MAX Options History — July 2022

In July 2022, MAX traded between $10.31 and $12.63. ATM implied volatility averaged 88.9%, placing in the 33.4% IV rank vs the trailing year. The 30-day expected move averaged 20.3%. IV traded above realized volatility by 38.1% (HV 20d: 50.8%). Max pain ranged from $7.50 to $10.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 4 of 20 days. Put/call ratio averaged 0.62.

Notable Days

2022-07-14: Highest Volume — 17 contracts
2022-07-13: Largest IV drop — 56.7% change
2022-07-11: Highest IV Rank — 100.0%
2022-07-06: Largest Expected Move — 26.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.58	$10.31	$12.63	$10.31	$12.38
Max Pain	$9.00	$7.50	$10.00	$10.00	$10.00
ATM IV	88.9%	59.7%	165.5%	91.5%	67.8%
Expected Move	20.3%	17.1%	26.4%	26.2%	19.4%
HV 20d	50.8%	45.6%	57.2%	49.5%	48.8%
HV 60d	54.4%	50.6%	55.9%	50.6%	54.0%
IV Rank	33.4%	5.0%	100.0%	37.4%	12.2%
IV Percentile	45.2%	3.6%	100.0%	84.9%	18.3%
Term Structure	-0.2%	-20.9%	55.3%	-20.0%	3.6%
VWIV	72.4%	63.3%	101.5%	101.5%	72.9%
Skew 25d	4.0%	-13.3%	20.4%	20.4%	-0.6%
Skew 10d	-2.8%	-31.9%	22.5%	22.5%	1.4%
Call IV 25d	76.4%	55.2%	105.5%	105.5%	80.6%
Put IV 25d	80.4%	57.1%	125.9%	125.9%	80.0%
Bid-Ask Spread %	116.76	95.18	127.95	127.95	118.25
Gamma HHI	0.85	0.74	0.96	0.78	0.96
Net GEX	676	412	978	444	881
Net DEX	-18.6K	-24.8K	-11.3K	-11.3K	-22.2K
Net VEX	-55	-69	-46	-60	-47
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.62	0.60	0.70	0.60	0.70
Total Volume	16.25	16	17	16	17
Total OI	43.8	42	46	46	45

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
2022-07-01	$10.31	$10.00	91.5%	26.2%	49.5%	37.4%	101.5%	20.4%	-20.0%	444	-11.3K	-60	0.60	127.95	N/A	N/A	10	6	42	4
2022-07-05	$11.13	$7.50	120.0%	21.1%	53.8%	65.9%	75.2%	4.4%	27.5%	511	-14.9K	-63	0.60	119.57	N/A	N/A	10	6	42	4
2022-07-06	$10.78	$7.50	147.1%	26.4%	55.5%	93.0%	90.9%	-10.5%	-20.9%	412	-17.6K	-69	0.60	125.66	N/A	N/A	10	6	42	4
2022-07-07	$11.22	$7.50	104.7%	19.1%	56.9%	50.6%	66.7%	6.6%	-5.1%	608	-17.2K	-68	0.60	122.82	N/A	N/A	10	6	42	4
2022-07-08	$11.09	$7.50	121.4%	20.9%	57.2%	67.3%	67.9%	-1.6%	-13.2%	548	-17.0K	-67	0.60	123.67	N/A	N/A	10	6	42	4
2022-07-11	$10.97	$7.50	154.1%	21.3%	56.5%	100.0%	70.7%	-13.3%	-15.3%	514	-16.9K	-65	0.60	121.70	N/A	N/A	10	6	42	4
2022-07-12	$11.04	$7.50	165.5%	20.6%	54.6%	100.0%	69.1%	-0.5%	-11.3%	513	-14.3K	-53	0.60	122.08	N/A	N/A	10	6	38	4
2022-07-13	$11.20	$7.50	71.7%	20.6%	50.4%	15.8%	70.8%	6.5%	-8.1%	586	-15.1K	-52	0.60	122.22	N/A	N/A	10	6	38	4
2022-07-14	$11.36	$7.50	71.5%	20.5%	48.9%	15.6%	72.2%	18.3%	-14.9%	537	-15.9K	-52	0.70	117.91	N/A	N/A	10	7	38	4
2022-07-15	$11.59	$10.00	70.5%	20.2%	45.6%	14.6%	72.9%	18.8%	-4.9%	693	-19.0K	-55	0.70	122.43	N/A	N/A	10	7	38	5
2022-07-18	$11.24	$10.00	79.0%	22.6%	47.0%	22.3%	68.6%	-12.3%	48.3%	539	-15.7K	-51	0.60	115.81	N/A	N/A	10	6	38	4
2022-07-19	$11.68	$10.00	70.1%	20.1%	46.7%	14.4%	70.2%	5.3%	-4.8%	734	-18.4K	-51	0.60	122.19	N/A	N/A	10	6	38	4
2022-07-20	$12.21	$10.00	63.9%	18.3%	47.1%	8.7%	64.0%	0.3%	-5.4%	864	-21.4K	-52	0.60	118.26	N/A	N/A	10	6	38	4
2022-07-21	$12.63	$10.00	59.7%	17.1%	47.8%	5.0%	63.3%	14.8%	-2.0%	978	-24.0K	-49	0.60	122.69	N/A	N/A	10	6	38	5
2022-07-22	$12.32	$10.00	60.5%	17.4%	49.5%	5.7%	68.8%	11.5%	-5.5%	624	-24.8K	-53	0.60	112.32	N/A	N/A	10	6	38	5
2022-07-25	$12.23	$10.00	64.6%	18.5%	49.7%	9.3%	71.6%	-4.1%	-0.9%	894	-22.9K	-49	0.60	108.56	N/A	N/A	10	6	38	5
2022-07-26	$11.84	$10.00	61.0%	17.5%	50.8%	6.2%	66.5%	11.4%	-3.2%	856	-18.3K	-46	0.60	95.18	N/A	N/A	10	6	38	5
2022-07-27	$11.97	$10.00	66.6%	19.1%	49.9%	11.2%	70.4%	1.5%	55.3%	880	-20.9K	-46	0.70	97.73	N/A	N/A	10	7	38	5
2022-07-28	$12.41	$10.00	67.4%	19.3%	50.8%	11.9%	73.6%	4.0%	-2.8%	895	-24.4K	-47	0.70	98.14	N/A	N/A	10	7	38	7
2022-07-29	$12.38	$10.00	67.8%	19.4%	48.8%	12.2%	72.9%	-0.6%	3.6%	881	-22.2K	-47	0.70	118.25	N/A	N/A	10	7	38	7