S Options History — March 2023

In March 2023, S traded between $13.89 and $16.41. ATM implied volatility averaged 84.8%, placing in the 27.2% IV rank vs the trailing year. The 30-day expected move averaged 20.2%. IV traded above realized volatility by 26.3% (HV 20d: 58.5%). Max pain ranged from $14.00 to $16.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 12 of 23 days. Put/call ratio averaged 0.27.

Notable Days

  • 2023-03-14: Highest Volume — 29,948 contracts
  • 2023-03-15: Largest IV drop — 57.1% change
  • 2023-03-13: Highest IV Rank — 100.0%
  • 2023-03-02: Largest Expected Move — 26.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$15.12$13.89$16.41$15.27$16.41
Max Pain$15.04$14.00$16.00$15.00$15.00
ATM IV84.8%57.8%160.8%90.8%60.9%
Expected Move20.2%16.6%26.2%26.0%17.4%
HV 20d58.5%51.6%63.2%63.2%62.7%
HV 60d60.1%58.5%61.7%60.2%60.5%
IV Rank27.2%0.0%100.0%32.9%3.0%
IV Percentile39.3%0.0%100.0%76.6%1.6%
Term Structure-1.4%-18.9%5.3%-16.2%1.2%
VWIV70.3%58.8%91.3%91.0%61.7%
Skew 25d6.4%2.6%9.9%5.4%2.6%
Skew 10d11.2%-18.3%37.6%-18.3%10.3%
Call IV 25d68.5%55.8%88.9%87.8%61.2%
Put IV 25d74.8%63.1%97.3%93.2%63.7%
Bid-Ask Spread %38.2710.7158.8616.0910.71
Gamma HHI0.220.090.720.230.11
Net GEX773.9K312.6K3.0M582.6K717.3K
Net DEX-17.9M-34.5M-4.9M-16.4M-31.8M
Net VEX-203.0K-231.5K-179.3K-206.4K-231.5K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.270.040.910.050.15
Total Volume6,464.52257629,9483,69412,741
Total OI96,680.60974,779136,59595,85686,424

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-03-01$15.27$15.0090.8%26.0%63.2%32.9%91.0%5.4%-16.2%582.6K-16.4M-206.4K0.0516.09N/AN/A3,50319169,28826,568
2023-03-02$15.71$15.0091.5%26.2%59.1%33.8%91.3%8.4%-17.1%584.8K-19.4M-214.3K0.1958.86N/AN/A2,09340167,67026,579
2023-03-03$16.41$15.0090.0%25.8%59.3%31.8%89.3%8.3%-18.9%688.9K-26.5M-219.9K0.2315.91N/AN/A1,79040868,17526,570
2023-03-06$16.16$16.0097.7%20.8%56.5%41.9%72.7%8.3%-1.9%684.7K-24.3M-212.2K0.9124.22N/AN/A95886768,63526,712
2023-03-07$15.61$16.00102.2%20.6%55.7%47.9%72.2%5.9%-1.0%619.5K-18.6M-203.0K0.4132.28N/AN/A8,9343,65169,13427,249
2023-03-08$15.66$16.00111.7%21.3%51.6%60.4%76.3%7.7%-1.7%708.0K-19.9M-206.6K0.0741.97N/AN/A6,82648872,66627,558
2023-03-09$14.52$14.00114.6%21.6%57.7%73.4%76.3%5.1%-1.1%484.3K-8.5M-185.7K0.1234.16N/AN/A7,82592672,04227,800
2023-03-10$13.89$15.00118.7%22.1%58.7%79.5%76.6%3.5%-1.4%385.4K-5.0M-180.6K0.3236.34N/AN/A2,90692073,75028,053
2023-03-13$13.98$15.00154.0%22.9%57.1%100.0%79.0%7.0%-3.0%403.2K-4.9M-179.3K0.6252.99N/AN/A3,1931,97274,41228,312
2023-03-14$14.34$15.00160.8%22.8%57.7%100.0%78.3%7.5%-3.7%505.0K-8.7M-183.5K0.3343.25N/AN/A22,5667,38276,10128,271
2023-03-15$15.54$14.0068.9%19.8%59.9%3.3%64.8%6.9%3.6%2.4M-34.5M-209.0K0.1937.36N/AN/A17,8363,40992,54843,177
2023-03-16$15.30$15.0067.5%19.3%58.8%1.8%66.7%7.0%5.3%2.0M-23.3M-198.5K0.2243.63N/AN/A4,8461,08690,85042,924
2023-03-17$14.98$15.0066.3%19.0%57.7%0.5%66.7%4.2%2.6%3.0M-14.8M-199.2K0.0751.21N/AN/A8,84661493,80442,791
2023-03-20$14.68$15.0066.8%19.2%57.3%1.1%66.6%6.9%-0.2%312.6K-13.0M-188.6K0.2844.22N/AN/A1,99755756,37418,405
2023-03-21$14.96$15.0059.6%17.1%56.7%0.0%60.3%5.8%1.4%326.8K-13.8M-187.6K0.0413.04N/AN/A9,33533756,38118,754
2023-03-22$14.43$15.0061.7%17.7%57.2%2.0%62.3%4.1%2.8%426.2K-15.3M-201.9K0.1345.32N/AN/A1,76623064,65718,905
2023-03-23$15.02$15.0063.8%18.3%59.3%4.2%63.1%8.9%1.1%471.4K-18.8M-213.2K0.2352.80N/AN/A1,65738264,91919,132
2023-03-24$14.68$15.0064.5%18.5%59.2%4.8%64.0%4.8%1.7%451.2K-17.1M-210.3K0.4758.62N/AN/A1,28060865,81919,433
2023-03-27$15.27$15.0061.3%17.6%60.6%1.6%60.9%9.9%1.5%517.3K-20.5M-212.6K0.2644.11N/AN/A79920465,60519,466
2023-03-28$14.79$15.0060.6%17.4%61.2%0.9%58.8%6.5%4.0%474.6K-17.7M-206.6K0.4039.83N/AN/A55322165,95219,500
2023-03-29$14.89$15.0058.4%16.7%59.2%0.0%59.2%4.6%4.6%499.1K-17.8M-204.9K0.3550.68N/AN/A74426066,31719,575
2023-03-30$15.27$15.0057.8%16.6%59.0%0.0%58.8%7.2%4.4%555.0K-21.0M-213.2K0.2532.55N/AN/A46211466,72119,676
2023-03-31$16.41$15.0060.9%17.4%62.7%3.0%61.7%2.6%1.2%717.3K-31.8M-231.5K0.1510.71N/AN/A11,0801,66166,68119,743