MAX Options History — February 2023 In February 2023, MAX traded between $13.32 and $16.18. ATM implied volatility averaged 65.8%, placing in the 7.8% IV rank vs the trailing year. The 30-day expected move averaged 18.7%. IV traded above realized volatility by 18.4% (HV 20d: 47.4%). Max pain ranged from $12.50 to $17.50. Net GEX was positive for 17 of 19 trading days. Term structure was in contango for 6 of 19 days. Put/call ratio averaged 0.59.
Notable Days 2023-02-24 : Highest Volume — 55 contracts2023-02-16 : Largest IV spike — 34.3% change2023-02-23 : Highest IV Rank — 14.2%2023-02-23 : Largest Expected Move — 24.4%Monthly Statistics Metric Avg Min Max Open Close Price $14.43 $13.32 $16.18 $14.16 $15.19 Max Pain $15.19 $12.50 $17.50 $12.50 $17.50 ATM IV 65.8% 51.3% 85.2% 59.3% 66.1% Expected Move 18.7% 14.7% 24.4% 17.0% 19.0% HV 20d 47.4% 37.5% 61.8% 37.5% 61.4% HV 60d 60.2% 57.0% 80.2% 80.2% 59.0% IV Rank 7.8% 3.0% 14.2% 5.7% 7.9% IV Percentile 22.3% 0.8% 74.6% 6.3% 20.6% Term Structure -7.2% -30.4% 10.6% 10.6% 1.9% VWIV 67.0% 39.3% 82.9% 75.1% 65.6% Skew 25d 13.1% -19.3% 32.8% -4.1% -19.3% Skew 10d 26.0% -30.0% 51.7% 10.2% -30.0% Call IV 25d 60.3% 44.9% 81.8% 72.7% 81.8% Put IV 25d 73.4% 46.7% 104.2% 68.6% 62.5% Bid-Ask Spread % 103.58 83.57 120.83 117.74 104.66 Gamma HHI 0.60 0.45 0.94 0.52 0.76 Net GEX 672 -595 2.6K 530 -595 Net DEX -29.4K -64.1K 9.9K -23.8K 9.9K Net VEX -67 -162 -43 -49 -128 Div Yield 0.0% 0.0% 0.0% 0.0% 0.0% P/C Ratio 0.59 0.00 4.67 1.00 1.89 Total Volume 9.632 0 55 2 26 Total OI 52.158 29 85 39 85
Daily Data (19 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 2023-02-01 $14.16 $12.50 59.3% 17.0% 37.5% 5.7% 75.1% -4.1% 10.6% 530 -23.8K -49 1.00 117.74 N/A N/A 1 1 28 11 2023-02-02 $14.04 $0.00 74.8% 16.4% 38.5% 10.8% 0.0% 21.4% 4.5% 509 -23.1K -53 0.00 110.13 N/A N/A 1 0 30 12 2023-02-03 $13.91 $0.00 59.1% 20.7% 39.2% 5.6% 0.0% 5.1% -11.7% 511 -27.4K -53 0.00 110.47 N/A N/A 0 0 31 12 2023-02-06 $14.20 $0.00 72.1% 16.7% 38.6% 9.9% 0.0% 21.4% 0.9% 660 -25.4K -48 0.00 120.83 N/A N/A 2 0 31 12 2023-02-07 $13.75 $0.00 67.2% 22.2% 40.9% 8.3% 0.0% 24.0% -13.3% 634 -24.4K -52 0.00 114.79 N/A N/A 2 0 33 12 2023-02-08 $13.32 $0.00 66.9% 19.2% 43.2% 8.2% 0.0% 11.6% -4.8% 697 -23.6K -52 0.00 106.77 N/A N/A 1 0 35 12 2023-02-09 $14.30 $0.00 61.3% 17.6% 48.0% 6.3% 63.1% 4.5% -0.0% 642 -36.3K -48 0.50 101.66 N/A N/A 2 1 36 12 2023-02-10 $14.41 $15.00 65.4% 18.7% 48.0% 7.7% 0.0% 21.7% -6.4% 702 -34.3K -56 0.00 104.83 N/A N/A 0 0 38 13 2023-02-13 $13.89 $15.00 69.0% 19.8% 51.0% 8.9% 0.0% 31.6% -20.4% 785 -31.9K -49 0.00 97.51 N/A N/A 1 0 38 13 2023-02-14 $14.14 $15.00 64.1% 18.4% 49.5% 7.2% 0.0% 7.6% -7.8% 688 -37.3K -44 0.00 99.22 N/A N/A 1 0 40 13 2023-02-15 $14.34 $15.00 52.6% 15.1% 48.6% 3.5% 0.0% 7.8% -17.7% 633 -42.0K -43 0.00 89.16 N/A N/A 0 0 41 13 2023-02-16 $14.90 $15.00 70.7% 20.3% 48.4% 9.4% 69.8% 13.8% 4.7% 633 -45.9K -43 0.00 101.35 N/A N/A 15 0 41 13 2023-02-17 $14.77 $15.00 51.3% 14.7% 47.1% 3.0% 0.0% 11.1% 10.1% 687 -54.0K -64 0.00 99.59 N/A N/A 1 0 56 13 2023-02-21 $14.38 $15.00 62.6% 17.9% 49.0% 6.7% 81.9% 1.8% -30.4% 583 -18.8K -61 0.00 102.11 N/A N/A 9 0 27 2 2023-02-22 $14.40 $15.00 73.5% 21.1% 45.9% 10.4% 39.3% 15.5% -5.2% 923 -26.4K -74 0.00 104.04 N/A N/A 7 0 36 2 2023-02-23 $14.54 $15.00 85.2% 24.4% 45.9% 14.2% 82.9% 26.1% -15.9% 1.0K -28.1K -80 0.03 97.13 N/A N/A 39 1 43 2 2023-02-24 $16.18 $15.00 62.4% 17.9% 57.6% 6.7% 59.6% 14.5% -14.2% 2.6K -64.1K -162 1.29 83.57 N/A N/A 24 31 82 3 2023-02-27 $15.31 $17.50 66.0% 18.9% 61.8% 7.9% 65.6% 32.8% -21.1% -93 -2.0K -115 4.67 102.38 N/A N/A 3 14 38 32 2023-02-28 $15.19 $17.50 66.1% 19.0% 61.4% 7.9% 65.6% -19.3% 1.9% -595 9.9K -128 1.89 104.66 N/A N/A 9 17 40 45
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