AAPL Options History — January 2008

In January 2008, AAPL traded between $4.64 and $6.96. ATM implied volatility averaged 58.5%, placing in the 70.7% IV rank vs the trailing year. The 30-day expected move averaged 16.9%. IV traded above realized volatility by 9.2% (HV 20d: 49.2%). Max pain ranged from $5.00 to $7.14. Net GEX was positive for 10 of 21 trading days. Term structure was in contango for 5 of 21 days. Put/call ratio averaged 0.69.

Notable Days

2008-01-23: Highest Volume — 25,986,912 contracts
2008-01-04: Largest IV spike — 30.7% change
2008-01-22: Highest IV Rank — 93.9%
2008-01-22: Largest Expected Move — 20.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$5.73	$4.64	$6.96	$6.96	$4.83
Max Pain	$6.05	$5.00	$7.14	$5.00	$5.18
ATM IV	58.5%	42.3%	70.8%	52.1%	42.3%
Expected Move	16.9%	12.1%	20.3%	14.9%	12.1%
HV 20d	49.2%	29.7%	62.2%	29.7%	62.2%
HV 60d	49.7%	43.2%	54.5%	43.8%	54.5%
IV Rank	70.7%	40.4%	93.9%	58.7%	40.4%
IV Percentile	92.9%	70.2%	99.6%	92.0%	70.2%
Term Structure	-5.8%	-13.5%	7.2%	4.0%	0.9%
VWIV	58.8%	43.0%	67.6%	51.8%	43.0%
Skew 25d	3.7%	-0.4%	13.3%	2.9%	2.9%
Skew 10d	6.6%	-0.8%	18.7%	6.1%	5.0%
Call IV 25d	57.2%	41.8%	65.9%	50.4%	41.8%
Put IV 25d	60.9%	44.6%	75.3%	53.3%	44.6%
Bid-Ask Spread %	3.17	2.45	4.15	2.46	3.18
Gamma HHI	0.08	0.05	0.14	0.13	0.07
Net GEX	29.5M	-56.8M	173.9M	165.0M	-25.7M
Net DEX	-4.94B	-15.97B	3.02B	-15.97B	1.60B
Net VEX	-52.4M	-58.3M	-45.6M	-55.6M	-46.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.69	0.34	1.60	0.46	0.57
Total Volume	12,367,394.667	5,057,248	25,986,912	7,790,356	6,397,916
Total OI	86,019,957.333	52,950,044	106,959,580	93,736,104	65,878,792

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 Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2008-01-02	$6.96	$5.00	52.1%	14.9%	29.7%	58.7%	51.8%	2.9%	4.0%	165.0M	-15.97B	-55.6M	0.46	2.46	N/A	N/A	5,326,916	2,463,440	42,779,128	50,956,976
2008-01-03	$6.96	$5.00	49.4%	14.2%	29.7%	53.7%	49.7%	3.4%	7.2%	173.9M	-15.95B	-56.0M	0.50	2.76	N/A	N/A	3,367,448	1,689,800	43,428,532	51,520,140
2008-01-04	$6.43	$7.14	64.6%	18.8%	40.3%	82.2%	65.1%	1.5%	-10.1%	81.5M	-10.64B	-58.3M	0.55	2.95	N/A	N/A	8,826,608	4,823,952	43,605,324	51,683,828
2008-01-07	$6.34	$6.96	62.0%	18.8%	39.4%	77.3%	65.4%	3.1%	-10.8%	82.2M	-9.92B	-57.2M	0.42	3.56	N/A	N/A	12,125,652	5,146,876	45,196,452	52,143,448
2008-01-08	$6.12	$6.79	65.2%	19.3%	39.8%	83.4%	66.5%	3.1%	-10.7%	53.7M	-7.89B	-57.1M	0.34	3.88	N/A	N/A	8,813,168	2,954,476	46,405,436	52,339,112
2008-01-09	$6.41	$6.79	58.3%	18.3%	44.0%	70.3%	63.4%	5.9%	-8.7%	107.3M	-10.84B	-57.5M	0.57	3.08	N/A	N/A	9,329,404	5,316,920	46,718,196	52,602,144
2008-01-10	$6.36	$6.61	62.9%	18.0%	43.0%	79.1%	62.8%	4.3%	-8.8%	107.2M	-10.59B	-57.2M	0.65	3.90	N/A	N/A	5,831,112	3,803,828	47,462,660	52,663,296
2008-01-11	$6.17	$6.61	67.1%	19.2%	43.7%	86.9%	66.8%	4.8%	-11.7%	70.0M	-8.52B	-57.3M	0.78	3.42	N/A	N/A	6,120,828	4,748,996	48,157,060	52,938,144
2008-01-14	$6.38	$6.43	61.8%	17.7%	45.8%	76.9%	61.8%	3.8%	-8.4%	136.7M	-11.20B	-55.8M	0.49	3.48	N/A	N/A	5,270,552	2,558,360	49,676,396	53,999,092
2008-01-15	$6.04	$6.43	63.6%	18.2%	49.4%	80.3%	63.1%	4.7%	-9.8%	34.2M	-7.05B	-53.6M	0.80	3.10	N/A	N/A	9,349,340	7,484,736	50,328,320	53,799,004
2008-01-16	$5.70	$6.43	68.6%	19.7%	51.9%	89.8%	67.6%	4.4%	-12.3%	-56.8M	-3.34B	-53.0M	0.83	3.01	N/A	N/A	12,066,124	10,045,504	51,729,860	54,287,408
2008-01-17	$5.75	$6.25	68.5%	19.6%	52.2%	89.6%	66.8%	6.3%	-11.7%	-37.9M	-4.15B	-53.2M	0.84	3.94	N/A	N/A	6,064,324	5,109,748	52,585,960	54,373,620
2008-01-18	$5.76	$6.25	65.0%	18.6%	52.3%	83.0%	64.5%	3.9%	-11.0%	-34.1M	-4.97B	-52.1M	0.93	3.08	N/A	N/A	8,015,028	7,459,368	52,949,652	53,811,212
2008-01-22	$5.56	$6.07	70.8%	20.3%	52.1%	93.9%	67.3%	13.3%	-13.5%	-3.7M	-205.5M	-50.9M	0.59	3.09	N/A	N/A	9,632,700	5,682,852	25,373,012	27,577,032
2008-01-23	$4.97	$5.89	57.6%	16.5%	61.1%	69.0%	57.9%	4.8%	-1.6%	-40.8M	2.71B	-46.6M	1.01	2.46	N/A	N/A	12,946,500	13,040,412	28,675,724	28,979,328
2008-01-24	$4.84	$5.71	56.1%	16.1%	59.1%	66.3%	57.2%	-0.4%	-3.5%	-33.7M	2.54B	-48.8M	0.63	3.04	N/A	N/A	7,699,552	4,880,064	31,416,028	30,487,436
2008-01-25	$4.64	$5.54	51.2%	14.7%	59.2%	57.2%	52.2%	1.1%	-0.7%	-39.5M	3.02B	-46.5M	0.60	4.15	N/A	N/A	6,334,496	3,824,548	33,036,500	30,272,228
2008-01-28	$4.64	$5.36	49.9%	14.3%	59.2%	54.6%	50.4%	1.5%	0.4%	-42.6M	2.94B	-45.6M	0.58	2.45	N/A	N/A	5,324,452	3,103,912	34,135,892	30,516,556
2008-01-29	$4.70	$5.36	46.6%	13.4%	59.6%	48.5%	47.0%	0.4%	-1.6%	-39.0M	2.58B	-45.7M	1.60	2.87	N/A	N/A	3,855,768	6,158,572	35,101,808	30,804,452
2008-01-30	$4.72	$5.18	44.2%	12.7%	60.2%	43.9%	44.4%	1.8%	0.1%	-37.7M	2.19B	-45.9M	0.67	2.73	N/A	N/A	4,018,476	2,702,560	35,411,488	30,612,428
2008-01-31	$4.83	$5.18	42.3%	12.1%	62.2%	40.4%	43.0%	2.9%	0.9%	-25.7M	1.60B	-46.6M	0.57	3.18	N/A	N/A	4,083,156	2,314,760	35,357,700	30,521,092