MAX Options History — January 2024

In January 2024, MAX traded between $10.48 and $13.00. ATM implied volatility averaged 61.6%, placing in the 11.9% IV rank vs the trailing year. The 30-day expected move averaged 18.5%. IV traded above realized volatility by 20.9% (HV 20d: 40.6%). Max pain ranged from $7.50 to $10.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 15 of 21 days. Put/call ratio averaged 0.02.

Notable Days

2024-01-19: Highest Volume — 27 contracts
2024-01-25: Largest IV spike — 156.7% change
2024-01-25: Highest IV Rank — 45.3%
2024-01-25: Largest Expected Move — 39.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.49	$10.48	$13.00	$10.95	$12.75
Max Pain	$7.74	$7.50	$10.00	$10.00	$7.50
ATM IV	61.6%	33.4%	136.8%	54.4%	53.1%
Expected Move	18.5%	14.1%	39.2%	15.6%	15.2%
HV 20d	40.6%	31.3%	45.2%	43.7%	42.3%
HV 60d	55.8%	50.7%	62.5%	62.5%	50.7%
IV Rank	11.9%	0.0%	45.3%	7.1%	8.6%
IV Percentile	32.2%	0.0%	96.4%	18.7%	18.7%
Term Structure	7.1%	-20.8%	34.6%	-0.4%	34.3%
VWIV	64.8%	42.9%	119.4%	48.9%	119.4%
Skew 25d	36.3%	-7.5%	160.5%	37.9%	119.4%
Skew 10d	69.5%	-20.2%	254.7%	70.9%	240.1%
Call IV 25d	49.7%	31.8%	70.6%	31.8%	45.8%
Put IV 25d	86.0%	49.4%	206.8%	69.8%	165.2%
Bid-Ask Spread %	113.42	57.23	137.60	111.75	126.98
Gamma HHI	0.49	0.38	0.75	0.44	0.67
Net GEX	3.3K	2.1K	5.5K	4.1K	2.8K
Net DEX	-115.3K	-138.9K	-64.8K	-125.2K	-109.5K
Net VEX	-237	-322	-164	-322	-164
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.02	0.00	0.20	0.00	0.00
Total Volume	8.476	0	27	0	0
Total OI	245.667	171	300	286	171

Daily Data (21 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2024-01-02	$10.95	$10.00	54.4%	15.6%	43.7%	7.1%	0.0%	37.9%	-0.4%	4.1K	-125.2K	-322	0.00	111.75	N/A	N/A	0	0	246	40
2024-01-03	$10.81	$10.00	51.3%	14.7%	42.4%	5.8%	0.0%	21.9%	5.4%	4.3K	-116.2K	-305	0.00	57.23	N/A	N/A	4	0	246	40
2024-01-04	$10.98	$7.50	42.6%	16.8%	42.4%	1.9%	48.9%	6.7%	2.5%	4.2K	-129.3K	-306	0.06	106.58	N/A	N/A	16	1	250	40
2024-01-05	$11.16	$7.50	40.9%	19.2%	42.0%	1.1%	0.0%	7.7%	-18.2%	4.1K	-135.4K	-315	0.00	107.50	N/A	N/A	0	0	249	39
2024-01-08	$11.09	$7.50	33.4%	15.9%	41.1%	0.0%	48.0%	7.9%	6.7%	3.1K	-135.1K	-258	0.00	65.92	N/A	N/A	26	0	249	39
2024-01-09	$10.84	$7.50	52.9%	14.8%	39.9%	8.6%	0.0%	7.4%	-1.7%	4.5K	-112.4K	-266	0.00	106.51	N/A	N/A	0	0	246	39
2024-01-10	$10.98	$7.50	54.7%	15.7%	40.0%	9.4%	0.0%	38.7%	21.5%	3.4K	-126.5K	-246	0.00	117.83	N/A	N/A	0	0	246	39
2024-01-11	$10.73	$7.50	61.5%	17.6%	39.9%	12.3%	0.0%	68.9%	10.4%	3.6K	-99.7K	-267	0.00	101.41	N/A	N/A	0	5	246	39
2024-01-12	$10.48	$7.50	52.5%	15.1%	39.0%	8.4%	0.0%	9.0%	6.7%	5.5K	-94.2K	-228	0.00	110.86	N/A	N/A	21	0	246	34
2024-01-16	$10.60	$7.50	78.1%	22.4%	38.7%	19.6%	0.0%	160.5%	-9.6%	3.2K	-138.9K	-209	0.20	126.74	N/A	N/A	10	2	267	33
2024-01-17	$10.89	$7.50	80.4%	23.1%	38.9%	20.6%	0.0%	36.2%	3.5%	3.5K	-129.2K	-228	0.00	117.42	N/A	N/A	10	0	247	31
2024-01-18	$10.96	$7.50	56.0%	16.0%	38.3%	9.9%	0.0%	8.3%	26.6%	2.2K	-119.7K	-213	0.00	102.75	N/A	N/A	0	0	237	31
2024-01-19	$10.89	$7.50	71.6%	20.5%	31.3%	16.8%	0.0%	6.7%	-18.7%	2.1K	-123.6K	-216	0.00	109.06	N/A	N/A	27	0	237	31
2024-01-22	$11.34	$7.50	96.4%	27.6%	33.9%	27.6%	0.0%	18.5%	3.3%	2.9K	-64.8K	-204	0.00	134.03	N/A	N/A	0	0	164	28
2024-01-23	$11.96	$7.50	71.4%	20.5%	36.7%	16.7%	0.0%	-7.5%	27.1%	2.6K	-86.3K	-208	0.00	129.50	N/A	N/A	8	0	164	28
2024-01-24	$12.87	$7.50	53.3%	15.3%	44.6%	8.7%	42.9%	34.3%	34.6%	2.9K	-124.2K	-227	0.00	128.35	N/A	N/A	25	0	166	28
2024-01-25	$12.64	$7.50	136.8%	39.2%	45.2%	45.3%	119.4%	83.7%	-20.8%	2.2K	-109.0K	-224	0.00	137.60	N/A	N/A	3	0	164	28
2024-01-26	$12.79	$7.50	50.9%	14.6%	45.0%	7.7%	0.0%	15.7%	8.9%	3.2K	-119.9K	-233	0.00	125.29	N/A	N/A	20	0	161	28
2024-01-29	$13.00	$7.50	51.2%	14.7%	44.8%	7.8%	0.0%	85.5%	12.9%	2.9K	-117.5K	-170	0.00	127.83	N/A	N/A	0	0	143	28
2024-01-30	$12.68	$7.50	49.3%	14.1%	43.4%	7.0%	0.0%	-5.3%	14.0%	3.1K	-104.4K	-172	0.00	130.62	N/A	N/A	0	0	143	28
2024-01-31	$12.75	$7.50	53.1%	15.2%	42.3%	8.6%	0.0%	119.4%	34.3%	2.8K	-109.5K	-164	0.00	126.98	N/A	N/A	0	0	143	28