AAPL Options History — May 2010

In May 2010, AAPL traded between $8.42 and $9.51. ATM implied volatility averaged 39.8%, placing in the 67.8% IV rank vs the trailing year. The 30-day expected move averaged 11.6%. IV traded below realized volatility by 4.1% (HV 20d: 43.9%). Max pain ranged from $8.93 to $8.93. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 13 of 20 days. Put/call ratio averaged 0.69.

Notable Days

2010-05-07: Highest Volume — 17,092,992 contracts
2010-05-06: Largest IV spike — 22.0% change
2010-05-20: Highest IV Rank — 100.0%
2010-05-20: Largest Expected Move — 15.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$8.98	$8.42	$9.51	$9.51	$9.17
Max Pain	$8.93	$8.93	$8.93	$8.93	$8.93
ATM IV	39.8%	29.0%	52.4%	29.0%	34.1%
Expected Move	11.6%	8.3%	15.0%	8.3%	9.8%
HV 20d	43.9%	30.7%	49.0%	30.7%	45.8%
HV 60d	29.9%	22.6%	33.3%	22.6%	33.3%
IV Rank	67.8%	35.2%	100.0%	35.2%	46.4%
IV Percentile	89.0%	44.0%	100.0%	44.0%	80.2%
Term Structure	0.2%	-2.4%	3.1%	3.1%	2.6%
VWIV	41.0%	30.1%	52.9%	30.1%	35.6%
Skew 25d	7.1%	3.1%	11.4%	3.1%	5.6%
Skew 10d	15.1%	6.0%	27.1%	6.0%	11.5%
Call IV 25d	37.6%	28.5%	48.4%	28.5%	32.6%
Put IV 25d	44.7%	31.6%	59.7%	31.6%	38.2%
Bid-Ask Spread %	4.00	3.03	7.94	4.79	3.66
Gamma HHI	0.12	0.08	0.15	0.14	0.11
Net GEX	143.8M	6.2M	245.9M	238.1M	196.6M
Net DEX	-6.74B	-10.32B	-2.70B	-10.32B	-7.99B
Net VEX	-52.4M	-54.3M	-49.1M	-49.1M	-52.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.69	0.47	0.95	0.56	0.54
Total Volume	9,471,413	5,582,976	17,092,992	5,886,160	6,996,920
Total OI	42,985,335.4	37,357,012	47,577,236	40,251,848	41,105,232

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
2010-05-03	$9.51	$8.93	29.0%	8.3%	30.7%	35.2%	30.1%	3.1%	3.1%	238.1M	-10.32B	-49.1M	0.56	4.79	N/A	N/A	3,775,352	2,110,808	23,374,148	16,877,700
2010-05-04	$9.24	$8.93	33.0%	9.5%	33.1%	48.6%	33.5%	3.4%	1.7%	171.2M	-8.26B	-51.0M	0.67	3.96	N/A	N/A	5,818,568	3,908,548	23,458,568	17,198,888
2010-05-05	$9.14	$8.93	33.9%	9.7%	33.5%	51.6%	35.2%	3.6%	1.7%	163.6M	-7.72B	-52.2M	0.68	3.10	N/A	N/A	6,317,892	4,283,244	24,120,880	17,520,384
2010-05-06	$8.79	$8.93	41.4%	11.9%	36.6%	76.1%	42.3%	4.4%	0.1%	112.7M	-5.58B	-53.4M	0.55	7.94	N/A	N/A	7,053,340	3,859,716	24,613,736	17,858,344
2010-05-07	$8.42	$8.93	47.1%	13.6%	39.8%	95.0%	48.5%	10.2%	-1.6%	57.4M	-3.07B	-52.6M	0.80	4.56	N/A	N/A	9,500,652	7,592,340	24,754,436	17,954,972
2010-05-10	$9.07	$8.93	38.9%	11.7%	47.9%	68.0%	41.0%	7.5%	-0.3%	174.1M	-7.41B	-54.3M	0.74	3.69	N/A	N/A	5,998,916	4,433,884	25,283,412	18,302,592
2010-05-11	$9.16	$8.93	34.3%	10.8%	48.0%	52.8%	38.9%	6.9%	0.7%	209.7M	-8.36B	-53.5M	0.74	3.40	N/A	N/A	4,973,584	3,700,788	25,633,524	18,474,064
2010-05-12	$9.36	$8.93	32.0%	10.5%	48.3%	45.2%	36.9%	5.8%	0.4%	245.9M	-9.77B	-53.4M	0.67	3.76	N/A	N/A	5,370,372	3,573,052	25,853,044	18,918,228
2010-05-13	$9.23	$8.93	36.4%	10.5%	48.6%	59.9%	37.1%	6.1%	0.4%	195.1M	-8.41B	-52.6M	0.69	3.41	N/A	N/A	4,817,092	3,316,516	25,565,624	18,993,044
2010-05-14	$9.06	$8.93	41.3%	11.9%	49.0%	76.0%	42.3%	8.3%	0.2%	136.6M	-7.04B	-53.2M	0.95	3.08	N/A	N/A	5,528,488	5,254,984	25,582,424	19,185,712
2010-05-17	$9.08	$8.93	41.2%	11.8%	49.0%	75.7%	41.0%	7.0%	0.1%	143.6M	-7.16B	-52.4M	0.47	4.35	N/A	N/A	5,894,476	2,749,180	25,940,348	20,001,716
2010-05-18	$9.01	$8.93	42.0%	12.1%	48.9%	78.3%	42.3%	7.3%	0.0%	141.2M	-6.87B	-52.5M	0.77	4.33	N/A	N/A	5,836,432	4,467,596	26,099,948	20,052,620
2010-05-19	$8.87	$8.93	43.0%	12.3%	44.4%	81.5%	44.0%	9.1%	0.1%	83.5M	-5.60B	-52.6M	0.91	3.03	N/A	N/A	5,583,452	5,093,816	26,406,268	20,133,988
2010-05-20	$8.49	$8.93	52.4%	15.0%	45.3%	100.0%	52.9%	11.4%	-2.4%	6.2M	-2.70B	-52.3M	0.53	4.19	N/A	N/A	6,673,268	3,545,500	26,780,124	20,226,668
2010-05-21	$8.65	$8.93	48.6%	13.9%	45.4%	88.7%	48.5%	10.6%	-1.2%	80.9M	-4.79B	-52.1M	0.70	3.41	N/A	N/A	8,919,876	6,265,308	27,286,952	20,290,284
2010-05-24	$8.81	$8.93	45.7%	13.1%	46.2%	80.2%	46.8%	9.6%	-1.6%	120.4M	-5.82B	-52.4M	0.69	3.95	N/A	N/A	3,637,508	2,512,440	22,005,284	15,351,728
2010-05-25	$8.76	$8.93	43.2%	12.4%	45.4%	73.0%	45.6%	8.1%	-0.0%	115.9M	-5.41B	-51.7M	0.77	3.06	N/A	N/A	4,188,604	3,214,176	22,552,516	15,762,096
2010-05-26	$8.72	$8.93	42.5%	12.2%	45.4%	70.9%	41.5%	7.4%	-0.4%	112.9M	-5.32B	-51.0M	0.75	4.52	N/A	N/A	4,035,416	3,043,180	23,092,496	16,592,828
2010-05-27	$9.05	$8.93	36.5%	10.5%	46.5%	53.5%	36.4%	6.8%	0.6%	171.1M	-7.13B	-52.2M	0.59	3.86	N/A	N/A	3,500,980	2,081,996	23,498,356	17,003,532
2010-05-28	$9.17	$8.93	34.1%	9.8%	45.8%	46.4%	35.6%	5.6%	2.6%	196.6M	-7.99B	-52.9M	0.54	3.66	N/A	N/A	4,552,576	2,444,344	23,917,964	17,187,268