MAX Options History — November 2021

In November 2021, MAX traded between $14.88 and $18.40. ATM implied volatility averaged 86.1%. The 30-day expected move averaged 23.6%. IV traded above realized volatility by 12.8% (HV 20d: 73.3%). Max pain ranged from $17.50 to $22.50. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 4 of 21 days. Put/call ratio averaged 0.14.

Notable Days

  • 2021-11-24: Highest Volume — 188 contracts
  • 2021-11-26: Largest IV spike — 85.2% change
  • 2021-11-26: Largest Expected Move — 40.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$16.64$14.88$18.40$18.02$15.59
Max Pain$18.69$17.50$22.50$22.50$17.50
ATM IV86.1%64.2%141.4%76.1%82.5%
Expected Move23.6%18.1%40.5%21.8%23.7%
HV 20d73.3%62.4%85.8%62.4%84.0%
HV 60d65.4%59.8%67.4%59.8%67.0%
Term Structure-8.6%-40.4%17.9%-19.7%-8.7%
VWIV84.2%65.7%139.7%69.4%78.1%
Skew 25d11.0%-7.4%48.2%18.7%13.3%
Skew 10d19.5%-5.2%52.0%17.1%39.8%
Call IV 25d82.8%53.9%119.3%53.9%80.6%
Put IV 25d93.7%72.6%140.3%72.6%93.8%
Bid-Ask Spread %107.0396.92128.84115.39114.52
Gamma HHI0.610.450.730.620.45
Net GEX8.2K4.4K13.8K8.6K5.7K
Net DEX-202.4K-308.3K-90.8K-169.4K-155.3K
Net VEX-934-1.1K-603-901-694
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.140.040.240.180.05
Total Volume154.3339718897158
Total OI544.905438607469507

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2021-11-01$18.02$22.5076.1%21.8%62.4%0.0%69.4%18.7%-19.7%8.6K-169.4K-9010.18115.39N/AN/A82154618
2021-11-02$15.81$22.5094.7%27.2%67.1%0.0%103.6%-1.4%-26.8%5.0K-110.0K-6900.15107.10N/AN/A151224618
2021-11-03$16.87$20.0089.3%25.6%71.0%0.0%91.7%7.1%-14.2%7.7K-197.7K-1.1K0.16107.64N/AN/A1452353216
2021-11-04$17.24$20.0089.4%22.3%68.0%0.0%74.2%3.6%-6.5%9.1K-241.6K-1.1K0.17105.81N/AN/A1442453818
2021-11-05$16.51$20.0095.5%19.3%68.6%0.0%88.4%15.8%0.5%8.1K-231.2K-1.1K0.14105.33N/AN/A1642355419
2021-11-08$16.27$20.0082.0%18.1%67.9%0.0%70.1%9.4%-8.8%8.7K-185.8K-9430.2499.07N/AN/A942355419
2021-11-09$16.19$20.00101.6%22.7%67.0%0.0%91.7%-7.4%-0.1%7.0K-192.1K-9640.24102.44N/AN/A952355418
2021-11-10$16.11$20.0078.2%22.4%65.2%0.0%75.9%4.0%0.9%8.0K-224.1K-9940.20107.00N/AN/A1162355618
2021-11-11$16.00$17.5083.6%24.0%64.1%0.0%91.8%-6.5%-7.4%7.4K-164.3K-9070.2299.89N/AN/A1052357618
2021-11-12$17.38$17.5081.4%23.3%71.9%0.0%79.7%3.9%-11.6%9.8K-228.0K-1.1K0.2199.90N/AN/A1102358718
2021-11-15$18.38$17.5084.7%24.3%75.1%0.0%82.3%3.7%-16.8%12.9K-300.4K-1.1K0.1696.92N/AN/A1512458718
2021-11-16$18.40$17.5067.9%19.5%74.1%0.0%65.7%12.9%17.9%13.8K-308.3K-1.1K0.16110.60N/AN/A1522458718
2021-11-17$17.65$17.5089.5%25.7%75.3%0.0%83.9%23.6%-14.7%11.0K-268.0K-1.1K0.16100.13N/AN/A1522458818
2021-11-18$17.24$17.5066.3%19.0%74.3%0.0%66.0%12.7%-9.3%10.3K-172.1K-8840.16105.08N/AN/A1482458818
2021-11-19$17.07$17.5064.2%18.4%73.7%0.0%67.2%17.0%-1.4%8.5K-186.2K-8930.16104.49N/AN/A1482459116
2021-11-22$16.11$17.5079.8%22.9%75.4%0.0%73.8%23.8%-4.9%6.7K-147.6K-7710.06106.16N/AN/A12174326
2021-11-23$14.88$17.5080.3%23.0%79.4%0.0%88.7%9.2%-1.0%4.4K-90.8K-6030.05105.03N/AN/A14074337
2021-11-24$16.23$17.5076.4%21.9%85.8%0.0%81.6%14.7%9.8%6.2K-139.5K-7180.04105.73N/AN/A18084557
2021-11-26$15.88$17.50141.4%40.5%85.1%0.0%139.7%48.2%-40.4%6.8K-300.5K-1.1K0.05128.84N/AN/A17085148
2021-11-29$15.70$17.50103.4%29.6%84.6%0.0%104.7%3.9%-17.9%7.4K-237.4K-9040.06120.45N/AN/A13585048
2021-11-30$15.59$17.5082.5%23.7%84.0%0.0%78.1%13.3%-8.7%5.7K-155.3K-6940.05114.52N/AN/A15084998