MAX Options History — March 2022

In March 2022, MAX traded between $12.60 and $16.47. ATM implied volatility averaged 78.5%, placing in the 21.7% IV rank vs the trailing year. The 30-day expected move averaged 23.8%. IV traded below realized volatility by 12.0% (HV 20d: 90.5%). Max pain ranged from $12.50 to $15.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 11 of 23 days. Put/call ratio averaged 0.16.

Notable Days

2022-03-17: Highest Volume — 106 contracts
2022-03-07: Largest IV spike — 61.1% change
2022-03-07: Highest IV Rank — 77.0%
2022-03-07: Largest Expected Move — 37.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$14.50	$12.60	$16.47	$14.00	$16.47
Max Pain	$14.02	$12.50	$15.00	$12.50	$15.00
ATM IV	78.5%	55.9%	132.1%	89.3%	72.7%
Expected Move	23.8%	16.3%	37.9%	25.6%	17.8%
HV 20d	90.5%	54.6%	103.6%	99.6%	54.6%
HV 60d	72.8%	71.0%	74.6%	72.3%	71.0%
IV Rank	21.7%	0.0%	77.0%	32.2%	17.1%
IV Percentile	45.9%	0.0%	98.4%	84.0%	36.5%
Term Structure	-0.0%	-16.9%	19.3%	-11.5%	-14.9%
VWIV	86.4%	60.1%	158.0%	117.1%	75.9%
Skew 25d	12.0%	-10.3%	28.8%	28.5%	27.0%
Skew 10d	21.2%	4.3%	86.2%	27.6%	26.6%
Call IV 25d	71.5%	57.3%	96.6%	96.6%	72.8%
Put IV 25d	83.5%	66.6%	125.1%	125.1%	99.8%
Bid-Ask Spread %	117.80	105.57	129.05	118.87	107.76
Gamma HHI	0.38	0.32	0.54	0.39	0.46
Net GEX	1.6K	975	5.6K	1.5K	2.0K
Net DEX	-57.3K	-79.0K	-38.1K	-64.7K	-72.2K
Net VEX	-294	-373	-246	-373	-280
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.16	0.10	0.17	0.17	0.16
Total Volume	93.043	69	106	105	74
Total OI	248.304	241	251	249	249

Daily Data (23 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
2022-03-01	$14.00	$12.50	89.3%	25.6%	99.6%	32.2%	117.1%	28.5%	-11.5%	1.5K	-64.7K	-373	0.17	118.87	N/A	N/A	90	15	233	16
2022-03-02	$14.15	$12.50	75.0%	21.5%	99.7%	17.3%	83.9%	5.6%	2.2%	1.4K	-54.2K	-314	0.17	122.14	N/A	N/A	90	15	234	16
2022-03-03	$13.38	$12.50	110.8%	31.8%	101.4%	54.7%	123.9%	14.0%	-7.8%	1.4K	-56.1K	-346	0.17	127.80	N/A	N/A	90	15	234	16
2022-03-04	$13.10	$12.50	82.0%	23.5%	97.3%	24.5%	89.2%	3.9%	5.1%	982	-38.1K	-246	0.17	126.95	N/A	N/A	90	15	234	16
2022-03-07	$12.60	$12.50	132.1%	37.9%	97.4%	77.0%	158.0%	14.8%	-2.2%	1.1K	-48.1K	-311	0.17	129.05	N/A	N/A	90	15	234	16
2022-03-08	$12.75	$12.50	91.8%	32.5%	96.1%	34.8%	115.7%	22.5%	-16.9%	975	-38.1K	-255	0.17	117.34	N/A	N/A	90	15	234	16
2022-03-09	$13.89	$12.50	86.9%	28.9%	100.5%	29.7%	111.7%	21.7%	-7.5%	1.4K	-56.4K	-331	0.17	117.59	N/A	N/A	90	15	234	16
2022-03-10	$13.60	$12.50	68.2%	27.8%	101.0%	10.1%	100.2%	9.3%	13.8%	1.2K	-45.2K	-269	0.17	121.87	N/A	N/A	90	15	235	16
2022-03-11	$13.51	$12.50	71.3%	31.1%	100.2%	13.3%	112.9%	6.3%	9.1%	1.2K	-46.4K	-274	0.17	124.07	N/A	N/A	90	15	235	16
2022-03-14	$13.27	$15.00	69.8%	22.5%	100.6%	11.7%	65.3%	6.0%	15.4%	1.1K	-42.6K	-250	0.17	116.15	N/A	N/A	90	15	235	16
2022-03-15	$14.26	$15.00	84.4%	21.8%	103.2%	27.0%	64.9%	12.9%	-15.1%	1.4K	-55.8K	-294	0.17	117.45	N/A	N/A	90	15	235	16
2022-03-16	$14.67	$15.00	73.1%	20.4%	102.7%	15.2%	61.5%	9.5%	-1.4%	1.4K	-54.9K	-274	0.17	120.30	N/A	N/A	90	15	235	16
2022-03-17	$15.22	$15.00	68.6%	21.2%	102.8%	10.5%	61.3%	9.3%	12.0%	1.6K	-63.3K	-286	0.16	116.44	N/A	N/A	91	15	235	16
2022-03-18	$15.00	$15.00	77.6%	21.1%	103.0%	19.9%	63.8%	18.5%	-6.7%	5.6K	-67.7K	-299	0.16	117.18	N/A	N/A	91	15	235	16
2022-03-21	$14.84	$15.00	72.6%	20.7%	102.9%	14.6%	62.4%	10.2%	0.9%	1.3K	-52.1K	-270	0.10	119.50	N/A	N/A	88	9	231	10
2022-03-22	$15.48	$15.00	55.9%	21.2%	103.6%	0.0%	60.6%	9.9%	19.3%	1.7K	-63.3K	-289	0.17	113.91	N/A	N/A	59	10	232	10
2022-03-23	$15.29	$15.00	61.4%	19.7%	90.3%	5.6%	60.1%	6.7%	4.0%	1.5K	-57.9K	-280	0.17	121.75	N/A	N/A	59	10	233	11
2022-03-24	$14.95	$15.00	72.6%	20.2%	90.8%	17.0%	84.0%	-7.0%	-0.7%	1.6K	-60.3K	-294	0.17	112.42	N/A	N/A	59	10	233	11
2022-03-25	$14.85	$15.00	72.2%	21.8%	57.0%	16.6%	86.2%	-10.3%	8.3%	1.5K	-59.4K	-301	0.16	106.90	N/A	N/A	61	10	233	11
2022-03-28	$15.55	$15.00	72.4%	22.4%	58.2%	16.8%	91.5%	11.3%	18.8%	1.8K	-70.0K	-320	0.16	109.30	N/A	N/A	61	10	235	11
2022-03-29	$16.26	$15.00	74.4%	16.3%	59.4%	18.9%	62.7%	15.8%	-9.5%	1.8K	-71.5K	-301	0.16	119.10	N/A	N/A	64	10	235	11
2022-03-30	$16.40	$15.00	71.3%	18.7%	59.4%	15.7%	73.7%	28.8%	-15.4%	2.2K	-79.0K	-314	0.16	105.57	N/A	N/A	64	10	238	11
2022-03-31	$16.47	$15.00	72.7%	17.8%	54.6%	17.1%	75.9%	27.0%	-14.9%	2.0K	-72.2K	-280	0.16	107.76	N/A	N/A	64	10	238	11