S Options History — March 2009

In March 2009, S traded between $3.04 and $4.14. ATM implied volatility averaged 92.1%, placing in the 27.5% IV rank vs the trailing year. The 30-day expected move averaged 26.7%. IV traded below realized volatility by 16.5% (HV 20d: 108.7%). Max pain ranged from $3.00 to $4.00. Net GEX was positive for 21 of 22 trading days. Term structure was in contango for 22 of 22 days. Put/call ratio averaged 1.44.

Notable Days

  • 2009-03-13: Highest Volume — 37,529 contracts
  • 2009-03-26: Largest IV spike — 14.3% change
  • 2009-03-05: Highest IV Rank — 34.0%
  • 2009-03-09: Largest Expected Move — 31.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$3.56$3.04$4.14$3.14$3.57
Max Pain$3.45$3.00$4.00$3.00$4.00
ATM IV92.1%74.0%103.0%99.9%86.0%
Expected Move26.7%21.2%31.0%28.6%24.7%
HV 20d108.7%98.6%117.4%110.3%107.2%
HV 60d105.0%100.4%109.5%107.6%102.0%
IV Rank27.5%16.6%34.0%32.1%23.8%
IV Percentile60.0%41.3%70.6%68.7%53.2%
Term Structure12.3%5.0%31.9%14.5%14.3%
VWIV96.0%76.6%112.1%100.4%88.2%
Skew 25d13.1%3.3%30.3%8.1%8.9%
Skew 10d30.4%-3.3%52.4%42.7%26.6%
Call IV 25d92.2%61.2%106.7%105.6%82.8%
Put IV 25d105.3%87.2%116.4%113.7%91.7%
Bid-Ask Spread %17.119.5930.8319.1916.22
Gamma HHI0.310.260.440.290.28
Net GEX85.1K-10.6K274.7K86.3K74.0K
Net DEX-7.1M-16.6M-2.3M-4.6M-3.9M
Net VEX-156.0K-177.7K-131.3K-134.7K-165.4K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.440.0610.170.780.59
Total Volume8,536.582837,5292,7531,204
Total OI192,276.682168,001217,839168,001217,839

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2009-03-02$3.14$3.0099.9%28.6%110.3%32.1%100.4%8.1%14.5%86.3K-4.6M-134.7K0.7819.19N/AN/A1,5451,208111,32856,673
2009-03-03$3.28$3.0093.5%26.8%110.6%28.3%90.2%15.2%13.5%99.6K-5.8M-143.7K4.9317.78N/AN/A2,72213,424112,04157,134
2009-03-04$3.32$3.0092.5%26.5%109.9%27.7%105.2%18.8%31.9%106.1K-7.0M-148.9K1.0225.65N/AN/A1,0551,079114,75758,936
2009-03-05$3.07$3.00103.0%29.5%112.3%34.0%112.1%3.7%8.5%65.5K-4.2M-135.2K0.6317.25N/AN/A4,2732,673113,96359,454
2009-03-06$3.04$3.0092.1%30.5%111.3%27.4%104.7%10.6%6.6%30.8K-2.3M-131.3K10.1714.29N/AN/A1,24212,632112,22161,716
2009-03-09$3.12$3.0093.3%31.0%109.9%28.2%108.0%11.5%10.5%-10.6K-3.0M-137.5K0.4412.54N/AN/A574254112,21469,883
2009-03-10$3.54$3.00101.2%26.9%116.8%32.9%100.3%30.3%12.6%40.8K-6.3M-152.5K0.8114.57N/AN/A1,202975112,05569,944
2009-03-11$3.53$3.0095.7%27.7%105.8%29.6%97.5%13.8%9.3%73.2K-7.8M-156.6K0.439.59N/AN/A2,5421,087112,28170,511
2009-03-12$3.83$3.0094.7%27.1%106.2%29.0%96.8%14.3%11.5%137.3K-10.7M-162.7K0.0714.89N/AN/A10,066667112,56271,460
2009-03-13$4.14$3.00100.5%28.8%107.1%32.5%107.0%18.4%5.0%241.1K-16.6M-173.7K0.4015.38N/AN/A26,72310,806118,52871,576
2009-03-16$3.57$3.00100.9%28.9%117.4%32.8%105.3%18.6%7.4%50.1K-7.4M-156.7K0.1811.55N/AN/A10,8411,907135,22679,050
2009-03-17$3.62$4.0093.7%26.9%116.7%28.4%103.2%16.1%9.9%50.5K-6.9M-154.6K1.0420.02N/AN/A1,1641,207127,51079,978
2009-03-18$3.75$4.0092.1%26.4%116.3%27.5%95.9%11.6%11.3%208.1K-10.0M-162.2K1.0930.83N/AN/A1,3431,467127,36579,635
2009-03-19$3.79$3.0093.9%26.9%98.6%28.6%95.4%14.6%8.2%274.7K-9.6M-161.4K3.7927.88N/AN/A1,4645,554127,69880,110
2009-03-20$3.45$4.00101.1%29.0%104.9%32.9%97.2%5.6%20.8%32.3K-5.7M-151.4K1.0311.96N/AN/A2,2402,299128,50385,157
2009-03-23$3.70$4.0087.0%24.9%107.2%24.4%88.5%8.8%12.2%39.5K-7.1M-161.1K1.2714.48N/AN/A3,7414,738107,83873,511
2009-03-24$3.68$4.0081.9%23.5%103.7%21.3%84.5%3.3%7.0%30.7K-6.4M-161.9K1.4427.74N/AN/A4,3826,308110,39777,313
2009-03-25$3.70$4.0074.0%21.2%103.7%16.6%76.6%26.0%17.2%17.1K-5.6M-165.3K0.3514.17N/AN/A1,168410112,36882,189
2009-03-26$3.91$4.0084.6%24.3%104.7%23.0%83.4%8.4%13.2%29.5K-8.6M-172.9K0.0612.27N/AN/A18,8921,091112,62282,484
2009-03-27$3.96$4.0083.4%23.9%102.1%22.2%83.6%6.2%11.2%129.6K-12.3M-177.7K0.689.95N/AN/A9,8846,729124,63782,700
2009-03-30$3.57$4.0082.2%23.6%108.1%21.5%87.7%15.8%14.3%67.0K-4.0M-164.2K0.5218.29N/AN/A1,9911,030128,15088,570
2009-03-31$3.57$4.0086.0%24.7%107.2%23.8%88.2%8.9%14.3%74.0K-3.9M-165.4K0.5916.22N/AN/A757447128,58689,253