MAX Options History — December 2022

In December 2022, MAX traded between $9.11 and $11.42. ATM implied volatility averaged 83.0%, placing in the 11.5% IV rank vs the trailing year. The 30-day expected move averaged 21.2%. IV traded above realized volatility by 18.7% (HV 20d: 64.2%). Max pain ranged from $10.00 to $15.00. Net GEX was positive for 6 of 21 trading days. Term structure was in contango for 6 of 21 days. Put/call ratio averaged 4.50.

Notable Days

2022-12-20: Highest Volume — 10 contracts
2022-12-27: Largest IV spike — 44.9% change
2022-12-06: Highest IV Rank — 27.0%
2022-12-02: Largest Expected Move — 32.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$10.16	$9.11	$11.42	$11.42	$9.96
Max Pain	$10.77	$10.00	$15.00	$15.00	$10.00
ATM IV	83.0%	42.2%	130.9%	80.0%	78.6%
Expected Move	21.2%	12.1%	32.6%	22.9%	22.5%
HV 20d	64.2%	38.2%	112.7%	112.7%	71.1%
HV 60d	76.2%	74.0%	80.5%	75.4%	79.1%
IV Rank	11.5%	0.0%	27.0%	9.6%	12.0%
IV Percentile	54.0%	0.0%	96.8%	55.2%	51.6%
Term Structure	-8.0%	-43.6%	36.0%	-26.0%	-4.0%
VWIV	69.7%	41.2%	90.5%	55.6%	73.2%
Skew 25d	13.6%	-21.8%	62.9%	-1.5%	62.9%
Skew 10d	23.3%	-6.3%	89.3%	13.8%	89.3%
Call IV 25d	68.1%	43.3%	114.2%	104.5%	58.8%
Put IV 25d	81.7%	59.2%	121.6%	102.9%	121.6%
Bid-Ask Spread %	108.38	87.05	129.64	127.99	97.06
Gamma HHI	0.34	0.26	0.50	0.27	0.35
Net GEX	-39	-197	14	-9	-76
Net DEX	3.0K	-798	6.0K	-207	2.8K
Net VEX	-35	-46	-23	-46	-32
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	4.50	0.00	9.00	9.00	0.00
Total Volume	1	0	10	0	1
Total OI	28.524	23	33	29	28

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
2022-12-01	$11.42	$15.00	80.0%	22.9%	112.7%	9.6%	0.0%	-1.5%	-26.0%	-9	-207	-46	0.00	127.99	N/A	N/A	0	0	13	16
2022-12-02	$11.23	$15.00	113.9%	32.6%	112.7%	21.2%	0.0%	4.8%	-37.6%	-8	1.3K	-46	0.00	129.64	N/A	N/A	0	0	13	16
2022-12-05	$11.07	$0.00	112.4%	26.7%	58.2%	20.7%	0.0%	40.6%	-11.7%	-21	1.9K	-44	0.00	112.11	N/A	N/A	0	0	13	16
2022-12-06	$10.87	$0.00	130.9%	25.3%	56.8%	27.0%	0.0%	10.6%	-14.6%	-33	2.1K	-39	0.00	105.20	N/A	N/A	0	0	13	16
2022-12-07	$10.48	$0.00	72.5%	18.3%	56.0%	7.1%	0.0%	-15.7%	3.5%	4	4.7K	-36	0.00	108.65	N/A	N/A	0	1	13	16
2022-12-08	$10.28	$0.00	85.0%	27.0%	56.0%	11.4%	0.0%	13.0%	-20.8%	6	4.6K	-35	0.00	98.58	N/A	N/A	0	0	13	16
2022-12-09	$10.25	$0.00	100.4%	12.8%	55.0%	16.6%	0.0%	21.3%	-2.2%	-1	4.4K	-33	0.00	124.93	N/A	N/A	0	0	13	16
2022-12-12	$10.20	$0.00	100.3%	19.2%	54.9%	16.6%	0.0%	7.9%	-10.1%	13	4.6K	-34	0.00	120.01	N/A	N/A	0	0	13	16
2022-12-13	$10.34	$0.00	103.5%	17.9%	55.9%	17.7%	0.0%	13.9%	0.0%	9	4.1K	-31	0.00	112.41	N/A	N/A	0	0	13	15
2022-12-14	$10.08	$0.00	66.2%	19.0%	54.3%	4.9%	55.6%	3.4%	-15.8%	14	3.8K	-30	0.00	117.29	N/A	N/A	0	1	13	15
2022-12-15	$9.66	$10.00	72.7%	20.8%	45.7%	7.1%	0.0%	17.9%	9.4%	-30	6.0K	-23	0.00	95.31	N/A	N/A	0	0	13	16
2022-12-16	$9.39	$10.00	85.5%	24.5%	40.2%	11.5%	0.0%	-21.8%	-43.6%	-12	5.9K	-28	0.00	123.36	N/A	N/A	0	0	13	16
2022-12-19	$9.21	$10.00	53.9%	15.5%	38.2%	0.7%	0.0%	4.2%	36.0%	-18	1.5K	-32	0.00	106.61	N/A	N/A	0	1	12	11
2022-12-20	$10.59	$10.00	65.8%	18.9%	67.2%	4.8%	73.8%	-17.5%	-5.2%	1	-798	-37	9.00	106.03	N/A	N/A	1	9	12	12
2022-12-21	$10.25	$10.00	74.2%	21.3%	67.5%	7.6%	69.5%	31.4%	-10.7%	-107	1.4K	-42	0.00	90.04	N/A	N/A	0	2	14	19
2022-12-22	$10.16	$10.00	42.2%	12.1%	67.4%	0.0%	41.2%	36.0%	-2.5%	-197	2.4K	-38	0.00	110.17	N/A	N/A	0	1	14	17
2022-12-23	$9.99	$10.00	59.7%	17.1%	67.4%	5.8%	0.0%	24.6%	3.1%	-104	2.4K	-38	0.00	102.98	N/A	N/A	0	0	13	16
2022-12-27	$9.11	$10.00	86.5%	24.8%	72.0%	14.6%	84.1%	20.2%	-15.8%	-80	3.5K	-34	0.00	98.91	N/A	N/A	0	1	13	16
2022-12-28	$9.27	$10.00	67.8%	19.4%	71.4%	8.5%	0.0%	1.9%	4.2%	-108	4.3K	-31	0.00	87.05	N/A	N/A	0	0	13	15
2022-12-29	$9.48	$10.00	90.5%	25.9%	68.0%	16.0%	90.5%	27.8%	-3.2%	-63	2.6K	-36	0.00	101.57	N/A	N/A	0	3	13	15
2022-12-30	$9.96	$10.00	78.6%	22.5%	71.1%	12.0%	73.2%	62.9%	-4.0%	-76	2.8K	-32	0.00	97.06	N/A	N/A	1	0	13	15