MAX Options History — April 2024

In April 2024, MAX traded between $18.24 and $20.27. ATM implied volatility averaged 89.3%, placing in the 24.5% IV rank vs the trailing year. The 30-day expected move averaged 24.3%. IV traded above realized volatility by 43.8% (HV 20d: 45.5%). Max pain ranged from $20.00 to $20.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 6 of 22 days. Put/call ratio averaged 2.79.

Notable Days

  • 2024-04-04: Highest Volume — 345 contracts
  • 2024-04-04: Largest IV spike — 178.8% change
  • 2024-04-09: Highest IV Rank — 58.0%
  • 2024-04-25: Largest Expected Move — 33.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$19.10$18.24$20.27$20.11$20.27
Max Pain$20.00$20.00$20.00$20.00$20.00
ATM IV89.3%46.6%165.8%49.9%92.7%
Expected Move24.3%13.3%33.9%14.3%26.6%
HV 20d45.5%33.4%54.6%52.1%51.9%
HV 60d70.4%68.9%72.3%68.9%70.9%
IV Rank24.5%5.8%58.0%7.2%26.0%
IV Percentile70.1%4.0%99.2%9.9%82.5%
Term Structure-5.0%-45.7%37.1%37.1%-32.8%
VWIV74.0%42.8%101.2%51.0%95.0%
Skew 25d45.0%-0.7%100.8%82.0%24.2%
Skew 10d70.7%4.8%181.1%139.2%181.1%
Call IV 25d74.6%46.0%90.7%48.4%88.6%
Put IV 25d119.6%62.2%176.2%130.4%112.8%
Bid-Ask Spread %97.5974.62115.71115.7198.12
Gamma HHI0.420.220.710.630.34
Net GEX10.9K3.6K23.3K20.7K11.9K
Net DEX-341.7K-857.5K-48.0K-805.4K-548.4K
Net VEX-2.9K-3.4K-2.5K-3.4K-2.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.790.0050.000.000.07
Total Volume90.6361345562
Total OI1,147.2739931,3101,2881,055

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2024-04-01$20.11$20.0049.9%14.3%52.1%7.2%51.0%82.0%37.1%20.7K-805.4K-3.4K0.00115.71N/AN/A501,025263
2024-04-02$19.88$20.0048.6%13.9%51.9%6.7%49.6%6.7%27.0%23.3K-857.5K-3.4K0.07113.08N/AN/A1411,023263
2024-04-03$19.48$20.0046.6%13.3%52.1%5.8%48.7%89.4%31.1%22.2K-715.3K-3.3K0.32115.25N/AN/A2271,024264
2024-04-04$18.52$20.00129.8%27.2%54.6%42.3%66.8%58.2%-7.4%20.0K-539.7K-3.1K0.1896.80N/AN/A292531,019263
2024-04-05$18.46$20.0079.3%21.6%52.7%20.1%68.9%12.3%-5.7%18.2K-398.0K-2.9K0.1087.08N/AN/A14915940314
2024-04-08$18.45$20.0078.5%26.4%33.5%19.8%71.2%98.2%-18.8%14.3K-339.9K-2.8K0.80100.97N/AN/A191153889327
2024-04-09$18.38$20.00165.8%26.0%33.4%58.0%74.7%99.0%-3.6%8.5K-170.0K-3.2K0.0098.38N/AN/A10832478
2024-04-10$18.73$20.00105.7%30.3%33.6%31.7%101.2%58.6%-16.1%8.3K-123.6K-3.0K0.10107.35N/AN/A18718832478
2024-04-11$20.27$20.0077.3%22.2%44.3%19.2%76.9%-0.7%-9.2%6.0K-338.3K-3.2K1.0591.83N/AN/A155163697496
2024-04-12$20.02$20.0080.5%23.1%44.6%20.6%83.9%100.8%-11.8%6.9K-352.4K-2.9K0.0795.74N/AN/A423676415
2024-04-15$19.30$20.0078.6%22.5%46.4%19.8%0.0%78.8%-3.9%5.3K-239.1K-2.7K0.5098.72N/AN/A21667417
2024-04-16$19.13$20.0082.3%23.6%43.5%21.4%78.6%12.7%-0.7%4.6K-183.8K-2.7K0.3474.62N/AN/A3211678417
2024-04-17$18.24$20.00106.0%30.4%46.2%31.8%83.4%44.2%-34.1%3.6K-59.7K-2.5K1.4783.01N/AN/A3653673426
2024-04-18$18.51$20.00103.0%29.5%44.2%30.5%42.8%17.1%24.5%4.2K-48.0K-2.9K0.0098.08N/AN/A0200717475
2024-04-19$18.71$20.0084.5%24.2%43.9%22.4%75.5%11.3%0.4%7.0K-160.5K-2.8K50.0090.11N/AN/A150717431
2024-04-22$19.16$20.0086.8%24.9%44.7%23.4%82.7%27.3%-11.6%8.9K-307.2K-2.7K0.0096.61N/AN/A40653340
2024-04-23$19.00$20.0085.7%24.6%44.7%22.9%82.2%78.0%-4.5%9.1K-251.7K-2.6K3.00107.52N/AN/A13654341
2024-04-24$19.17$20.0085.9%24.6%44.7%23.0%0.0%20.4%6.6%9.0K-293.1K-2.7K0.2096.60N/AN/A102654344
2024-04-25$18.52$20.00118.4%33.9%46.0%37.3%87.1%30.4%-45.7%8.6K-235.1K-2.6K0.2695.12N/AN/A195664346
2024-04-26$18.91$20.0085.6%24.5%46.2%22.9%0.0%20.8%-14.9%9.6K-242.6K-2.7K0.0095.44N/AN/A10676351
2024-04-29$19.00$20.0093.7%26.9%46.2%26.4%86.4%20.1%-15.4%9.9K-307.8K-2.6K0.0090.81N/AN/A300675351
2024-04-30$20.27$20.0092.7%26.6%51.9%26.0%95.0%24.2%-32.8%11.9K-548.4K-2.7K0.0798.12N/AN/A584704351