NGL Options History — February 2023

In February 2023, NGL traded between $1.63 and $3.51. ATM implied volatility averaged 93.8%, placing in the 15.1% IV rank vs the trailing year. The 30-day expected move averaged 26.7%. IV traded below realized volatility by 1.7% (HV 20d: 95.5%). Max pain ranged from $2.50 to $2.50. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 5 of 19 days. Put/call ratio averaged 0.10.

Notable Days

2023-02-13: Highest Volume — 5,374 contracts
2023-02-10: Largest IV drop — 33.5% change
2023-02-09: Highest IV Rank — 29.1%
2023-02-09: Largest Expected Move — 39.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$2.33	$1.63	$3.51	$1.63	$3.51
Max Pain	$2.50	$2.50	$2.50	$2.50	$2.50
ATM IV	93.8%	64.0%	137.3%	99.5%	64.0%
Expected Move	26.7%	18.3%	39.4%	28.5%	18.3%
HV 20d	95.5%	51.0%	133.0%	82.2%	133.0%
HV 60d	83.8%	65.3%	99.6%	70.5%	99.6%
IV Rank	15.1%	5.5%	29.1%	16.9%	5.5%
IV Percentile	38.5%	7.1%	69.0%	47.2%	7.1%
Term Structure	-8.8%	-35.1%	50.5%	50.5%	-17.1%
VWIV	94.1%	58.9%	134.1%	121.1%	60.8%
Bid-Ask Spread %	21.17	7.09	71.95	7.73	11.65
Gamma HHI	0.81	0.62	0.87	0.81	0.62
Net GEX	26.3K	8.4K	43.1K	8.4K	32.8K
Net DEX	-2.5M	-5.7M	-566.3K	-665.4K	-5.7M
Net VEX	-14.6K	-18.9K	-9.2K	-9.2K	-18.9K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.10	0.00	0.55	0.00	0.51
Total Volume	1,726.316	104	5,374	150	3,078
Total OI	23,936.316	18,990	29,251	18,990	28,050

Daily Data (19 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 Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2023-02-01	$1.63	$2.50	99.5%	28.5%	82.2%	16.9%	0.0%	0.0%	50.5%	8.4K	-665.4K	-9.2K	0.00	7.73	N/A	N/A	150	0	16,235	2,755
2023-02-02	$1.65	$2.50	92.8%	30.3%	51.2%	14.8%	121.1%	0.0%	-31.2%	10.0K	-689.1K	-9.6K	0.00	7.82	N/A	N/A	385	0	16,305	2,755
2023-02-03	$1.73	$2.50	95.3%	27.1%	51.0%	15.6%	112.7%	0.0%	-26.7%	10.4K	-745.6K	-10.0K	0.00	19.51	N/A	N/A	109	0	16,443	2,755
2023-02-06	$1.69	$2.50	100.0%	28.1%	51.6%	17.1%	120.4%	0.0%	-30.4%	10.6K	-728.3K	-9.8K	0.24	17.32	N/A	N/A	84	20	16,494	2,755
2023-02-07	$1.69	$2.50	120.5%	28.4%	51.6%	23.7%	122.0%	0.0%	-34.1%	10.7K	-723.0K	-9.7K	0.00	7.09	N/A	N/A	131	0	16,542	2,765
2023-02-08	$1.63	$2.50	111.8%	32.1%	54.4%	20.9%	134.1%	0.0%	-35.1%	9.2K	-566.3K	-9.2K	0.00	9.52	N/A	N/A	581	0	16,644	2,765
2023-02-09	$1.69	$2.50	137.3%	39.4%	54.4%	29.1%	101.4%	0.0%	-12.2%	13.5K	-784.0K	-10.0K	0.04	42.25	N/A	N/A	735	26	16,884	2,765
2023-02-10	$2.09	$2.50	91.3%	26.2%	85.7%	14.3%	75.6%	0.0%	2.3%	19.7K	-1.2M	-12.3K	0.04	71.95	N/A	N/A	3,886	149	17,470	2,762
2023-02-13	$2.67	$2.50	79.9%	22.9%	118.4%	10.6%	79.8%	0.0%	-0.7%	39.6K	-2.8M	-16.3K	0.06	21.89	N/A	N/A	5,048	326	20,444	2,797
2023-02-14	$2.75	$2.50	81.0%	23.2%	114.0%	11.0%	81.4%	0.0%	-7.7%	42.0K	-3.6M	-18.0K	0.09	23.87	N/A	N/A	1,897	176	22,574	3,041
2023-02-15	$2.74	$2.50	101.4%	29.1%	114.2%	17.6%	101.4%	0.0%	-6.7%	35.4K	-3.5M	-17.9K	0.07	12.49	N/A	N/A	3,677	239	22,566	3,147
2023-02-16	$2.75	$2.50	103.2%	29.6%	114.3%	18.1%	102.8%	0.0%	-15.8%	36.3K	-3.9M	-18.9K	0.05	11.95	N/A	N/A	2,942	133	24,535	3,284
2023-02-17	$2.75	$2.50	90.9%	26.1%	114.7%	14.2%	91.7%	0.0%	-7.8%	29.6K	-4.4M	-18.8K	0.02	18.20	N/A	N/A	2,098	32	25,929	3,322
2023-02-21	$2.58	$2.50	81.3%	23.3%	119.3%	11.0%	81.0%	0.0%	6.1%	43.1K	-3.1M	-18.2K	0.02	21.72	N/A	N/A	2,362	47	24,927	3,277
2023-02-22	$2.41	$2.50	80.0%	22.9%	123.5%	10.6%	80.0%	0.0%	0.3%	41.6K	-2.3M	-16.7K	0.55	29.53	N/A	N/A	418	228	24,457	3,295
2023-02-23	$2.48	$2.50	86.4%	24.8%	123.5%	12.7%	86.4%	0.0%	-10.8%	41.0K	-2.7M	-17.5K	0.04	20.05	N/A	N/A	138	6	24,558	3,455
2023-02-24	$2.83	$2.50	83.9%	24.0%	129.1%	11.9%	83.0%	0.0%	-15.1%	30.5K	-4.1M	-18.3K	0.05	35.65	N/A	N/A	2,675	125	24,575	3,458
2023-02-27	$3.08	$2.50	81.7%	23.4%	129.3%	11.2%	58.9%	0.0%	25.9%	34.6K	-4.5M	-17.6K	0.14	12.13	N/A	N/A	789	110	24,417	3,588
2023-02-28	$3.51	$2.50	64.0%	18.3%	133.0%	5.5%	60.8%	0.0%	-17.1%	32.8K	-5.7M	-18.9K	0.51	11.65	N/A	N/A	2,032	1,046	24,385	3,665