NGL Options History — February 2024

In February 2024, NGL traded between $5.75 and $5.96. ATM implied volatility averaged 60.3%, placing in the 27.7% IV rank vs the trailing year. The 30-day expected move averaged 16.1%. IV traded above realized volatility by 27.7% (HV 20d: 32.7%). Max pain ranged from $5.00 to $5.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 8 of 20 days. Put/call ratio averaged 0.54.

Notable Days

2024-02-09: Highest Volume — 1,692 contracts
2024-02-07: Largest IV drop — 34.8% change
2024-02-06: Highest IV Rank — 56.5%
2024-02-02: Largest Expected Move — 20.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$5.82	$5.75	$5.96	$5.83	$5.92
Max Pain	$5.00	$5.00	$5.00	$5.00	$5.00
ATM IV	60.3%	40.1%	97.7%	76.2%	50.6%
Expected Move	16.1%	11.5%	20.5%	19.4%	14.5%
HV 20d	32.7%	21.7%	39.8%	38.3%	21.7%
HV 60d	36.7%	35.5%	37.6%	37.3%	35.5%
IV Rank	27.7%	12.1%	56.5%	39.9%	20.2%
IV Percentile	40.5%	5.2%	91.7%	67.5%	26.2%
Term Structure	-5.2%	-55.9%	28.9%	-22.8%	-30.9%
VWIV	65.1%	35.5%	109.8%	79.7%	73.2%
Bid-Ask Spread %	61.57	29.39	105.27	59.38	65.79
Gamma HHI	0.77	0.70	0.83	0.71	0.77
Net GEX	76.6K	62.8K	88.8K	86.1K	73.7K
Net DEX	-2.8M	-4.0M	-2.0M	-3.9M	-2.2M
Net VEX	-13.9K	-19.2K	-10.6K	-19.2K	-10.7K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.54	0.01	3.48	0.01	0.02
Total Volume	481.35	20	1,692	449	1,039
Total OI	19,757.75	18,289	21,230	20,628	18,708

Daily Data (20 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
2024-02-01	$5.83	$5.00	76.2%	19.4%	38.3%	39.9%	79.7%	0.0%	-22.8%	86.1K	-3.9M	-19.2K	0.01	59.38	N/A	N/A	445	4	18,023	2,605
2024-02-02	$5.81	$5.00	95.1%	20.5%	38.3%	54.5%	69.0%	0.0%	-8.5%	80.4K	-3.7M	-18.4K	3.48	56.47	N/A	N/A	25	87	18,155	2,605
2024-02-05	$5.75	$5.00	83.9%	19.8%	38.6%	45.9%	65.1%	0.0%	-9.5%	81.0K	-3.5M	-17.5K	0.17	62.27	N/A	N/A	253	43	18,178	2,680
2024-02-06	$5.75	$5.00	97.7%	17.6%	36.6%	56.5%	62.0%	0.0%	4.1%	88.4K	-3.4M	-17.5K	0.62	33.28	N/A	N/A	47	29	18,214	2,704
2024-02-07	$5.96	$5.00	63.7%	18.3%	38.1%	30.3%	67.2%	0.0%	5.8%	88.8K	-4.0M	-18.5K	0.04	35.55	N/A	N/A	997	37	18,227	2,727
2024-02-08	$5.78	$5.00	68.6%	19.7%	39.8%	34.1%	68.8%	0.0%	-7.3%	77.9K	-2.9M	-15.0K	1.47	55.74	N/A	N/A	273	401	17,968	2,754
2024-02-09	$5.88	$5.00	56.9%	16.3%	39.4%	25.0%	57.8%	0.0%	-4.9%	85.8K	-3.2M	-15.1K	0.31	62.71	N/A	N/A	1,291	401	18,085	3,145
2024-02-12	$5.83	$5.00	46.1%	13.2%	39.0%	16.7%	57.7%	0.0%	24.4%	79.1K	-3.0M	-14.6K	0.09	55.15	N/A	N/A	220	19	17,468	3,080
2024-02-13	$5.79	$5.00	56.2%	16.1%	38.7%	24.5%	0.0%	0.0%	0.5%	76.6K	-2.9M	-13.9K	0.01	76.76	N/A	N/A	238	3	17,335	3,097
2024-02-14	$5.83	$5.00	40.1%	11.5%	32.5%	12.1%	0.0%	0.0%	26.9%	78.6K	-2.8M	-13.3K	0.09	67.59	N/A	N/A	1,170	100	17,324	3,097
2024-02-15	$5.78	$5.00	53.0%	15.2%	31.9%	22.0%	55.0%	0.0%	-6.9%	73.2K	-2.6M	-11.9K	0.48	85.52	N/A	N/A	90	43	16,804	3,137
2024-02-16	$5.83	$5.00	45.0%	12.9%	31.9%	15.8%	35.5%	0.0%	18.9%	75.9K	-2.8M	-13.2K	0.05	105.27	N/A	N/A	273	14	16,796	3,158
2024-02-20	$5.75	$5.00	40.7%	11.7%	32.3%	12.5%	54.5%	0.0%	28.9%	70.9K	-2.2M	-12.3K	0.18	36.86	N/A	N/A	495	88	15,669	2,860
2024-02-21	$5.76	$5.00	48.7%	14.0%	31.3%	18.7%	109.8%	0.0%	9.2%	72.1K	-2.3M	-12.2K	0.01	40.93	N/A	N/A	192	1	15,441	2,922
2024-02-22	$5.75	$5.00	51.0%	14.6%	30.8%	20.5%	56.7%	0.0%	-4.5%	62.8K	-2.0M	-10.9K	0.20	29.39	N/A	N/A	50	10	15,368	2,921
2024-02-23	$5.79	$5.00	62.3%	17.9%	28.8%	29.2%	0.0%	0.0%	-15.1%	65.6K	-2.0M	-10.6K	0.18	71.28	N/A	N/A	17	3	15,386	2,914
2024-02-26	$5.84	$5.00	66.6%	19.1%	22.0%	32.6%	0.0%	0.0%	-55.9%	68.3K	-2.1M	-10.6K	2.94	74.66	N/A	N/A	133	391	15,394	2,917
2024-02-27	$5.92	$5.00	50.8%	14.6%	21.7%	20.4%	0.0%	0.0%	-18.8%	76.1K	-2.3M	-11.3K	0.03	75.22	N/A	N/A	627	17	15,515	3,097
2024-02-28	$5.88	$5.00	53.9%	15.5%	21.8%	22.7%	73.2%	0.0%	-38.5%	71.5K	-2.2M	-11.1K	0.49	81.48	N/A	N/A	41	20	15,570	3,107
2024-02-29	$5.92	$5.00	50.6%	14.5%	21.7%	20.2%	0.0%	0.0%	-30.9%	73.7K	-2.2M	-10.7K	0.02	65.79	N/A	N/A	1,014	25	15,586	3,122