MAX Options History — June 2023

In June 2023, MAX traded between $8.55 and $10.27. ATM implied volatility averaged 66.4%, placing in the 9.0% IV rank vs the trailing year. The 30-day expected move averaged 20.5%. IV traded below realized volatility by 24.0% (HV 20d: 90.4%). Max pain ranged from $5.00 to $10.00. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 13 of 21 days. Put/call ratio averaged 2.66.

Notable Days

  • 2023-06-27: Highest Volume — 238 contracts
  • 2023-06-16: Largest IV spike — 63.9% change
  • 2023-06-16: Highest IV Rank — 22.0%
  • 2023-06-16: Largest Expected Move — 30.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$9.45$8.55$10.27$8.55$10.27
Max Pain$6.43$5.00$10.00$7.50$10.00
ATM IV66.4%38.5%105.9%76.9%79.7%
Expected Move20.5%14.5%30.4%22.0%22.8%
HV 20d90.4%41.1%116.3%116.3%43.0%
HV 60d103.7%102.7%104.3%102.7%104.3%
IV Rank9.0%0.0%22.0%12.1%13.5%
IV Percentile33.7%0.0%90.1%56.7%62.3%
Term Structure7.9%-24.7%52.7%-20.4%14.4%
VWIV73.1%46.8%125.3%76.5%53.5%
Skew 25d39.6%-21.9%173.9%6.5%113.3%
Skew 10d50.5%-45.7%180.8%24.4%158.4%
Call IV 25d64.0%43.8%97.1%67.2%43.8%
Put IV 25d103.6%45.3%258.8%73.7%157.1%
Bid-Ask Spread %110.4176.83133.2178.4290.23
Gamma HHI0.520.270.790.610.44
Net GEX2.3K-5.1K7.0K-5.1K2.4K
Net DEX-87.3K-159.1K17.0K17.0K-159.1K
Net VEX-414-826-259-637-800
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.660.0030.001.090.04
Total Volume32.381023811328
Total OI827.5712381,2051,148531

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-06-01$8.55$7.5076.9%22.0%116.3%12.1%76.5%6.5%-20.4%-5.1K17.0K-6371.0978.42N/AN/A5459390758
2023-06-02$9.13$7.5050.6%14.5%113.5%3.5%52.6%-12.0%17.0%385-89.5K-4432.3378.30N/AN/A921417758
2023-06-05$8.93$5.0041.1%20.8%114.1%0.4%0.0%4.3%-0.5%989-84.6K-3700.00111.71N/AN/A20423750
2023-06-06$9.20$5.0057.4%16.6%113.0%5.7%0.0%56.0%25.0%4.1K-111.5K-3491.50117.05N/AN/A812423750
2023-06-07$9.41$5.0055.0%21.3%111.9%4.9%0.0%21.7%3.3%4.6K-125.8K-3590.00110.39N/AN/A150423739
2023-06-08$9.19$5.0038.5%23.2%112.5%0.0%0.0%171.7%-5.8%3.9K-97.8K-3090.00127.03N/AN/A00422739
2023-06-09$9.43$5.0049.2%14.6%111.4%3.5%46.8%12.5%20.6%5.6K-121.3K-32430.00110.98N/AN/A130422739
2023-06-12$9.57$5.0073.3%17.6%110.0%11.4%60.7%6.2%8.6%4.8K-124.2K-3480.04102.31N/AN/A271424768
2023-06-13$9.61$5.0059.3%23.3%108.0%6.8%74.3%19.3%-16.1%7.0K-115.9K-3494.00115.28N/AN/A14437768
2023-06-14$9.55$5.0063.8%18.3%104.1%8.3%0.0%173.9%47.0%6.1K-111.4K-3430.00133.21N/AN/A01437768
2023-06-15$9.57$5.0064.6%18.5%93.7%8.6%0.0%28.8%10.8%4.1K-126.8K-3440.00113.20N/AN/A10437768
2023-06-16$9.61$5.00105.9%30.4%89.9%22.0%125.3%28.2%-24.7%1.2K-74.1K-2840.00124.91N/AN/A031436768
2023-06-20$9.62$7.5061.0%17.5%88.8%7.4%0.0%51.8%-9.5%615-49.7K-2920.00117.82N/AN/A0017167
2023-06-21$9.63$7.5070.2%20.1%82.8%10.4%65.3%98.1%16.3%683-45.6K-2770.00119.89N/AN/A2017167
2023-06-22$9.54$7.5056.0%16.1%83.1%5.7%72.9%4.1%10.2%814-46.3K-2820.00129.04N/AN/A6017367
2023-06-23$9.27$7.5073.9%21.2%84.4%11.6%0.0%56.1%-9.1%875-36.5K-2590.00129.15N/AN/A010017367
2023-06-26$9.68$7.5083.3%23.9%85.1%14.7%76.6%17.9%-4.7%494-41.3K-3850.75116.76N/AN/A43173167
2023-06-27$9.34$7.5084.4%24.2%46.8%15.0%105.4%13.7%14.7%176-22.4K-3230.03103.78N/AN/A2308164170
2023-06-28$9.45$7.5095.9%27.5%41.1%18.8%0.0%-21.9%52.7%1.7K-116.2K-8260.00112.40N/AN/A00357170
2023-06-29$9.96$7.5054.8%15.7%44.6%5.3%67.7%-18.3%16.0%2.3K-149.5K-7940.1676.83N/AN/A193357170
2023-06-30$10.27$10.0079.7%22.8%43.0%13.5%53.5%113.3%14.4%2.4K-159.1K-8000.0490.23N/AN/A271358173