MAX Options History — November 2022

In November 2022, MAX traded between $10.96 and $14.84. ATM implied volatility averaged 70.0%, placing in the 6.1% IV rank vs the trailing year. The 30-day expected move averaged 19.8%. IV traded below realized volatility by 22.7% (HV 20d: 92.8%). Max pain ranged from $10.00 to $15.00. Net GEX was positive for 4 of 21 trading days. Term structure was in contango for 7 of 21 days. Put/call ratio averaged 2.78.

Notable Days

2022-11-07: Highest Volume — 449 contracts
2022-11-15: Largest IV spike — 26.3% change
2022-11-29: Highest IV Rank — 16.3%
2022-11-29: Largest Expected Move — 28.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$12.87	$10.96	$14.84	$11.22	$11.62
Max Pain	$14.29	$10.00	$15.00	$10.00	$15.00
ATM IV	70.0%	51.8%	99.6%	69.3%	84.4%
Expected Move	19.8%	14.8%	28.6%	19.9%	24.2%
HV 20d	92.8%	36.7%	112.6%	36.7%	112.6%
HV 60d	71.7%	52.6%	76.2%	64.4%	76.1%
IV Rank	6.1%	0.0%	16.3%	5.7%	11.1%
IV Percentile	28.2%	0.0%	88.9%	18.3%	71.4%
Term Structure	-3.9%	-30.5%	27.9%	24.7%	-26.8%
VWIV	66.5%	55.1%	78.3%	73.7%	64.7%
Skew 25d	6.3%	-14.2%	21.8%	15.1%	10.5%
Skew 10d	19.5%	-22.4%	76.0%	76.0%	28.6%
Call IV 25d	76.4%	53.7%	102.9%	70.9%	96.6%
Put IV 25d	82.7%	64.6%	107.1%	86.0%	107.1%
Bid-Ask Spread %	105.58	83.12	131.72	104.17	131.72
Gamma HHI	0.50	0.25	0.85	0.36	0.25
Net GEX	-4.8K	-18.8K	180	57	-13
Net DEX	111.6K	-15.5K	371.1K	-4.4K	1.7K
Net VEX	-129	-424	-23	-31	-46
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	2.78	0.51	9.20	0.51	1.07
Total Volume	109.857	0	449	53	0
Total OI	217.952	29	542	50	29

Daily Data (21 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
2022-11-01	$11.22	$10.00	69.3%	19.9%	36.7%	5.7%	73.7%	15.1%	24.7%	57	-4.4K	-31	0.51	104.17	N/A	N/A	35	18	35	15
2022-11-02	$11.07	$10.00	71.4%	20.5%	36.9%	6.4%	76.4%	1.2%	27.9%	50	-3.9K	-29	0.51	98.55	N/A	N/A	35	18	35	15
2022-11-03	$11.23	$12.50	75.4%	18.9%	36.7%	7.8%	71.0%	-14.2%	0.2%	65	-5.1K	-31	0.77	90.00	N/A	N/A	35	27	35	15
2022-11-04	$14.54	$12.50	65.0%	21.2%	93.0%	4.2%	78.3%	21.8%	-16.3%	180	-15.5K	-23	1.88	83.12	N/A	N/A	60	113	35	21
2022-11-07	$14.84	$15.00	67.0%	16.4%	92.9%	4.9%	66.7%	0.5%	-1.7%	-922	-11.1K	-119	9.20	99.32	N/A	N/A	44	405	63	123
2022-11-08	$14.13	$15.00	68.0%	16.1%	95.4%	5.3%	62.5%	1.0%	2.8%	-18.4K	348.5K	-424	5.76	97.63	N/A	N/A	29	167	58	484
2022-11-09	$14.00	$15.00	58.8%	16.9%	95.3%	2.1%	61.9%	-0.4%	-0.3%	-18.8K	371.1K	-360	6.29	108.69	N/A	N/A	31	195	58	472
2022-11-10	$14.22	$15.00	51.8%	14.8%	95.1%	0.0%	61.8%	19.1%	26.9%	-15.7K	337.2K	-382	3.61	97.13	N/A	N/A	31	112	58	448
2022-11-11	$14.20	$15.00	61.3%	17.6%	95.3%	3.2%	69.7%	13.2%	-11.2%	-14.4K	229.9K	-293	3.48	100.32	N/A	N/A	31	108	57	373
2022-11-14	$13.98	$15.00	56.6%	16.2%	95.7%	1.6%	62.6%	-5.4%	-3.2%	-15.2K	212.6K	-230	6.10	92.89	N/A	N/A	31	189	57	369
2022-11-15	$14.29	$15.00	71.5%	20.5%	95.6%	6.7%	63.8%	4.8%	-12.6%	-11.2K	136.9K	-183	1.47	97.74	N/A	N/A	123	181	57	300
2022-11-16	$12.92	$15.00	59.5%	17.1%	104.1%	2.6%	55.1%	9.9%	-8.0%	-6.3K	256.5K	-117	1.58	107.92	N/A	N/A	26	41	103	298
2022-11-17	$13.51	$15.00	64.3%	18.4%	104.7%	4.3%	61.5%	13.8%	-6.2%	-190	247.9K	-68	1.50	108.52	N/A	N/A	26	39	101	291
2022-11-18	$12.83	$15.00	61.6%	17.7%	107.2%	3.4%	62.1%	11.5%	6.7%	-191	238.8K	-66	1.35	105.99	N/A	N/A	26	35	100	291
2022-11-21	$12.57	$15.00	63.0%	18.1%	107.5%	3.8%	64.5%	7.5%	7.1%	-79	-495	-57	1.07	110.99	N/A	N/A	15	16	13	18
2022-11-22	$12.23	$15.00	68.8%	19.7%	108.0%	5.8%	66.6%	1.4%	-4.3%	-40	-263	-55	1.07	109.47	N/A	N/A	15	16	13	17
2022-11-23	$12.22	$15.00	84.7%	24.3%	107.8%	11.2%	74.9%	-2.6%	-28.5%	-36	-515	-54	1.07	107.21	N/A	N/A	15	16	13	17
2022-11-25	$12.13	$15.00	82.8%	23.7%	107.5%	10.6%	0.0%	11.8%	-14.1%	-37	-103	-53	0.00	122.49	N/A	N/A	0	0	13	17
2022-11-28	$11.50	$15.00	85.8%	24.6%	109.2%	11.6%	0.0%	11.8%	-15.4%	-19	323	-49	0.00	118.17	N/A	N/A	0	0	13	17
2022-11-29	$10.96	$15.00	99.6%	28.6%	110.7%	16.3%	64.7%	0.9%	-30.5%	-29	3.2K	-47	0.00	125.06	N/A	N/A	0	3	13	17
2022-11-30	$11.62	$15.00	84.4%	24.2%	112.6%	11.1%	0.0%	10.5%	-26.8%	-13	1.7K	-46	0.00	131.72	N/A	N/A	0	0	13	16