HYD Options History — April 2014

In April 2014, HYD traded between $58.74 and $59.92. ATM implied volatility averaged 5.5%, placing in the 2.1% IV rank vs the trailing year. The 30-day expected move averaged 1.5%. IV traded above realized volatility by 2.1% (HV 20d: 3.4%). Max pain ranged from $58.00 to $60.00. Net GEX was positive for 0 of 21 trading days. Term structure was in contango for 17 of 21 days. Put/call ratio averaged 0.65.

Notable Days

2014-04-21: Highest Volume — 58 contracts
2014-04-14: Largest IV drop — 31.7% change
2014-04-09: Highest IV Rank — 5.9%
2014-04-10: Largest Expected Move — 2.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$59.31	$58.74	$59.92	$58.84	$59.92
Max Pain	$59.43	$58.00	$60.00	$60.00	$60.00
ATM IV	5.5%	3.5%	8.1%	5.9%	5.1%
Expected Move	1.5%	1.0%	2.3%	1.7%	1.5%
HV 20d	3.4%	3.2%	3.7%	3.5%	3.2%
HV 60d	5.4%	5.1%	5.7%	5.7%	5.1%
IV Rank	2.1%	0.0%	5.9%	1.5%	3.1%
IV Percentile	11.0%	0.0%	41.7%	6.0%	3.2%
Term Structure	1.3%	-3.8%	3.3%	0.7%	2.1%
VWIV	5.4%	3.1%	9.6%	9.6%	3.1%
Skew 25d	-1.6%	-63.4%	4.0%	1.8%	1.4%
Skew 10d	0.7%	-5.0%	2.4%	2.4%	-0.3%
Call IV 25d	9.3%	4.6%	73.1%	4.8%	7.0%
Put IV 25d	7.7%	5.2%	9.6%	6.6%	8.4%
Bid-Ask Spread %	118.90	65.84	171.62	132.91	143.07
Gamma HHI	0.67	0.44	0.91	0.76	0.44
Net GEX	-72.9K	-94.3K	-45.1K	-71.6K	-45.1K
Net DEX	347.2K	243.1K	497.0K	357.9K	271.2K
Net VEX	-2.5K	-3.1K	-1.7K	-2.1K	-2.6K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.65	0.17	1.78	0.17	0.18
Total Volume	14.905	0	58	24	11
Total OI	343.905	280	390	280	390

Daily Data (21 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2014-04-01	$58.84	$60.00	5.9%	1.7%	3.5%	1.5%	9.6%	1.8%	0.7%	-71.6K	357.9K	-2.1K	0.17	132.91	20	4	46	234
2014-04-02	$58.74	$60.00	5.1%	1.5%	3.5%	0.1%	0.0%	-0.4%	3.3%	-74.4K	406.5K	-2.4K	0.00	128.78	0	28	58	223
2014-04-03	$58.84	$60.00	5.6%	1.6%	3.5%	1.1%	0.0%	-0.5%	3.1%	-94.3K	465.9K	-2.8K	0.00	129.91	0	0	58	250
2014-04-04	$59.04	$58.00	6.5%	1.5%	3.7%	2.7%	0.0%	3.8%	2.0%	-87.9K	375.1K	-2.5K	0.48	98.01	21	10	58	250
2014-04-07	$59.04	$58.00	7.4%	1.6%	3.6%	4.5%	0.0%	3.8%	1.9%	-86.2K	373.5K	-2.9K	0.00	92.38	0	24	79	260
2014-04-08	$59.16	$58.00	8.1%	1.9%	3.6%	5.8%	0.0%	1.3%	-0.3%	-82.4K	331.1K	-2.7K	0.00	91.71	0	0	79	263
2014-04-09	$59.04	$58.00	8.1%	1.5%	3.2%	5.9%	0.0%	4.0%	2.3%	-87.6K	385.1K	-2.8K	0.00	83.91	0	0	77	263
2014-04-10	$59.24	$58.00	8.0%	2.3%	3.4%	5.7%	0.0%	2.2%	-0.6%	-83.0K	377.9K	-3.0K	0.00	86.10	0	0	77	263
2014-04-11	$59.34	$58.00	7.7%	2.2%	3.3%	5.1%	8.3%	2.5%	-0.6%	-73.7K	335.9K	-2.8K	0.00	65.84	0	10	77	263
2014-04-14	$59.20	$60.00	5.3%	1.5%	3.4%	0.3%	0.0%	2.9%	2.4%	-82.2K	367.6K	-2.8K	0.00	86.85	0	0	77	266
2014-04-15	$59.36	$60.00	4.7%	1.4%	3.3%	0.0%	5.1%	2.8%	2.3%	-72.3K	301.1K	-2.5K	0.00	102.49	0	4	77	262
2014-04-16	$59.34	$60.00	4.3%	1.2%	3.3%	0.0%	3.8%	2.9%	1.6%	-63.0K	360.4K	-2.5K	0.00	120.33	0	3	77	266
2014-04-17	$59.24	$60.00	5.2%	1.5%	3.3%	1.8%	4.1%	-1.6%	-3.8%	-71.3K	287.4K	-2.3K	0.00	145.00	0	54	77	268
2014-04-21	$59.34	$60.00	4.0%	1.2%	3.3%	0.0%	0.0%	-0.1%	1.9%	-77.5K	322.6K	-2.4K	0.00	127.25	0	58	68	263
2014-04-22	$59.46	$60.00	4.5%	1.3%	3.4%	0.9%	4.0%	-63.4%	1.7%	-61.2K	497.0K	-3.1K	1.78	171.62	9	16	68	291
2014-04-23	$59.50	$60.00	3.5%	1.0%	3.3%	0.0%	0.0%	0.6%	1.3%	-76.1K	422.3K	-3.0K	0.00	134.89	0	14	77	289
2014-04-24	$59.60	$60.00	4.0%	1.1%	3.3%	0.9%	3.1%	0.4%	1.5%	-62.4K	245.2K	-1.9K	0.00	137.63	0	20	77	295
2014-04-25	$59.82	$60.00	4.0%	1.1%	3.5%	0.9%	0.0%	0.2%	1.9%	-54.2K	243.1K	-1.8K	0.00	137.46	0	0	77	307
2014-04-28	$59.72	$60.00	4.1%	1.2%	3.6%	1.1%	0.0%	0.7%	1.1%	-68.7K	297.9K	-1.9K	0.00	137.63	0	4	77	307
2014-04-29	$59.74	$60.00	5.3%	1.5%	3.6%	3.4%	0.0%	0.9%	0.6%	-54.8K	267.3K	-1.7K	0.00	143.17	0	3	77	311
2014-04-30	$59.92	$60.00	5.1%	1.5%	3.2%	3.1%	0.0%	1.4%	2.1%	-45.1K	271.2K	-2.6K	0.18	143.07	9	2	77	313