MAX Options History — March 2023

In March 2023, MAX traded between $13.75 and $15.49. ATM implied volatility averaged 66.5%, placing in the 8.1% IV rank vs the trailing year. The 30-day expected move averaged 16.3%. IV traded above realized volatility by 13.2% (HV 20d: 53.3%). Max pain ranged from $15.00 to $17.50. Net GEX was positive for 18 of 23 trading days. Term structure was in contango for 13 of 23 days. Put/call ratio averaged 0.00.

Notable Days

  • 2023-03-06: Highest Volume — 15 contracts
  • 2023-03-15: Largest IV drop — 35.4% change
  • 2023-03-14: Highest IV Rank — 28.7%
  • 2023-03-15: Largest Expected Move — 23.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$14.45$13.75$15.49$14.83$14.85
Max Pain$17.39$15.00$17.50$17.50$17.50
ATM IV66.5%46.4%129.0%58.0%58.9%
Expected Move16.3%13.1%23.9%16.6%16.9%
HV 20d53.3%38.1%62.7%60.1%38.1%
HV 60d54.9%47.2%59.7%59.1%47.5%
IV Rank8.1%1.4%28.7%5.2%5.5%
IV Percentile26.0%0.4%97.2%6.3%10.7%
Term Structure3.4%-22.8%35.7%-22.8%8.3%
VWIV54.9%44.4%71.2%46.6%57.7%
Skew 25d23.1%-10.8%194.4%12.1%194.4%
Skew 10d31.1%-11.7%276.3%32.5%276.3%
Call IV 25d52.9%35.8%75.5%75.5%49.6%
Put IV 25d76.1%49.2%244.0%87.6%244.0%
Bid-Ask Spread %111.85101.94129.29103.28116.66
Gamma HHI0.500.440.620.620.53
Net GEX110-376526-376-125
Net DEX-1.7K-13.5K12.2K12.2K-1.6K
Net VEX-71-106-55-102-55
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.000.000.000.000.00
Total Volume2.47801550
Total OI49.60937727237

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-03-01$14.83$17.5058.0%16.6%60.1%5.2%46.6%12.1%-22.8%-37612.2K-1020.00103.28N/AN/A053834
2023-03-02$14.96$17.5063.8%18.3%59.8%7.2%71.2%13.3%-11.5%-1515.9K-1050.00101.94N/AN/A0103833
2023-03-03$15.49$15.0066.3%19.0%60.7%8.0%0.0%0.2%-12.0%152-13.5K-1060.00105.50N/AN/A003823
2023-03-06$14.87$17.5081.0%13.6%62.7%12.8%0.0%2.2%17.3%83-6.3K-940.00106.18N/AN/A0153823
2023-03-07$14.96$17.5059.5%15.9%62.4%5.7%0.0%0.8%12.2%526-11.9K-800.00105.12N/AN/A203811
2023-03-08$14.66$17.5071.7%17.3%61.6%9.8%0.0%26.6%1.2%511-11.2K-790.00106.24N/AN/A304011
2023-03-09$14.29$17.5066.2%15.8%61.2%7.9%0.0%25.3%-3.1%391-7.2K-740.00113.71N/AN/A004311
2023-03-10$14.00$17.5088.8%16.1%56.2%15.4%0.0%9.4%-4.3%378-5.8K-680.00117.77N/AN/A004311
2023-03-13$13.96$17.50101.9%13.1%56.1%19.7%44.4%26.8%20.2%356-4.8K-650.00118.50N/AN/A084311
2023-03-14$14.18$17.50129.0%16.3%54.9%28.7%0.0%52.5%-9.8%254-2.6K-830.00123.39N/AN/A004319
2023-03-15$13.75$17.5083.3%23.9%55.6%13.6%54.8%11.3%-20.0%658.2K-690.00115.78N/AN/A0124319
2023-03-16$14.15$17.5065.4%18.8%56.4%7.7%0.0%-8.4%-11.5%1054.7K-680.00110.76N/AN/A004317
2023-03-17$13.93$17.5057.8%16.6%54.7%5.2%0.0%9.0%4.4%595.8K-650.00105.89N/AN/A014317
2023-03-20$13.88$17.5046.9%13.4%54.6%1.6%0.0%20.9%13.6%51-447-600.00110.54N/AN/A002512
2023-03-21$14.51$17.5052.4%15.0%56.3%3.4%0.0%21.8%3.5%49-2.5K-620.00107.91N/AN/A002512
2023-03-22$14.02$17.5059.3%17.0%57.7%5.7%0.0%29.0%-4.4%98-524-590.00113.11N/AN/A002512
2023-03-23$14.37$17.5048.1%13.8%58.3%1.9%0.0%36.0%35.7%11-925-610.00125.08N/AN/A002512
2023-03-24$14.56$17.5055.9%16.0%42.8%4.5%0.0%28.7%13.3%-624-570.00129.29N/AN/A002512
2023-03-27$14.79$17.5058.9%16.9%39.1%5.5%0.0%-0.2%11.8%31-2.8K-600.00111.91N/AN/A002512
2023-03-28$14.52$17.5046.4%13.3%39.5%1.4%0.0%26.9%21.7%88-1.9K-580.00109.87N/AN/A002512
2023-03-29$14.39$17.5053.4%15.3%38.7%3.7%0.0%-10.8%17.4%-6-373-550.00106.60N/AN/A002512
2023-03-30$14.39$17.5057.9%16.6%38.5%5.2%57.7%4.1%-3.9%45-1.3K-560.00107.41N/AN/A012512
2023-03-31$14.85$17.5058.9%16.9%38.1%5.5%0.0%194.4%8.3%-125-1.6K-550.00116.66N/AN/A002512