MAX Options History — September 2021

In September 2021, MAX traded between $18.52 and $23.09. ATM implied volatility averaged 70.3%. The 30-day expected move averaged 20.3%. IV traded above realized volatility by 12.7% (HV 20d: 57.6%). Max pain ranged from $20.00 to $20.00. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 7.54.

Notable Days

  • 2021-09-28: Highest Volume — 207 contracts
  • 2021-09-28: Largest IV spike — 38.4% change
  • 2021-09-28: Largest Expected Move — 26.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$20.51$18.52$23.09$22.27$18.69
Max Pain$20.00$20.00$20.00$20.00$20.00
ATM IV70.3%58.6%93.1%73.7%70.5%
Expected Move20.3%16.8%26.7%21.1%20.2%
HV 20d57.6%44.0%65.6%62.8%44.5%
HV 60d51.1%50.0%52.2%52.1%50.6%
Term Structure0.1%-23.8%25.5%4.2%-8.9%
VWIV69.7%51.0%92.4%86.9%92.4%
Skew 25d8.2%-10.9%40.5%24.9%13.4%
Skew 10d17.5%-14.5%74.3%32.7%19.2%
Call IV 25d69.2%58.7%92.9%65.0%65.8%
Put IV 25d77.4%58.5%117.9%89.9%79.1%
Bid-Ask Spread %122.96109.84135.59122.78128.67
Gamma HHI0.290.220.650.240.65
Net GEX1.5K-7.5K3.0K1.9K-7.5K
Net DEX-29.1K-84.6K192.4K-45.4K192.4K
Net VEX-485-922-258-297-922
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio7.540.00102.500.00102.50
Total Volume27.333020750
Total OI247.524162507162507

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2021-09-01$22.27$20.0073.7%21.1%62.8%0.0%0.0%24.9%4.2%1.9K-45.4K-2970.00122.78N/AN/A5014715
2021-09-02$22.59$20.0069.3%19.5%63.0%0.0%0.0%17.1%1.7%1.8K-43.9K-2750.00118.81N/AN/A7014716
2021-09-03$23.09$20.0064.2%24.0%64.1%0.0%86.9%15.3%-11.3%2.0K-58.7K-3232.00116.93N/AN/A1215216
2021-09-07$21.90$20.0080.8%20.7%65.5%0.0%0.0%10.3%-1.9%2.0K-57.1K-3190.89123.08N/AN/A827315516
2021-09-08$21.35$20.0076.9%22.1%65.2%0.0%0.0%6.8%-7.5%1.8K-45.2K-2990.00135.59N/AN/A6015518
2021-09-09$21.49$20.0058.6%16.8%65.6%0.0%0.0%-4.9%-0.2%817-17.0K-3530.00120.90N/AN/A22018946
2021-09-10$21.42$20.0058.8%16.9%64.9%0.0%0.0%-0.8%5.7%483-8.2K-3470.00120.88N/AN/A0218546
2021-09-13$21.24$20.0062.4%17.9%64.9%0.0%0.0%1.9%19.9%753-4.7K-3100.00119.71N/AN/A10018346
2021-09-14$20.26$20.0079.6%22.8%60.5%0.0%0.0%10.2%-8.6%68710.8K-2960.00121.45N/AN/A0018348
2021-09-15$20.52$20.0059.2%17.0%57.3%0.0%52.7%-0.2%0.5%76427.0K-2580.00127.03N/AN/A30018248
2021-09-16$20.85$20.0072.3%20.7%57.8%0.0%62.3%-7.0%0.0%1.8K19.8K-2810.08128.83N/AN/A51418248
2021-09-17$20.82$20.0065.2%18.7%54.8%0.0%51.0%4.6%0.5%1.7K-3.3K-3490.00124.60N/AN/A40021248
2021-09-20$19.29$20.0079.3%22.7%58.5%0.0%0.0%-8.2%5.3%2.2K-66.5K-6270.00121.59N/AN/A3021219
2021-09-21$19.46$20.0068.7%19.7%58.3%0.0%0.0%-10.9%-4.7%2.8K-63.9K-6560.00121.77N/AN/A0025119
2021-09-22$19.45$20.0079.2%22.7%57.3%0.0%0.0%4.3%1.0%3.0K-84.6K-7430.00124.27N/AN/A0025419
2021-09-23$19.45$20.0060.5%17.3%57.0%0.0%72.7%-0.9%25.5%2.6K-75.8K-7180.10118.01N/AN/A10125419
2021-09-24$19.94$20.0066.8%19.2%54.4%0.0%0.0%14.4%-11.3%2.8K-60.9K-6340.00109.84N/AN/A18025419
2021-09-27$19.37$20.0067.3%19.3%45.2%0.0%0.0%33.7%9.3%2.9K-80.3K-7080.00125.70N/AN/A0026420
2021-09-28$18.52$20.0093.1%26.7%44.0%0.0%92.4%40.5%-23.8%2.9K-83.8K-794102.50123.21N/AN/A220528220
2021-09-29$18.75$20.0069.8%20.0%44.6%0.0%0.0%7.6%5.8%2.8K-62.2K-6820.00128.42N/AN/A0028220
2021-09-30$18.69$20.0070.5%20.2%44.5%0.0%0.0%13.4%-8.9%-7.5K192.4K-9220.00128.67N/AN/A00282225