UAN Options History — May 2023

In May 2023, UAN traded between $81.13 and $104.19. ATM implied volatility averaged 45.0%, placing in the 19.5% IV rank vs the trailing year. The 30-day expected move averaged 12.0%. IV traded below realized volatility by 11.7% (HV 20d: 56.8%). Max pain ranged from $75.00 to $115.00. Net GEX was positive for 16 of 22 trading days. Term structure was in contango for 11 of 22 days. Put/call ratio averaged 0.83.

Notable Days

  • 2023-05-11: Highest Volume — 25,755 contracts
  • 2023-05-10: Largest IV drop — 32.0% change
  • 2023-05-01: Highest IV Rank — 61.7%
  • 2023-05-01: Largest Expected Move — 22.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$90.01$81.13$104.19$91.66$81.85
Max Pain$88.18$75.00$115.00$115.00$80.00
ATM IV45.0%29.2%78.4%78.4%38.5%
Expected Move12.0%8.4%22.5%22.5%11.0%
HV 20d56.8%25.4%68.4%25.4%55.1%
HV 60d52.0%43.8%56.1%43.8%49.3%
IV Rank19.5%0.0%61.7%61.7%12.0%
IV Percentile18.7%0.0%85.7%85.7%4.4%
Term Structure0.1%-28.6%15.8%-28.6%-3.5%
VWIV42.5%30.6%70.3%70.3%47.2%
Skew 25d3.7%-1.3%7.5%7.0%7.5%
Skew 10d15.0%-0.9%45.3%26.2%27.7%
Call IV 25d40.1%34.9%59.2%59.2%35.1%
Put IV 25d43.9%34.6%66.2%66.2%42.6%
Bid-Ask Spread %76.0758.3198.5780.7098.57
Gamma HHI0.210.110.500.130.13
Net GEX81.2K-402.5K600.5K-16.1K15.5K
Net DEX8.8M-2.2M44.1M19.4M649.0K
Net VEX-46.2K-53.5K-35.0K-47.1K-41.6K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.830.103.050.690.10
Total Volume1,673.6363625,755204370
Total OI9,809.0914,72614,58411,1635,358

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-05-01$91.66$115.0078.4%22.5%25.4%61.7%70.3%7.0%-28.6%-16.1K19.4M-47.1K0.6980.70N/AN/A121835,3755,788
2023-05-02$101.34$115.0059.1%16.9%43.4%35.6%65.2%7.2%-18.8%239.8K8.1M-44.8K3.0558.31N/AN/A4881,4885,4585,765
2023-05-03$102.40$115.0066.1%19.0%42.8%45.1%67.3%4.8%-26.9%24.7K9.0M-48.5K1.8467.74N/AN/A1933565,4586,398
2023-05-04$98.54$90.0067.7%11.7%45.1%47.3%39.4%1.1%8.7%-288.0K16.0M-53.5K0.3279.33N/AN/A4011285,5216,594
2023-05-05$101.76$90.0055.9%10.7%44.5%31.4%36.6%3.8%7.2%160.1K9.6M-49.1K1.1873.15N/AN/A1501775,8346,635
2023-05-08$104.19$90.0051.2%10.8%44.3%25.1%33.9%3.8%4.9%600.5K3.5M-46.4K0.2971.38N/AN/A7362135,9256,685
2023-05-09$101.30$90.0044.5%10.3%45.9%16.0%36.7%-0.3%3.5%548.7K7.9M-41.8K1.4167.91N/AN/A2122996,1206,732
2023-05-10$99.22$90.0030.3%8.7%46.8%0.0%34.8%2.3%7.2%142.6K13.5M-42.9K0.1777.99N/AN/A7661316,2186,883
2023-05-11$95.43$90.0029.2%8.4%49.1%0.0%30.6%-1.3%-0.4%341.7K17.7M-35.0K0.1286.27N/AN/A23,0962,6596,4476,931
2023-05-12$84.31$95.0038.0%10.9%65.7%11.4%41.1%4.4%15.0%-402.5K44.1M-48.9K0.3174.12N/AN/A1,3064066,1688,416
2023-05-15$83.09$85.0037.9%10.9%65.7%11.2%39.1%4.7%14.4%-306.8K17.9M-44.0K0.4774.32N/AN/A6913285,7895,281
2023-05-16$81.67$85.0040.1%11.5%65.8%14.1%34.0%4.4%12.9%-33.0K14.6M-47.8K0.8072.16N/AN/A2171736,3174,999
2023-05-17$82.22$80.0039.3%11.3%66.0%13.0%40.9%3.7%15.8%25.6K9.4M-47.1K1.3476.98N/AN/A1101476,4704,496
2023-05-18$84.91$80.0037.5%10.8%67.3%10.7%37.8%4.8%-2.8%111.5K2.5M-50.3K1.7474.30N/AN/A1001746,5074,068
2023-05-19$84.28$75.0037.2%10.7%67.1%10.4%38.2%4.8%1.4%223.5K3.2M-47.9K0.7774.50N/AN/A79616,4703,949
2023-05-22$87.12$75.0039.6%11.4%68.4%13.4%38.1%5.9%-1.0%97.4K-2.2M-51.0K0.5962.32N/AN/A2581523,2601,466
2023-05-23$85.16$80.0039.1%11.2%68.4%12.8%40.0%5.1%-1.6%116.5K-1.4M-51.3K0.3478.18N/AN/A68233,5051,528
2023-05-24$83.96$80.0040.5%11.6%68.4%14.6%40.0%0.1%-3.0%94.3K-605.6K-47.6K0.2979.97N/AN/A72213,6011,541
2023-05-25$82.94$80.0040.1%11.5%68.4%14.1%41.8%2.6%0.5%69.2K-434.0K-48.2K0.3080.68N/AN/A115353,6401,585
2023-05-26$81.83$80.0040.8%11.7%68.2%14.9%40.3%2.8%-1.7%36.2K515.0K-45.0K1.7780.00N/AN/A13233,6681,630
2023-05-30$81.13$80.0039.9%11.5%67.6%13.9%40.8%3.0%-1.7%-15.4K1.6M-37.5K0.3784.67N/AN/A132493,6821,639
2023-05-31$81.85$80.0038.5%11.0%55.1%12.0%47.2%7.5%-3.5%15.5K649.0K-41.6K0.1098.57N/AN/A336343,7061,652