NGL Options History — March 2020

In March 2020, NGL traded between $1.50 and $8.03. ATM implied volatility averaged 170.8%, placing in the 76.3% IV rank vs the trailing year. The 30-day expected move averaged 51.0%. IV traded below realized volatility by 105.2% (HV 20d: 276.0%). Max pain ranged from $10.00 to $10.00. Net GEX was positive for 1 of 22 trading days. Term structure was in contango for 8 of 22 days. Put/call ratio averaged 1.35.

Notable Days

  • 2020-03-06: Highest Volume — 6,504 contracts
  • 2020-03-19: Largest IV spike — 190.3% change
  • 2020-03-05: Highest IV Rank — 100.0%
  • 2020-03-13: Largest Expected Move — 81.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$3.84$1.50$8.03$8.03$2.50
Max Pain$10.00$10.00$10.00$10.00$10.00
ATM IV170.8%61.9%285.7%82.2%213.1%
Expected Move51.0%23.4%81.9%23.6%61.1%
HV 20d276.0%34.8%419.9%40.2%419.9%
HV 60d166.1%38.9%242.8%38.9%242.6%
IV Rank76.3%29.2%100.0%82.7%72.9%
IV Percentile98.5%96.0%100.0%99.2%98.0%
Term Structure-28.7%-203.1%219.9%-9.3%-97.2%
VWIV169.0%56.8%272.5%56.8%263.4%
Skew 25d61.0%-76.3%267.1%30.5%12.7%
Skew 10d67.3%-106.8%267.1%36.2%87.7%
Call IV 25d145.6%34.8%280.7%51.8%190.2%
Put IV 25d206.6%60.3%328.8%82.4%202.9%
Bid-Ask Spread %77.8255.8396.8881.2176.11
Gamma HHI0.800.431.000.820.83
Net GEX-112.7K-455.7K1.5K-447.5K-18.1K
Net DEX12.9M8.0M21.6M16.9M10.8M
Net VEX-33.3K-82.4K0-82.4K-15.6K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.350.068.342.790.06
Total Volume1,098.136876,504795202
Total OI66,717.18263,48968,20464,59967,923

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-03-02$8.03$10.0082.2%23.6%40.2%82.7%56.8%30.5%-9.3%-447.5K16.9M-82.4K2.7981.21N/AN/A2105859,77654,823
2020-03-03$7.69$10.0095.4%27.4%39.6%99.7%87.4%35.3%-16.6%-455.7K18.6M-80.9K2.2587.22N/AN/A1413179,87955,527
2020-03-04$7.53$10.0081.8%23.4%34.8%82.1%81.4%32.2%-9.5%-455.1K19.6M-78.6K4.3282.48N/AN/A2521,0899,96255,728
2020-03-05$7.01$10.00106.5%23.9%38.9%100.0%82.5%17.2%-13.6%-375.6K21.2M-74.3K0.3984.38N/AN/A89135110,03556,661
2020-03-06$6.16$10.0063.8%33.0%52.1%51.9%99.3%32.6%-16.9%-262.2K21.6M-63.3K8.3464.89N/AN/A6965,80810,67656,812
2020-03-09$3.10$10.0061.9%41.6%240.6%49.7%174.4%94.2%150.5%-44.0K11.2M-26.6K0.5596.88N/AN/A1,33473710,92952,560
2020-03-10$3.84$10.00173.6%62.7%259.2%100.0%201.7%75.3%-60.4%-67.0K13.9M-34.9K0.3167.41N/AN/A1,28039312,15152,644
2020-03-11$3.68$10.00200.6%57.5%258.7%100.0%176.0%-76.3%-192.2%-62.7K12.6M-34.8K1.1671.85N/AN/A9031,04413,18152,759
2020-03-12$3.00$10.00168.4%48.3%264.2%82.4%0.0%267.1%219.9%-17.6K11.8M-21.7K0.1090.38N/AN/A1,09411113,69053,379
2020-03-13$3.35$10.00285.7%81.9%270.0%100.0%200.5%45.6%-177.4%-49.2K10.4M-34.7K0.4577.73N/AN/A23110513,62753,384
2020-03-16$2.96$10.00202.4%58.0%270.6%68.9%210.6%217.0%5.6%-39.8K9.2M-29.6K0.3275.39N/AN/A54317613,58153,366
2020-03-17$2.25$10.00277.9%79.7%280.0%97.1%225.0%4.6%21.0%-24.0K8.3M-19.0K0.2374.47N/AN/A63814413,80853,393
2020-03-18$1.50$10.0096.2%27.6%302.1%29.2%0.0%-42.7%0.0%08.0M01.5490.33N/AN/A19930713,52453,285
2020-03-19$2.85$10.00279.3%80.1%398.7%97.6%0.0%8.4%-203.1%1.5K14.2M-2.7K2.3784.70N/AN/A6101,44513,46353,233
2020-03-20$3.39$10.00187.1%53.6%407.0%63.2%0.0%163.7%114.4%-19.5K13.0M-24.3K0.4480.55N/AN/A79635413,65554,549
2020-03-23$2.69$10.00206.1%59.1%411.8%70.3%272.5%129.2%49.6%-28.8K10.4M-19.5K0.7874.01N/AN/A493813,25054,423
2020-03-24$2.50$10.00125.5%36.0%411.7%40.2%104.9%108.8%136.3%-22.9K9.9M-18.2K0.0981.83N/AN/A1421313,27754,416
2020-03-25$2.85$10.00273.1%78.3%417.2%95.3%0.0%-15.2%-186.7%-16.4K11.8M-18.6K1.1569.78N/AN/A9210613,35554,051
2020-03-26$2.72$10.00137.4%39.4%416.9%44.6%219.4%111.0%20.9%-29.2K11.0M-19.1K0.8770.98N/AN/A11910413,38454,148
2020-03-27$2.36$10.00262.9%75.4%417.9%91.5%248.2%62.8%-153.5%-22.7K9.5M-16.5K0.4773.64N/AN/A2059613,46854,246
2020-03-30$2.46$10.00177.1%50.8%419.1%59.4%169.3%28.2%-184.5%-21.9K9.9M-17.5K0.6555.83N/AN/A1278213,52454,273
2020-03-31$2.50$10.00213.1%61.1%419.9%72.9%263.4%12.7%-97.2%-18.1K10.8M-15.6K0.0676.11N/AN/A1911113,59854,325