S Options History — September 2011

In September 2011, S traded between $3.01 and $3.74. ATM implied volatility averaged 72.7%, placing in the 77.5% IV rank vs the trailing year. The 30-day expected move averaged 20.8%. IV traded above realized volatility by 2.5% (HV 20d: 70.1%). Max pain ranged from $3.00 to $3.50. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 20 of 21 days. Put/call ratio averaged 0.34.

Notable Days

  • 2011-09-22: Highest Volume — 98,516 contracts
  • 2011-09-06: Largest IV spike — 17.3% change
  • 2011-09-26: Highest IV Rank — 89.9%
  • 2011-09-26: Largest Expected Move — 23.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$3.33$3.01$3.74$3.74$3.04
Max Pain$3.05$3.00$3.50$3.50$3.00
ATM IV72.7%61.7%81.0%64.5%78.4%
Expected Move20.8%17.7%23.2%18.5%22.7%
HV 20d70.1%51.1%100.8%98.7%51.6%
HV 60d76.2%74.1%78.0%74.1%77.4%
IV Rank77.5%61.3%89.9%65.3%86.0%
IV Percentile94.1%86.5%98.4%92.5%94.8%
Term Structure3.1%-1.2%6.6%6.6%5.2%
VWIV73.0%60.7%82.3%60.7%81.6%
Skew 25d7.0%1.3%13.2%3.5%2.9%
Skew 10d13.7%-9.8%31.2%4.5%-9.8%
Call IV 25d71.5%60.9%81.4%63.9%81.4%
Put IV 25d78.5%67.5%87.0%67.5%84.3%
Bid-Ask Spread %5.063.896.055.434.49
Gamma HHI0.310.270.350.320.27
Net GEX1.1M718.8K1.6M1.5M822.9K
Net DEX-2.3M-35.3M15.7M-35.3M7.3M
Net VEX-683.4K-858.0K-568.1K-858.0K-608.3K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.340.070.900.150.11
Total Volume28,592.817,68698,51621,02425,864
Total OI1,143,265.1431,068,7581,188,7031,128,6331,188,703

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2011-09-01$3.74$3.5064.5%18.5%98.7%65.3%60.7%3.5%6.6%1.5M-35.3M-858.0K0.155.43N/AN/A18,2512,773768,880359,753
2011-09-02$3.53$3.5067.3%19.3%100.8%69.6%67.8%4.1%2.4%1.3M-12.3M-767.9K0.355.30N/AN/A13,7264,764771,636359,556
2011-09-06$3.37$3.0079.0%21.8%80.5%86.8%77.2%8.5%1.2%1.1M-2.5M-718.0K0.185.42N/AN/A9,2251,693776,476359,312
2011-09-07$3.47$3.0070.3%20.9%79.5%74.0%74.6%10.1%-1.2%1.3M-6.2M-738.4K0.264.57N/AN/A6,0791,607777,929359,785
2011-09-08$3.45$3.0070.5%19.6%78.1%74.4%70.2%7.6%2.3%1.3M-3.0M-721.6K0.624.18N/AN/A5,7313,581777,897358,876
2011-09-09$3.45$3.0071.0%20.8%77.9%75.0%73.5%5.5%1.1%1.3M-6.2M-728.9K0.445.58N/AN/A12,9915,750779,787361,234
2011-09-12$3.40$3.0079.0%21.1%77.8%86.9%73.5%8.5%0.8%1.2M219.1K-697.4K0.365.36N/AN/A16,7346,035781,229362,062
2011-09-13$3.57$3.0071.9%20.5%73.9%76.4%71.1%10.9%1.5%1.6M-14.6M-745.6K0.205.47N/AN/A35,3466,991791,022363,309
2011-09-14$3.53$3.0068.1%20.4%73.1%70.8%74.1%13.2%2.2%1.6M-12.3M-737.4K0.075.51N/AN/A50,3043,362803,898365,423
2011-09-15$3.44$3.0069.6%20.0%72.3%73.0%73.0%6.8%3.9%1.5M-6.5M-694.5K0.304.67N/AN/A17,5185,213805,609365,651
2011-09-16$3.36$3.0067.3%19.3%69.2%69.5%68.5%12.4%3.9%1.3M4.5M-671.3K0.265.39N/AN/A26,5316,800809,902369,564
2011-09-19$3.35$3.0064.7%18.5%68.9%65.6%64.2%13.0%6.6%915.9K431.1K-665.2K0.154.57N/AN/A16,0232,377729,323339,435
2011-09-20$3.33$3.0061.7%17.7%66.7%61.3%62.3%9.9%6.4%943.6K3.1M-642.6K0.243.89N/AN/A14,3223,459736,575340,418
2011-09-21$3.25$3.0067.7%19.4%56.8%70.1%65.4%4.9%5.9%921.3K6.1M-625.2K0.365.81N/AN/A19,1256,901747,040343,002
2011-09-22$3.01$3.0078.7%22.6%61.2%86.4%79.5%6.9%3.4%718.8K15.7M-568.1K0.215.54N/AN/A81,30917,207756,957348,768
2011-09-23$3.18$3.0080.2%23.0%60.7%88.7%80.6%7.4%2.2%924.8K-3.2M-665.4K0.644.95N/AN/A46,12129,444791,025355,702
2011-09-26$3.09$3.0081.0%23.2%61.4%89.9%82.3%4.0%1.5%890.3K6.6M-615.0K0.774.11N/AN/A8,1496,297804,449365,723
2011-09-27$3.13$3.0078.7%22.6%56.8%86.4%77.8%3.8%4.2%892.7K2.7M-634.7K0.905.18N/AN/A20,55218,574801,233370,329
2011-09-28$3.08$3.0080.3%23.0%55.7%88.8%78.7%1.3%1.3%783.9K5.2M-616.6K0.234.80N/AN/A8,4471,974803,250376,072
2011-09-29$3.13$3.0076.3%21.9%51.1%82.8%76.8%1.4%2.8%850.9K1.9M-630.6K0.436.05N/AN/A9,3003,999806,062375,712
2011-09-30$3.04$3.0078.4%22.7%51.6%86.0%81.6%2.9%5.2%822.9K7.3M-608.3K0.114.49N/AN/A23,3232,541810,178378,525