MAX Options History — May 2022

In May 2022, MAX traded between $9.69 and $15.15. ATM implied volatility averaged 84.6%, placing in the 30.5% IV rank vs the trailing year. The 30-day expected move averaged 22.9%. IV traded above realized volatility by 30.6% (HV 20d: 54.0%). Max pain ranged from $7.50 to $15.00. Net GEX was positive for 13 of 21 trading days. Term structure was in contango for 3 of 21 days. Put/call ratio averaged 3.23.

Notable Days

  • 2022-05-18: Highest Volume — 206 contracts
  • 2022-05-05: Largest IV spike — 65.3% change
  • 2022-05-10: Highest IV Rank — 70.8%
  • 2022-05-11: Largest Expected Move — 33.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$11.18$9.69$15.15$15.15$10.03
Max Pain$8.57$7.50$15.00$15.00$7.50
ATM IV84.6%55.4%124.8%74.5%71.6%
Expected Move22.9%15.9%33.2%21.3%20.5%
HV 20d54.0%33.8%63.5%33.8%61.3%
HV 60d66.1%53.9%74.4%66.8%54.3%
IV Rank30.5%1.2%70.8%20.3%17.5%
IV Percentile62.0%0.4%97.4%42.4%28.7%
Term Structure-7.8%-52.5%11.7%-6.2%11.7%
VWIV109.5%68.0%167.3%79.2%119.9%
Skew 25d12.8%-8.2%27.0%16.1%-8.2%
Skew 10d23.9%-2.7%51.6%24.1%-1.7%
Call IV 25d81.7%63.6%126.0%86.0%99.8%
Put IV 25d94.5%71.5%143.6%102.1%91.6%
Bid-Ask Spread %105.3395.20129.7998.78103.46
Gamma HHI0.610.390.730.640.70
Net GEX-380-2.6K431-2.6K381
Net DEX28.5K-14.7K90.1K12.6K-14.2K
Net VEX-127-260-71-260-78
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio3.232.385.002.615.00
Total Volume160.4295420620254
Total OI258.5715338838553

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2022-05-02$15.15$15.0074.5%21.3%33.8%20.3%79.2%16.1%-6.2%-2.6K12.6K-2602.6198.78N/AN/A56146233152
2022-05-03$14.09$15.0086.5%24.8%39.9%32.4%80.0%8.6%-12.8%-1.8K34.6K-2572.5696.63N/AN/A57146233152
2022-05-04$14.05$15.0067.1%19.2%39.8%13.0%68.0%26.5%-5.6%-2.4K44.8K-2432.56104.46N/AN/A57146234152
2022-05-05$13.41$7.50110.9%23.5%42.0%56.9%167.3%11.8%-9.8%-1.8K54.3K-2342.5695.20N/AN/A57146234152
2022-05-06$12.73$7.5096.2%24.9%43.4%42.1%143.5%22.6%-7.3%-1.6K78.8K-1912.5698.64N/AN/A57146234152
2022-05-09$11.96$7.5093.8%19.9%46.7%39.7%98.8%11.2%-1.9%-1.3K80.8K-1522.56129.79N/AN/A57146234152
2022-05-10$11.05$7.50124.8%26.2%51.6%70.8%125.6%7.8%-52.5%-68682.2K-1602.53115.56N/AN/A57144236152
2022-05-11$10.09$7.50115.8%33.2%56.6%61.8%163.3%17.5%-6.8%-30669.9K-1302.53123.80N/AN/A57144236114
2022-05-12$10.34$7.5083.1%23.8%57.5%29.0%94.4%12.9%-9.7%13289.6K-912.54104.36N/AN/A57145236114
2022-05-13$10.26$7.5084.0%24.1%57.2%29.9%120.4%25.6%-10.2%19487.7K-832.5498.41N/AN/A57145236112
2022-05-16$10.36$7.5076.8%22.0%58.0%22.6%95.8%12.5%-2.7%33090.1K-772.5498.70N/AN/A57145238112
2022-05-17$10.77$7.5085.4%24.5%60.3%31.3%97.6%9.7%-12.7%431-14.0K-812.54113.09N/AN/A5714523813
2022-05-18$10.34$7.5082.0%23.5%60.7%27.9%97.4%3.8%-13.0%375-12.5K-772.38104.95N/AN/A6114523813
2022-05-19$10.17$7.5077.0%22.1%60.3%22.9%97.3%-5.1%-13.6%394-12.0K-822.38108.08N/AN/A6114524213
2022-05-20$10.04$7.5055.4%15.9%60.2%1.2%96.9%5.2%10.0%399-12.0K-822.38104.80N/AN/A6114524213
2022-05-23$9.90$7.5079.4%22.8%59.6%25.3%110.3%22.2%-2.5%356-12.3K-805.00106.24N/AN/A9454112
2022-05-24$9.69$7.5065.9%18.9%59.6%11.8%100.6%8.7%8.7%360-10.2K-715.00104.08N/AN/A9454112
2022-05-25$9.88$7.5086.4%24.8%61.2%32.3%123.1%27.0%-6.2%357-11.7K-755.00103.89N/AN/A9454112
2022-05-26$10.11$7.5082.5%23.7%61.0%28.4%105.2%16.2%-9.2%389-12.4K-795.00102.73N/AN/A9454112
2022-05-27$10.42$7.5076.8%22.0%63.5%22.6%115.1%16.9%-12.3%418-14.7K-855.0096.26N/AN/A9454112
2022-05-31$10.03$7.5071.6%20.5%61.3%17.5%119.9%-8.2%11.7%381-14.2K-785.00103.46N/AN/A9454112