NDLS Options History — February 2023

In February 2023, NDLS traded between $46.72 and $52.24. ATM implied volatility averaged 62.4%, placing in the 17.9% IV rank vs the trailing year. The 30-day expected move averaged 17.4%. IV traded above realized volatility by 19.3% (HV 20d: 43.0%). Max pain ranged from $20.00 to $60.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 12 of 19 days. Put/call ratio averaged 0.22.

Notable Days

  • 2023-02-24: Highest Volume — 25 contracts
  • 2023-02-22: Largest IV drop — 56.4% change
  • 2023-02-21: Highest IV Rank — 43.6%
  • 2023-02-21: Largest Expected Move — 28.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$49.01$46.72$52.24$51.44$47.04
Max Pain$42.11$20.00$60.00$20.00$40.00
ATM IV62.4%42.7%97.9%54.2%54.3%
Expected Move17.4%12.2%28.1%15.5%15.6%
HV 20d43.0%38.3%47.1%45.6%40.3%
HV 60d43.5%40.9%51.7%51.7%40.9%
IV Rank17.9%3.6%43.6%11.9%12.1%
IV Percentile23.4%1.6%83.3%9.1%11.9%
Term Structure-1.1%-42.3%25.9%25.9%4.6%
VWIV88.1%39.2%342.8%342.8%39.2%
Skew 25d10.9%-1.4%33.9%3.4%2.5%
Skew 10d22.4%-4.1%70.4%16.6%1.7%
Call IV 25d50.5%35.6%65.0%65.0%47.8%
Put IV 25d61.4%40.7%79.1%68.5%50.2%
Bid-Ask Spread %63.4425.2692.1725.2642.52
Gamma HHI0.490.440.600.530.46
Net GEX7.6K4.3K12.9K10.1K7.4K
Net DEX-315.0K-544.1K-129.4K-531.5K-177.3K
Net VEX-2.6K-2.8K-2.3K-2.8K-2.5K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.220.000.750.000.00
Total Volume8.47402533
Total OI426.105340466443393

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-02-01$51.44$20.0054.2%15.5%45.6%11.9%342.8%3.4%25.9%10.1K-531.5K-2.8K0.0025.26N/AN/A30327116
2023-02-02$52.24$40.0054.0%14.1%44.9%11.8%75.4%17.3%9.1%12.7K-544.1K-2.8K0.2050.32N/AN/A61324116
2023-02-03$50.80$40.0082.3%17.3%46.5%32.3%0.0%9.2%-0.2%10.3K-449.5K-2.7K0.0076.50N/AN/A00324117
2023-02-06$51.76$40.0055.6%13.2%46.7%13.0%78.3%0.0%9.0%12.9K-506.6K-2.7K0.0089.72N/AN/A019324117
2023-02-07$51.60$40.0052.1%17.0%46.8%10.5%0.0%11.0%-1.3%8.5K-450.3K-2.8K0.3971.05N/AN/A63324136
2023-02-08$50.80$40.0053.1%15.2%47.1%11.1%0.0%11.6%4.9%7.5K-434.9K-2.8K0.0077.41N/AN/A160322136
2023-02-09$48.48$40.0078.9%22.6%44.4%29.9%0.0%16.8%-20.1%6.1K-347.1K-2.7K0.0081.07N/AN/A00314146
2023-02-10$47.44$40.0072.5%20.8%44.7%25.2%0.0%5.9%-3.5%4.3K-293.1K-2.5K0.0763.27N/AN/A30314146
2023-02-13$47.12$40.0071.6%20.5%44.4%24.6%66.4%0.0%2.9%5.2K-278.1K-2.4K0.3270.94N/AN/A93313146
2023-02-14$48.00$60.0066.5%19.1%45.1%20.9%0.0%20.8%17.9%6.0K-309.7K-2.7K0.0067.72N/AN/A20316148
2023-02-15$49.04$60.0081.5%23.4%41.3%31.8%0.0%23.1%-42.3%6.5K-303.7K-2.6K0.5192.17N/AN/A95318148
2023-02-16$48.96$60.0054.6%15.7%41.3%12.2%43.4%0.3%-37.9%6.6K-265.5K-2.6K0.0073.37N/AN/A00310152
2023-02-17$49.04$40.0068.0%19.5%38.3%22.0%39.9%33.9%3.0%7.5K-287.8K-2.6K0.0283.52N/AN/A160310152
2023-02-21$47.36$40.0097.9%28.1%40.2%43.6%67.2%22.2%-35.6%6.2K-149.5K-2.4K0.5858.96N/AN/A11724397
2023-02-22$48.40$40.0042.7%12.2%39.5%3.6%40.3%5.1%10.2%6.8K-183.3K-2.5K0.7547.64N/AN/A10254100
2023-02-23$47.68$40.0050.1%14.4%39.8%9.0%39.2%2.0%4.6%7.0K-154.0K-2.3K0.7047.26N/AN/A11254100
2023-02-24$46.72$40.0047.0%13.5%40.2%6.7%0.0%-1.4%16.4%5.4K-129.4K-2.3K0.0042.25N/AN/A250256101
2023-02-27$47.20$40.0048.1%13.8%40.5%7.6%0.0%1.6%12.3%7.2K-189.4K-2.5K0.0044.36N/AN/A110281101
2023-02-28$47.04$40.0054.3%15.6%40.3%12.1%0.0%2.5%4.6%7.4K-177.3K-2.5K0.0042.52N/AN/A30292101