AAPL Options History — March 2013

In March 2013, AAPL traded between $15.00 and $16.56. ATM implied volatility averaged 29.6%, placing in the 47.9% IV rank vs the trailing year. The 30-day expected move averaged 8.5%. IV traded above realized volatility by 3.5% (HV 20d: 26.1%). Max pain ranged from $15.36 to $16.43. Net GEX was positive for 17 of 20 trading days. Term structure was in contango for 7 of 20 days. Put/call ratio averaged 0.66.

Notable Days

2013-03-15: Highest Volume — 24,929,492 contracts
2013-03-25: Largest IV spike — 12.9% change
2013-03-28: Highest IV Rank — 65.9%
2013-03-28: Largest Expected Move — 10.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$15.78	$15.00	$16.56	$15.37	$15.81
Max Pain	$15.91	$15.36	$16.43	$16.07	$16.43
ATM IV	29.6%	26.5%	35.4%	29.2%	35.4%
Expected Move	8.5%	7.5%	10.2%	8.4%	10.2%
HV 20d	26.1%	23.3%	28.6%	26.8%	27.4%
HV 60d	40.2%	39.1%	42.1%	42.0%	39.1%
IV Rank	47.9%	38.4%	65.9%	46.6%	65.9%
IV Percentile	52.4%	29.0%	81.0%	49.6%	81.0%
Term Structure	0.7%	-2.8%	7.3%	-0.8%	-1.4%
VWIV	30.1%	26.4%	36.0%	29.9%	36.0%
Skew 25d	1.1%	0.7%	1.9%	1.6%	1.0%
Skew 10d	2.0%	1.2%	3.2%	3.0%	2.1%
Call IV 25d	29.6%	25.7%	35.6%	29.3%	35.6%
Put IV 25d	30.7%	26.8%	36.6%	31.0%	36.6%
Bid-Ask Spread %	7.46	3.89	16.54	9.48	12.17
Gamma HHI	0.06	0.03	0.26	0.26	0.03
Net GEX	237.3M	-685.8M	844.8M	-685.8M	137.7M
Net DEX	8.73B	-2.28B	18.59B	18.06B	9.61B
Net VEX	-156.3M	-174.7M	-134.4M	-139.4M	-159.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.66	0.48	0.87	0.87	0.74
Total Volume	14,859,765.2	7,971,012	24,929,492	20,899,452	17,662,904
Total OI	83,407,601.2	74,789,596	90,787,732	82,987,688	83,353,116

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
2013-03-01	$15.37	$16.07	29.2%	8.4%	26.8%	46.6%	29.9%	1.6%	-0.8%	-685.8M	18.06B	-139.4M	0.87	9.48	N/A	N/A	11,162,732	9,736,720	51,687,188	31,300,500
2013-03-04	$15.00	$15.71	31.7%	9.0%	27.9%	54.4%	31.8%	1.1%	-0.2%	-210.1M	18.59B	-134.4M	0.83	5.04	N/A	N/A	8,834,168	7,346,080	49,471,632	30,149,672
2013-03-05	$15.40	$15.36	29.3%	8.4%	28.6%	47.0%	29.6%	1.9%	-0.2%	58.5M	14.32B	-147.2M	0.57	5.55	N/A	N/A	10,934,140	6,273,316	52,283,532	31,169,992
2013-03-06	$15.20	$15.36	30.0%	8.6%	25.6%	49.3%	30.2%	1.4%	-0.3%	-73.5M	16.20B	-144.2M	0.60	5.37	N/A	N/A	9,027,368	5,461,680	53,515,196	31,661,112
2013-03-07	$15.38	$15.36	29.7%	8.5%	26.1%	48.3%	30.1%	1.6%	0.0%	134.4M	14.20B	-147.2M	0.69	8.27	N/A	N/A	10,035,284	6,903,428	55,665,372	32,164,188
2013-03-08	$15.42	$15.36	28.1%	8.0%	24.3%	43.3%	28.5%	1.0%	0.2%	72.9M	13.26B	-147.9M	0.68	3.89	N/A	N/A	9,814,476	6,721,624	57,068,620	32,746,392
2013-03-11	$15.64	$15.36	29.5%	8.4%	24.3%	47.5%	29.9%	1.1%	-0.6%	154.8M	11.30B	-152.0M	0.48	6.49	N/A	N/A	9,341,472	4,505,508	53,850,412	30,814,392
2013-03-12	$15.30	$15.36	30.3%	8.7%	24.4%	50.0%	31.1%	0.9%	-0.7%	31.3M	14.52B	-145.9M	0.68	10.00	N/A	N/A	8,284,248	5,599,524	55,503,028	31,536,848
2013-03-13	$15.30	$15.36	29.7%	8.5%	23.3%	48.2%	30.7%	0.9%	-0.8%	83.1M	14.26B	-144.2M	0.59	6.87	N/A	N/A	8,682,576	5,082,812	56,757,932	31,995,040
2013-03-14	$15.45	$0.00	28.3%	8.1%	23.9%	44.0%	28.7%	0.8%	-0.3%	300.6M	12.39B	-146.7M	0.83	7.30	N/A	N/A	5,601,848	4,676,280	57,671,544	32,350,612
2013-03-15	$15.84	$15.36	27.6%	7.9%	26.0%	41.8%	28.7%	0.7%	-0.2%	844.8M	6.03B	-157.3M	0.64	7.44	N/A	N/A	15,233,344	9,696,148	58,263,044	32,524,688
2013-03-18	$16.28	$16.43	27.7%	7.9%	27.6%	42.0%	28.2%	1.3%	4.1%	526.4M	1.09B	-167.6M	0.62	4.61	N/A	N/A	10,378,816	6,440,084	47,428,724	27,360,872
2013-03-19	$16.23	$16.43	27.4%	7.8%	27.6%	41.2%	27.9%	0.9%	4.4%	524.7M	1.76B	-171.2M	0.68	5.33	N/A	N/A	9,118,620	6,200,572	49,042,812	28,597,296
2013-03-20	$16.15	$16.43	27.4%	7.8%	26.2%	41.2%	27.6%	1.0%	4.6%	510.3M	2.96B	-170.0M	0.60	4.82	N/A	N/A	4,970,308	3,000,704	50,127,728	29,353,296
2013-03-21	$16.17	$16.43	26.5%	7.6%	26.1%	38.4%	26.8%	1.1%	7.2%	556.4M	2.61B	-169.4M	0.64	7.17	N/A	N/A	6,596,100	4,251,800	50,752,436	29,724,884
2013-03-22	$16.50	$16.43	27.7%	7.5%	26.8%	42.1%	26.4%	1.1%	7.3%	481.3M	-2.28B	-174.7M	0.66	3.99	N/A	N/A	9,528,484	6,310,976	51,360,764	30,537,080
2013-03-25	$16.56	$16.25	31.3%	9.5%	25.8%	53.1%	33.6%	1.2%	-2.6%	616.4M	-608.0M	-171.6M	0.55	16.54	N/A	N/A	8,274,616	4,564,672	49,240,632	28,932,680
2013-03-26	$16.47	$16.43	31.3%	9.3%	25.6%	53.1%	32.5%	0.9%	-2.4%	532.9M	860.6M	-170.1M	0.64	7.06	N/A	N/A	5,171,264	3,316,908	50,685,600	29,910,468
2013-03-27	$16.15	$16.43	34.0%	9.7%	26.4%	61.5%	34.3%	0.7%	-2.8%	148.4M	5.40B	-165.6M	0.63	11.75	N/A	N/A	7,632,352	4,821,348	51,256,996	30,335,704
2013-03-28	$15.81	$16.43	35.4%	10.2%	27.4%	65.9%	36.0%	1.0%	-1.4%	137.7M	9.61B	-159.0M	0.74	12.17	N/A	N/A	10,175,564	7,487,340	52,491,740	30,861,376