MAX Options History — February 2022

In February 2022, MAX traded between $10.76 and $14.58. ATM implied volatility averaged 84.1%, placing in the 27.2% IV rank vs the trailing year. The 30-day expected move averaged 23.6%. IV traded above realized volatility by 28.6% (HV 20d: 55.5%). Max pain ranged from $12.50 to $12.50. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 4 of 19 days. Put/call ratio averaged 0.12.

Notable Days

2022-02-16: Highest Volume — 142 contracts
2022-02-24: Largest IV spike — 76.5% change
2022-02-24: Highest IV Rank — 100.0%
2022-02-24: Largest Expected Move — 44.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$12.55	$10.76	$14.58	$14.58	$14.20
Max Pain	$12.50	$12.50	$12.50	$12.50	$12.50
ATM IV	84.1%	71.1%	154.0%	75.5%	81.9%
Expected Move	23.6%	18.8%	44.2%	21.6%	23.5%
HV 20d	55.5%	45.4%	101.1%	47.7%	101.1%
HV 60d	59.9%	52.0%	72.6%	59.1%	72.3%
IV Rank	27.2%	13.4%	100.0%	18.1%	24.4%
IV Percentile	61.3%	30.1%	100.0%	43.2%	68.9%
Term Structure	-6.7%	-35.7%	16.8%	-3.5%	-9.6%
VWIV	84.1%	64.9%	158.5%	82.4%	86.1%
Skew 25d	15.2%	-6.7%	96.0%	10.2%	10.6%
Skew 10d	37.9%	11.8%	243.9%	24.8%	11.8%
Call IV 25d	76.5%	62.8%	158.2%	70.9%	74.0%
Put IV 25d	91.7%	62.3%	195.6%	81.2%	84.5%
Bid-Ask Spread %	119.42	110.07	126.63	117.31	123.30
Gamma HHI	0.36	0.21	0.52	0.21	0.36
Net GEX	1.8K	415	2.7K	2.7K	1.3K
Net DEX	-53.0K	-108.8K	-20.0K	-108.8K	-49.2K
Net VEX	-278	-422	-157	-422	-292
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.12	0.08	0.17	0.08	0.17
Total Volume	124.421	74	142	133	104
Total OI	293.474	200	328	318	249

Daily Data (19 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
2022-02-01	$14.58	$12.50	75.5%	21.6%	47.7%	18.1%	82.4%	10.2%	-3.5%	2.7K	-108.8K	-422	0.08	117.31	N/A	N/A	123	10	310	8
2022-02-02	$14.31	$12.50	73.0%	20.9%	45.4%	15.5%	75.9%	13.0%	-3.0%	2.6K	-99.1K	-375	0.08	116.39	N/A	N/A	123	10	310	9
2022-02-03	$13.17	$12.50	83.6%	20.5%	47.8%	26.9%	75.6%	13.4%	7.7%	2.4K	-71.2K	-324	0.08	119.48	N/A	N/A	123	10	310	9
2022-02-04	$12.70	$12.50	91.7%	22.7%	48.5%	35.5%	83.6%	1.8%	8.9%	2.2K	-65.2K	-338	0.08	120.38	N/A	N/A	125	10	310	9
2022-02-07	$12.16	$12.50	71.1%	18.8%	49.6%	13.4%	65.6%	-6.7%	16.8%	2.3K	-59.0K	-321	0.08	114.28	N/A	N/A	126	10	312	9
2022-02-08	$12.13	$12.50	84.3%	23.7%	48.2%	27.6%	82.8%	3.3%	-7.3%	2.2K	-56.9K	-305	0.08	115.39	N/A	N/A	126	10	313	9
2022-02-09	$12.11	$12.50	82.3%	23.6%	46.9%	25.5%	78.5%	2.8%	-11.3%	2.1K	-52.8K	-293	0.12	113.57	N/A	N/A	126	15	313	9
2022-02-10	$11.74	$12.50	76.0%	21.8%	47.3%	18.8%	88.3%	29.6%	-5.3%	1.7K	-39.8K	-247	0.12	120.60	N/A	N/A	125	15	313	14
2022-02-11	$11.86	$12.50	75.0%	21.5%	47.9%	17.6%	75.8%	10.3%	-2.8%	1.8K	-42.2K	-253	0.12	121.71	N/A	N/A	125	15	313	13
2022-02-14	$12.05	$12.50	77.1%	22.1%	48.4%	19.9%	77.6%	9.9%	-1.8%	2.0K	-46.9K	-270	0.12	119.71	N/A	N/A	125	15	313	13
2022-02-15	$12.59	$12.50	80.7%	23.1%	51.2%	23.7%	64.9%	-1.0%	0.2%	2.6K	-56.4K	-284	0.12	119.96	N/A	N/A	125	15	313	13
2022-02-16	$12.41	$12.50	72.3%	20.7%	51.1%	14.7%	77.1%	11.7%	-1.6%	2.1K	-53.5K	-261	0.12	124.99	N/A	N/A	127	15	313	13
2022-02-17	$12.28	$12.50	72.2%	20.7%	49.0%	14.6%	78.0%	13.6%	-7.7%	2.3K	-47.8K	-237	0.12	125.46	N/A	N/A	127	15	315	13
2022-02-18	$12.14	$12.50	84.2%	24.1%	48.7%	27.5%	85.6%	22.1%	-14.6%	704	-32.3K	-228	0.12	119.30	N/A	N/A	127	15	315	11
2022-02-22	$12.22	$12.50	77.5%	22.2%	46.9%	20.3%	82.6%	13.0%	-10.5%	415	-24.2K	-157	0.16	121.80	N/A	N/A	64	10	189	11
2022-02-23	$10.76	$12.50	87.3%	25.0%	62.5%	30.8%	76.6%	6.8%	-17.6%	419	-20.0K	-168	0.16	118.72	N/A	N/A	64	10	189	11
2022-02-24	$11.24	$12.50	154.0%	44.2%	65.6%	100.0%	158.5%	27.7%	-35.7%	469	-25.6K	-190	0.16	126.63	N/A	N/A	64	10	189	11
2022-02-25	$13.78	$12.50	98.1%	28.1%	100.5%	41.4%	102.5%	96.0%	-28.0%	1.2K	-56.1K	-315	0.17	110.07	N/A	N/A	90	15	191	11
2022-02-28	$14.20	$12.50	81.9%	23.5%	101.1%	24.4%	86.1%	10.6%	-9.6%	1.3K	-49.2K	-292	0.17	123.30	N/A	N/A	89	15	233	16