UYG Options History — March 2008

In March 2008, UYG traded between $44.20 and $56.60. ATM implied volatility averaged 83.2%. The 30-day expected move averaged 24.0%. IV traded below realized volatility by 7.0% (HV 20d: 90.2%). Max pain ranged from $50.00 to $58.33. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 8 of 20 days. Put/call ratio averaged 0.58.

Notable Days

  • 2008-03-20: Highest Volume — 1,596 contracts
  • 2008-03-18: Largest IV drop — 33.7% change
  • 2008-03-17: Largest Expected Move — 33.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$50.02$44.20$56.60$51.83$49.75
Max Pain$50.83$50.00$58.33$58.33$50.00
ATM IV83.2%70.5%117.3%79.6%80.8%
Expected Move24.0%20.2%33.6%22.8%23.2%
HV 20d90.2%72.6%102.4%75.9%99.3%
Term Structure-3.9%-32.4%4.7%4.1%4.7%
VWIV82.7%75.1%109.1%78.8%80.9%
Skew 25d8.9%-8.0%36.9%5.5%5.2%
Skew 10d15.0%-25.5%54.2%5.2%8.8%
Call IV 25d78.8%69.6%99.4%78.1%83.1%
Put IV 25d87.7%65.6%115.5%83.6%88.3%
Bid-Ask Spread %50.7121.5894.0554.4629.05
Gamma HHI0.410.250.770.360.25
Net GEX66.8K8.5K296.2K14.3K18.0K
Net DEX-1.7M-8.8M708.6K-117.3K42.7K
Net VEX-11.6K-26.0K-2.3K-2.3K-26.0K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.580.102.681.070.31
Total Volume715.81261,596126762
Total OI2,307.64744,7884744,788

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-03-03$51.83$58.3379.6%22.8%0.0%0.0%78.8%5.5%4.1%14.3K-117.3K-2.3K1.0754.46N/AN/A6066360114
2008-03-04$51.27$58.3381.8%23.4%0.0%0.0%80.3%-7.4%0.8%11.8K8.5K-2.6K0.1079.51N/AN/A31830390168
2008-03-05$50.42$50.0081.2%23.3%0.0%0.0%78.8%36.9%1.3%31.5K-525.8K-4.4K0.2382.50N/AN/A12030672180
2008-03-06$46.68$50.0070.5%20.2%0.0%0.0%0.0%7.3%1.1%10.5K289.7K-2.7K0.8094.05N/AN/A132108720204
2008-03-07$46.70$50.0083.6%24.4%0.0%0.0%84.4%8.5%-4.1%20.9K-35.9K-4.6K0.5461.24N/AN/A8448774294
2008-03-10$44.43$50.0091.5%27.7%0.0%0.0%94.4%7.2%-11.1%17.9K178.5K-4.3K0.5050.11N/AN/A13266822318
2008-03-11$49.63$50.0078.7%23.3%75.9%0.0%81.5%12.7%-0.4%10.2K578.5K-4.3K0.1645.61N/AN/A42666858372
2008-03-12$48.35$50.0082.3%23.5%73.7%0.0%82.9%7.5%-8.8%12.4K356.3K-5.6K0.3150.53N/AN/A4201321,134396
2008-03-13$49.63$50.0084.5%24.2%72.6%0.0%85.0%10.2%-3.1%67.6K-1.1M-8.7K0.1339.72N/AN/A600781,344480
2008-03-14$45.85$50.0095.6%27.4%75.4%0.0%76.6%-8.0%-5.8%14.7K518.6K-6.6K0.3586.15N/AN/A6062161,674522
2008-03-17$44.20$50.00117.3%33.6%73.9%0.0%109.1%16.2%-32.4%8.5K708.6K-7.6K0.4258.30N/AN/A1,0324321,716720
2008-03-18$51.57$50.0077.8%22.3%93.2%0.0%78.0%17.3%-13.4%148.8K-5.6M-10.9K0.1870.28N/AN/A1,1342042,226738
2008-03-19$49.68$50.0090.1%25.8%92.7%0.0%86.5%7.7%-10.5%296.2K-3.8M-15.2K0.2144.96N/AN/A7201502,688816
2008-03-20$54.92$50.0079.8%22.9%99.9%0.0%82.8%12.8%-0.2%187.1K-8.8M-16.0K0.3528.92N/AN/A1,1824142,778834
2008-03-24$56.60$50.0075.9%21.8%100.0%0.0%78.7%10.2%-1.4%114.9K-5.4M-18.7K0.6821.58N/AN/A7805281,956546
2008-03-25$56.32$50.0072.2%20.7%99.7%0.0%76.2%12.6%1.6%116.7K-5.2M-22.0K0.9030.12N/AN/A3663302,256888
2008-03-26$52.65$50.0078.9%22.6%102.1%0.0%75.1%7.7%1.4%103.1K-3.7M-23.0K0.7040.75N/AN/A3842702,4601,062
2008-03-27$50.95$50.0077.5%22.2%102.4%0.0%76.8%1.7%1.5%78.2K-2.1M-22.9K0.9624.58N/AN/A3663542,5261,260
2008-03-28$48.88$50.0084.5%24.2%101.8%0.0%84.0%7.0%-2.5%52.3K-553.5K-23.0K2.6821.84N/AN/A3188522,6041,494
2008-03-31$49.75$50.0080.8%23.2%99.3%0.0%80.9%5.2%4.7%18.0K42.7K-26.0K0.3129.05N/AN/A5821802,7182,070