META Options History — May 2023

In May 2023, META traded between $233.50 and $263.38. ATM implied volatility averaged 31.4%, placing in the 6.7% IV rank vs the trailing year. The 30-day expected move averaged 9.2%. IV traded below realized volatility by 13.5% (HV 20d: 44.9%). Max pain ranged from $175.00 to $200.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 14 of 22 days. Put/call ratio averaged 0.67.

Notable Days

2023-05-05: Highest Volume — 555,835 contracts
2023-05-05: Largest IV drop — 9.4% change
2023-05-03: Highest IV Rank — 16.1%
2023-05-04: Largest Expected Move — 10.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$243.37	$233.50	$263.38	$243.06	$263.38
Max Pain	$182.27	$175.00	$200.00	$200.00	$190.00
ATM IV	31.4%	29.8%	34.5%	31.4%	32.8%
Expected Move	9.2%	8.6%	10.1%	9.2%	9.8%
HV 20d	44.9%	19.1%	51.3%	50.3%	19.7%
HV 60d	38.2%	35.7%	40.8%	40.5%	35.7%
IV Rank	6.7%	0.0%	16.1%	9.4%	6.8%
IV Percentile	4.1%	0.0%	7.9%	4.8%	7.9%
Term Structure	0.2%	-1.1%	1.1%	0.2%	-0.6%
VWIV	32.9%	30.3%	35.8%	33.0%	34.7%
Skew 25d	4.1%	2.3%	5.2%	4.2%	2.3%
Skew 10d	8.2%	5.0%	9.5%	8.8%	5.0%
Call IV 25d	29.8%	27.5%	32.5%	29.8%	32.5%
Put IV 25d	33.9%	31.9%	37.2%	34.0%	34.7%
Bid-Ask Spread %	1.20	0.99	1.88	1.84	1.21
Gamma HHI	0.08	0.05	0.25	0.06	0.05
Net GEX	341.8M	161.1M	604.3M	329.0M	355.8M
Net DEX	-21.56B	-27.16B	-18.42B	-22.45B	-26.12B
Net VEX	-94.3M	-100.0M	-90.5M	-90.5M	-100.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.67	0.37	1.22	0.51	1.07
Total Volume	362,999.409	128,192	555,835	432,474	298,076
Total OI	3,055,521.682	2,868,041	3,201,470	2,943,559	3,044,213

Daily Data (22 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 Vol	Put Vol	Call OI	Put OI
2023-05-01	$243.06	$200.00	31.4%	9.2%	50.3%	9.4%	33.0%	4.2%	0.2%	329.0M	-22.45B	-90.5M	0.51	1.84	285,648	146,826	1,755,927	1,187,632
2023-05-02	$239.06	$200.00	32.6%	9.4%	51.0%	12.1%	33.5%	4.7%	0.4%	290.9M	-20.88B	-92.7M	0.73	1.63	199,954	146,663	1,801,016	1,223,889
2023-05-03	$236.33	$200.00	34.5%	9.8%	51.3%	16.1%	34.9%	5.2%	-1.1%	250.7M	-19.67B	-94.3M	1.22	1.88	221,512	269,177	1,839,090	1,252,827
2023-05-04	$233.52	$175.00	34.2%	10.1%	51.3%	15.4%	35.8%	4.9%	0.2%	161.1M	-18.42B	-94.1M	1.06	1.23	135,229	143,287	1,842,822	1,277,062
2023-05-05	$233.50	$175.00	31.0%	9.3%	50.7%	8.5%	33.4%	4.4%	0.6%	191.0M	-18.51B	-93.1M	0.58	1.05	352,265	203,570	1,863,237	1,283,267
2023-05-08	$233.56	$175.00	31.3%	9.3%	50.5%	9.2%	33.7%	4.8%	1.0%	252.6M	-18.89B	-92.1M	0.75	1.13	151,563	113,346	1,796,893	1,205,498
2023-05-09	$234.06	$175.00	31.4%	9.3%	50.5%	9.4%	34.1%	4.7%	1.0%	269.5M	-19.18B	-92.2M	0.63	1.12	169,595	107,486	1,824,737	1,227,706
2023-05-10	$233.86	$175.00	30.4%	9.0%	50.5%	7.3%	32.2%	4.2%	0.9%	260.7M	-19.09B	-92.0M	0.63	1.10	169,168	106,539	1,842,761	1,251,556
2023-05-11	$236.50	$175.00	31.1%	9.1%	50.0%	8.7%	32.0%	4.2%	1.0%	344.0M	-20.27B	-93.0M	0.98	1.21	204,024	199,089	1,853,710	1,258,280
2023-05-12	$233.67	$175.00	30.3%	8.9%	50.3%	7.1%	31.7%	4.0%	1.1%	216.6M	-18.73B	-92.3M	0.59	1.00	209,927	124,806	1,863,356	1,290,082
2023-05-15	$239.11	$175.00	30.4%	8.8%	50.6%	7.3%	31.3%	4.6%	-0.4%	348.0M	-21.00B	-91.8M	0.48	1.10	295,932	142,136	1,809,241	1,226,550
2023-05-16	$238.83	$175.00	30.0%	8.7%	50.5%	4.5%	31.0%	4.5%	-0.2%	342.1M	-20.80B	-93.7M	0.69	1.04	125,720	87,176	1,845,210	1,256,185
2023-05-17	$242.33	$175.00	29.8%	8.6%	50.3%	0.0%	30.3%	4.4%	-0.3%	445.2M	-22.30B	-94.1M	0.61	1.17	213,945	130,418	1,853,320	1,259,012
2023-05-18	$246.50	$175.00	30.0%	8.6%	50.0%	0.3%	30.6%	3.7%	-0.2%	492.9M	-24.08B	-93.9M	0.52	1.06	319,687	166,928	1,860,530	1,282,390
2023-05-19	$244.71	$180.00	30.1%	8.7%	50.1%	0.6%	31.0%	3.9%	-0.3%	584.5M	-22.97B	-94.7M	0.37	0.99	356,445	132,807	1,885,343	1,316,127
2023-05-22	$248.27	$180.00	30.1%	8.8%	50.2%	0.5%	31.5%	3.5%	0.3%	346.8M	-21.64B	-94.1M	0.54	1.04	268,034	143,607	1,716,641	1,151,400
2023-05-23	$247.12	$185.00	31.2%	9.0%	49.1%	3.1%	32.1%	3.9%	0.5%	309.4M	-20.92B	-96.2M	0.59	1.03	119,189	70,004	1,761,589	1,193,057
2023-05-24	$248.69	$185.00	31.7%	9.4%	49.1%	4.3%	32.6%	4.4%	0.2%	345.1M	-21.59B	-97.6M	0.48	1.14	86,445	41,747	1,784,471	1,212,323
2023-05-25	$253.31	$185.00	32.0%	9.5%	19.1%	4.9%	34.1%	3.6%	0.1%	436.1M	-23.68B	-98.4M	0.58	1.23	251,340	145,307	1,805,744	1,225,515
2023-05-26	$261.97	$190.00	32.3%	9.4%	21.9%	5.5%	34.2%	2.8%	0.2%	604.3M	-27.16B	-96.7M	0.56	1.09	336,333	187,728	1,807,378	1,241,636
2023-05-30	$262.74	$190.00	33.0%	9.9%	21.1%	7.2%	35.6%	2.8%	-0.7%	343.3M	-25.94B	-96.8M	0.67	1.23	243,199	164,110	1,739,579	1,202,675
2023-05-31	$263.38	$190.00	32.8%	9.8%	19.7%	6.8%	34.7%	2.3%	-0.6%	355.8M	-26.12B	-100.0M	1.07	1.21	144,269	153,807	1,789,684	1,254,529