AAPL Options History — December 2007

In December 2007, AAPL traded between $6.39 and $7.14. ATM implied volatility averaged 44.4%, placing in the 44.3% IV rank vs the trailing year. The 30-day expected move averaged 13.4%. IV traded above realized volatility by 4.8% (HV 20d: 39.6%). Max pain ranged from $4.46 to $6.43. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 18 of 20 days. Put/call ratio averaged 0.59.

Notable Days

2007-12-21: Highest Volume — 11,433,716 contracts
2007-12-13: Largest IV spike — 30.8% change
2007-12-17: Highest IV Rank — 58.7%
2007-12-17: Largest Expected Move — 14.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$6.80	$6.39	$7.14	$6.39	$7.07
Max Pain	$5.13	$4.46	$6.43	$6.43	$5.00
ATM IV	44.4%	36.8%	52.1%	45.4%	49.3%
Expected Move	13.4%	10.7%	14.9%	13.0%	14.1%
HV 20d	39.6%	27.7%	61.5%	61.4%	29.9%
HV 60d	43.6%	42.6%	44.2%	43.1%	44.0%
IV Rank	44.3%	30.1%	58.7%	46.2%	53.4%
IV Percentile	78.6%	58.3%	91.7%	84.0%	88.8%
Term Structure	3.8%	-0.5%	12.6%	9.2%	2.4%
VWIV	47.0%	38.3%	52.2%	45.5%	49.8%
Skew 25d	3.7%	-0.7%	7.1%	6.8%	1.7%
Skew 10d	7.3%	-0.1%	13.8%	13.1%	3.6%
Call IV 25d	45.3%	35.9%	50.5%	42.6%	48.9%
Put IV 25d	49.0%	40.2%	54.3%	49.3%	50.6%
Bid-Ask Spread %	2.43	1.72	3.98	2.29	2.15
Gamma HHI	0.12	0.08	0.17	0.08	0.13
Net GEX	190.3M	114.8M	368.5M	114.8M	181.1M
Net DEX	-15.83B	-18.88B	-11.92B	-11.92B	-17.18B
Net VEX	-57.6M	-64.1M	-52.7M	-64.1M	-54.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.59	0.35	1.01	0.60	0.59
Total Volume	7,929,763.8	4,540,004	11,433,716	6,233,332	4,895,884
Total OI	96,060,559	87,753,176	102,010,412	93,917,936	92,915,704

Daily Data (20 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 Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2007-12-03	$6.39	$6.43	45.4%	13.0%	61.4%	46.2%	45.5%	6.8%	9.2%	114.8M	-11.92B	-64.1M	0.60	2.29	N/A	N/A	3,887,100	2,346,232	43,798,020	50,119,916
2007-12-04	$6.42	$6.43	41.3%	11.8%	61.4%	38.4%	41.5%	7.1%	11.5%	126.7M	-12.24B	-63.5M	0.96	1.72	N/A	N/A	2,858,324	2,742,404	44,097,816	50,190,196
2007-12-05	$6.63	$6.43	38.7%	11.1%	61.5%	33.6%	39.5%	5.2%	12.6%	169.2M	-14.55B	-61.7M	0.46	2.00	N/A	N/A	5,080,320	2,333,800	44,047,304	50,915,368
2007-12-06	$6.78	$6.43	37.2%	10.7%	61.3%	30.8%	38.3%	4.3%	12.1%	201.6M	-16.40B	-59.7M	0.42	2.47	N/A	N/A	4,650,072	1,945,132	43,987,608	51,157,008
2007-12-07	$6.94	$4.46	36.8%	14.0%	57.3%	30.1%	49.7%	4.3%	0.3%	219.7M	-18.07B	-58.8M	0.46	2.36	N/A	N/A	6,583,808	3,001,796	43,979,124	51,092,748
2007-12-10	$6.94	$4.64	38.1%	14.1%	52.1%	32.6%	49.9%	3.9%	-0.1%	222.8M	-18.04B	-57.2M	1.00	1.86	N/A	N/A	4,387,768	4,371,360	44,073,092	51,567,628
2007-12-11	$6.73	$4.64	40.3%	14.2%	45.0%	36.6%	50.2%	3.2%	0.8%	183.6M	-15.55B	-59.1M	0.69	3.46	N/A	N/A	6,631,688	4,609,192	44,457,196	52,649,156
2007-12-12	$6.82	$4.64	37.6%	14.2%	29.9%	31.6%	48.9%	4.5%	2.1%	212.5M	-16.44B	-59.9M	0.65	2.34	N/A	N/A	5,340,328	3,468,472	45,026,968	53,520,264
2007-12-13	$6.85	$4.82	49.2%	14.1%	28.0%	53.4%	49.1%	4.8%	1.7%	230.1M	-16.83B	-59.0M	0.45	2.27	N/A	N/A	4,642,232	2,098,180	45,450,132	53,651,276
2007-12-14	$6.80	$4.82	49.6%	14.2%	27.7%	54.1%	50.2%	4.8%	0.8%	219.0M	-16.08B	-59.1M	0.62	2.83	N/A	N/A	4,225,284	2,638,440	45,666,320	53,989,572
2007-12-17	$6.59	$4.82	52.1%	14.9%	30.9%	58.7%	52.2%	3.6%	0.1%	161.5M	-13.48B	-58.3M	0.67	2.25	N/A	N/A	5,333,048	3,579,912	46,132,688	53,972,184
2007-12-18	$6.53	$4.82	51.5%	14.8%	30.4%	57.7%	51.6%	4.5%	-0.5%	123.9M	-12.56B	-57.6M	0.55	2.25	N/A	N/A	6,454,140	3,521,868	46,338,684	54,044,256
2007-12-19	$6.54	$4.82	47.6%	13.7%	29.1%	50.4%	47.6%	4.3%	1.7%	116.2M	-12.55B	-56.7M	0.46	2.36	N/A	N/A	6,422,948	2,933,420	46,793,152	54,431,272
2007-12-20	$6.69	$4.82	44.4%	12.7%	29.7%	44.4%	44.3%	4.8%	3.8%	224.7M	-15.22B	-55.1M	0.49	2.61	N/A	N/A	4,733,316	2,307,172	47,462,520	54,532,548
2007-12-21	$6.93	$4.82	42.3%	12.1%	31.2%	40.4%	43.0%	3.3%	2.9%	368.5M	-18.88B	-53.8M	0.35	3.98	N/A	N/A	8,498,896	2,934,820	47,539,380	54,471,032
2007-12-24	$7.10	$4.82	45.0%	12.9%	31.9%	45.5%	45.8%	1.9%	5.5%	180.2M	-17.66B	-52.7M	0.36	3.32	N/A	N/A	3,331,524	1,208,480	40,090,428	47,662,748
2007-12-26	$7.11	$5.00	48.2%	13.8%	31.9%	51.4%	49.0%	1.0%	2.8%	181.2M	-17.68B	-52.9M	1.01	1.93	N/A	N/A	4,659,452	4,685,940	40,627,132	48,123,964
2007-12-27	$7.09	$5.00	48.1%	13.8%	30.7%	51.3%	48.8%	-0.7%	3.2%	180.1M	-17.57B	-54.7M	0.42	2.26	N/A	N/A	5,222,980	2,184,224	41,330,940	49,645,764
2007-12-28	$7.14	$5.00	45.2%	12.9%	30.0%	45.7%	45.6%	1.5%	4.2%	189.5M	-17.78B	-54.0M	0.58	1.86	N/A	N/A	4,966,948	2,878,372	41,802,348	49,857,724
2007-12-31	$7.07	$5.00	49.3%	14.1%	29.9%	53.4%	49.8%	1.7%	2.4%	181.1M	-17.18B	-54.6M	0.59	2.15	N/A	N/A	3,081,484	1,814,400	42,466,620	50,449,084