TEX Options History — March 2009

In March 2009, TEX traded between $7.63 and $10.95. ATM implied volatility averaged 104.9%, placing in the 60.4% IV rank vs the trailing year. The 30-day expected move averaged 29.9%. IV traded below realized volatility by 43.7% (HV 20d: 148.6%). Max pain ranged from $10.00 to $12.50. Net GEX was positive for 18 of 22 trading days. Term structure was in contango for 6 of 22 days. Put/call ratio averaged 0.74.

Notable Days

  • 2009-03-18: Highest Volume — 7,631 contracts
  • 2009-03-10: Largest IV drop — 12.7% change
  • 2009-03-02: Highest IV Rank — 77.2%
  • 2009-03-02: Largest Expected Move — 35.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$9.35$7.63$10.95$7.73$9.25
Max Pain$11.48$10.00$12.50$12.50$10.00
ATM IV104.9%92.8%124.2%124.2%96.4%
Expected Move29.9%26.6%35.6%35.6%27.6%
HV 20d148.6%115.6%191.2%177.5%117.2%
HV 60d131.5%127.4%135.6%131.8%134.4%
IV Rank60.4%49.9%77.2%77.2%53.0%
IV Percentile72.7%56.3%93.3%93.3%61.1%
Term Structure-2.9%-11.8%6.5%-11.8%2.6%
VWIV104.2%86.4%122.3%122.3%97.7%
Skew 25d17.5%12.5%28.4%17.7%16.7%
Skew 10d34.7%9.3%70.9%15.5%9.3%
Call IV 25d97.7%84.9%116.3%116.3%95.0%
Put IV 25d115.3%99.5%140.6%134.0%111.7%
Bid-Ask Spread %8.334.7017.2617.265.34
Gamma HHI0.190.160.210.190.18
Net GEX47.5K-8.6K113.1K-6.5K10.2K
Net DEX3.9M-4.6M10.1M9.8M4.6M
Net VEX-143.5K-177.6K-110.5K-111.9K-138.1K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.740.072.251.610.07
Total Volume3,186.4091,4307,6312,3752,841
Total OI96,689.72788,945102,24092,99296,977

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2009-03-02$7.73$12.50124.2%35.6%177.5%77.2%122.3%17.7%-11.8%-6.5K9.8M-111.9K1.6117.26N/AN/A9101,46558,60134,391
2009-03-03$7.78$12.50120.9%34.7%177.6%74.3%120.5%28.4%-6.4%-8.6K10.0M-110.5K1.649.27N/AN/A1,1691,92158,69134,384
2009-03-04$8.62$12.50120.7%34.6%182.5%74.1%113.7%15.4%-7.4%218.0M-130.1K0.476.66N/AN/A3,7111,73858,87135,133
2009-03-05$7.77$10.00118.5%34.0%183.4%72.2%115.9%24.3%-4.7%-5689.7M-111.3K1.958.22N/AN/A5651,09961,74735,364
2009-03-06$7.63$12.50116.3%32.7%180.2%70.3%109.0%21.1%-8.5%-3.5K10.1M-111.1K2.257.41N/AN/A1,2202,74461,96535,572
2009-03-09$7.90$12.50122.5%33.7%178.8%75.7%109.7%20.3%-10.0%7.1K9.2M-115.6K0.327.70N/AN/A1,19338662,28034,889
2009-03-10$9.28$12.50106.9%29.9%190.5%62.1%108.4%17.9%-5.7%46.4K4.4M-142.0K0.3610.53N/AN/A2,71297762,97534,831
2009-03-11$9.32$12.50105.9%30.1%189.6%61.3%106.1%16.5%-7.1%54.6K3.7M-145.3K0.429.78N/AN/A2,8951,21763,34534,973
2009-03-12$9.85$12.50101.4%29.1%191.2%57.3%100.4%16.2%-3.3%74.5K1.9M-157.1K0.389.00N/AN/A1,32650964,09635,335
2009-03-13$9.60$12.50101.3%29.0%140.1%57.3%108.5%16.0%-4.8%69.7K3.0M-154.5K1.1012.57N/AN/A1,5551,70664,56935,493
2009-03-16$9.59$12.50100.4%28.8%139.8%56.5%99.8%14.9%-4.7%69.0K3.2M-153.8K0.459.07N/AN/A2,5851,15365,07336,529
2009-03-17$9.81$12.5099.4%28.5%122.1%55.6%96.2%17.7%-3.5%84.9K2.8M-154.6K0.265.57N/AN/A1,72844965,29936,788
2009-03-18$10.07$12.5097.7%28.0%122.2%54.2%97.7%16.8%-0.9%106.4K1.6M-156.0K0.1110.26N/AN/A6,85277964,48436,793
2009-03-19$9.89$12.5099.1%28.4%121.2%55.3%99.6%12.5%-3.2%111.8K2.9M-156.2K0.674.70N/AN/A1,24283064,86537,103
2009-03-20$9.12$10.0096.9%27.8%124.6%53.5%99.6%16.5%-1.5%8.2K7.2M-137.2K0.4510.50N/AN/A98644465,12737,113
2009-03-23$10.40$10.0095.8%27.5%128.1%52.5%96.7%16.9%3.0%53.5K-479.1K-157.8K0.435.98N/AN/A2,15993157,78431,161
2009-03-24$10.46$10.0097.0%27.8%123.8%53.6%95.8%14.6%2.7%64.4K-1.5M-161.1K0.375.09N/AN/A1,26047058,48831,194
2009-03-25$10.26$10.0097.4%27.9%124.3%53.9%104.2%16.2%-0.4%57.2K51.0K-154.6K0.674.72N/AN/A3,5602,37558,75531,440
2009-03-26$10.94$10.0095.3%27.3%122.2%52.0%86.4%17.4%4.5%105.5K-4.0M-176.6K0.377.38N/AN/A1,98774561,52532,108
2009-03-27$10.95$10.0092.8%26.6%115.6%49.9%100.3%13.9%6.5%113.1K-4.6M-177.6K1.326.01N/AN/A1,0311,36262,46432,611
2009-03-30$9.43$10.00101.3%29.0%116.7%57.2%102.8%17.8%1.8%27.1K3.7M-143.3K0.5510.19N/AN/A2,1321,18262,66933,319
2009-03-31$9.25$10.0096.4%27.6%117.2%53.0%97.7%16.7%2.6%10.2K4.6M-138.1K0.075.34N/AN/A2,65918263,12433,853