MAX Options History — March 2024

In March 2024, MAX traded between $18.96 and $21.84. ATM implied volatility averaged 71.5%, placing in the 16.7% IV rank vs the trailing year. The 30-day expected move averaged 16.4%. IV traded below realized volatility by 13.3% (HV 20d: 84.8%). Max pain ranged from $17.50 to $20.00. Net GEX was positive for 19 of 20 trading days. Term structure was in contango for 18 of 20 days. Put/call ratio averaged 0.82.

Notable Days

  • 2024-03-21: Highest Volume — 506 contracts
  • 2024-03-04: Largest IV spike — 211.6% change
  • 2024-03-04: Highest IV Rank — 51.8%
  • 2024-03-07: Largest Expected Move — 21.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$20.19$18.96$21.84$21.66$20.31
Max Pain$19.50$17.50$20.00$17.50$20.00
ATM IV71.5%45.9%151.7%48.7%45.9%
Expected Move16.4%13.2%21.6%14.0%13.2%
HV 20d84.8%54.0%103.5%95.6%54.4%
HV 60d68.9%65.8%70.9%65.9%68.9%
IV Rank16.7%5.5%51.8%6.7%5.5%
IV Percentile42.1%3.2%97.6%8.3%3.2%
Term Structure9.7%-28.7%32.1%10.5%26.1%
VWIV55.5%39.7%79.1%57.4%47.3%
Skew 25d43.0%-1.9%99.3%12.9%36.3%
Skew 10d59.7%4.5%129.3%4.5%75.8%
Call IV 25d55.7%44.6%70.6%50.2%45.3%
Put IV 25d98.7%50.8%154.6%63.1%81.5%
Bid-Ask Spread %105.8987.84119.22112.42110.27
Gamma HHI0.480.240.750.350.75
Net GEX9.4K-2.1K20.6K4.4K20.6K
Net DEX-621.8K-894.1K-153.4K-881.4K-816.4K
Net VEX-1.9K-3.7K-601-601-3.5K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.820.007.130.150.01
Total Volume65.0505061594
Total OI859.755771,2205771,220

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2024-03-01$21.66$17.5048.7%14.0%95.6%6.7%57.4%12.9%10.5%4.4K-881.4K-6010.15112.42N/AN/A13249186
2024-03-04$21.24$17.50151.7%18.5%94.4%51.8%39.7%97.9%11.2%14.7K-827.1K-6150.03103.21N/AN/A29149388
2024-03-05$21.39$17.50111.5%19.1%92.5%34.2%0.0%60.8%3.7%4.6K-873.1K-6150.13119.22N/AN/A8151989
2024-03-06$21.17$17.50106.1%19.6%93.4%31.9%53.2%46.2%-28.7%10.0K-829.6K-7142.36108.61N/AN/A143352790
2024-03-07$21.84$20.00121.2%21.6%92.6%38.5%79.1%41.1%4.2%4.0K-894.1K-7010.00104.37N/AN/A460529123
2024-03-08$19.42$20.0074.5%17.5%103.5%18.0%63.1%-0.7%4.4%15.3K-604.6K-8367.13103.25N/AN/A31221555123
2024-03-11$19.45$20.0070.9%16.6%103.3%16.4%57.6%5.8%11.4%7.9K-518.4K-1.5K0.0089.63N/AN/A03577319
2024-03-12$19.79$20.00103.8%16.2%103.3%30.9%56.3%34.8%6.4%5.0K-599.0K-1.4K0.5597.97N/AN/A116589319
2024-03-13$19.64$20.0055.5%15.9%103.4%9.7%54.5%-1.3%10.8%2.1K-585.3K-1.4K0.2087.84N/AN/A51599313
2024-03-14$19.66$20.0051.8%14.8%102.2%8.1%0.0%60.2%10.2%13.1K-485.1K-1.5K0.0096.86N/AN/A00599313
2024-03-15$19.84$20.0052.4%15.0%101.7%8.4%0.0%49.5%22.6%-2.1K-589.3K-1.4K0.05100.48N/AN/A25012599313
2024-03-18$18.96$20.0055.1%15.8%103.5%9.5%0.0%94.3%25.4%3.5K-153.4K-2.1K0.00106.97N/AN/A10448260
2024-03-19$19.28$20.0063.0%18.1%102.6%13.0%0.0%99.3%-24.0%3.4K-212.0K-2.1K0.00110.59N/AN/A00448260
2024-03-20$20.02$20.0063.9%18.3%62.3%13.4%0.0%82.1%2.6%4.3K-219.9K-2.1K0.00116.00N/AN/A100448260
2024-03-21$20.36$20.0049.3%14.1%62.5%7.0%46.4%14.2%15.2%4.5K-299.5K-2.2K0.01114.41N/AN/A5024458260
2024-03-22$20.02$20.0050.7%14.5%62.8%7.6%0.0%-1.9%14.2%20.1K-817.1K-3.7K0.00103.29N/AN/A00956264
2024-03-25$20.07$20.0050.9%14.6%54.1%7.7%0.0%62.8%11.4%19.5K-801.5K-3.6K0.00111.70N/AN/A00956264
2024-03-26$19.78$20.0052.1%14.9%54.1%8.2%0.0%45.7%32.1%16.9K-689.8K-3.4K0.00111.63N/AN/A00956264
2024-03-27$19.96$20.0051.2%14.7%54.0%7.8%0.0%19.2%23.5%17.0K-738.9K-3.4K0.00109.14N/AN/A03956264
2024-03-28$20.31$20.0045.9%13.2%54.4%5.5%47.3%36.3%26.1%20.6K-816.4K-3.5K0.01110.27N/AN/A931956264