NGL Options History — September 2023

In September 2023, NGL traded between $3.69 and $3.88. ATM implied volatility averaged 69.6%, placing in the 9.1% IV rank vs the trailing year. The 30-day expected move averaged 17.5%. IV traded above realized volatility by 48.5% (HV 20d: 21.1%). Max pain ranged from $2.50 to $5.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 4 of 20 days. Put/call ratio averaged 0.58.

Notable Days

  • 2023-09-20: Highest Volume — 1,480 contracts
  • 2023-09-25: Largest IV spike — 76.1% change
  • 2023-09-12: Highest IV Rank — 24.3%
  • 2023-09-26: Largest Expected Move — 24.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$3.83$3.69$3.88$3.87$3.85
Max Pain$2.63$2.50$5.00$5.00$2.50
ATM IV69.6%40.2%118.2%63.3%50.8%
Expected Move17.5%11.5%24.4%18.1%14.6%
HV 20d21.1%14.7%35.3%35.3%22.8%
HV 60d33.4%29.0%40.4%40.4%29.9%
IV Rank9.1%0.0%24.3%6.9%3.3%
IV Percentile28.4%0.0%71.0%20.6%11.1%
Term Structure-8.0%-57.0%24.3%12.4%-2.6%
VWIV82.0%44.6%172.3%98.2%57.4%
Bid-Ask Spread %27.427.0372.3172.3157.97
Gamma HHI0.490.470.530.510.47
Net GEX44.3K36.4K51.5K48.5K38.0K
Net DEX-3.9M-4.2M-3.6M-4.2M-3.9M
Net VEX-11.2K-12.5K-9.6K-11.9K-11.0K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.580.002.640.022.21
Total Volume279.7521,48072393
Total OI26,310.4525,38026,96125,63026,961

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-09-01$3.87$5.0063.3%18.1%35.3%6.9%98.2%0.0%12.4%48.5K-4.2M-11.9K0.0272.31N/AN/A7061722,3743,256
2023-09-05$3.87$2.5086.6%20.7%31.3%14.3%70.0%0.0%-6.6%49.1K-4.0M-11.5K0.0033.31N/AN/A36022,1073,273
2023-09-06$3.87$2.5078.6%19.3%31.3%11.8%68.2%0.0%-7.5%51.5K-4.1M-10.2K0.488.40N/AN/A462222,1093,273
2023-09-07$3.81$2.5077.0%20.1%30.6%11.3%71.4%0.0%-7.7%46.8K-3.9M-11.8K0.707.03N/AN/A14210022,1103,295
2023-09-08$3.83$2.5084.8%16.7%21.6%13.7%68.4%0.0%-9.5%49.0K-3.9M-10.7K0.779.39N/AN/A41332022,2263,395
2023-09-11$3.83$2.50111.9%17.4%21.6%22.3%65.4%0.0%-13.6%51.0K-4.0M-9.6K1.339.52N/AN/A20327022,5883,713
2023-09-12$3.85$2.50118.2%17.0%20.3%24.3%71.2%0.0%-6.3%47.2K-4.0M-12.0K0.4214.86N/AN/A24110222,7883,982
2023-09-13$3.81$2.5062.3%17.9%14.7%6.6%75.2%0.0%-10.0%46.5K-3.9M-12.5K0.009.66N/AN/A51022,7154,082
2023-09-14$3.85$2.5061.0%17.5%15.1%6.2%73.2%0.0%0.9%48.1K-4.0M-11.7K0.0010.63N/AN/A21022,7184,082
2023-09-15$3.84$2.5067.2%19.3%15.1%8.2%0.0%0.0%-12.2%48.0K-3.9M-11.5K0.1819.58N/AN/A551022,7124,082
2023-09-18$3.83$2.5066.9%19.2%15.1%8.0%81.1%0.0%-13.8%46.9K-4.0M-11.3K2.649.29N/AN/A7620122,2073,902
2023-09-19$3.84$2.5068.7%19.7%15.1%8.6%74.6%0.0%-42.7%46.4K-3.9M-12.1K0.0410.99N/AN/A57222,2024,103
2023-09-20$3.88$2.5040.2%11.5%15.5%0.0%44.6%0.0%-4.0%39.8K-3.8M-9.6K0.1656.29N/AN/A1,28020022,1934,105
2023-09-21$3.81$2.5045.5%13.0%16.2%1.7%0.0%0.0%0.8%37.0K-3.7M-11.5K1.0059.05N/AN/A1122,4004,112
2023-09-22$3.88$2.5045.6%13.1%17.2%1.7%172.3%0.0%24.3%38.8K-3.8M-10.9K0.0171.33N/AN/A89122,4014,112
2023-09-25$3.83$2.5080.2%23.0%17.8%12.6%152.9%0.0%-0.6%36.8K-3.8M-10.2K0.0447.80N/AN/A90422,3804,113
2023-09-26$3.69$2.5085.0%24.4%20.9%14.1%108.0%0.0%-57.0%43.1K-3.7M-12.0K0.038.19N/AN/A272822,4214,112
2023-09-27$3.76$2.5052.7%15.1%22.0%3.9%75.6%0.0%-1.9%36.6K-3.6M-9.8K0.0018.03N/AN/A382022,5874,109
2023-09-28$3.80$2.5046.2%13.3%22.3%1.9%47.6%0.0%-2.3%36.4K-3.8M-11.4K1.5214.69N/AN/A335022,8004,109
2023-09-29$3.85$2.5050.8%14.6%22.8%3.3%57.4%0.0%-2.6%38.0K-3.9M-11.0K2.2157.97N/AN/A296422,8174,144