MAX Options History — April 2023

In April 2023, MAX traded between $7.41 and $15.25. ATM implied volatility averaged 81.2%, placing in the 12.9% IV rank vs the trailing year. The 30-day expected move averaged 23.6%. IV traded above realized volatility by 7.8% (HV 20d: 73.5%). Max pain ranged from $10.00 to $17.50. Net GEX was positive for 12 of 19 trading days. Term structure was in contango for 3 of 19 days. Put/call ratio averaged 22.03.

Notable Days

  • 2023-04-28: Highest Volume — 3,907 contracts
  • 2023-04-26: Largest IV spike — 46.8% change
  • 2023-04-27: Highest IV Rank — 35.9%
  • 2023-04-27: Largest Expected Move — 43.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$11.16$7.41$15.25$15.25$7.41
Max Pain$15.66$10.00$17.50$17.50$15.00
ATM IV81.2%51.2%150.8%61.9%140.8%
Expected Move23.6%16.8%43.2%17.7%40.4%
HV 20d73.5%36.5%108.8%36.5%108.1%
HV 60d62.7%47.5%78.9%47.7%77.7%
IV Rank12.9%3.0%35.9%6.5%32.6%
IV Percentile45.9%2.0%98.4%17.1%96.8%
Term Structure-12.1%-62.4%22.6%4.3%-62.4%
VWIV90.9%60.0%171.5%61.8%142.1%
Skew 25d10.0%-32.1%35.4%33.4%-23.1%
Skew 10d23.3%-33.1%83.5%18.4%31.3%
Call IV 25d78.1%42.8%168.1%42.8%152.4%
Put IV 25d88.2%47.5%176.6%76.2%129.3%
Bid-Ask Spread %93.7639.08122.17113.5055.19
Gamma HHI0.560.380.970.480.51
Net GEX-4.8K-40.0K8.8K86-40.0K
Net DEX525.2K-6.4K3.6M-6.4K3.6M
Net VEX-621-3.9K-45-58-3.6K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio22.030.00125.000.0065.22
Total Volume65103,90713,907
Total OI1,394.421376,844376,844

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-04-03$15.25$17.5061.9%17.7%36.5%6.5%61.8%33.4%4.3%86-6.4K-580.00113.50N/AN/A102512
2023-04-04$15.03$15.0060.6%17.4%36.9%6.1%0.0%27.0%-1.6%41-5.4K-560.00112.67N/AN/A002612
2023-04-05$14.48$15.0062.0%17.8%38.6%6.5%0.0%-5.0%-2.2%58-1.8K-530.00121.06N/AN/A022612
2023-04-06$14.14$10.0051.2%16.8%38.5%3.0%0.0%-1.2%-12.0%33747-510.00122.17N/AN/A002613
2023-04-10$13.94$10.0062.7%18.3%38.1%6.8%60.0%12.0%-25.9%281.8K-45125.00114.24N/AN/A11252613
2023-04-11$13.87$17.5054.1%18.5%38.1%3.9%0.0%13.8%-2.8%-2.2K143.6K-1890.00114.52N/AN/A0127137
2023-04-12$13.29$17.5065.0%18.6%40.4%7.5%62.9%11.0%-6.5%-1.7K148.8K-1470.00114.84N/AN/A0827139
2023-04-13$13.00$17.5066.7%19.1%39.8%8.1%60.5%7.6%-6.4%-1.5K158.8K-1420.0489.98N/AN/A8103127149
2023-04-14$10.17$17.5089.6%25.7%93.6%15.7%81.9%7.2%-43.1%8.8K87.8K-2630.44101.93N/AN/A286127837173
2023-04-17$10.27$17.5076.5%21.9%94.1%11.4%76.8%26.5%-10.1%-110136.0K-1350.6874.26N/AN/A69471,121262
2023-04-18$9.39$17.5074.9%21.5%97.6%10.8%73.8%5.1%-5.3%1.9K172.8K-1062.1262.97N/AN/A17361,182262
2023-04-19$9.44$17.5075.0%21.5%95.1%10.8%61.1%22.6%3.6%3.1K140.5K-1232.9392.97N/AN/A14411,194249
2023-04-20$9.21$17.5062.6%18.0%95.0%6.8%0.0%25.9%-11.5%122163.3K-610.1094.21N/AN/A2121,205201
2023-04-21$9.29$17.5071.7%20.6%94.1%9.8%81.9%4.5%-5.2%147135.8K-560.2495.30N/AN/A1741,205169
2023-04-24$9.73$17.5068.7%19.7%96.5%8.8%67.4%4.2%22.6%32989.8K-660.0595.11N/AN/A91570117
2023-04-25$8.99$12.50100.8%28.9%97.7%19.4%102.1%35.4%-25.5%1.5K50.2K-16785.4690.03N/AN/A413,504181119
2023-04-26$7.66$12.50148.0%42.4%108.8%35.0%168.2%15.5%-36.4%-24.2K1.7M-2.6K20.6577.39N/AN/A1342,7671733,619
2023-04-27$7.53$15.00150.8%43.2%108.6%35.9%171.5%-32.1%-3.4%-37.8K3.3M-3.9K5.5039.08N/AN/A402202416,373
2023-04-28$7.41$15.00140.8%40.4%108.1%32.6%142.1%-23.1%-62.4%-40.0K3.6M-3.6K65.2255.19N/AN/A593,8482576,587