PWB Options History — April 2008

In April 2008, PWB traded between $16.55 and $17.46. ATM implied volatility averaged 64.3%, placing in the 34.2% IV rank vs the trailing year. The 30-day expected move averaged 16.4%. IV traded above realized volatility by 40.3% (HV 20d: 24.0%). Max pain ranged from $17.00 to $17.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 2 of 22 days. Put/call ratio averaged 0.00.

Notable Days

2008-04-11: Highest Volume — 30 contracts
2008-04-18: Largest IV spike — 156.5% change
2008-04-18: Highest IV Rank — 76.9%
2008-04-18: Largest Expected Move — 37.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$17.10	$16.55	$17.46	$17.00	$17.35
Max Pain	$17.00	$17.00	$17.00	$17.00	$17.00
ATM IV	64.3%	28.8%	132.3%	49.9%	67.7%
Expected Move	16.4%	8.3%	37.9%	14.3%	19.4%
HV 20d	24.0%	14.6%	31.0%	31.0%	14.6%
HV 60d	24.7%	22.8%	27.5%	27.5%	22.8%
IV Rank	34.2%	11.9%	76.9%	25.2%	36.3%
IV Percentile	75.3%	43.7%	96.4%	65.9%	82.5%
Term Structure	-17.2%	-41.5%	8.2%	8.2%	-26.5%
VWIV	33.6%	33.6%	33.6%	33.6%	33.6%
Skew 25d	10.2%	2.3%	29.1%	27.5%	5.4%
Skew 10d	12.2%	-1.0%	29.1%	11.0%	21.0%
Call IV 25d	68.2%	23.3%	145.6%	60.9%	84.9%
Put IV 25d	78.3%	27.6%	174.8%	88.4%	90.4%
Bid-Ask Spread %	172.56	120.70	200.00	176.36	175.28
Gamma HHI	0.36	0.33	0.46	0.46	0.36
Net GEX	2.9K	2.2K	3.7K	2.2K	3.0K
Net DEX	-41.2K	-80.0K	-26.0K	-26.0K	-44.7K
Net VEX	-191	-264	-132	-161	-203
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.00	0.00	0.00	0.00	0.00
Total Volume	1.818	0	30	10	0
Total OI	84.818	71	95	71	85

Daily Data (22 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	Spread %	Call Wall	Put Wall	Call Vol	Call OI
2008-04-01	$17.00	$17.00	49.9%	14.3%	31.0%	25.2%	33.6%	27.5%	8.2%	2.2K	-26.0K	-161	176.36	N/A	N/A	10	71
2008-04-02	$16.92	$17.00	68.7%	19.7%	30.9%	36.9%	0.0%	16.1%	-27.3%	2.6K	-33.5K	-173	177.12	N/A	N/A	0	80
2008-04-03	$17.01	$17.00	70.7%	20.3%	30.8%	38.2%	0.0%	13.4%	-28.3%	2.7K	-33.9K	-172	176.86	N/A	N/A	0	80
2008-04-04	$17.04	$0.00	76.0%	12.5%	30.1%	41.5%	0.0%	4.3%	-10.6%	2.7K	-37.3K	-182	170.57	N/A	N/A	0	80
2008-04-07	$17.01	$0.00	81.6%	12.8%	29.7%	45.0%	0.0%	7.0%	-12.0%	2.7K	-35.2K	-166	170.86	N/A	N/A	0	80
2008-04-08	$16.98	$0.00	85.3%	13.0%	28.9%	47.3%	0.0%	7.8%	-12.4%	2.6K	-34.6K	-164	170.86	N/A	N/A	0	80
2008-04-09	$16.88	$0.00	89.6%	13.2%	27.6%	50.1%	0.0%	10.7%	-13.1%	2.5K	-31.2K	-154	171.82	N/A	N/A	0	80
2008-04-10	$17.01	$0.00	28.8%	8.3%	27.5%	11.9%	0.0%	4.3%	3.9%	3.5K	-29.6K	-143	120.70	N/A	N/A	0	80
2008-04-11	$16.68	$0.00	47.5%	13.6%	27.9%	23.6%	0.0%	16.9%	-14.7%	2.4K	-26.7K	-132	173.30	N/A	N/A	30	80
2008-04-14	$16.55	$0.00	49.7%	14.2%	26.6%	25.0%	0.0%	21.9%	-16.7%	2.7K	-39.6K	-191	173.14	N/A	N/A	0	95
2008-04-15	$16.60	$0.00	50.4%	14.5%	26.1%	25.5%	0.0%	20.5%	-17.1%	2.8K	-40.2K	-195	173.43	N/A	N/A	0	95
2008-04-16	$16.99	$0.00	50.8%	14.6%	23.4%	25.7%	0.0%	9.5%	-16.0%	3.1K	-46.9K	-207	173.00	N/A	N/A	0	95
2008-04-17	$17.05	$0.00	51.6%	14.8%	21.6%	26.2%	0.0%	8.2%	-16.3%	3.2K	-47.9K	-208	173.62	N/A	N/A	0	95
2008-04-18	$17.37	$0.00	132.3%	37.9%	22.3%	76.9%	0.0%	29.1%	-41.5%	3.7K	-80.0K	-264	200.00	N/A	N/A	0	95
2008-04-21	$17.45	$0.00	54.5%	15.6%	19.7%	28.0%	0.0%	2.3%	-15.0%	3.1K	-44.6K	-217	173.50	N/A	N/A	0	85
2008-04-22	$17.30	$0.00	56.0%	16.0%	19.9%	28.9%	0.0%	4.1%	-18.4%	2.9K	-44.3K	-215	174.94	N/A	N/A	0	85
2008-04-23	$17.33	$0.00	57.0%	16.4%	19.2%	29.6%	0.0%	3.8%	-19.0%	2.9K	-44.8K	-214	174.44	N/A	N/A	0	85
2008-04-24	$17.38	$0.00	58.1%	16.7%	18.8%	30.3%	0.0%	2.9%	-19.5%	3.0K	-45.5K	-217	174.44	N/A	N/A	0	85
2008-04-25	$17.45	$0.00	59.3%	17.0%	18.2%	31.0%	0.0%	2.4%	-19.0%	3.0K	-46.7K	-215	173.88	N/A	N/A	0	85
2008-04-28	$17.46	$0.00	63.8%	18.3%	18.2%	33.8%	0.0%	2.5%	-22.1%	3.1K	-46.9K	-210	173.88	N/A	N/A	0	85
2008-04-29	$17.43	$0.00	65.6%	18.8%	14.6%	35.0%	0.0%	3.0%	-24.5%	3.0K	-46.0K	-209	174.25	N/A	N/A	0	85
2008-04-30	$17.35	$0.00	67.7%	19.4%	14.6%	36.3%	0.0%	5.4%	-26.5%	3.0K	-44.7K	-203	175.28	N/A	N/A	0	85