AAPL Options History — April 2012

In April 2012, AAPL traded between $20.01 and $22.72. ATM implied volatility averaged 36.2%, placing in the 47.7% IV rank vs the trailing year. The 30-day expected move averaged 10.7%. IV traded above realized volatility by 4.0% (HV 20d: 32.2%). Max pain ranged from $19.29 to $20.71. Net GEX was positive for 18 of 20 trading days. Term structure was in contango for 8 of 20 days. Put/call ratio averaged 0.68.

Notable Days

2012-04-25: Highest Volume — 37,310,168 contracts
2012-04-25: Largest IV drop — 31.0% change
2012-04-23: Highest IV Rank — 70.1%
2012-04-23: Largest Expected Move — 13.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$21.64	$20.01	$22.72	$22.09	$20.86
Max Pain	$20.22	$19.29	$20.71	$19.29	$20.36
ATM IV	36.2%	22.0%	46.6%	28.5%	34.9%
Expected Move	10.7%	7.4%	13.3%	7.9%	8.7%
HV 20d	32.2%	21.4%	48.1%	24.7%	48.1%
HV 60d	27.1%	23.7%	33.2%	23.7%	33.2%
IV Rank	47.7%	17.0%	70.1%	31.0%	44.8%
IV Percentile	77.3%	23.0%	98.4%	59.1%	82.5%
Term Structure	-1.0%	-6.8%	8.6%	5.1%	0.9%
VWIV	37.5%	26.5%	46.3%	28.8%	31.0%
Skew 25d	1.9%	-0.1%	3.8%	0.9%	1.9%
Skew 10d	3.6%	0.6%	6.0%	2.1%	4.3%
Call IV 25d	36.2%	25.8%	45.7%	27.7%	29.9%
Put IV 25d	38.2%	26.5%	47.6%	28.6%	31.8%
Bid-Ask Spread %	5.70	3.15	12.00	4.42	4.19
Gamma HHI	0.07	0.03	0.34	0.05	0.04
Net GEX	890.2M	-690.4M	2.19B	1.13B	608.3M
Net DEX	-47.49B	-67.88B	-19.22B	-57.83B	-30.61B
Net VEX	-227.0M	-262.9M	-194.9M	-194.9M	-249.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.68	0.54	0.94	0.68	0.69
Total Volume	25,002,926.2	14,122,024	37,310,168	16,083,984	18,532,612
Total OI	91,634,667.6	75,028,968	103,781,468	82,761,476	84,208,544

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
2012-04-02	$22.09	$19.29	28.5%	7.9%	24.7%	31.0%	28.8%	0.9%	5.1%	1.13B	-57.83B	-194.9M	0.68	4.42	N/A	N/A	9,573,368	6,510,616	46,547,592	36,213,884
2012-04-03	$22.48	$19.29	28.9%	7.6%	24.4%	31.9%	27.1%	1.3%	7.0%	1.39B	-63.98B	-198.5M	0.54	6.81	N/A	N/A	17,770,032	9,538,004	47,806,416	37,625,084
2012-04-04	$22.30	$19.46	22.0%	7.4%	25.0%	17.0%	26.5%	0.7%	8.2%	1.42B	-60.92B	-208.6M	0.66	4.67	N/A	N/A	11,861,668	7,782,432	50,530,368	39,183,732
2012-04-05	$22.63	$19.64	26.5%	7.6%	24.6%	26.6%	29.0%	1.5%	8.6%	2.19B	-67.88B	-207.8M	0.75	3.59	N/A	N/A	11,660,068	8,796,760	51,487,212	40,112,212
2012-04-09	$22.72	$20.00	32.1%	11.0%	24.7%	38.8%	38.8%	1.5%	-2.6%	1.35B	-66.61B	-203.7M	0.75	3.51	N/A	N/A	8,817,676	6,578,768	50,346,492	38,385,368
2012-04-10	$22.44	$20.18	33.5%	11.7%	25.6%	41.7%	40.8%	2.2%	-3.5%	1.17B	-61.10B	-217.1M	0.58	4.83	N/A	N/A	16,783,564	9,741,984	52,439,380	40,143,348
2012-04-11	$22.36	$20.36	32.9%	11.9%	24.4%	40.4%	41.8%	2.4%	-4.0%	1.08B	-59.02B	-223.8M	0.61	3.15	N/A	N/A	12,300,960	7,557,872	54,405,652	41,484,688
2012-04-12	$22.24	$20.36	40.6%	11.7%	21.4%	57.3%	40.8%	2.4%	-3.6%	907.7M	-56.92B	-218.0M	0.69	5.79	N/A	N/A	11,951,044	8,275,456	55,171,032	42,333,172
2012-04-13	$21.62	$20.36	42.3%	12.1%	24.0%	60.9%	42.4%	2.7%	-4.1%	-690.4M	-42.95B	-224.9M	0.70	4.49	N/A	N/A	21,095,452	14,764,176	55,796,916	42,829,752
2012-04-16	$20.72	$20.54	45.9%	13.2%	28.6%	68.6%	45.6%	3.6%	-5.6%	295.6M	-31.33B	-225.1M	0.73	7.74	N/A	N/A	20,457,024	14,971,600	54,136,264	41,113,072
2012-04-17	$21.77	$20.54	44.1%	12.7%	32.5%	64.8%	44.3%	3.7%	-4.3%	1.15B	-52.74B	-232.7M	0.71	4.00	N/A	N/A	14,120,904	9,960,048	56,356,328	42,260,456
2012-04-18	$21.73	$20.54	43.7%	12.5%	32.4%	63.9%	43.4%	3.8%	-4.5%	1.16B	-52.37B	-230.1M	0.60	6.33	N/A	N/A	18,461,100	10,989,160	57,218,560	42,860,524
2012-04-19	$20.98	$20.71	45.7%	13.1%	34.7%	68.3%	45.7%	2.8%	-4.9%	312.4M	-36.34B	-233.7M	0.69	4.58	N/A	N/A	14,862,568	10,210,704	57,545,656	43,588,524
2012-04-20	$20.46	$20.71	46.0%	13.2%	35.7%	68.9%	46.1%	-0.1%	-5.5%	-18.8M	-27.20B	-230.0M	0.94	12.00	N/A	N/A	17,433,416	16,463,160	59,098,900	44,682,568
2012-04-23	$20.42	$20.71	46.6%	13.3%	35.6%	70.1%	46.3%	1.4%	-6.8%	423.0M	-23.81B	-234.2M	0.66	9.23	N/A	N/A	15,972,068	10,505,852	43,765,736	31,263,232
2012-04-24	$20.01	$20.54	44.0%	12.6%	35.3%	64.5%	42.8%	3.2%	-5.8%	348.3M	-19.22B	-232.8M	0.61	9.57	N/A	N/A	20,416,424	12,485,760	46,886,644	33,074,272
2012-04-25	$21.79	$20.18	30.4%	8.7%	47.2%	35.0%	31.1%	0.9%	1.5%	1.45B	-49.66B	-254.3M	0.68	5.62	N/A	N/A	22,201,732	15,108,436	52,022,236	35,824,796
2012-04-26	$21.70	$20.36	28.4%	8.1%	47.2%	30.7%	29.2%	1.1%	2.2%	1.23B	-46.71B	-256.1M	0.68	5.20	N/A	N/A	12,728,576	8,695,456	53,560,304	37,507,456
2012-04-27	$21.54	$20.36	27.1%	8.0%	47.1%	28.0%	28.9%	1.1%	2.0%	888.7M	-42.68B	-262.9M	0.67	4.26	N/A	N/A	8,439,704	5,682,320	54,469,968	38,407,012
2012-04-30	$20.86	$20.36	34.9%	8.7%	48.1%	44.8%	31.0%	1.9%	0.9%	608.3M	-30.61B	-249.8M	0.69	4.19	N/A	N/A	10,978,856	7,553,756	50,145,004	34,063,540