PCEF Options History — March 2020

In March 2020, PCEF traded between $14.35 and $22.69. ATM implied volatility averaged 53.1%, placing in the 25.6% IV rank vs the trailing year. The 30-day expected move averaged 12.8%. IV traded below realized volatility by 11.0% (HV 20d: 64.1%). Max pain ranged from $16.00 to $23.00. Net GEX was positive for 4 of 22 trading days. Term structure was in contango for 8 of 22 days. Put/call ratio averaged 0.23.

Notable Days

  • 2020-03-23: Highest Volume — 21 contracts
  • 2020-03-03: Largest IV spike — 468.6% change
  • 2020-03-03: Highest IV Rank — 85.3%
  • 2020-03-31: Largest Expected Move — 28.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$18.42$14.35$22.69$22.12$17.61
Max Pain$21.05$16.00$23.00$23.00$16.00
ATM IV53.1%20.7%170.8%30.0%98.3%
Expected Move12.8%4.6%28.2%8.6%28.2%
HV 20d64.1%23.6%105.6%23.6%104.6%
HV 60d38.3%14.2%61.5%14.2%61.5%
IV Rank25.6%9.1%85.3%13.9%48.5%
IV Percentile69.8%66.3%87.3%68.3%77.0%
Term Structure3.5%-38.9%150.9%-9.8%-38.9%
VWIV39.5%18.1%60.1%18.1%60.1%
Skew 25d-3.5%-78.0%30.3%-38.8%-78.0%
Skew 10d-0.4%-53.3%43.3%-0.5%-53.3%
Call IV 25d56.4%19.4%149.6%75.9%111.5%
Put IV 25d52.9%9.4%130.4%37.1%33.4%
Bid-Ask Spread %144.43125.16187.88159.42146.10
Gamma HHI0.350.170.560.540.24
Net GEX-1.2K-4.4K478-3.2K150
Net DEX67.0K35.6K94.7K41.8K40.0K
Net VEX-126-201-9-133-170
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.230.000.910.000.00
Total Volume3.864021210
Total OI59.63632853285

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-03-02$22.12$23.0030.0%8.6%23.6%13.9%0.0%-38.8%-9.8%-3.2K41.8K-1330.00159.42N/AN/A02032
2020-03-03$22.22$23.00170.8%0.0%23.7%85.3%0.0%8.8%150.9%-1.3K35.6K-1470.00187.88N/AN/A00033
2020-03-04$22.69$23.0020.7%5.9%25.1%9.1%0.0%-21.1%0.1%-2.2K38.4K-1460.00155.74N/AN/A011033
2020-03-05$22.23$22.0025.0%4.6%25.8%11.3%18.1%1.4%1.0%-4.4K63.1K-1750.00158.06N/AN/A05044
2020-03-06$21.95$22.0027.0%4.9%26.0%12.3%0.0%2.5%-0.3%-4.3K69.5K-1920.00157.10N/AN/A00049
2020-03-09$20.72$22.0049.4%8.3%32.1%23.7%0.0%3.9%-9.5%-2.4K84.0K-1220.00151.01N/AN/A05049
2020-03-10$20.85$22.0052.4%8.4%32.3%25.2%0.0%11.7%-10.3%-2.9K89.8K-1390.00148.51N/AN/A00054
2020-03-11$19.89$22.0040.9%0.0%35.2%19.4%0.0%-22.6%110.4%-1.1K65.8K-2010.00187.15N/AN/A01054
2020-03-12$17.96$22.0041.0%11.8%48.0%19.4%0.0%0.3%-14.7%-70293.8K-490.00133.11N/AN/A01055
2020-03-13$18.60$22.0039.7%11.4%50.9%18.8%0.0%9.3%-13.8%-1.1K94.7K-810.00140.70N/AN/A00056
2020-03-16$17.12$22.0055.2%15.8%56.5%26.6%0.0%7.7%-20.9%-55990.9K-510.00137.94N/AN/A00056
2020-03-17$17.27$22.0041.3%11.9%56.8%19.6%40.2%-2.1%-8.8%-66286.8K-960.00127.12N/AN/A03056
2020-03-18$14.35$22.0062.7%18.0%82.1%30.4%0.0%1.6%-23.9%-10283.8K-90.00125.16N/AN/A50059
2020-03-19$15.32$22.0068.7%19.7%87.9%33.5%0.0%-0.1%-20.3%-28084.7K-720.00130.82N/AN/A00560
2020-03-20$15.70$22.0053.5%15.3%89.2%25.8%0.0%-7.2%-20.0%-41083.2K-980.00135.48N/AN/A010560
2020-03-23$14.38$22.0066.2%19.0%92.3%32.2%0.0%8.2%8.6%-45873.0K-690.91134.08N/AN/A1110559
2020-03-24$15.50$22.0064.8%18.6%98.8%31.5%0.0%12.6%-7.8%-22164.8K-1320.00133.29N/AN/A001658
2020-03-25$16.77$22.0040.6%11.6%104.5%19.2%60.1%30.3%6.8%-34260.6K-1590.00132.13N/AN/A1101658
2020-03-26$17.32$16.0033.9%9.7%105.6%15.8%0.0%-6.4%5.1%47841.0K-1750.00131.25N/AN/A002758
2020-03-27$17.30$16.0039.1%11.2%105.4%18.5%0.0%-8.3%2.2%7644.6K-1860.00135.47N/AN/A002758
2020-03-30$17.43$16.0047.1%13.5%104.4%22.5%0.0%8.5%-8.6%12444.7K-1650.00130.00N/AN/A002758
2020-03-31$17.61$16.0098.3%28.2%104.6%48.5%0.0%-78.0%-38.9%15040.0K-1700.00146.10N/AN/A1002758