.19N/AN/A129,91465,002337,293332,583
2023-12-12$19.02$16.0043.1%11.7%92.0%21.1%42.9%-0.5%4.4%4.7M-358.4M-946.4K0.8031.29N/AN/A74,16759,530365,168376,357
2023-12-13$19.61$16.0047.4%12.2%89.4%31.0%44.0%-2.6%-4.4%4.2M-384.6M-990.8K0.2826.90N/AN/A196,90355,183375,649397,944
2023-12-14$19.63$16.0046.5%13.0%88.3%29.1%41.1%0.2%-0.9%2.8M-226.8M-1.1M0.8132.68N/AN/A31,43425,603299,056422,844
2023-12-15$19.76$16.0044.8%12.7%87.6%25.1%45.7%1.8%-0.5%4.1M-237.4M-1.1M0.5036.46N/AN/A29,92714,931308,516428,552
2023-12-18$20.05$16.0042.7%12.2%84.8%20.2%43.6%0.6%-1.3%6.8M-306.0M-995.5K0.7931.23N/AN/A23,12418,213299,248333,075
2023-12-19$20.29$16.0043.1%12.0%84.1%21.1%42.4%-1.4%-5.0%8.0M-316.5M-972.4K3.4533.52N/AN/A10,22735,251297,251344,454
2023-12-20$19.91$16.0041.4%11.9%84.6%17.2%42.0%0.4%-1.1%6.6M-273.1M-996.3K0.5626.35N/AN/A9,4315,260299,483340,890
2023-12-21$20.04$16.0039.8%11.6%84.1%13.5%40.7%0.4%-5.6%7.5M-277.4M-947.3K0.2728.84N/AN/A11,8113,244298,587343,100
2023-12-22$20.05$16.0037.6%10.8%84.2%8.4%38.1%0.1%-0.2%7.1M-274.0M-949.6K0.4031.81N/AN/A11,6154,652299,382344,187
2023-12-26$20.34$17.0041.6%11.2%84.0%17.7%39.7%0.2%2.2%5.2M-297.6M-888.1K0.5025.16N/AN/A18,9479,488273,805325,317
2023-12-27$20.02$17.0040.7%10.9%84.7%15.6%41.3%-5.5%-6.4%4.9M-264.9M-918.3K0.6219.61N/AN/A16,21110,012278,690332,903
2023-12-28$20.30$17.0038.1%10.7%83.7%9.7%37.9%-1.5%1.4%5.6M-303.1M-821.4K0.8028.41N/AN/A10,8038,674282,635337,091
2023-12-29$20.21$17.0038.5%10.3%83.9%10.4%38.3%2.1%16.6%4.7M-289.9M-893.6K1.6024.61N/AN/A7,77112,415284,883342,054