MAX Options History — January 2023

In January 2023, MAX traded between $10.29 and $13.89. ATM implied volatility averaged 70.9%, placing in the 9.5% IV rank vs the trailing year. The 30-day expected move averaged 20.0%. IV traded above realized volatility by 9.8% (HV 20d: 61.1%). Max pain ranged from $10.00 to $12.50. Net GEX was positive for 13 of 20 trading days. Term structure was in contango for 6 of 20 days. Put/call ratio averaged 0.00.

Notable Days

2023-01-18: Highest Volume — 13 contracts
2023-01-06: Largest IV spike — 52.4% change
2023-01-06: Highest IV Rank — 16.3%
2023-01-30: Largest Expected Move — 25.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.58	$10.29	$13.89	$10.29	$13.89
Max Pain	$12.25	$10.00	$12.50	$10.00	$12.50
ATM IV	70.9%	50.2%	91.4%	82.3%	81.3%
Expected Move	20.0%	14.4%	25.1%	23.6%	23.3%
HV 20d	61.1%	36.6%	72.6%	72.3%	37.9%
HV 60d	78.8%	77.7%	80.1%	79.4%	80.1%
IV Rank	9.5%	2.7%	16.3%	13.2%	12.9%
IV Percentile	34.2%	0.4%	81.7%	63.1%	60.7%
Term Structure	-9.2%	-43.6%	22.2%	-15.9%	-22.1%
VWIV	70.4%	62.9%	87.7%	62.9%	87.7%
Skew 25d	19.9%	-1.0%	56.2%	56.2%	13.4%
Skew 10d	29.8%	-2.2%	68.3%	65.7%	52.9%
Call IV 25d	59.8%	45.2%	78.9%	55.0%	69.0%
Put IV 25d	79.7%	53.7%	111.2%	111.2%	82.4%
Bid-Ask Spread %	108.35	94.99	128.00	100.32	113.30
Gamma HHI	0.43	0.33	0.57	0.34	0.44
Net GEX	172	-60	369	-34	350
Net DEX	-7.3K	-19.7K	1.4K	1.4K	-19.7K
Net VEX	-39	-49	-30	-32	-47
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.00	0.00	0.00	0.00	0.00
Total Volume	2.1	0	13	0	5
Total OI	33.1	28	42	29	35

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	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2023-01-03	$10.29	$10.00	82.3%	23.6%	72.3%	13.2%	0.0%	56.2%	-15.9%	-34	1.4K	-32	100.32	N/A	N/A	0	0	14	15
2023-01-04	$10.46	$10.00	79.0%	22.6%	72.6%	12.2%	0.0%	14.7%	-43.6%	-30	-234	-35	103.76	N/A	N/A	0	0	14	15
2023-01-05	$10.50	$12.50	60.0%	18.4%	72.4%	5.9%	0.0%	7.8%	-11.6%	-60	1.1K	-32	94.99	N/A	N/A	0	0	14	15
2023-01-06	$10.87	$12.50	91.4%	19.9%	72.3%	16.3%	0.0%	19.9%	-19.4%	-27	-49	-32	113.07	N/A	N/A	0	1	14	15
2023-01-09	$10.74	$12.50	68.4%	18.4%	72.0%	8.7%	0.0%	8.8%	-3.8%	-1	-446	-30	100.83	N/A	N/A	0	0	14	14
2023-01-10	$10.64	$12.50	82.2%	23.0%	72.1%	13.2%	0.0%	12.3%	-28.4%	-18	-121	-32	120.22	N/A	N/A	0	0	14	14
2023-01-11	$10.91	$12.50	70.9%	20.3%	72.5%	9.5%	0.0%	27.9%	13.1%	-2	-988	-30	104.86	N/A	N/A	0	1	14	14
2023-01-12	$11.07	$12.50	81.3%	23.3%	72.6%	12.9%	0.0%	16.3%	-5.9%	8	-1.9K	-33	114.44	N/A	N/A	10	0	14	14
2023-01-13	$11.07	$12.50	73.4%	21.0%	71.8%	10.3%	0.0%	10.3%	-21.7%	228	-9.5K	-32	111.83	N/A	N/A	0	0	23	14
2023-01-17	$11.58	$12.50	53.2%	15.3%	70.9%	3.7%	0.0%	26.6%	22.2%	195	-11.9K	-37	128.00	N/A	N/A	8	0	23	14
2023-01-18	$12.01	$12.50	67.3%	19.3%	70.0%	8.3%	62.9%	26.0%	9.3%	139	-10.1K	-30	101.98	N/A	N/A	13	0	19	14
2023-01-19	$11.78	$12.50	58.8%	16.9%	70.0%	5.5%	0.0%	23.7%	4.6%	300	-12.6K	-45	111.08	N/A	N/A	1	0	27	14
2023-01-20	$11.48	$12.50	50.2%	14.4%	52.6%	2.7%	0.0%	51.1%	11.1%	292	-12.2K	-46	106.97	N/A	N/A	0	0	28	14
2023-01-23	$11.50	$12.50	55.9%	16.0%	50.8%	4.5%	65.8%	3.1%	-5.7%	309	-5.8K	-41	119.75	N/A	N/A	2	0	23	11
2023-01-24	$12.18	$12.50	70.6%	20.2%	53.7%	9.4%	0.0%	26.2%	-6.1%	342	-11.1K	-49	97.36	N/A	N/A	0	0	24	11
2023-01-25	$12.30	$12.50	66.2%	19.0%	52.8%	7.9%	0.0%	17.5%	-13.6%	358	-10.3K	-46	97.33	N/A	N/A	0	0	24	11
2023-01-26	$12.32	$12.50	65.9%	18.9%	36.6%	7.8%	0.0%	18.4%	-9.2%	369	-12.3K	-47	109.63	N/A	N/A	0	0	24	11
2023-01-27	$12.77	$12.50	71.8%	20.6%	37.3%	9.8%	0.0%	-1.0%	3.8%	363	-14.2K	-48	105.05	N/A	N/A	0	0	24	11
2023-01-30	$13.21	$12.50	87.7%	25.1%	37.8%	15.0%	65.3%	18.6%	-41.7%	357	-15.1K	-46	112.30	N/A	N/A	1	0	24	11
2023-01-31	$13.89	$12.50	81.3%	23.3%	37.9%	12.9%	87.7%	13.4%	-22.1%	350	-19.7K	-47	113.30	N/A	N/A	5	0	24	11