MAX Options History — May 2024

In May 2024, MAX traded between $17.54 and $22.40. ATM implied volatility averaged 64.9%, placing in the 13.8% IV rank vs the trailing year. The 30-day expected move averaged 17.3%. IV traded above realized volatility by 10.7% (HV 20d: 54.2%). Max pain ranged from $17.50 to $20.00. Net GEX was positive for 16 of 22 trading days. Term structure was in contango for 11 of 22 days. Put/call ratio averaged 21.84.

Notable Days

  • 2024-05-31: Highest Volume — 2,277 contracts
  • 2024-05-08: Largest IV spike — 81.4% change
  • 2024-05-01: Highest IV Rank — 32.2%
  • 2024-05-01: Largest Expected Move — 30.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$19.43$17.54$22.40$20.99$17.54
Max Pain$19.32$17.50$20.00$20.00$20.00
ATM IV64.9%38.4%106.8%106.8%63.3%
Expected Move17.3%12.0%30.6%30.6%18.2%
HV 20d54.2%49.1%62.5%52.6%49.1%
HV 60d61.5%50.2%72.1%70.7%53.4%
IV Rank13.8%2.2%32.2%32.2%13.1%
IV Percentile45.7%0.4%90.1%90.1%47.2%
Term Structure3.4%-24.7%41.9%-24.7%-13.8%
VWIV58.7%29.0%108.2%108.2%62.0%
Skew 25d25.1%-8.1%69.6%-8.1%20.9%
Skew 10d56.9%-5.1%124.2%124.2%90.6%
Call IV 25d45.9%28.4%99.0%99.0%56.6%
Put IV 25d71.0%53.2%101.6%91.0%77.5%
Bid-Ask Spread %108.2689.82125.9389.82100.42
Gamma HHI0.370.270.590.300.59
Net GEX2.9K-107.1K27.0K12.9K-107.1K
Net DEX-357.0K-1.1M1.5M-589.1K1.5M
Net VEX-4.2K-9.7K-2.6K-2.8K-9.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio21.840.00206.000.04206.00
Total Volume336.13632,277752,277
Total OI1,839.3641,0274,9851,0724,985

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2024-05-01$20.99$20.00106.8%30.6%52.6%32.2%108.2%-8.1%-24.7%12.9K-589.1K-2.8K0.0489.82N/AN/A723721351
2024-05-02$22.40$20.0059.0%16.9%52.8%11.2%59.8%0.9%-4.1%16.8K-965.3K-2.6K0.0294.20N/AN/A3567764353
2024-05-03$22.12$20.0055.3%15.9%53.2%9.6%55.8%26.8%2.1%23.0K-1.1M-3.6K0.00105.95N/AN/A1601,004354
2024-05-06$22.12$17.5075.1%16.9%53.1%18.3%44.3%28.1%-11.1%23.5K-1.0M-3.5K0.00116.50N/AN/A3401,008354
2024-05-07$21.86$17.5038.4%12.3%53.5%2.2%34.4%20.0%6.1%24.5K-1.1M-3.4K0.11108.86N/AN/A2731,016354
2024-05-08$20.11$20.0069.7%13.5%62.5%15.9%54.2%27.5%27.2%20.6K-585.6K-3.2K0.03119.67N/AN/A6621,016357
2024-05-09$20.19$20.0064.6%12.0%55.8%13.7%49.6%21.8%14.4%23.7K-720.4K-3.5K0.18105.52N/AN/A4581,082354
2024-05-10$19.88$20.0064.2%14.7%55.9%13.5%0.0%69.6%8.8%25.2K-612.6K-3.5K0.50110.11N/AN/A211,122362
2024-05-13$19.47$20.0067.5%12.6%54.8%15.0%54.9%21.1%4.9%24.9K-439.4K-3.3K0.00110.35N/AN/A20101,122363
2024-05-14$18.87$20.0062.1%15.0%55.8%12.6%0.0%-1.9%10.0%27.0K-425.0K-3.6K0.3399.62N/AN/A311,320363
2024-05-15$18.80$20.0048.5%13.9%53.1%6.6%53.0%16.8%17.4%23.3K-342.9K-3.6K3.00105.54N/AN/A11331,321364
2024-05-16$18.64$20.0054.4%15.6%52.9%9.2%0.0%56.5%35.1%13.8K-332.9K-3.3K0.00125.93N/AN/A1201,328311
2024-05-17$18.41$20.0086.6%24.8%53.0%23.3%55.5%31.6%-11.4%13.3K-303.3K-3.2K4.67125.53N/AN/A3141,337311
2024-05-20$18.76$20.0061.4%17.6%52.7%12.3%54.8%7.8%-9.6%14.0K-505.2K-3.3K0.13110.56N/AN/A162887140
2024-05-21$18.18$20.0062.1%17.8%53.7%12.6%29.0%42.5%-8.3%12.5K-412.8K-3.0K0.63118.86N/AN/A1610903142
2024-05-22$17.74$20.0056.5%16.2%54.1%10.2%57.8%7.5%-11.3%11.8K-333.8K-2.9K13.87106.75N/AN/A31430917152
2024-05-23$17.86$17.5064.1%18.4%53.0%13.5%68.0%35.4%41.9%-3.3K-189.1K-3.9K178.00109.95N/AN/A4712956596
2024-05-24$18.16$17.5061.8%17.7%52.8%12.4%67.4%48.2%-12.0%-22.9K119.6K-5.1K25.57102.97N/AN/A71799591,310
2024-05-28$19.23$17.5073.5%21.1%56.8%17.6%68.4%21.6%36.9%-14.8K-21.8K-5.3K0.72113.58N/AN/A5513979621,430
2024-05-29$17.93$17.5063.9%18.3%56.8%13.4%67.2%14.2%-7.8%-40.1K56.7K-7.6K12.6797.14N/AN/A587351,5091,826
2024-05-30$18.20$20.0070.1%20.1%55.3%16.1%70.2%43.1%-15.0%-59.0K533.5K-8.4K34.00103.80N/AN/A301,0201,5292,551
2024-05-31$17.54$20.0063.3%18.2%49.1%13.1%62.0%20.9%-13.8%-107.1K1.5M-9.7K206.00100.42N/AN/A112,2661,5593,426