MAX Options History — August 2023

In August 2023, MAX traded between $8.37 and $9.69. ATM implied volatility averaged 78.5%, placing in the 15.4% IV rank vs the trailing year. The 30-day expected move averaged 22.2%. IV traded above realized volatility by 14.6% (HV 20d: 63.8%). Max pain ranged from $7.50 to $10.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 11 of 23 days. Put/call ratio averaged 0.62.

Notable Days

  • 2023-08-02: Highest Volume — 21 contracts
  • 2023-08-15: Largest IV spike — 114.9% change
  • 2023-08-30: Highest IV Rank — 33.3%
  • 2023-08-15: Largest Expected Move — 35.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$8.78$8.37$9.69$9.69$8.40
Max Pain$7.72$7.50$10.00$10.00$7.50
ATM IV78.5%50.8%123.1%118.3%53.8%
Expected Move22.2%14.6%35.3%33.9%15.4%
HV 20d63.8%47.3%76.7%63.3%47.3%
HV 60d73.4%57.4%85.0%80.8%57.4%
IV Rank15.4%4.0%33.3%26.1%8.8%
IV Percentile51.4%4.0%94.8%94.8%7.9%
Term Structure-6.4%-70.1%44.8%-42.3%-10.6%
VWIV111.1%69.7%176.0%103.2%69.7%
Skew 25d5.9%-92.8%49.7%-4.4%23.5%
Skew 10d11.4%-112.9%156.8%-9.0%21.6%
Call IV 25d73.9%40.9%142.1%112.9%40.9%
Put IV 25d79.8%47.6%123.3%108.5%64.5%
Bid-Ask Spread %96.4867.82131.1586.9194.20
Gamma HHI0.540.390.740.390.66
Net GEX1.8K1.4K2.3K1.9K2.3K
Net DEX-74.4K-120.9K-50.7K-120.9K-68.1K
Net VEX-572-763-418-763-463
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.620.004.670.000.00
Total Volume4.52202174
Total OI563.478485616589494

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-08-01$9.69$10.00118.3%33.9%63.3%26.1%103.2%-4.4%-42.3%1.9K-120.9K-7630.0086.91N/AN/A07363226
2023-08-02$8.93$10.00114.6%32.9%69.3%24.9%0.0%21.1%-43.8%1.7K-80.8K-7010.0081.27N/AN/A210363229
2023-08-03$9.55$7.5071.0%19.0%73.1%10.6%0.0%9.8%12.8%1.4K-120.1K-7180.3180.74N/AN/A165384229
2023-08-04$8.88$7.5065.3%20.1%76.2%8.8%0.0%-9.3%-12.6%1.5K-78.4K-6894.67116.50N/AN/A314373234
2023-08-07$9.13$7.5084.8%23.3%76.7%15.1%0.0%-9.3%-8.6%1.4K-92.9K-6910.0099.55N/AN/A00376236
2023-08-08$9.07$7.5090.3%19.0%65.7%16.9%0.0%21.4%2.0%1.7K-90.8K-6700.0084.23N/AN/A40376236
2023-08-09$8.48$7.5060.8%17.4%68.3%7.3%0.0%9.5%-1.0%1.5K-55.8K-6330.0090.71N/AN/A00380236
2023-08-10$8.63$7.5070.8%20.3%62.4%10.6%0.0%4.2%6.8%1.5K-60.1K-6140.0078.56N/AN/A20380236
2023-08-11$8.93$7.5064.1%18.4%63.5%8.4%0.0%-1.6%6.1%1.4K-71.8K-6100.0091.37N/AN/A00378236
2023-08-14$8.77$7.5057.3%16.4%63.4%6.2%0.0%33.5%11.0%2.3K-50.7K-5020.00129.97N/AN/A00378236
2023-08-15$8.78$7.50123.1%35.3%63.0%27.6%176.0%34.6%-6.9%1.8K-64.5K-6250.00119.62N/AN/A04378236
2023-08-16$9.03$7.5085.4%24.5%64.0%15.3%0.0%-92.8%-38.4%1.9K-65.3K-5250.00131.15N/AN/A30378236
2023-08-17$8.91$7.5050.8%14.6%63.4%4.0%0.0%6.2%4.2%2.2K-73.0K-5930.0096.23N/AN/A00378236
2023-08-18$8.61$7.5068.8%19.7%62.9%9.9%0.0%-2.2%2.2%2.2K-57.8K-5760.00107.25N/AN/A010378236
2023-08-21$8.41$7.5084.2%24.2%62.9%15.0%95.7%10.7%13.2%1.7K-69.8K-5370.00105.97N/AN/A40321164
2023-08-22$8.37$7.5062.6%18.0%62.7%7.9%0.0%-13.1%15.1%1.9K-61.6K-4500.0095.18N/AN/A02325164
2023-08-23$8.60$7.5082.1%23.5%63.1%14.3%0.0%-5.7%-15.2%1.6K-73.8K-4360.00103.05N/AN/A00325166
2023-08-24$8.45$7.5077.9%22.3%61.7%22.6%0.0%27.4%23.8%2.2K-61.7K-4230.0096.18N/AN/A00325166
2023-08-25$8.45$7.5088.8%25.5%60.5%28.8%0.0%49.7%-5.3%1.7K-64.0K-4180.0068.87N/AN/A00325166
2023-08-28$8.61$7.5068.5%19.6%61.0%17.2%0.0%-8.6%-34.5%1.4K-65.3K-5360.0097.46N/AN/A02325166
2023-08-29$8.74$7.5064.4%18.5%60.3%14.9%69.7%8.8%44.8%1.7K-84.2K-5010.0096.29N/AN/A03325168
2023-08-30$8.63$7.5096.6%27.7%53.2%33.3%0.0%21.9%-70.1%1.7K-80.2K-4800.0067.82N/AN/A00325169
2023-08-31$8.40$7.5053.8%15.4%47.3%8.8%0.0%23.5%-10.6%2.3K-68.1K-4630.0094.20N/AN/A40325169