S Options History — March 2012

In March 2012, S traded between $2.39 and $2.98. ATM implied volatility averaged 50.1%, placing in the 21.0% IV rank vs the trailing year. The 30-day expected move averaged 14.9%. IV traded below realized volatility by 6.4% (HV 20d: 56.6%). Max pain ranged from $2.00 to $2.50. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 20 of 22 days. Put/call ratio averaged 0.67.

Notable Days

  • 2012-03-13: Highest Volume — 196,581 contracts
  • 2012-03-15: Largest IV spike — 28.9% change
  • 2012-03-30: Highest IV Rank — 26.4%
  • 2012-03-09: Largest Expected Move — 16.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$2.71$2.39$2.98$2.50$2.85
Max Pain$2.45$2.00$2.50$2.00$2.50
ATM IV50.1%40.3%57.8%49.0%57.8%
Expected Move14.9%13.2%16.7%13.7%15.5%
HV 20d56.6%46.5%64.3%59.0%52.7%
HV 60d50.2%48.7%52.4%50.2%51.1%
IV Rank21.0%14.0%26.4%20.2%26.4%
IV Percentile39.8%21.0%48.8%42.1%48.8%
Term Structure4.7%-0.5%10.3%3.0%0.6%
VWIV52.1%46.7%59.2%47.5%53.7%
Skew 25d1.3%-14.1%7.9%-14.1%-6.6%
Skew 10d2.5%-22.4%28.4%-22.4%-12.7%
Call IV 25d53.1%38.6%59.7%56.4%58.7%
Put IV 25d54.5%42.3%62.7%42.3%52.0%
Bid-Ask Spread %4.553.117.143.584.59
Gamma HHI0.310.200.550.520.24
Net GEX592.5K312.7K1.0M935.2K512.5K
Net DEX-26.3M-47.8M-15.1M-22.9M-25.3M
Net VEX-414.4K-514.6K-268.0K-278.2K-507.6K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.670.082.060.221.67
Total Volume34,596.2734,275196,58110,16035,194
Total OI715,933.364579,906823,299583,356810,769

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2012-03-01$2.50$2.0049.0%13.7%59.0%20.2%47.5%-14.1%3.0%935.2K-22.9M-278.2K0.223.58N/AN/A8,3171,843396,219187,137
2012-03-02$2.50$2.0045.2%13.8%58.8%17.5%48.1%3.9%0.9%809.0K-22.4M-290.6K0.164.82N/AN/A8,0111,276398,172188,060
2012-03-05$2.43$2.5052.3%14.7%57.8%22.5%51.3%3.7%9.7%803.7K-17.8M-269.6K0.167.14N/AN/A46,3157,483394,028185,878
2012-03-06$2.39$2.5054.2%14.7%54.1%23.9%51.5%1.4%8.9%817.5K-17.8M-268.0K0.375.05N/AN/A9,0123,349420,421185,325
2012-03-07$2.43$2.5046.8%14.8%54.5%18.7%51.0%1.9%9.4%920.2K-20.3M-273.2K0.604.85N/AN/A5,1723,094412,911186,665
2012-03-08$2.60$2.5046.6%15.3%59.2%18.5%52.9%3.8%5.5%1.0M-32.7M-290.0K0.524.27N/AN/A37,68319,543413,696187,822
2012-03-09$2.78$2.5054.4%16.7%63.0%24.0%59.2%3.0%-0.2%824.5K-47.8M-316.4K0.314.03N/AN/A66,01620,293428,059199,233
2012-03-12$2.72$2.5052.0%16.5%61.2%22.3%56.4%1.0%4.9%813.0K-37.1M-314.8K0.245.09N/AN/A17,7584,206422,724209,242
2012-03-13$2.79$2.5040.6%15.6%61.5%14.3%55.2%0.5%5.4%729.1K-42.4M-321.2K2.064.32N/AN/A64,139132,442430,120209,738
2012-03-14$2.77$2.5040.3%15.0%61.7%14.0%53.9%1.6%4.1%353.7K-32.7M-498.6K1.515.58N/AN/A10,57115,958484,524338,775
2012-03-15$2.80$2.5051.9%14.9%60.6%22.2%52.4%1.0%3.9%455.2K-35.5M-495.9K0.414.09N/AN/A3,6311,476479,594339,530
2012-03-16$2.89$2.5051.1%14.7%60.9%21.7%51.5%-1.1%5.6%312.7K-42.4M-510.7K0.084.66N/AN/A46,6203,577479,925339,688
2012-03-19$2.76$2.5054.3%15.6%64.3%24.0%56.9%7.9%-0.5%398.1K-17.1M-484.1K1.144.50N/AN/A31,90036,444417,010320,781
2012-03-20$2.75$2.5055.5%15.9%64.0%24.8%53.1%4.5%5.2%370.4K-15.1M-493.7K0.484.52N/AN/A12,2485,829426,121340,727
2012-03-21$2.78$2.5048.3%13.8%63.1%19.7%50.0%3.7%5.2%421.8K-17.9M-497.8K0.554.73N/AN/A7,6714,207429,236342,851
2012-03-22$2.74$2.5051.7%14.8%48.0%22.1%51.0%-0.6%10.3%383.3K-15.2M-495.9K0.874.50N/AN/A9,4798,212432,194344,328
2012-03-23$2.74$2.5053.0%15.2%47.2%23.1%50.6%1.9%7.6%384.9K-15.6M-494.0K0.433.77N/AN/A2,9961,279437,528351,274
2012-03-26$2.86$2.5046.1%13.2%48.2%18.1%46.7%6.2%6.3%461.9K-24.3M-504.6K1.473.63N/AN/A7,29710,736434,261351,138
2012-03-27$2.83$2.5050.4%14.4%48.5%21.2%50.8%3.6%2.2%412.3K-21.6M-500.5K0.565.04N/AN/A5,5003,107436,801358,445
2012-03-28$2.83$2.5049.0%14.0%46.5%20.2%49.4%-0.4%3.8%424.9K-21.4M-497.9K0.334.17N/AN/A5,5021,789439,076359,691
2012-03-29$2.98$2.5052.3%15.0%49.2%22.6%53.8%2.5%2.0%486.1K-32.7M-514.6K0.573.11N/AN/A21,68212,261439,785361,032
2012-03-30$2.85$2.5057.8%15.5%52.7%26.4%53.7%-6.6%0.6%512.5K-25.3M-507.6K1.674.59N/AN/A13,18822,006450,546360,223