MAX Options History — October 2023

In October 2023, MAX traded between $7.89 and $10.39. ATM implied volatility averaged 93.9%, placing in the 24.9% IV rank vs the trailing year. The 30-day expected move averaged 26.6%. IV traded above realized volatility by 37.4% (HV 20d: 56.6%). Max pain ranged from $7.50 to $7.50. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 6 of 22 days. Put/call ratio averaged 0.49.

Notable Days

  • 2023-10-16: Highest Volume — 253 contracts
  • 2023-10-17: Largest IV spike — 76.6% change
  • 2023-10-02: Highest IV Rank — 100.0%
  • 2023-10-02: Largest Expected Move — 75.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$9.19$7.89$10.39$7.94$10.18
Max Pain$7.50$7.50$7.50$7.50$7.50
ATM IV93.9%58.1%261.6%261.6%87.0%
Expected Move26.6%17.1%75.0%75.0%24.9%
HV 20d56.6%37.4%74.6%37.4%74.6%
HV 60d52.8%49.2%56.7%53.4%53.7%
IV Rank24.9%8.8%100.0%100.0%21.8%
IV Percentile67.5%16.7%100.0%100.0%79.4%
Term Structure-11.8%-44.1%16.2%-14.5%-19.1%
VWIV82.4%62.4%125.3%62.4%125.3%
Skew 25d50.5%-4.0%349.4%349.4%-4.0%
Skew 10d60.9%-6.0%232.7%171.6%-6.0%
Call IV 25d65.5%42.4%92.6%92.6%82.3%
Put IV 25d115.9%64.6%442.0%442.0%78.3%
Bid-Ask Spread %85.2964.33132.22132.2295.25
Gamma HHI0.640.500.860.550.55
Net GEX2.2K7905.1K1.5K1.8K
Net DEX-58.9K-186.6K-27.7K-61.7K-61.9K
Net VEX-305-493-175-493-196
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.490.003.000.000.00
Total Volume17.9090253418
Total OI429.045309535524320

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-10-02$7.94$7.50261.6%75.0%37.4%100.0%0.0%349.4%-14.5%1.5K-61.7K-4930.00132.22N/AN/A40330194
2023-10-03$7.89$7.5068.8%19.7%37.4%13.6%0.0%49.0%4.3%1.6K-37.5K-4090.00112.27N/AN/A00334194
2023-10-04$8.20$7.5064.8%18.6%39.9%11.8%0.0%22.3%2.8%1.9K-36.9K-3523.0090.10N/AN/A13334194
2023-10-05$8.02$7.5065.2%24.6%39.6%12.0%0.0%13.4%-19.9%1.6K-52.9K-4320.0099.86N/AN/A00335194
2023-10-06$8.80$7.50114.1%17.1%48.9%33.9%0.0%16.9%16.2%3.4K-73.0K-4190.0068.50N/AN/A60335194
2023-10-09$9.02$7.5061.5%17.9%48.7%10.3%62.4%20.8%2.6%4.0K-83.1K-4130.1774.45N/AN/A122341194
2023-10-10$9.00$7.5058.1%17.9%48.4%8.8%0.0%20.9%9.6%4.0K-78.0K-3990.0086.46N/AN/A60342192
2023-10-11$8.77$7.5067.5%19.3%49.1%13.0%67.6%17.5%-5.9%3.2K-72.2K-4000.5073.62N/AN/A21336192
2023-10-12$8.71$7.5083.3%23.9%48.6%20.1%0.0%15.7%-25.0%3.4K-67.3K-3720.0072.24N/AN/A00338192
2023-10-13$9.37$7.5074.9%21.5%52.5%16.3%0.0%13.2%3.4%4.1K-112.7K-4380.0064.33N/AN/A20338192
2023-10-16$10.30$7.5073.8%21.1%60.3%15.8%72.7%19.4%-40.7%5.1K-186.6K-4410.0073.56N/AN/A2530338192
2023-10-17$10.39$7.50130.2%37.3%59.0%41.1%0.0%53.6%-29.0%1.8K-69.6K-2372.1775.90N/AN/A613157192
2023-10-18$9.71$7.5076.1%21.8%64.7%16.9%76.1%29.6%-15.3%1.4K-33.5K-2001.3179.42N/AN/A1317153204
2023-10-19$9.66$7.5075.0%21.5%64.7%16.4%0.0%13.4%-4.3%1.7K-32.2K-2040.0075.39N/AN/A90165203
2023-10-20$9.71$7.5072.6%20.8%64.7%15.3%72.8%149.3%-2.8%1.4K-27.7K-1980.6377.52N/AN/A85157203
2023-10-23$9.57$7.5082.2%23.6%65.2%19.6%0.0%25.4%-10.4%1.3K-37.4K-1900.0071.38N/AN/A00149160
2023-10-24$9.43$7.5098.4%28.2%65.7%26.9%0.0%34.4%-7.1%1.2K-31.4K-1800.0094.87N/AN/A00149160
2023-10-25$9.59$7.5097.7%28.0%65.7%26.5%0.0%22.1%-8.5%1.2K-38.1K-1880.0086.49N/AN/A20149160
2023-10-26$9.54$7.5096.0%27.5%65.8%25.8%100.2%3.8%-20.7%1.3K-34.5K-1810.0084.19N/AN/A20151160
2023-10-27$8.91$7.50126.7%36.3%71.1%39.6%0.0%136.1%-31.8%790-30.5K-1820.0094.31N/AN/A00151160
2023-10-30$9.55$7.50131.2%37.6%72.4%41.6%125.3%88.0%-44.1%1.2K-36.1K-1750.0094.13N/AN/A90151160
2023-10-31$10.18$7.5087.0%24.9%74.6%21.8%0.0%-4.0%-19.1%1.8K-61.9K-1960.0095.25N/AN/A180160160