MAX Options History — February 2024

In February 2024, MAX traded between $12.30 and $21.69. ATM implied volatility averaged 71.3%, placing in the 16.6% IV rank vs the trailing year. The 30-day expected move averaged 21.9%. IV traded above realized volatility by 5.8% (HV 20d: 65.5%). Max pain ranged from $12.50 to $17.50. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 6 of 20 days. Put/call ratio averaged 0.73.

Notable Days

2024-02-29: Highest Volume — 355 contracts
2024-02-15: Largest IV spike — 62.0% change
2024-02-15: Highest IV Rank — 31.5%
2024-02-15: Largest Expected Move — 30.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$16.40	$12.30	$21.69	$13.11	$20.79
Max Pain	$14.00	$12.50	$17.50	$12.50	$17.50
ATM IV	71.3%	50.1%	105.4%	50.8%	50.1%
Expected Move	21.9%	14.4%	30.2%	23.6%	14.4%
HV 20d	65.5%	42.2%	95.4%	42.2%	95.4%
HV 60d	52.4%	43.0%	66.0%	50.8%	65.8%
IV Rank	16.6%	7.3%	31.5%	7.7%	7.3%
IV Percentile	53.7%	9.9%	90.5%	11.9%	9.9%
Term Structure	-5.2%	-19.3%	7.8%	-18.4%	7.8%
VWIV	70.3%	37.6%	125.4%	71.1%	54.8%
Skew 25d	9.0%	-5.2%	30.3%	30.3%	13.5%
Skew 10d	37.2%	-30.5%	136.9%	11.5%	57.1%
Call IV 25d	64.3%	50.3%	87.4%	58.1%	56.2%
Put IV 25d	73.4%	59.9%	102.1%	88.5%	69.7%
Bid-Ask Spread %	102.70	83.48	120.54	100.65	106.81
Gamma HHI	0.60	0.34	0.89	0.68	0.58
Net GEX	5.6K	1.2K	15.6K	3.0K	10.3K
Net DEX	-383.5K	-954.6K	-95.2K	-123.2K	-940.1K
Net VEX	-392	-938	-121	-152	-743
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.73	0.00	6.00	0.00	0.03
Total Volume	50.15	0	355	0	355
Total OI	320.15	151	659	171	659

Daily Data (20 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
2024-02-01	$13.11	$12.50	50.8%	23.6%	42.2%	7.7%	0.0%	30.3%	-18.4%	3.0K	-123.2K	-152	0.00	100.65	N/A	N/A	0	0	143	28
2024-02-02	$12.66	$12.50	54.8%	22.8%	44.9%	9.4%	0.0%	30.1%	2.0%	3.0K	-107.5K	-163	0.00	101.84	N/A	N/A	0	0	143	28
2024-02-05	$12.30	$12.50	54.4%	20.2%	46.5%	9.2%	71.1%	6.6%	-1.5%	3.4K	-95.2K	-149	0.00	83.48	N/A	N/A	10	0	143	28
2024-02-06	$12.75	$12.50	62.6%	25.8%	47.6%	12.8%	86.9%	9.9%	-18.3%	3.2K	-116.5K	-164	0.00	90.33	N/A	N/A	13	0	150	28
2024-02-07	$12.65	$12.50	67.3%	19.3%	46.7%	14.8%	37.6%	7.1%	2.4%	4.2K	-127.2K	-196	0.57	90.22	N/A	N/A	7	4	173	28
2024-02-08	$13.71	$12.50	65.3%	18.7%	53.3%	14.0%	68.3%	5.3%	-8.5%	3.3K	-174.4K	-195	0.00	105.52	N/A	N/A	22	0	180	32
2024-02-09	$14.26	$12.50	59.4%	17.0%	52.6%	11.4%	0.0%	4.5%	0.1%	1.2K	-184.8K	-137	0.00	106.40	N/A	N/A	1	0	164	32
2024-02-12	$14.53	$12.50	90.1%	25.8%	50.7%	24.9%	0.0%	-5.1%	-2.7%	1.2K	-187.8K	-135	0.00	112.91	N/A	N/A	0	0	163	32
2024-02-13	$14.44	$12.50	105.3%	30.2%	51.3%	31.5%	0.0%	-5.2%	-19.3%	2.2K	-183.1K	-140	0.00	111.23	N/A	N/A	0	0	162	32
2024-02-14	$15.30	$12.50	65.0%	18.6%	53.4%	13.9%	73.2%	14.5%	-1.8%	1.3K	-209.8K	-121	0.00	104.40	N/A	N/A	56	0	162	32
2024-02-15	$15.95	$12.50	105.4%	30.2%	53.9%	31.5%	125.4%	14.6%	-8.2%	1.9K	-260.0K	-327	0.60	120.54	N/A	N/A	5	3	206	32
2024-02-16	$16.27	$12.50	82.6%	23.7%	53.1%	21.6%	68.0%	-0.2%	-17.4%	1.9K	-268.4K	-353	0.17	95.91	N/A	N/A	12	2	211	35
2024-02-20	$15.79	$12.50	80.8%	23.2%	55.3%	20.8%	83.5%	11.5%	-7.3%	1.8K	-98.5K	-350	3.33	98.93	N/A	N/A	3	10	121	30
2024-02-21	$19.90	$12.50	69.1%	19.8%	93.8%	15.7%	77.5%	4.4%	3.6%	3.4K	-260.2K	-475	0.07	94.96	N/A	N/A	332	22	178	38
2024-02-22	$19.76	$17.50	61.6%	17.7%	92.7%	12.4%	60.7%	-1.0%	6.3%	13.8K	-749.3K	-881	0.45	108.22	N/A	N/A	29	13	489	70
2024-02-23	$19.91	$17.50	65.0%	18.6%	91.6%	13.9%	67.3%	13.2%	-1.8%	15.6K	-761.8K	-938	0.25	103.99	N/A	N/A	8	2	506	80
2024-02-26	$21.69	$17.50	94.2%	27.0%	94.2%	26.7%	69.9%	-0.6%	-2.3%	11.7K	-928.6K	-712	0.12	104.39	N/A	N/A	58	7	503	78
2024-02-27	$21.32	$17.50	76.7%	22.0%	95.4%	19.0%	61.7%	7.2%	-11.2%	13.3K	-954.6K	-759	6.00	105.81	N/A	N/A	2	12	551	85
2024-02-28	$20.98	$17.50	64.7%	18.6%	94.8%	13.7%	49.0%	20.4%	-6.5%	13.0K	-938.4K	-745	0.07	107.52	N/A	N/A	14	1	553	95
2024-02-29	$20.79	$17.50	50.1%	14.4%	95.4%	7.3%	54.8%	13.5%	7.8%	10.3K	-940.1K	-743	0.03	106.81	N/A	N/A	345	10	563	96