TEX Options History — December 2008

In December 2008, TEX traded between $11.71 and $17.80. ATM implied volatility averaged 106.5%, placing in the 61.8% IV rank vs the trailing year. The 30-day expected move averaged 30.1%. IV traded below realized volatility by 51.3% (HV 20d: 157.8%). Max pain ranged from $12.50 to $20.00. Net GEX was positive for 14 of 22 trading days. Term structure was in contango for 4 of 22 days. Put/call ratio averaged 1.09.

Notable Days

  • 2008-12-11: Highest Volume — 16,612 contracts
  • 2008-12-30: Largest IV drop — 15.7% change
  • 2008-12-15: Highest IV Rank — 77.6%
  • 2008-12-15: Largest Expected Move — 35.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$15.75$11.71$17.80$11.71$17.32
Max Pain$16.82$12.50$20.00$12.50$17.50
ATM IV106.5%78.9%124.7%117.0%78.9%
Expected Move30.1%22.6%35.8%33.5%22.6%
HV 20d157.8%101.0%181.1%168.1%101.0%
HV 60d152.8%143.0%157.3%143.0%152.1%
IV Rank61.8%37.8%77.6%70.9%37.8%
IV Percentile84.6%74.6%93.7%92.1%74.6%
Term Structure-3.3%-14.9%7.3%-2.2%7.3%
VWIV105.0%86.5%124.5%122.0%86.5%
Skew 25d21.2%8.9%32.3%8.9%15.5%
Skew 10d45.5%28.6%71.2%32.3%50.9%
Call IV 25d94.8%74.8%120.9%120.9%74.8%
Put IV 25d115.9%90.3%133.4%129.9%90.3%
Bid-Ask Spread %8.414.6420.3117.757.19
Gamma HHI0.300.240.380.270.35
Net GEX77.1K-136.2K330.6K72.9K-86.6K
Net DEX-1.7M-16.6M6.9M4.8M82.1K
Net VEX-194.5K-226.7K-126.7K-126.7K-214.0K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.090.114.500.821.67
Total Volume3,871.13648016,6122,3503,359
Total OI86,450.63675,195102,35975,19589,723

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-12-01$11.71$12.50117.0%33.5%168.1%70.9%122.0%8.9%-2.2%72.9K4.8M-126.7K0.8217.75N/AN/A1,2911,05952,46122,734
2008-12-02$13.65$12.50117.1%33.6%177.7%71.0%111.1%22.4%-4.8%129.2K1.2M-151.5K0.4012.13N/AN/A1,24049053,23823,468
2008-12-03$13.41$12.50115.5%33.1%171.9%69.6%115.4%19.2%-4.3%123.8K1.2M-149.0K3.2814.27N/AN/A3981,30653,42423,310
2008-12-04$12.41$12.50110.6%31.7%171.0%65.4%109.7%17.2%-1.2%89.6K3.4M-134.0K0.4520.31N/AN/A53623953,63422,823
2008-12-05$13.57$20.00110.8%31.6%171.3%65.5%102.7%20.8%-3.5%127.1K868.2K-147.9K0.947.89N/AN/A52749453,82623,016
2008-12-08$16.01$20.00116.9%31.0%181.1%70.9%101.4%15.8%-6.4%215.9K-9.0M-179.4K0.117.63N/AN/A7,07280053,93022,958
2008-12-09$16.95$17.50119.3%30.0%181.1%72.9%103.0%14.5%-5.9%283.7K-13.5M-187.3K0.397.93N/AN/A6,9462,69555,10823,050
2008-12-10$17.60$17.50112.1%29.5%178.7%66.7%101.1%15.0%-4.5%330.6K-16.6M-199.0K1.027.91N/AN/A3,0753,14856,59424,698
2008-12-11$16.70$17.50116.5%33.4%170.0%70.5%124.5%27.0%-11.9%250.9K-11.5M-208.6K2.186.18N/AN/A5,22111,39156,34227,509
2008-12-12$17.09$17.50112.8%32.3%164.4%67.3%113.2%32.3%-7.3%206.0K-9.3M-226.7K0.445.70N/AN/A1,51666258,06434,773
2008-12-15$15.87$17.50124.7%35.8%163.8%77.6%121.9%26.3%-14.9%151.7K-2.8M-209.0K2.076.70N/AN/A1,9213,98557,50634,902
2008-12-16$17.37$17.50107.8%30.9%165.2%62.9%105.6%27.9%-5.6%187.8K-8.6M-219.3K0.367.66N/AN/A1,78264357,11836,632
2008-12-17$17.80$17.50104.3%29.9%165.1%59.9%115.6%26.1%-3.9%230.3K-11.4M-223.1K1.585.78N/AN/A1,9503,07357,50036,734
2008-12-18$16.48$17.50104.1%29.8%157.6%59.7%114.5%25.0%-5.0%153.9K-2.9M-222.1K4.507.35N/AN/A1,0644,79258,69439,430
2008-12-19$16.80$17.5095.6%27.4%151.7%52.3%99.3%23.2%-0.3%-18.4K346.4K-226.4K0.227.48N/AN/A2,12145758,86643,493
2008-12-22$15.70$17.50103.8%29.8%154.5%59.5%105.5%23.0%-2.8%-115.4K6.9M-210.1K1.505.45N/AN/A1,5712,35650,97436,707
2008-12-23$15.63$17.5097.5%28.0%147.5%54.0%96.3%17.8%0.3%-130.2K6.8M-209.5K0.687.19N/AN/A84957851,52437,449
2008-12-24$15.78$17.5097.8%28.0%147.5%54.2%93.5%21.7%1.0%-128.9K6.7M-210.1K0.294.64N/AN/A54716152,02437,776
2008-12-26$16.18$17.5098.2%28.2%134.8%54.6%91.5%23.9%-1.2%-114.1K5.3M-211.8K0.265.58N/AN/A3819952,02937,757
2008-12-29$15.86$17.5098.7%28.3%135.1%55.0%86.7%21.4%-0.9%-136.2K6.3M-205.3K0.275.07N/AN/A1,54741152,21037,725
2008-12-30$16.54$17.5083.3%23.9%112.4%41.6%88.2%20.6%4.9%-128.3K3.8M-207.8K0.627.35N/AN/A86954352,51137,670
2008-12-31$17.32$17.5078.9%22.6%101.0%37.8%86.5%15.5%7.3%-86.6K82.1K-214.0K1.677.19N/AN/A1,2582,10151,85137,872