MAX Options History — April 2022

In April 2022, MAX traded between $14.70 and $17.02. ATM implied volatility averaged 78.0%, placing in the 23.1% IV rank vs the trailing year. The 30-day expected move averaged 19.6%. IV traded above realized volatility by 38.1% (HV 20d: 39.9%). Max pain ranged from $15.00 to $15.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 8 of 20 days. Put/call ratio averaged 0.53.

Notable Days

2022-04-29: Highest Volume — 202 contracts
2022-04-11: Largest IV spike — 66.8% change
2022-04-11: Highest IV Rank — 67.1%
2022-04-26: Largest Expected Move — 23.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$15.84	$14.70	$17.02	$16.63	$14.70
Max Pain	$15.00	$15.00	$15.00	$15.00	$15.00
ATM IV	78.0%	54.1%	121.8%	76.5%	73.9%
Expected Move	19.6%	15.5%	23.5%	18.0%	21.2%
HV 20d	39.9%	29.4%	53.3%	53.3%	31.8%
HV 60d	69.3%	68.4%	70.0%	69.4%	68.7%
IV Rank	23.1%	0.0%	67.1%	21.0%	19.7%
IV Percentile	46.4%	0.0%	97.1%	50.5%	40.4%
Term Structure	-1.6%	-18.0%	28.1%	-15.3%	-11.7%
VWIV	75.6%	64.7%	98.3%	80.4%	72.1%
Skew 25d	12.1%	-11.9%	24.9%	3.3%	20.4%
Skew 10d	19.4%	3.4%	43.4%	5.8%	27.2%
Call IV 25d	70.7%	58.4%	104.5%	104.5%	76.5%
Put IV 25d	82.8%	69.8%	110.3%	107.8%	96.9%
Bid-Ask Spread %	93.30	76.90	108.71	106.01	95.16
Gamma HHI	0.37	0.25	0.48	0.47	0.25
Net GEX	1.4K	595	2.4K	2.2K	595
Net DEX	-59.6K	-79.0K	-36.6K	-77.9K	-36.6K
Net VEX	-204	-301	-138	-301	-161
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.53	0.10	2.61	0.16	2.61
Total Volume	82.35	0	202	74	202
Total OI	258.15	233	288	249	288

Daily Data (20 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
2022-04-01	$16.63	$15.00	76.5%	18.0%	53.3%	21.0%	80.4%	3.3%	-15.3%	2.2K	-77.9K	-301	0.16	106.01	N/A	N/A	64	10	238	11
2022-04-04	$17.02	$15.00	82.4%	17.6%	49.9%	26.9%	76.7%	19.5%	8.5%	2.2K	-78.3K	-272	0.16	103.92	N/A	N/A	64	10	238	11
2022-04-05	$16.69	$15.00	79.8%	16.6%	51.4%	24.3%	78.3%	3.8%	8.6%	2.4K	-79.0K	-286	0.16	100.70	N/A	N/A	64	10	238	11
2022-04-06	$16.46	$15.00	84.6%	18.1%	44.5%	29.2%	76.3%	8.5%	0.4%	2.0K	-75.4K	-274	0.16	80.97	N/A	N/A	64	10	238	11
2022-04-07	$16.70	$15.00	80.8%	18.8%	43.1%	25.4%	64.7%	18.5%	1.7%	2.0K	-76.4K	-268	0.16	95.43	N/A	N/A	64	10	238	11
2022-04-08	$16.55	$15.00	73.0%	18.0%	43.3%	17.4%	69.1%	15.4%	-2.6%	1.9K	-73.2K	-249	0.16	84.71	N/A	N/A	64	10	238	11
2022-04-11	$16.04	$15.00	121.8%	21.5%	44.7%	67.1%	69.7%	9.9%	-8.1%	1.7K	-67.5K	-231	0.16	92.20	N/A	N/A	64	10	238	11
2022-04-12	$16.15	$15.00	115.7%	21.0%	38.1%	61.0%	70.3%	15.7%	-6.3%	1.6K	-64.5K	-216	0.16	88.76	N/A	N/A	64	10	238	11
2022-04-13	$16.41	$15.00	65.9%	18.9%	37.4%	10.2%	67.5%	24.9%	-5.5%	1.7K	-69.4K	-224	0.16	94.48	N/A	N/A	64	10	238	11
2022-04-14	$15.71	$15.00	64.7%	18.5%	39.3%	8.9%	78.4%	11.1%	6.6%	1.3K	-56.8K	-184	0.16	83.81	N/A	N/A	64	10	238	11
2022-04-18	$15.60	$15.00	76.5%	21.9%	39.0%	20.9%	74.2%	10.2%	-18.0%	1.3K	-55.6K	-186	0.13	100.42	N/A	N/A	52	7	226	8
2022-04-19	$15.88	$15.00	54.1%	15.5%	39.1%	0.0%	69.8%	5.5%	28.1%	1.4K	-58.0K	-186	0.10	90.02	N/A	N/A	50	5	225	8
2022-04-20	$15.65	$15.00	71.4%	20.5%	36.7%	17.2%	74.0%	11.1%	-8.5%	1.2K	-53.0K	-163	1.00	76.90	N/A	N/A	50	50	226	8
2022-04-21	$15.65	$15.00	67.0%	19.2%	36.4%	12.9%	69.6%	13.2%	-0.8%	1.2K	-52.2K	-160	0.94	90.77	N/A	N/A	50	47	226	53
2022-04-22	$15.15	$15.00	63.0%	18.1%	37.4%	8.8%	75.9%	11.5%	6.4%	715	-44.2K	-142	0.94	106.78	N/A	N/A	50	47	226	55
2022-04-25	$15.20	$15.00	80.9%	23.2%	37.3%	26.8%	78.4%	16.5%	-6.6%	898	-45.9K	-148	0.94	84.74	N/A	N/A	50	47	226	55
2022-04-26	$14.86	$15.00	81.8%	23.5%	34.2%	27.7%	93.5%	14.8%	-7.9%	751	-42.3K	-152	0.94	89.28	N/A	N/A	50	47	226	55
2022-04-27	$14.70	$15.00	66.6%	19.1%	29.4%	12.4%	0.0%	-11.9%	3.1%	721	-40.8K	-138	0.00	108.71	N/A	N/A	0	0	226	55
2022-04-28	$15.08	$15.00	78.8%	22.6%	31.1%	24.7%	98.3%	20.0%	-3.9%	871	-45.3K	-140	0.84	92.18	N/A	N/A	56	47	226	55
2022-04-29	$14.70	$15.00	73.9%	21.2%	31.8%	19.7%	72.1%	20.4%	-11.7%	595	-36.6K	-161	2.61	95.16	N/A	N/A	56	146	233	55