TEX Options History — May 2023

In May 2023, TEX traded between $45.63 and $49.86. ATM implied volatility averaged 41.1%, placing in the 27.3% IV rank vs the trailing year. The 30-day expected move averaged 11.7%. IV traded below realized volatility by 6.3% (HV 20d: 47.4%). Max pain ranged from $44.00 to $50.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 9 of 22 days. Put/call ratio averaged 1.16.

Notable Days

  • 2023-05-25: Highest Volume — 2,043 contracts
  • 2023-05-05: Largest IV drop — 14.9% change
  • 2023-05-04: Highest IV Rank — 47.3%
  • 2023-05-04: Largest Expected Move — 13.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$47.59$45.63$49.86$46.06$46.59
Max Pain$48.23$44.00$50.00$44.00$48.00
ATM IV41.1%36.2%47.4%44.4%41.7%
Expected Move11.7%10.4%13.8%12.7%12.0%
HV 20d47.4%33.0%50.7%42.6%45.9%
HV 60d51.1%47.8%53.1%47.8%51.2%
IV Rank27.3%12.1%47.3%37.7%29.4%
IV Percentile23.4%2.4%61.9%39.3%29.4%
Term Structure-0.4%-5.0%4.1%-5.0%-2.5%
VWIV41.6%37.3%52.1%46.2%42.4%
Skew 25d6.7%4.3%12.4%6.1%5.4%
Skew 10d16.3%8.2%30.3%22.0%17.4%
Call IV 25d38.0%32.8%43.4%43.4%39.9%
Put IV 25d44.7%41.9%49.5%49.5%45.3%
Bid-Ask Spread %39.9023.7568.2745.4133.00
Gamma HHI0.320.160.600.310.54
Net GEX510.6K148.7K938.9K358.3K471.8K
Net DEX-10.0M-16.9M-5.4M-8.2M-6.5M
Net VEX-45.8K-51.8K-40.1K-47.3K-44.6K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.160.003.570.342.65
Total Volume423.955322,0431,11795
Total OI8,148.4556,0878,8767,5898,764

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-05-01$46.06$44.0044.4%12.7%42.6%37.7%46.2%6.1%-5.0%358.3K-8.2M-47.3K0.3445.41N/AN/A8342835,1872,402
2023-05-02$48.02$44.0042.5%12.2%45.3%31.9%44.2%6.1%-2.7%518.5K-13.3M-51.8K0.3245.33N/AN/A173565,9492,652
2023-05-03$49.86$44.0042.8%12.3%33.0%32.8%52.1%5.4%-1.7%486.6K-16.9M-49.6K2.7468.27N/AN/A1092996,0102,684
2023-05-04$45.63$47.0047.4%13.8%46.3%47.3%40.2%8.1%-2.0%482.8K-8.8M-49.6K0.0340.13N/AN/A1,644456,0602,495
2023-05-05$47.67$47.0040.3%11.1%48.2%24.9%39.5%5.6%4.1%418.7K-10.6M-48.0K0.0832.07N/AN/A1,069885,2582,502
2023-05-08$47.43$47.0043.0%11.8%48.3%33.2%37.7%7.7%0.4%512.8K-11.0M-49.0K0.1931.84N/AN/A407775,7372,559
2023-05-09$47.49$47.0041.7%11.9%48.2%29.2%40.3%5.6%-0.5%529.9K-11.0M-49.0K1.9528.71N/AN/A21415,7392,602
2023-05-10$47.78$47.0040.8%11.7%47.7%26.3%40.5%7.0%-0.1%567.0K-11.8M-48.1K3.4530.54N/AN/A582005,7402,642
2023-05-11$46.69$50.0036.2%10.4%48.5%12.1%40.6%6.8%-0.6%564.4K-8.8M-46.9K1.6234.06N/AN/A761235,7672,822
2023-05-12$46.77$50.0038.9%11.2%48.5%20.6%47.0%9.5%1.7%603.8K-8.8M-47.7K0.8351.18N/AN/A36305,7632,916
2023-05-15$47.55$50.0039.4%11.3%48.2%22.1%40.0%5.0%0.1%761.8K-11.1M-45.0K1.0229.23N/AN/A41425,7962,928
2023-05-16$46.27$50.0040.5%11.6%49.2%25.6%40.4%5.9%0.1%678.3K-7.6M-42.9K1.7023.75N/AN/A30515,8142,913
2023-05-17$48.04$50.0039.0%11.2%50.7%20.8%37.8%5.1%1.0%938.9K-12.6M-42.8K0.2042.09N/AN/A145295,8092,968
2023-05-18$48.70$50.0038.0%10.9%50.4%17.7%38.5%5.6%1.0%906.4K-14.5M-42.3K1.1039.17N/AN/A67745,8842,974
2023-05-19$48.50$50.0038.4%11.0%50.5%18.9%37.3%6.2%0.4%574.6K-15.0M-40.9K0.4746.10N/AN/A101475,8782,998
2023-05-22$48.59$50.0039.5%11.3%49.8%22.3%38.9%4.7%-0.1%148.7K-6.4M-40.1K0.2348.40N/AN/A379883,7992,288
2023-05-23$48.00$50.0039.8%11.4%48.4%23.3%40.2%5.7%-0.4%189.6K-6.2M-41.4K0.8642.55N/AN/A73634,1292,372
2023-05-24$47.22$49.0042.2%12.1%48.5%30.7%45.0%9.0%-1.5%169.7K-5.4M-41.3K1.6041.79N/AN/A30484,1962,382
2023-05-25$47.86$49.0041.6%11.9%48.5%29.0%40.7%12.4%-1.3%190.6K-6.2M-42.2K0.0041.18N/AN/A2,03494,2362,443
2023-05-26$48.29$49.0039.6%11.4%48.2%22.8%40.4%4.3%2.0%577.7K-10.1M-49.7K3.5740.12N/AN/A7256,1532,449
2023-05-30$47.92$49.0045.4%13.0%47.2%41.1%44.8%9.3%-0.6%582.3K-8.9M-47.1K0.4642.99N/AN/A123576,1582,449
2023-05-31$46.59$48.0041.7%12.0%45.9%29.4%42.4%5.4%-2.5%471.8K-6.5M-44.6K2.6533.00N/AN/A26696,2652,499