S Options History — December 2008

In December 2008, S traded between $1.58 and $2.73. ATM implied volatility averaged 152.3%, placing in the 66.1% IV rank vs the trailing year. The 30-day expected move averaged 44.1%. IV traded below realized volatility by 72.1% (HV 20d: 224.4%). Max pain ranged from $3.00 to $7.50. Net GEX was positive for 7 of 22 trading days. Term structure was in contango for 5 of 22 days. Put/call ratio averaged 0.42.

Notable Days

  • 2008-12-22: Highest Volume — 22,145 contracts
  • 2008-12-29: Largest IV spike — 56.3% change
  • 2008-12-01: Highest IV Rank — 98.3%
  • 2008-12-01: Largest Expected Move — 60.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$2.07$1.58$2.73$2.11$1.83
Max Pain$6.61$3.00$7.50$3.00$6.00
ATM IV152.3%69.9%209.5%209.5%69.9%
Expected Move44.1%20.0%60.1%60.1%20.0%
HV 20d224.4%115.0%271.4%271.4%115.0%
HV 60d196.7%190.0%198.3%190.0%197.9%
IV Rank66.1%19.7%98.3%98.3%19.7%
IV Percentile89.6%52.4%99.6%99.6%52.4%
Term Structure-5.7%-29.0%57.9%-13.7%57.9%
VWIV163.0%136.2%175.9%175.9%151.0%
Skew 25d-3.7%-51.0%42.9%1.2%-45.6%
Skew 10d12.1%-51.0%86.3%1.2%-45.6%
Call IV 25d155.2%125.5%208.9%208.9%127.8%
Put IV 25d151.5%82.2%210.1%210.1%82.2%
Bid-Ask Spread %5.842.8214.909.714.40
Gamma HHI0.250.160.320.260.23
Net GEX-14.7K-49.8K17.5K-26.4K16.6K
Net DEX19.8M16.0M23.7M18.1M16.5M
Net VEX-65.4K-98.1K-37.1K-77.3K-59.3K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.420.014.090.110.05
Total Volume3,101.36422022,1451,7902,204
Total OI414,955.636407,675432,444407,675419,193

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-12-01$2.11$3.00209.5%60.1%271.4%98.3%0.0%1.2%-13.7%-26.4K18.1M-77.3K0.119.71N/AN/A1,607183264,216143,459
2008-12-02$2.66$3.00180.8%51.8%269.7%82.3%175.9%12.5%-7.2%-35.0K20.9M-97.1K1.158.20N/AN/A1,5611,792264,829143,491
2008-12-03$2.57$3.00169.0%48.4%268.9%75.7%173.0%28.2%14.2%-33.5K20.2M-96.3K0.239.80N/AN/A1,359317265,324144,474
2008-12-04$2.50$3.00167.9%48.1%266.9%75.1%165.3%42.9%14.0%-31.2K19.6M-94.6K0.2214.90N/AN/A716157265,550144,116
2008-12-05$2.60$7.50154.1%45.9%267.7%67.4%136.2%9.6%-8.3%-38.3K21.4M-91.3K0.949.60N/AN/A5,5185,170265,660144,066
2008-12-08$2.73$7.50162.2%49.0%267.3%71.9%155.8%22.6%-23.9%-43.9K22.1M-98.1K0.396.32N/AN/A911351265,639147,445
2008-12-09$2.54$7.50160.0%50.0%268.0%70.5%173.0%26.3%-20.7%-40.3K21.1M-89.0K4.097.55N/AN/A124507265,737147,580
2008-12-10$2.42$7.50155.5%46.8%254.1%68.0%162.8%8.5%-13.5%-49.8K22.1M-80.9K0.135.84N/AN/A1,053139265,759147,778
2008-12-11$2.08$7.50159.1%45.6%242.1%70.0%157.0%-2.5%-8.6%-39.9K20.7M-65.2K0.644.06N/AN/A816522266,122147,817
2008-12-12$1.96$7.50159.2%45.7%237.6%70.1%160.1%-11.3%-16.5%-38.4K20.5M-57.0K0.223.57N/AN/A1,040228266,339147,014
2008-12-15$1.82$7.50169.2%48.5%238.4%75.6%169.2%-0.5%-9.5%-2.3K22.0M-37.3K0.304.81N/AN/A1,211360266,604142,214
2008-12-16$1.98$7.50161.5%46.3%240.2%71.3%161.0%34.8%-14.1%-30.6K20.7M-51.6K0.205.17N/AN/A806164266,759141,336
2008-12-17$1.85$7.50166.7%47.8%241.2%74.1%166.8%-0.5%-17.5%-3.7K21.6M-42.5K0.154.54N/AN/A40561266,747141,220
2008-12-18$1.80$7.50175.3%50.3%236.7%79.0%175.5%-0.7%-25.5%-1.9K21.7M-37.2K0.144.31N/AN/A68998266,846141,221
2008-12-19$1.94$7.50151.9%43.6%206.7%65.8%151.0%2.3%-2.1%-2.2K23.7M-37.1K0.015.30N/AN/A11,58486266,838141,184
2008-12-22$1.65$7.50126.3%36.2%201.1%51.4%0.0%-51.0%-24.4%3.5K18.8M-40.8K0.013.36N/AN/A21,842303271,022139,506
2008-12-23$1.65$7.50136.1%39.0%177.5%56.9%0.0%-45.2%-18.9%13.7K16.8M-54.9K0.043.70N/AN/A1,30649292,494139,485
2008-12-24$1.58$7.50133.0%38.1%175.7%55.2%0.0%-20.1%16.2%13.1K16.0M-52.5K0.082.82N/AN/A20416293,241139,165
2008-12-26$1.69$7.5092.8%26.6%175.5%32.6%0.0%-46.7%47.1%14.5K17.3M-57.2K0.023.03N/AN/A95120293,279139,165
2008-12-29$1.75$7.50145.2%41.6%170.1%62.0%0.0%-43.0%-29.0%15.6K17.5M-57.4K0.024.20N/AN/A81917293,728135,769
2008-12-30$1.91$7.50145.5%41.7%144.8%62.2%0.0%-3.2%-21.9%17.5K17.2M-64.9K0.193.29N/AN/A813151294,004125,589
2008-12-31$1.83$6.0069.9%20.0%115.0%19.7%0.0%-45.6%57.9%16.6K16.5M-59.3K0.054.40N/AN/A2,090114294,580124,613