MAX Options History — July 2023

In July 2023, MAX traded between $9.34 and $11.04. ATM implied volatility averaged 83.8%, placing in the 14.8% IV rank vs the trailing year. The 30-day expected move averaged 24.1%. IV traded above realized volatility by 18.1% (HV 20d: 65.7%). Max pain ranged from $10.00 to $10.00. Net GEX was positive for 16 of 20 trading days. Term structure was in contango for 3 of 20 days. Put/call ratio averaged 11.46.

Notable Days

  • 2023-07-13: Highest Volume — 223 contracts
  • 2023-07-31: Largest IV spike — 142.4% change
  • 2023-07-31: Highest IV Rank — 57.0%
  • 2023-07-31: Largest Expected Move — 61.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$9.89$9.34$11.04$9.38$10.08
Max Pain$10.00$10.00$10.00$10.00$10.00
ATM IV83.8%56.7%213.0%85.3%213.0%
Expected Move24.1%16.2%61.1%24.5%61.1%
HV 20d65.7%50.6%74.1%50.8%70.0%
HV 60d96.1%81.6%108.1%105.6%81.6%
IV Rank14.8%5.9%57.0%15.3%57.0%
IV Percentile59.7%11.1%99.6%75.0%99.6%
Term Structure-12.5%-58.7%36.0%-18.7%-58.7%
VWIV87.7%67.8%126.2%81.0%112.8%
Skew 25d21.3%-32.0%119.4%-15.0%119.4%
Skew 10d30.7%-54.7%183.5%-29.5%99.6%
Call IV 25d77.2%49.1%116.3%83.7%116.3%
Put IV 25d98.4%56.8%235.8%68.7%235.8%
Bid-Ask Spread %81.1465.32112.19112.1995.73
Gamma HHI0.500.400.730.420.43
Net GEX1.1K-6.3K3.5K2.5K2.3K
Net DEX-107.2K-261.0K84.7K-102.6K-148.3K
Net VEX-783-861-661-747-746
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio11.460.00109.500.5510.00
Total Volume41.202231722
Total OI675.8536913552577

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-07-03$9.38$10.0085.3%24.5%50.8%15.3%81.0%-15.0%-18.7%2.5K-102.6K-7470.55112.19N/AN/A116378174
2023-07-05$9.59$10.0067.8%19.4%50.6%9.6%67.8%-32.0%-8.0%2.9K-128.4K-7950.1989.54N/AN/A163388175
2023-07-06$9.34$10.0073.7%18.2%50.6%11.5%126.2%28.0%2.7%2.3K-110.0K-7730.4073.41N/AN/A52392176
2023-07-07$9.69$10.0066.3%19.6%51.7%9.1%0.0%10.5%2.3%2.9K-136.4K-8150.0073.94N/AN/A60395183
2023-07-10$9.86$10.0084.2%20.2%51.1%14.9%71.5%12.5%-1.9%2.7K-155.5K-8290.0065.32N/AN/A100396183
2023-07-11$10.92$10.0058.2%24.1%61.6%6.5%99.0%23.8%-9.9%3.5K-253.7K-7801.8979.07N/AN/A2853399183
2023-07-12$11.04$10.0056.7%16.2%61.6%5.9%81.4%17.4%36.0%2.6K-261.0K-8610.0282.65N/AN/A1283415223
2023-07-13$10.07$10.0074.1%21.2%70.9%11.6%0.0%16.2%-4.4%3.2K-162.5K-85136.1780.26N/AN/A6217482223
2023-07-14$9.78$10.0072.1%20.7%71.8%11.0%86.0%12.5%-22.5%-5.0K-17.2K-8343.5079.68N/AN/A27483395
2023-07-17$9.57$10.0076.6%22.0%72.2%12.5%0.0%8.2%-8.6%-5.3K2.1K-8350.0077.44N/AN/A010483412
2023-07-18$9.73$10.0080.5%23.1%72.4%13.7%79.7%13.7%-12.5%-2.1K-34.1K-8290.0075.76N/AN/A20483422
2023-07-19$9.79$10.0079.5%22.8%72.5%13.4%95.4%15.3%-11.7%-6.3K-49.5K-8210.6075.96N/AN/A53483422
2023-07-20$9.50$10.0088.0%25.2%73.3%16.2%90.3%4.9%-24.5%2.1K84.7K-72412.0069.34N/AN/A112488425
2023-07-21$9.80$10.0073.1%20.9%74.1%11.3%73.5%5.0%-24.3%2.4K60.8K-739109.5071.90N/AN/A2219489420
2023-07-24$9.89$10.0080.7%23.1%73.2%13.8%80.9%113.6%-24.5%2.5K-128.6K-6610.00110.07N/AN/A60342194
2023-07-25$9.95$10.0085.8%24.6%71.7%15.5%79.8%16.4%-8.2%2.5K-154.7K-7350.0082.21N/AN/A120348194
2023-07-26$10.17$10.0093.0%26.7%70.7%17.8%0.0%24.7%-14.7%2.7K-168.1K-7610.0079.38N/AN/A06360194
2023-07-27$9.73$10.0079.8%22.9%72.6%13.5%89.7%18.2%-4.8%2.3K-136.8K-75720.0073.84N/AN/A120360200
2023-07-28$10.00$10.0087.8%25.2%70.8%16.1%0.0%11.9%-33.2%2.3K-143.3K-7740.0075.12N/AN/A00361216
2023-07-31$10.08$10.00213.0%61.1%70.0%57.0%112.8%119.4%-58.7%2.3K-148.3K-74610.0095.73N/AN/A220361216