M Options History — January 2024

In January 2024, M traded between $17.62 and $19.61. ATM implied volatility averaged 48.8%, placing in the 34.4% IV rank vs the trailing year. The 30-day expected move averaged 13.5%. IV traded above realized volatility by 7.0% (HV 20d: 41.9%). Max pain ranged from $16.00 to $17.00. Net GEX was positive for 13 of 21 trading days. Term structure was in contango for 13 of 21 days. Put/call ratio averaged 1.17.

Notable Days

2024-01-19: Highest Volume — 100,960 contracts
2024-01-19: Largest IV spike — 28.0% change
2024-01-22: Highest IV Rank — 71.5%
2024-01-19: Largest Expected Move — 18.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$18.57	$17.62	$19.61	$19.61	$18.34
Max Pain	$16.71	$16.00	$17.00	$17.00	$16.00
ATM IV	48.8%	39.2%	64.8%	39.2%	56.8%
Expected Move	13.5%	10.6%	18.9%	10.6%	12.4%
HV 20d	41.9%	21.8%	82.5%	81.7%	26.1%
HV 60d	64.6%	64.1%	65.1%	64.7%	64.3%
IV Rank	34.4%	12.1%	71.5%	12.1%	52.9%
IV Percentile	46.2%	7.9%	86.1%	7.9%	71.4%
Term Structure	4.7%	-12.2%	38.6%	-3.7%	1.3%
VWIV	50.1%	36.7%	70.1%	36.7%	43.7%
Skew 25d	4.5%	-4.7%	11.3%	5.3%	11.3%
Skew 10d	13.6%	2.5%	36.2%	22.1%	7.2%
Call IV 25d	48.5%	39.4%	63.1%	39.4%	51.2%
Put IV 25d	53.0%	41.2%	73.6%	44.7%	62.5%
Bid-Ask Spread %	37.86	21.23	47.95	26.50	46.28
Gamma HHI	0.14	0.09	0.20	0.18	0.10
Net GEX	1.0M	-2.6M	3.5M	2.9M	905.1K
Net DEX	-118.1M	-217.5M	-55.3M	-217.5M	-82.7M
Net VEX	-931.8K	-1.0M	-826.9K	-889.9K	-983.0K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.17	0.40	2.73	0.40	0.49
Total Volume	29,117.19	6,936	100,960	21,609	6,936
Total OI	564,358.857	413,397	663,310	592,955	479,332

Daily Data (21 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
2024-01-02	$19.61	$17.00	39.2%	10.6%	81.7%	12.1%	36.7%	5.3%	-3.7%	2.9M	-217.5M	-889.9K	0.40	26.50	N/A	N/A	15,404	6,205	266,525	326,430
2024-01-03	$19.07	$17.00	40.7%	11.6%	82.5%	15.7%	41.9%	1.7%	-0.5%	2.0M	-176.5M	-903.3K	0.48	21.23	N/A	N/A	18,782	9,025	276,874	330,059
2024-01-04	$18.80	$17.00	40.3%	11.8%	80.0%	14.6%	42.6%	1.0%	-0.2%	2.0M	-148.2M	-962.7K	1.62	37.14	N/A	N/A	4,470	7,250	286,782	333,067
2024-01-05	$18.91	$17.00	46.4%	13.4%	79.8%	28.9%	45.1%	2.9%	-6.3%	720.8K	-155.3M	-928.8K	1.27	45.94	N/A	N/A	16,789	21,282	286,265	337,186
2024-01-08	$19.09	$17.00	40.9%	12.5%	79.3%	16.2%	44.2%	4.8%	3.9%	3.3M	-179.5M	-927.3K	0.76	39.51	N/A	N/A	11,186	8,522	276,398	333,706
2024-01-09	$19.09	$17.00	41.6%	12.8%	78.9%	17.7%	50.7%	3.3%	3.4%	3.5M	-180.7M	-920.8K	2.33	43.41	N/A	N/A	3,991	9,295	283,072	336,798
2024-01-10	$19.02	$17.00	39.4%	12.2%	41.5%	12.7%	43.5%	3.9%	5.1%	3.5M	-181.2M	-878.5K	1.80	40.04	N/A	N/A	3,609	6,482	285,009	340,170
2024-01-11	$18.56	$17.00	41.7%	12.1%	25.8%	17.9%	45.7%	3.4%	-0.6%	1.7M	-132.1M	-870.2K	0.60	42.13	N/A	N/A	6,643	4,007	286,165	344,262
2024-01-12	$18.52	$17.00	41.1%	12.0%	22.9%	16.6%	47.7%	4.9%	0.9%	-599.3K	-121.6M	-884.0K	2.33	42.26	N/A	N/A	6,375	14,851	288,845	346,137
2024-01-16	$18.06	$17.00	45.6%	13.1%	24.1%	27.0%	47.5%	5.6%	-1.7%	-128.4K	-89.6M	-826.9K	2.37	37.02	N/A	N/A	8,698	20,573	272,591	341,892
2024-01-17	$17.88	$17.00	46.1%	13.2%	23.9%	28.1%	51.8%	6.7%	-1.6%	-708.6K	-72.5M	-828.6K	2.22	41.47	N/A	N/A	4,436	9,854	276,356	351,247
2024-01-18	$17.82	$17.00	49.4%	13.7%	22.7%	35.7%	54.4%	7.3%	13.7%	-775.9K	-75.0M	-836.5K	2.73	38.56	N/A	N/A	13,811	37,720	278,221	349,979
2024-01-19	$17.62	$17.00	63.2%	18.9%	21.8%	67.7%	70.1%	10.5%	-12.2%	-2.6M	-55.3M	-931.7K	0.42	29.68	N/A	N/A	70,918	30,042	287,149	376,161
2024-01-22	$18.24	$16.00	64.8%	18.3%	25.8%	71.5%	69.2%	-0.7%	11.0%	-40.4K	-65.2M	-994.6K	1.01	32.42	N/A	N/A	44,682	44,993	171,506	241,891
2024-01-23	$18.18	$16.00	57.4%	16.3%	25.5%	54.3%	64.1%	8.0%	38.6%	-450.6K	-56.8M	-1.0M	0.52	36.93	N/A	N/A	21,732	11,328	186,903	277,725
2024-01-24	$18.16	$17.00	58.4%	15.4%	25.5%	56.5%	56.9%	-4.7%	14.5%	-706.3K	-57.1M	-1.0M	0.63	32.17	N/A	N/A	16,607	10,434	190,981	286,516
2024-01-25	$18.80	$16.00	58.7%	14.0%	28.4%	57.2%	50.7%	7.5%	0.9%	1.9M	-109.3M	-1.0M	0.40	39.63	N/A	N/A	18,732	7,516	199,988	293,761
2024-01-26	$18.87	$16.00	52.3%	12.9%	28.1%	42.4%	49.1%	1.7%	1.5%	2.5M	-115.7M	-983.0K	0.47	35.29	N/A	N/A	13,748	6,453	200,099	294,907
2024-01-29	$18.70	$16.00	54.4%	13.3%	27.5%	47.3%	50.1%	4.6%	3.7%	1.3M	-107.3M	-958.3K	0.43	39.41	N/A	N/A	17,929	7,783	190,912	269,397
2024-01-30	$18.63	$17.00	47.0%	12.7%	27.5%	30.2%	45.5%	5.7%	26.0%	1.8M	-100.4M	-985.5K	1.29	47.95	N/A	N/A	5,408	6,960	195,779	274,493
2024-01-31	$18.34	$16.00	56.8%	12.4%	26.1%	52.9%	43.7%	11.3%	1.3%	905.1K	-82.7M	-983.0K	0.49	46.28	N/A	N/A	4,655	2,281	199,524	279,808