M Options History — March 2024

In March 2024, M traded between $17.96 and $21.52. ATM implied volatility averaged 48.3%, placing in the 33.3% IV rank vs the trailing year. The 30-day expected move averaged 13.6%. IV traded below realized volatility by 17.1% (HV 20d: 65.4%). Max pain ranged from $18.00 to $20.00. Net GEX was positive for 18 of 20 trading days. Term structure was in contango for 10 of 20 days. Put/call ratio averaged 0.59.

Notable Days

  • 2024-03-04: Highest Volume — 69,707 contracts
  • 2024-03-20: Largest IV drop — 21.3% change
  • 2024-03-19: Highest IV Rank — 44.2%
  • 2024-03-01: Largest Expected Move — 16.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$20.46$17.96$21.52$17.96$19.91
Max Pain$19.05$18.00$20.00$19.00$20.00
ATM IV48.3%41.8%53.1%51.6%47.6%
Expected Move13.6%12.0%16.0%16.0%13.2%
HV 20d65.4%49.1%68.1%49.1%56.7%
HV 60d48.4%43.7%61.2%56.4%44.9%
IV Rank33.3%18.1%44.2%40.7%31.6%
IV Percentile50.3%22.6%65.1%61.1%50.8%
Term Structure-0.2%-33.4%20.9%-1.4%-5.1%
VWIV47.3%41.4%58.0%58.0%47.0%
Skew 25d4.4%-15.3%16.6%1.8%5.7%
Skew 10d1.5%-23.6%26.7%-4.7%1.2%
Call IV 25d47.0%38.8%66.3%52.3%43.1%
Put IV 25d51.4%42.9%64.4%54.1%48.8%
Bid-Ask Spread %59.0232.2573.2232.2561.42
Gamma HHI0.150.080.270.270.23
Net GEX3.3M-4.7M7.1M-4.7M6.2M
Net DEX-132.9M-199.8M-6.6M-6.6M-89.4M
Net VEX-895.3K-1.0M-818.0K-833.8K-999.4K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.590.181.340.650.70
Total Volume32,568.713,91369,70726,83615,677
Total OI416,442.8359,922446,294432,127446,294

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2024-03-01$17.96$19.0051.6%16.0%49.1%40.7%58.0%1.8%-1.4%-4.7M-6.6M-833.8K0.6532.25N/AN/A16,29310,543191,439240,688
2024-03-04$20.43$18.0050.2%14.6%67.5%37.5%51.4%3.1%2.6%3.4M-163.8M-818.0K0.5354.79N/AN/A45,54624,161176,660219,733
2024-03-05$20.39$18.0052.6%13.4%67.4%43.1%46.5%2.4%0.9%3.8M-159.5M-842.5K0.5147.60N/AN/A15,6187,927186,663229,554
2024-03-06$20.06$18.0047.1%13.4%67.7%30.4%46.6%-0.2%20.9%3.8M-138.5M-836.0K0.7456.33N/AN/A16,22312,050189,485231,412
2024-03-07$20.30$18.0049.4%13.2%67.6%35.7%46.6%16.2%15.8%4.5M-154.9M-870.5K1.2358.57N/AN/A6,2347,686194,367241,075
2024-03-08$21.05$18.0051.6%13.2%67.7%40.9%47.2%-15.3%2.5%7.1M-199.8M-850.2K0.3566.01N/AN/A32,91911,475194,289245,479
2024-03-11$20.70$18.0050.0%13.6%68.0%37.0%48.7%3.9%-1.4%4.7M-158.1M-856.7K0.9556.76N/AN/A14,40913,653180,199228,909
2024-03-12$20.86$19.0049.4%14.4%67.4%35.7%49.7%3.2%1.6%5.5M-169.5M-864.1K0.1862.98N/AN/A33,2225,977185,681234,533
2024-03-13$20.98$19.0050.1%13.8%66.0%37.3%48.0%16.6%2.2%6.6M-183.2M-843.2K0.2665.33N/AN/A41,20510,604194,936236,691
2024-03-14$21.48$19.0049.9%14.2%66.1%37.0%48.3%3.3%-0.3%6.6M-183.2M-885.8K0.4050.42N/AN/A36,92214,917180,358242,849
2024-03-15$21.20$19.0043.6%13.6%66.3%22.3%47.4%10.3%15.0%3.0M-173.7M-920.3K1.3460.68N/AN/A9,67812,972189,592253,252
2024-03-18$21.21$19.0043.9%12.3%66.3%23.0%43.8%2.2%-5.8%3.0M-147.7M-894.4K0.4955.42N/AN/A9,3664,547160,012199,910
2024-03-19$21.52$19.0053.1%15.5%66.0%44.2%46.3%4.1%-33.4%3.4M-159.6M-917.3K0.5673.22N/AN/A27,27015,301165,576203,157
2024-03-20$21.19$20.0041.8%12.0%66.1%18.1%41.4%3.9%0.0%2.8M-148.9M-897.0K0.7259.62N/AN/A11,5448,268177,259216,882
2024-03-21$20.84$20.0042.6%12.3%66.6%20.0%44.6%4.2%-2.0%1.5M-127.1M-913.5K0.8359.59N/AN/A11,1159,221180,732222,571
2024-03-22$20.34$20.0045.5%13.0%67.0%26.7%43.8%1.8%6.1%-1.5M-92.2M-920.2K0.1961.53N/AN/A40,1277,612185,827228,708
2024-03-25$19.70$20.0051.1%14.0%68.1%39.6%48.9%4.0%-13.7%1.6M-63.1M-968.0K0.3165.64N/AN/A31,1939,645183,893220,907
2024-03-26$19.20$20.0047.3%13.3%67.8%30.8%45.9%1.9%-1.2%1.3M-47.3M-964.8K0.5160.08N/AN/A15,1917,738205,825222,824
2024-03-27$19.86$20.0048.8%13.4%63.4%34.4%45.6%15.0%-6.5%3.3M-92.4M-1.0M0.4672.21N/AN/A18,7398,586213,132227,503
2024-03-28$19.91$20.0047.6%13.2%56.7%31.6%47.0%5.7%-5.1%6.2M-89.4M-999.4K0.7061.42N/AN/A9,2176,460213,861232,433