TEX Options History — November 2014

In November 2014, TEX traded between $27.70 and $30.98. ATM implied volatility averaged 33.4%, placing in the 31.1% IV rank vs the trailing year. The 30-day expected move averaged 10.4%. IV traded below realized volatility by 26.4% (HV 20d: 59.9%). Max pain ranged from $32.00 to $35.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 8 of 19 days. Put/call ratio averaged 1.46.

Notable Days

  • 2014-11-10: Highest Volume — 11,213 contracts
  • 2014-11-06: Largest IV drop — 9.6% change
  • 2014-11-05: Highest IV Rank — 39.1%
  • 2014-11-13: Largest Expected Move — 10.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$29.22$27.70$30.98$29.09$28.70
Max Pain$33.11$32.00$35.00$35.00$32.00
ATM IV33.4%30.9%36.0%34.5%34.2%
Expected Move10.4%9.9%10.9%9.9%10.5%
HV 20d59.9%45.5%68.0%68.0%45.5%
HV 60d46.0%43.6%49.0%43.6%49.0%
IV Rank31.1%23.2%39.1%34.3%33.4%
IV Percentile66.0%43.3%80.2%74.2%73.0%
Term Structure-0.2%-2.0%0.8%-1.3%-0.6%
VWIV35.2%33.7%37.5%35.6%37.5%
Skew 25d3.9%1.1%5.9%5.7%1.1%
Skew 10d8.0%-4.9%16.0%7.9%-4.9%
Call IV 25d32.3%30.2%35.2%31.7%34.2%
Put IV 25d36.2%33.2%40.0%37.5%35.3%
Bid-Ask Spread %25.8622.4336.4329.3836.43
Gamma HHI0.180.120.270.150.17
Net GEX600.1K10.4K1.5M274.8K239.3K
Net DEX32.2M5.2M49.3M39.8M39.4M
Net VEX-319.9K-370.4K-257.5K-286.0K-314.2K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.460.293.491.370.76
Total Volume4,340.94732811,2135,4351,073
Total OI78,601.42170,87686,52270,87678,564

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2014-11-03$29.09$35.0034.5%9.9%68.0%34.3%35.6%5.7%-1.3%274.8K39.8M-286.0K1.3729.38N/AN/A2,2933,14232,59538,281
2014-11-04$27.74$35.0035.6%10.3%66.9%37.7%34.0%5.8%-0.6%31.7K49.2M-257.5K1.4626.23N/AN/A1,9572,84832,94438,345
2014-11-05$27.70$35.0036.0%10.2%66.1%39.1%34.3%3.3%-2.0%10.4K49.3M-258.1K1.8425.21N/AN/A1,6042,95033,15138,665
2014-11-06$28.69$35.0032.6%10.1%65.8%28.5%34.2%5.9%0.1%209.4K44.8M-270.9K1.9023.05N/AN/A1,4492,75333,04439,002
2014-11-07$28.85$35.0031.8%10.1%62.1%26.0%33.7%5.8%0.8%242.1K42.5M-277.5K1.9526.19N/AN/A1,2362,40933,19338,982
2014-11-10$29.27$35.0034.0%10.7%61.9%32.9%35.5%3.7%0.7%371.9K37.4M-286.8K0.2923.72N/AN/A8,6962,51733,26338,969
2014-11-11$29.48$35.0033.6%10.6%61.1%31.6%34.9%4.5%0.6%470.7K35.7M-283.6K0.7826.29N/AN/A3,0982,42133,40438,745
2014-11-12$29.36$32.0032.1%10.6%58.4%27.1%36.5%4.2%-0.3%990.5K25.0M-347.3K3.4924.04N/AN/A1,3784,81442,50039,112
2014-11-13$28.25$32.0034.8%10.9%58.6%35.2%36.9%3.6%-0.1%519.2K39.8M-330.6K2.1125.14N/AN/A2,3775,02442,56040,907
2014-11-14$28.18$32.0034.3%10.8%58.5%33.8%36.3%3.6%0.4%553.5K41.0M-326.2K0.3425.67N/AN/A40913743,69841,088
2014-11-17$28.23$32.0034.3%10.7%58.4%33.8%35.2%3.4%0.3%567.3K40.7M-319.4K1.8923.96N/AN/A1,1942,26143,86641,208
2014-11-18$29.76$32.0033.9%10.4%59.5%32.6%34.8%4.1%-0.3%1.3M21.4M-356.9K1.7023.37N/AN/A1,9263,27643,98741,289
2014-11-19$29.23$32.0033.5%10.5%59.1%31.2%35.8%4.0%0.4%1.0M30.9M-344.5K0.5925.50N/AN/A49029144,28341,709
2014-11-20$29.79$32.0033.2%10.3%57.3%30.3%34.8%4.1%-0.6%1.5M21.3M-353.1K1.8523.14N/AN/A1,6943,13143,91141,462
2014-11-21$30.74$32.0032.3%10.1%58.3%27.6%34.0%2.1%-0.8%1.4M5.2M-370.4K1.7028.05N/AN/A3,1645,36344,36942,153
2014-11-24$30.87$32.0031.8%10.1%58.2%26.0%35.1%3.8%-0.2%541.0K13.7M-369.6K0.7724.84N/AN/A69853937,06040,416
2014-11-25$30.98$32.0030.9%10.1%56.6%23.2%33.9%1.9%0.5%561.9K13.4M-369.7K1.7622.43N/AN/A1,2812,25737,38440,855
2014-11-26$30.29$32.0032.1%10.3%57.2%27.1%35.7%4.2%-0.6%527.0K22.0M-356.1K1.2228.65N/AN/A14818037,50040,963
2014-11-28$28.70$32.0034.2%10.5%45.5%33.4%37.5%1.1%-0.6%239.3K39.4M-314.2K0.7636.43N/AN/A61046337,52241,042