AAPL Options History — January 2015

In January 2015, AAPL traded between $26.50 and $29.70. ATM implied volatility averaged 35.0%, placing in the 82.1% IV rank vs the trailing year. The 30-day expected move averaged 9.8%. IV traded above realized volatility by 6.2% (HV 20d: 28.9%). Max pain ranged from $27.50 to $27.50. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 4 of 20 days. Put/call ratio averaged 0.55.

Notable Days

2015-01-28: Highest Volume — 8,644,448 contracts
2015-01-28: Largest IV drop — 31.3% change
2015-01-05: Highest IV Rank — 100.0%
2015-01-27: Largest Expected Move — 12.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$27.66	$26.50	$29.70	$27.34	$29.27
Max Pain	$27.50	$27.50	$27.50	$27.50	$27.50
ATM IV	35.0%	25.9%	40.4%	34.3%	27.8%
Expected Move	9.8%	7.4%	12.2%	9.1%	8.1%
HV 20d	28.9%	23.8%	37.9%	23.8%	37.6%
HV 60d	23.8%	21.8%	27.9%	21.8%	27.9%
IV Rank	82.1%	37.0%	100.0%	98.7%	45.5%
IV Percentile	95.0%	69.0%	100.0%	99.6%	81.0%
Term Structure	-1.1%	-2.0%	0.2%	0.2%	0.0%
VWIV	34.3%	27.0%	42.3%	31.9%	28.7%
Skew 25d	3.4%	2.0%	4.5%	2.9%	2.5%
Skew 10d	6.8%	3.5%	8.7%	5.8%	5.3%
Call IV 25d	33.7%	25.4%	39.3%	33.4%	27.1%
Put IV 25d	37.1%	27.4%	43.3%	36.3%	29.7%
Bid-Ask Spread %	3.01	1.47	11.27	3.17	2.48
Gamma HHI	0.10	0.05	0.23	0.05	0.11
Net GEX	681.1M	308.5M	1.40B	515.5M	728.4M
Net DEX	-16.75B	-25.02B	-9.78B	-16.73B	-20.79B
Net VEX	-103.0M	-111.5M	-96.7M	-99.0M	-111.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.55	0.42	0.85	0.71	0.48
Total Volume	4,785,598.8	2,826,116	8,644,448	5,177,168	6,020,940
Total OI	32,670,073.6	22,621,696	42,321,640	37,777,508	27,440,012

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
2015-01-02	$27.34	$27.50	34.3%	9.1%	23.8%	98.7%	31.9%	2.9%	0.2%	515.5M	-16.73B	-99.0M	0.71	3.17	N/A	N/A	3,029,976	2,147,192	20,054,960	17,722,548
2015-01-05	$26.56	$27.50	37.6%	9.9%	25.5%	100.0%	34.5%	3.5%	-1.6%	484.8M	-12.64B	-96.7M	0.61	2.68	N/A	N/A	2,586,928	1,582,592	19,522,096	17,249,920
2015-01-06	$26.57	$27.50	37.9%	10.1%	25.6%	100.0%	35.0%	2.9%	-1.4%	499.2M	-12.72B	-98.8M	0.54	3.18	N/A	N/A	2,698,852	1,460,100	20,003,492	17,671,208
2015-01-07	$26.94	$27.50	36.7%	9.6%	25.4%	94.3%	34.5%	3.4%	-1.5%	671.7M	-15.82B	-100.0M	0.54	3.08	N/A	N/A	1,837,164	988,952	20,632,152	17,938,040
2015-01-08	$27.96	$27.50	35.0%	9.5%	28.3%	85.9%	33.4%	3.5%	-1.5%	910.7M	-24.50B	-99.4M	0.49	2.21	N/A	N/A	3,700,764	1,815,244	20,886,096	18,141,872
2015-01-09	$28.01	$27.50	35.4%	9.7%	27.2%	87.8%	33.4%	3.8%	-0.9%	1.40B	-25.02B	-100.8M	0.56	2.37	N/A	N/A	3,074,572	1,721,028	21,343,148	18,480,984
2015-01-12	$27.36	$27.50	38.0%	10.3%	28.4%	100.0%	35.9%	3.6%	-1.8%	708.8M	-18.98B	-99.4M	0.63	2.82	N/A	N/A	2,186,092	1,385,460	20,721,804	17,901,928
2015-01-13	$27.53	$27.50	37.1%	10.1%	27.9%	95.4%	35.2%	3.3%	-1.6%	784.1M	-20.38B	-100.3M	0.60	2.48	N/A	N/A	2,981,296	1,790,456	21,042,320	18,247,312
2015-01-14	$27.44	$27.50	38.2%	10.4%	27.7%	100.0%	36.5%	3.8%	-2.0%	694.1M	-19.58B	-100.2M	0.85	2.78	N/A	N/A	2,674,912	2,263,928	21,248,348	18,559,864
2015-01-15	$26.75	$27.50	40.4%	11.2%	28.6%	100.0%	38.6%	4.0%	-1.5%	461.6M	-13.59B	-102.6M	0.61	3.34	N/A	N/A	3,021,656	1,837,236	22,164,660	19,454,056
2015-01-16	$26.50	$27.50	37.4%	10.5%	27.1%	86.9%	36.0%	4.5%	-1.5%	308.5M	-11.59B	-101.3M	0.56	3.01	N/A	N/A	4,603,996	2,581,124	22,576,052	19,745,588
2015-01-20	$27.18	$27.50	34.6%	9.8%	26.9%	75.0%	34.6%	4.1%	-0.9%	451.4M	-9.78B	-103.9M	0.46	2.29	N/A	N/A	1,945,408	900,624	14,301,716	8,319,980
2015-01-21	$27.39	$27.50	34.8%	10.0%	27.1%	75.6%	35.2%	4.0%	-1.2%	514.7M	-11.17B	-105.7M	0.52	2.08	N/A	N/A	1,929,992	1,011,624	14,734,024	8,578,212
2015-01-22	$28.08	$27.50	32.6%	9.4%	28.4%	66.3%	33.3%	3.4%	-1.1%	672.2M	-15.22B	-104.7M	0.42	1.47	N/A	N/A	2,593,176	1,089,508	15,111,632	8,827,324
2015-01-23	$28.23	$27.50	32.9%	9.6%	28.4%	67.3%	33.5%	3.7%	-1.4%	948.6M	-16.10B	-107.0M	0.47	1.86	N/A	N/A	2,891,212	1,369,720	15,367,912	9,011,732
2015-01-26	$28.27	$27.50	36.5%	11.0%	28.3%	83.2%	38.9%	4.2%	-1.2%	516.7M	-15.12B	-107.3M	0.46	3.21	N/A	N/A	2,458,252	1,128,212	14,759,100	8,412,916
2015-01-27	$27.29	$27.50	40.1%	12.2%	30.2%	98.7%	42.3%	3.4%	-1.6%	410.0M	-10.22B	-107.5M	0.57	11.27	N/A	N/A	3,789,880	2,152,420	15,366,776	8,840,852
2015-01-28	$28.93	$27.50	27.6%	8.0%	37.2%	44.4%	28.5%	2.0%	0.0%	906.6M	-20.34B	-105.5M	0.53	2.08	N/A	N/A	5,659,212	2,985,236	16,333,832	9,776,232
2015-01-29	$29.70	$27.50	25.9%	7.4%	37.9%	37.0%	27.0%	2.1%	0.2%	1.03B	-24.70B	-109.0M	0.44	2.32	N/A	N/A	4,043,304	1,773,736	16,662,692	10,248,080
2015-01-30	$29.27	$27.50	27.8%	8.1%	37.6%	45.5%	28.7%	2.5%	0.0%	728.4M	-20.79B	-111.5M	0.48	2.48	N/A	N/A	4,070,052	1,950,888	16,853,640	10,586,372