AAPL Options History — February 2008

In February 2008, AAPL traded between $4.26 and $4.78. ATM implied volatility averaged 43.2%, placing in the 42.1% IV rank vs the trailing year. The 30-day expected move averaged 12.5%. IV traded below realized volatility by 8.6% (HV 20d: 51.9%). Max pain ranged from $4.46 to $5.18. Net GEX was positive for 0 of 20 trading days. Term structure was in contango for 19 of 20 days. Put/call ratio averaged 0.76.

Notable Days

2008-02-07: Highest Volume — 14,431,228 contracts
2008-02-13: Largest IV drop — 19.7% change
2008-02-06: Highest IV Rank — 62.1%
2008-02-06: Largest Expected Move — 14.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$4.47	$4.26	$4.78	$4.78	$4.46
Max Pain	$4.65	$4.46	$5.18	$5.18	$4.46
ATM IV	43.2%	37.2%	53.9%	39.6%	41.2%
Expected Move	12.5%	11.0%	14.6%	11.4%	11.8%
HV 20d	51.9%	38.6%	61.8%	61.8%	46.1%
HV 60d	49.6%	47.0%	54.5%	54.5%	49.3%
IV Rank	42.1%	30.8%	62.1%	35.4%	38.2%
IV Percentile	67.6%	48.0%	89.7%	61.9%	60.7%
Term Structure	2.5%	-0.0%	4.1%	2.1%	3.1%
VWIV	43.6%	39.3%	49.9%	40.4%	41.7%
Skew 25d	3.1%	0.3%	5.1%	0.3%	0.3%
Skew 10d	6.2%	0.3%	10.7%	0.3%	0.8%
Call IV 25d	42.5%	38.6%	48.9%	40.4%	41.7%
Put IV 25d	45.5%	40.2%	52.7%	40.7%	42.0%
Bid-Ask Spread %	2.98	1.87	3.82	3.17	2.29
Gamma HHI	0.10	0.06	0.31	0.07	0.07
Net GEX	-46.8M	-137.7M	-12.2M	-32.3M	-30.9M
Net DEX	2.39B	61.0M	3.89B	1.78B	1.16B
Net VEX	-44.4M	-47.1M	-41.7M	-45.9M	-47.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.76	0.52	1.64	0.69	0.57
Total Volume	7,018,065.6	3,130,904	14,431,228	4,988,872	5,500,432
Total OI	66,151,902.6	57,736,196	73,645,600	66,483,676	64,786,624

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
2008-02-01	$4.78	$5.18	39.6%	11.4%	61.8%	35.4%	40.4%	0.3%	2.1%	-32.3M	1.78B	-45.9M	0.69	3.17	N/A	N/A	2,956,212	2,032,660	35,861,812	30,621,864
2008-02-04	$4.70	$4.82	45.0%	13.0%	57.5%	45.5%	45.0%	2.4%	1.1%	-41.0M	2.19B	-45.5M	0.77	3.77	N/A	N/A	2,607,164	2,005,444	36,003,016	30,944,816
2008-02-05	$4.62	$4.82	49.4%	13.7%	57.5%	53.7%	47.9%	2.5%	1.0%	-47.7M	2.61B	-45.1M	0.81	3.82	N/A	N/A	3,970,932	3,235,260	36,159,032	31,107,440
2008-02-06	$4.36	$4.82	53.9%	14.6%	59.1%	62.1%	49.9%	3.7%	-0.0%	-61.6M	3.81B	-42.9M	0.60	2.87	N/A	N/A	5,900,076	3,566,948	37,215,724	31,050,964
2008-02-07	$4.33	$4.82	50.8%	14.3%	54.3%	56.3%	49.7%	4.8%	1.1%	-63.0M	3.89B	-43.1M	0.77	2.93	N/A	N/A	8,171,156	6,260,072	38,104,836	31,270,092
2008-02-08	$4.48	$4.64	45.0%	13.5%	57.5%	45.5%	47.3%	4.4%	2.1%	-37.9M	2.89B	-45.4M	0.83	3.55	N/A	N/A	4,834,956	3,996,188	39,191,068	31,689,224
2008-02-11	$4.62	$4.64	42.2%	13.0%	59.8%	40.2%	45.7%	3.3%	2.3%	-12.2M	1.82B	-46.6M	0.65	3.50	N/A	N/A	3,704,372	2,405,368	39,727,408	31,865,932
2008-02-12	$4.46	$4.64	46.4%	13.4%	57.3%	48.0%	46.6%	3.7%	2.3%	-47.1M	2.91B	-45.0M	1.64	3.58	N/A	N/A	4,640,244	7,613,704	39,969,664	31,993,472
2008-02-13	$4.62	$4.64	37.2%	12.4%	58.5%	30.8%	44.0%	4.7%	3.0%	-18.4M	1.84B	-46.4M	1.13	3.63	N/A	N/A	3,298,904	3,713,948	40,825,904	32,145,540
2008-02-14	$4.55	$4.64	44.0%	12.6%	56.2%	43.6%	43.1%	4.4%	2.7%	-45.2M	2.32B	-45.5M	0.74	3.08	N/A	N/A	3,883,040	2,854,236	40,848,724	32,549,636
2008-02-15	$4.45	$4.64	43.3%	12.4%	55.8%	42.2%	43.5%	3.7%	3.8%	-137.7M	3.04B	-44.3M	0.76	3.34	N/A	N/A	3,379,432	2,566,424	41,221,880	32,423,720
2008-02-19	$4.36	$4.64	43.8%	12.6%	55.6%	43.1%	42.9%	5.1%	3.1%	-51.0M	2.53B	-42.3M	0.74	2.17	N/A	N/A	2,629,872	1,941,212	29,400,980	28,335,216
2008-02-20	$4.42	$4.64	40.3%	11.6%	55.7%	36.7%	40.6%	3.8%	4.1%	-49.6M	2.22B	-43.0M	0.57	2.16	N/A	N/A	1,991,444	1,139,460	30,112,628	28,501,004
2008-02-21	$4.34	$4.64	40.6%	11.6%	41.2%	37.2%	40.2%	2.1%	3.7%	-53.0M	2.53B	-42.1M	0.64	2.79	N/A	N/A	2,643,844	1,698,060	30,684,080	28,709,044
2008-02-22	$4.27	$4.46	41.8%	12.0%	40.8%	39.5%	42.0%	3.2%	3.0%	-54.9M	2.88B	-41.8M	0.52	2.91	N/A	N/A	3,943,800	2,032,520	31,056,648	28,905,240
2008-02-25	$4.28	$4.46	42.3%	12.1%	38.6%	40.4%	42.4%	2.3%	2.4%	-50.9M	2.72B	-41.7M	0.56	2.97	N/A	N/A	3,801,532	2,113,244	31,856,524	29,233,372
2008-02-26	$4.26	$4.46	40.3%	11.5%	38.6%	36.5%	40.7%	2.7%	2.4%	-50.9M	2.78B	-42.2M	0.90	2.96	N/A	N/A	3,782,184	3,406,200	32,741,548	29,595,440
2008-02-27	$4.39	$4.46	38.5%	11.0%	40.3%	33.3%	39.3%	2.0%	3.3%	-37.8M	1.77B	-44.2M	0.56	2.18	N/A	N/A	3,514,728	1,952,440	33,359,704	29,606,416
2008-02-28	$4.64	$4.46	39.1%	11.2%	45.3%	34.3%	39.4%	1.6%	2.6%	-13.2M	61.0M	-47.1M	0.69	1.87	N/A	N/A	6,325,956	4,347,644	33,494,244	29,867,572
2008-02-29	$4.46	$4.46	41.2%	11.8%	46.1%	38.2%	41.7%	0.3%	3.1%	-30.9M	1.16B	-47.0M	0.57	2.29	N/A	N/A	3,513,328	1,987,104	34,175,400	30,611,224