MAX Options History — May 2023

In May 2023, MAX traded between $5.36 and $9.29. ATM implied volatility averaged 98.3%, placing in the 18.6% IV rank vs the trailing year. The 30-day expected move averaged 26.7%. IV traded below realized volatility by 15.4% (HV 20d: 113.7%). Max pain ranged from $7.50 to $12.50. Net GEX was positive for 8 of 22 trading days. Term structure was in contango for 5 of 22 days. Put/call ratio averaged 69.44.

Notable Days

  • 2023-05-04: Highest Volume — 6,486 contracts
  • 2023-05-26: Largest IV spike — 111.9% change
  • 2023-05-26: Highest IV Rank — 40.6%
  • 2023-05-26: Largest Expected Move — 47.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$6.81$5.36$9.29$7.63$8.83
Max Pain$8.52$7.50$12.50$12.50$7.50
ATM IV98.3%40.0%164.8%153.9%60.5%
Expected Move26.7%11.5%47.3%44.1%17.4%
HV 20d113.7%90.9%131.6%107.9%119.0%
HV 60d88.7%78.2%102.7%78.2%102.6%
IV Rank18.6%0.0%40.6%36.9%6.7%
IV Percentile72.1%0.0%98.8%98.4%15.9%
Term Structure-4.1%-51.7%168.0%-38.8%-29.8%
VWIV82.9%35.7%152.3%152.3%66.1%
Skew 25d8.7%-23.2%47.1%-10.5%-3.2%
Skew 10d20.5%-33.6%81.8%-33.6%-22.9%
Call IV 25d84.2%36.9%153.8%153.8%66.3%
Put IV 25d92.9%39.0%152.4%143.3%63.2%
Bid-Ask Spread %75.6022.53120.0240.6560.88
Gamma HHI0.500.310.830.520.59
Net GEX-5.9K-44.0K954-44.0K-4.9K
Net DEX1.5M-67.0K3.5M3.4M-14.6K
Net VEX-552-3.7K-120-3.7K-531
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio69.440.00648.710.072.83
Total Volume774.63606,4863046
Total OI3,189.9553326,8056,7991,148

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-05-01$7.63$12.50153.9%44.1%107.9%36.9%152.3%-10.5%-38.8%-44.0K3.4M-3.7K0.0740.65N/AN/A2823166,483
2023-05-02$6.61$12.50135.6%38.9%112.2%30.9%83.6%20.6%51.6%-29.9K3.5M-2.2K140.1022.53N/AN/A202,8023206,485
2023-05-03$6.17$12.50110.5%31.7%112.1%22.6%97.7%-12.0%-51.7%-16.3K2.5M-1.0K264.0057.37N/AN/A51,3203294,717
2023-05-04$5.79$10.00156.3%25.9%112.3%37.7%0.0%-23.2%-29.9%-12.3K1.7M-92891.66111.42N/AN/A706,4163333,501
2023-05-05$6.09$10.00116.8%34.4%117.2%24.7%0.0%45.0%-38.1%-5772.4M-120648.71120.02N/AN/A74,5414014,063
2023-05-08$5.94$10.00108.1%24.0%116.9%21.8%92.8%-4.2%-4.7%-5783.2M-1260.9085.23N/AN/A21194005,571
2023-05-09$5.83$7.50107.4%22.6%116.4%21.6%82.8%-0.1%-5.7%-8.3K3.1M-3620.0082.46N/AN/A4704145,576
2023-05-10$6.17$7.5079.4%22.8%121.7%12.3%0.0%3.5%-7.1%-7.0K1.9M-2840.1092.91N/AN/A5254613,325
2023-05-11$6.04$7.5089.5%25.7%121.7%15.6%0.0%8.0%-12.0%-6.3K1.9M-3150.0057.92N/AN/A005063,330
2023-05-12$5.89$7.5089.6%25.7%94.0%15.7%92.9%0.2%-30.7%-4.0K1.9M-2510.0081.29N/AN/A205063,330
2023-05-15$5.68$7.5091.5%26.2%93.0%16.3%0.0%7.7%-25.0%-8291.8M-1820.1474.39N/AN/A715083,323
2023-05-16$5.36$7.5092.0%26.4%90.9%16.5%0.0%24.3%-7.1%-1441.7M-1690.0081.85N/AN/A015143,322
2023-05-17$6.24$7.5098.4%28.2%110.8%18.6%0.0%19.0%-37.9%-921.3M-2030.0086.34N/AN/A01345142,265
2023-05-18$6.85$7.5073.6%21.1%117.9%10.4%74.6%20.5%168.0%4511.5M-21195.8385.87N/AN/A65755142,351
2023-05-19$6.69$7.5075.5%21.6%117.6%11.0%75.5%-0.6%-8.2%2671.6M-1840.7172.83N/AN/A755162,639
2023-05-22$7.43$7.5081.9%23.5%123.5%13.1%81.9%8.2%1.6%603-13.9K-2160.0071.13N/AN/A110183154
2023-05-23$7.43$7.5078.6%22.5%121.0%12.1%78.6%6.1%-12.4%579-12.2K-1940.0068.92N/AN/A02180154
2023-05-24$7.54$7.5081.1%23.3%107.3%12.9%81.1%9.2%-21.1%618-14.5K-1880.1770.33N/AN/A61180152
2023-05-25$7.56$7.5077.8%22.3%107.2%11.8%0.0%24.3%-14.4%774-18.5K-1940.0070.04N/AN/A30187149
2023-05-26$9.29$7.50164.8%47.3%129.4%40.6%64.5%47.1%23.5%674-67.0K-2600.55108.84N/AN/A14479186149
2023-05-30$8.75$7.5040.0%11.5%131.6%0.0%35.7%2.1%40.0%954-50.2K-2864.0960.04N/AN/A129528294230
2023-05-31$8.83$7.5060.5%17.4%119.0%6.7%66.1%-3.2%-29.8%-4.9K-14.6K-5312.8360.88N/AN/A1234390758