NGL Options History — March 2023

In March 2023, NGL traded between $2.46 and $3.87. ATM implied volatility averaged 89.8%, placing in the 13.8% IV rank vs the trailing year. The 30-day expected move averaged 21.3%. IV traded below realized volatility by 23.3% (HV 20d: 113.1%). Max pain ranged from $2.50 to $2.50. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 5 of 23 days. Put/call ratio averaged 0.16.

Notable Days

  • 2023-03-15: Highest Volume — 4,283 contracts
  • 2023-03-08: Largest IV spike — 57.7% change
  • 2023-03-14: Highest IV Rank — 34.3%
  • 2023-03-03: Largest Expected Move — 25.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$3.14$2.46$3.87$3.58$2.90
Max Pain$2.50$2.50$2.50$2.50$2.50
ATM IV89.8%66.0%153.4%74.9%74.8%
Expected Move21.3%12.9%25.3%21.5%21.5%
HV 20d113.1%91.2%139.5%133.0%92.0%
HV 60d104.5%99.6%110.0%99.6%101.5%
IV Rank13.8%6.1%34.3%9.0%9.0%
IV Percentile30.2%8.3%73.4%17.1%13.9%
Term Structure-7.7%-58.6%42.9%-26.5%-17.4%
VWIV78.0%49.8%101.9%77.9%68.7%
Bid-Ask Spread %21.929.7142.519.7111.96
Gamma HHI0.560.450.700.570.54
Net GEX34.1K26.8K41.5K35.3K29.7K
Net DEX-4.0M-6.7M-1.9M-5.7M-3.2M
Net VEX-18.0K-21.0K-15.6K-18.6K-17.3K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.160.010.480.110.03
Total Volume970.13974,2832,660128
Total OI28,832.47826,95130,81328,49828,552

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-03-01$3.58$2.5074.9%21.5%133.0%9.0%77.9%0.0%-26.5%35.3K-5.7M-18.6K0.119.71N/AN/A2,38627424,7073,791
2023-03-02$3.52$2.5066.0%18.9%133.2%6.1%60.0%0.0%-7.7%35.3K-5.4M-19.0K0.119.81N/AN/A2,76030624,8703,923
2023-03-03$3.52$2.5088.1%25.3%133.6%13.3%101.9%0.0%-58.6%31.9K-5.6M-19.6K0.0415.33N/AN/A1,4806126,6673,829
2023-03-06$3.87$2.5071.3%21.1%135.1%7.8%85.8%0.0%-11.1%41.5K-6.7M-21.0K0.0325.57N/AN/A1,0702926,9373,876
2023-03-07$3.81$2.5083.1%24.2%134.7%11.6%69.0%0.0%-14.3%40.7K-6.3M-20.4K0.2317.56N/AN/A3828926,3703,899
2023-03-08$3.76$2.50131.0%24.1%135.3%27.1%75.7%0.0%-14.5%39.9K-6.0M-20.2K0.2418.68N/AN/A2425726,2033,971
2023-03-09$3.71$2.50118.2%14.4%133.8%23.0%82.5%0.0%-14.7%37.7K-6.0M-20.7K0.0142.51N/AN/A9771026,1423,965
2023-03-10$3.46$2.50111.9%12.9%139.5%20.9%85.8%0.0%25.1%33.8K-5.0M-18.3K0.1610.75N/AN/A1,23920226,0863,969
2023-03-13$3.29$2.50123.4%14.2%125.9%24.6%49.8%0.0%33.9%32.6K-4.5M-17.9K0.2113.68N/AN/A1,68734925,7653,907
2023-03-14$3.32$2.50153.4%15.2%94.6%34.3%75.4%0.0%-8.6%33.0K-4.5M-18.1K0.4610.88N/AN/A1195526,0063,954
2023-03-15$3.00$2.5087.7%25.1%102.3%13.1%87.5%0.0%-1.5%26.8K-3.5M-17.6K0.0927.67N/AN/A3,94234124,6694,002
2023-03-16$2.92$2.5082.3%23.6%102.9%11.4%82.6%0.0%42.9%36.7K-2.9M-17.0K0.4822.33N/AN/A34916624,8953,978
2023-03-17$2.79$2.5075.6%21.7%104.3%9.2%75.6%0.0%-1.9%30.7K-2.8M-17.5K0.3116.80N/AN/A1946124,9344,053
2023-03-20$2.73$2.5082.9%23.8%104.6%11.6%82.9%0.0%-1.2%29.7K-2.6M-17.1K0.3031.96N/AN/A1695123,3823,569
2023-03-21$2.90$2.5077.0%22.1%103.9%9.7%77.4%0.0%-3.2%28.0K-3.0M-16.7K0.1131.04N/AN/A4634923,5203,565
2023-03-22$2.67$2.5080.2%23.0%105.4%10.7%80.3%0.0%-28.7%31.2K-2.5M-17.1K0.1030.70N/AN/A4023923,8473,548
2023-03-23$2.46$2.5085.3%24.4%109.3%12.3%85.3%0.0%-17.9%30.4K-1.9M-15.6K0.2920.44N/AN/A2898424,0703,550
2023-03-24$2.50$2.5081.9%23.5%97.9%11.2%81.9%0.0%-0.4%31.1K-2.0M-15.8K0.1925.67N/AN/A1623024,2373,604
2023-03-27$2.84$2.5081.0%23.2%104.1%11.0%81.6%0.0%-39.4%40.8K-2.7M-16.3K0.0434.85N/AN/A5602024,2863,608
2023-03-28$2.79$2.5079.7%22.9%91.2%10.5%74.6%0.0%8.2%34.3K-2.9M-17.6K0.0326.02N/AN/A94324,3673,608
2023-03-29$2.88$2.5081.3%23.3%91.8%11.0%78.8%0.0%-21.6%36.8K-2.9M-16.9K0.0735.11N/AN/A7055124,4093,609
2023-03-30$2.90$2.5073.6%21.1%92.0%8.6%73.6%0.0%1.1%35.6K-3.1M-17.6K0.1315.15N/AN/A1652224,7903,658
2023-03-31$2.90$2.5074.8%21.5%92.0%9.0%68.7%0.0%-17.4%29.7K-3.2M-17.3K0.0311.96N/AN/A124424,8763,676