PWB Options History — May 2008

In May 2008, PWB traded between $17.50 and $18.08. ATM implied volatility averaged 59.6%, placing in the 31.2% IV rank vs the trailing year. The 30-day expected move averaged 13.1%. IV traded above realized volatility by 44.7% (HV 20d: 14.9%). Max pain ranged from $17.00 to $17.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 0.00.

Notable Days

2008-05-22: Highest Volume — 10 contracts
2008-05-29: Largest IV spike — 166.8% change
2008-05-29: Highest IV Rank — 85.1%
2008-05-29: Largest Expected Move — 41.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$17.79	$17.50	$18.08	$17.76	$18.08
Max Pain	$17.00	$17.00	$17.00	$17.00	$17.00
ATM IV	59.6%	29.8%	145.5%	41.7%	56.7%
Expected Move	13.1%	8.4%	41.7%	12.0%	16.3%
HV 20d	14.9%	12.2%	17.6%	16.5%	12.2%
HV 60d	21.9%	21.0%	22.4%	22.4%	21.0%
IV Rank	31.2%	12.5%	85.1%	20.0%	29.4%
IV Percentile	64.3%	35.7%	98.0%	46.8%	68.7%
Term Structure	-14.9%	-133.4%	19.3%	19.3%	-19.0%
Skew 25d	6.4%	-0.1%	20.0%	5.1%	9.3%
Skew 10d	9.1%	1.4%	25.6%	25.4%	11.2%
Call IV 25d	64.4%	26.3%	173.1%	84.7%	68.3%
Put IV 25d	70.8%	26.2%	186.0%	89.8%	77.6%
Bid-Ask Spread %	161.09	115.26	195.24	174.22	162.84
Gamma HHI	0.37	0.36	0.39	0.37	0.39
Net GEX	3.5K	2.1K	4.4K	3.3K	4.3K
Net DEX	-53.0K	-83.8K	-44.1K	-52.4K	-63.4K
Net VEX	-196	-232	-166	-217	-209
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	0.524	0	10	0	1
Total OI	87.381	85	95	85	95

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	Spread %	Call Wall	Put Wall	Call Vol	Call OI
2008-05-01	$17.76	$0.00	41.7%	12.0%	16.5%	20.0%	0.0%	5.1%	19.3%	3.3K	-52.4K	-217	174.22	N/A	N/A	0	85
2008-05-02	$17.67	$0.00	43.0%	12.3%	16.7%	20.8%	0.0%	4.4%	18.5%	3.2K	-50.9K	-211	173.99	N/A	N/A	0	85
2008-05-05	$17.66	$17.00	48.1%	8.4%	16.7%	24.0%	0.0%	1.3%	6.9%	3.4K	-47.3K	-200	158.59	N/A	N/A	0	85
2008-05-06	$17.76	$17.00	50.3%	8.5%	16.7%	25.4%	0.0%	1.3%	7.9%	3.3K	-52.2K	-207	154.03	N/A	N/A	0	85
2008-05-07	$17.50	$17.00	87.7%	12.0%	17.5%	48.9%	0.0%	1.3%	-7.7%	3.2K	-44.1K	-186	159.75	N/A	N/A	0	85
2008-05-08	$17.65	$17.00	55.5%	8.7%	17.6%	28.7%	0.0%	1.4%	5.6%	3.4K	-46.7K	-195	160.00	N/A	N/A	0	85
2008-05-09	$17.55	$17.00	58.7%	8.8%	15.9%	30.6%	0.0%	1.4%	3.6%	3.3K	-45.0K	-189	160.00	N/A	N/A	0	85
2008-05-12	$17.72	$17.00	74.5%	9.1%	15.6%	40.5%	0.0%	1.5%	5.3%	3.5K	-48.2K	-188	159.17	N/A	N/A	0	85
2008-05-13	$17.83	$17.00	83.3%	9.2%	15.7%	46.1%	0.0%	1.6%	6.3%	3.6K	-50.2K	-185	159.37	N/A	N/A	0	85
2008-05-14	$17.81	$17.00	96.1%	9.3%	13.9%	54.1%	0.0%	1.6%	5.9%	3.6K	-49.6K	-183	159.89	N/A	N/A	0	85
2008-05-15	$18.04	$17.00	32.8%	9.4%	14.4%	14.4%	0.0%	1.8%	8.2%	3.8K	-54.5K	-191	159.51	N/A	N/A	0	85
2008-05-16	$18.04	$17.00	29.8%	8.5%	13.1%	12.5%	0.0%	-0.1%	-0.2%	4.4K	-46.2K	-166	115.26	N/A	N/A	0	85
2008-05-19	$18.03	$17.00	46.4%	13.3%	13.1%	22.9%	0.0%	1.7%	-29.6%	3.6K	-57.6K	-188	160.41	N/A	N/A	0	85
2008-05-20	$17.92	$17.00	47.2%	13.5%	12.9%	23.5%	0.0%	1.6%	-30.6%	3.5K	-55.1K	-185	160.67	N/A	N/A	0	85
2008-05-21	$17.68	$17.00	48.2%	13.8%	14.0%	24.0%	0.0%	17.2%	-32.2%	3.4K	-48.0K	-169	161.64	N/A	N/A	0	85
2008-05-22	$17.71	$17.00	48.9%	14.0%	14.0%	24.5%	0.0%	16.5%	-32.7%	3.5K	-48.8K	-167	161.86	N/A	N/A	10	85
2008-05-23	$17.60	$17.00	49.9%	14.3%	14.1%	25.1%	0.0%	20.0%	-34.0%	3.6K	-54.2K	-218	161.63	N/A	N/A	0	95
2008-05-27	$17.74	$17.00	53.6%	15.4%	14.4%	27.4%	0.0%	18.1%	-36.7%	3.8K	-56.5K	-208	162.78	N/A	N/A	0	95
2008-05-28	$17.85	$17.00	54.6%	15.6%	14.5%	28.0%	0.0%	14.7%	-43.6%	4.0K	-59.1K	-213	162.12	N/A	N/A	0	95
2008-05-29	$18.00	$17.00	145.5%	41.7%	14.5%	85.1%	0.0%	12.9%	-133.4%	2.1K	-83.8K	-232	195.24	N/A	N/A	0	95
2008-05-30	$18.08	$17.00	56.7%	16.3%	12.2%	29.4%	0.0%	9.3%	-19.0%	4.3K	-63.4K	-209	162.84	N/A	N/A	1	95