MAX Options History — September 2022

In September 2022, MAX traded between $7.95 and $9.45. ATM implied volatility averaged 91.2%, placing in the 12.7% IV rank vs the trailing year. The 30-day expected move averaged 22.9%. IV traded above realized volatility by 28.6% (HV 20d: 62.6%). Max pain ranged from $7.50 to $17.50. Net GEX was positive for 7 of 21 trading days. Term structure was in contango for 3 of 21 days. Put/call ratio averaged 0.98.

Notable Days

  • 2022-09-28: Highest Volume — 66 contracts
  • 2022-09-14: Largest IV drop — 51.5% change
  • 2022-09-13: Highest IV Rank — 30.0%
  • 2022-09-15: Largest Expected Move — 28.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$8.45$7.95$9.45$8.29$8.75
Max Pain$9.72$7.50$17.50$7.50$7.50
ATM IV91.2%68.6%141.3%95.0%80.6%
Expected Move22.9%17.5%28.0%27.2%23.1%
HV 20d62.6%45.7%106.9%106.9%63.9%
HV 60d75.4%74.3%76.7%74.7%76.1%
IV Rank12.7%5.0%30.0%14.1%9.1%
IV Percentile69.6%18.3%97.2%87.3%54.4%
Term Structure-10.3%-40.7%26.9%-9.9%-19.8%
VWIV77.0%59.1%91.5%91.5%59.1%
Skew 25d20.9%-19.1%44.0%44.0%20.8%
Skew 10d45.8%6.5%97.6%77.6%36.7%
Call IV 25d74.7%56.9%107.9%107.9%79.8%
Put IV 25d95.6%57.6%151.8%151.8%100.6%
Bid-Ask Spread %109.1178.77133.0288.4485.42
Gamma HHI0.440.280.660.510.66
Net GEX27-50399-50399
Net DEX-537-21.5K3.1K1.9K-20.1K
Net VEX-31-49-24-37-47
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.980.005.005.000.27
Total Volume18.9520661266
Total OI29.09522632663

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2022-09-01$8.29$7.5095.0%27.2%106.9%14.1%0.0%44.0%-9.9%-501.9K-375.0088.44N/AN/A2101115
2022-09-02$8.36$7.5088.9%25.5%85.7%12.0%0.0%38.1%-35.9%01.3K-310.00109.19N/AN/A001211
2022-09-06$7.95$0.00109.0%20.3%84.6%18.9%0.0%20.3%15.0%-17665-281.50112.02N/AN/A10151211
2022-09-07$8.44$0.00103.3%19.4%60.8%16.9%0.0%26.3%-2.4%-81.6K-281.50124.64N/AN/A10151211
2022-09-08$8.87$0.00104.8%17.5%62.4%17.4%0.0%25.1%-2.5%-101.2K-290.00123.86N/AN/A001211
2022-09-09$8.88$0.00112.2%18.3%60.5%20.0%0.0%15.8%-4.3%-6943-290.00126.29N/AN/A001211
2022-09-12$8.93$0.0098.0%23.8%59.7%15.1%0.0%14.9%-14.3%-19502-300.00102.35N/AN/A001211
2022-09-13$8.32$0.00141.3%23.4%64.4%30.0%0.0%14.8%26.9%1754-301.25101.00N/AN/A12151211
2022-09-14$8.31$0.0068.6%19.7%63.7%5.0%0.0%-19.1%-40.7%-161.3K-290.00109.25N/AN/A201111
2022-09-15$8.12$0.0097.7%28.0%63.7%15.0%0.0%20.5%-19.5%-131.4K-300.00115.66N/AN/A001311
2022-09-16$8.09$0.0080.4%23.0%63.4%9.0%0.0%27.2%-9.9%-272.3K-251.36128.54N/AN/A11151311
2022-09-19$8.16$0.0080.6%23.1%61.9%9.1%0.0%29.2%-9.7%-283.1K-250.00121.26N/AN/A001210
2022-09-20$8.23$0.0082.6%23.7%55.8%9.8%0.0%30.9%-8.3%-283.0K-250.00133.02N/AN/A001210
2022-09-21$8.16$0.0084.7%24.3%48.7%10.5%91.5%8.4%-8.9%-183.0K-240.00124.33N/AN/A801210
2022-09-22$8.20$17.5073.9%21.2%47.3%6.8%82.6%26.6%-18.0%-182.5K-250.00100.05N/AN/A302010
2022-09-23$8.21$10.0089.8%25.7%47.1%12.3%0.0%19.4%-38.8%201.4K-300.0078.77N/AN/A002310
2022-09-26$8.47$10.0076.1%21.8%45.7%7.6%70.1%7.1%-23.9%261.6K-300.64102.83N/AN/A22142310
2022-09-27$8.53$10.0079.9%22.9%45.7%8.9%73.5%34.3%22.6%291.5K-310.6495.60N/AN/A22142310
2022-09-28$9.45$10.0082.5%23.7%58.3%9.8%89.8%-8.4%-12.8%48276-340.2794.32N/AN/A52142310
2022-09-29$8.81$7.5084.8%24.3%63.9%10.5%72.5%42.9%-2.0%307-21.5K-490.27114.57N/AN/A52145310
2022-09-30$8.75$7.5080.6%23.1%63.9%9.1%59.1%20.8%-19.8%399-20.1K-470.2785.42N/AN/A52145310