AAPL Options History — May 2016

In May 2016, AAPL traded between $22.57 and $25.10. ATM implied volatility averaged 21.6%, placing in the 10.0% IV rank vs the trailing year. The 30-day expected move averaged 6.2%. IV traded below realized volatility by 6.8% (HV 20d: 28.3%). Max pain ranged from $25.00 to $26.25. Net GEX was positive for 17 of 21 trading days. Term structure was in contango for 17 of 21 days. Put/call ratio averaged 0.71.

Notable Days

2016-05-12: Highest Volume — 4,319,244 contracts
2016-05-16: Largest IV drop — 8.7% change
2016-05-02: Highest IV Rank — 16.0%
2016-05-02: Largest Expected Move — 7.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$23.74	$22.57	$25.10	$23.41	$24.95
Max Pain	$25.12	$25.00	$26.25	$25.00	$25.00
ATM IV	21.6%	19.5%	23.8%	23.8%	19.5%
Expected Move	6.2%	5.4%	7.1%	7.1%	5.4%
HV 20d	28.3%	21.4%	33.4%	28.4%	21.5%
HV 60d	24.5%	23.8%	25.1%	24.9%	23.9%
IV Rank	10.0%	4.5%	16.0%	16.0%	4.5%
IV Percentile	20.8%	4.0%	36.1%	36.1%	4.0%
Term Structure	0.3%	-0.2%	1.0%	-0.1%	-0.2%
VWIV	21.9%	19.4%	25.3%	25.3%	19.4%
Skew 25d	2.0%	1.1%	2.5%	2.1%	1.3%
Skew 10d	3.6%	1.6%	5.2%	3.9%	2.3%
Call IV 25d	20.9%	19.1%	23.0%	23.0%	19.3%
Put IV 25d	22.9%	20.5%	25.2%	25.2%	20.5%
Bid-Ask Spread %	1.51	1.05	2.18	1.71	1.68
Gamma HHI	0.08	0.06	0.17	0.06	0.11
Net GEX	129.4M	-92.6M	375.2M	-9.9M	316.4M
Net DEX	2.76B	-3.91B	7.11B	5.82B	-1.70B
Net VEX	-73.6M	-86.8M	-63.8M	-66.0M	-84.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.71	0.41	0.90	0.71	0.59
Total Volume	2,364,138.095	503,508	4,319,244	2,662,124	1,777,072
Total OI	21,995,000.762	19,823,956	23,860,160	20,417,616	22,350,964

Daily Data (21 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
2016-05-02	$23.41	$25.00	23.8%	7.1%	28.4%	16.0%	25.3%	2.1%	-0.1%	-9.9M	5.82B	-66.0M	0.71	1.71	N/A	N/A	1,554,392	1,107,732	12,542,796	7,874,820
2016-05-03	$23.81	$25.00	22.6%	6.6%	29.8%	12.8%	23.5%	2.1%	-0.0%	63.7M	4.45B	-69.3M	0.62	1.74	N/A	N/A	1,553,480	956,204	12,942,472	8,195,340
2016-05-04	$23.56	$25.00	22.5%	6.6%	29.0%	12.6%	22.9%	1.8%	0.0%	41.9M	5.04B	-70.9M	0.41	2.00	N/A	N/A	1,562,020	644,128	13,295,496	8,324,284
2016-05-05	$23.27	$26.25	23.6%	6.9%	28.6%	15.5%	24.2%	2.2%	-0.1%	-16.0M	5.78B	-70.9M	0.61	1.21	N/A	N/A	1,089,368	669,996	13,469,856	8,485,132
2016-05-06	$23.14	$26.25	23.3%	6.8%	28.5%	14.7%	23.9%	2.1%	0.2%	-78.6M	5.96B	-69.2M	0.76	1.37	N/A	N/A	1,451,160	1,107,608	13,721,104	8,461,808
2016-05-09	$23.21	$25.00	22.4%	6.6%	28.3%	12.4%	23.1%	2.3%	0.6%	29.2M	5.32B	-69.5M	0.71	1.19	N/A	N/A	786,060	560,420	13,339,872	8,178,524
2016-05-10	$23.35	$25.00	21.4%	6.4%	28.0%	9.6%	22.5%	2.1%	1.0%	60.5M	4.56B	-69.0M	0.65	1.08	N/A	N/A	1,026,812	665,036	13,521,532	8,143,936
2016-05-11	$23.13	$25.00	21.7%	6.4%	26.7%	10.4%	22.6%	2.1%	0.6%	26.9M	5.27B	-67.8M	0.75	1.05	N/A	N/A	781,144	588,476	13,816,728	8,243,732
2016-05-12	$22.57	$25.00	22.9%	6.7%	26.9%	13.7%	23.6%	2.3%	0.6%	-92.6M	7.11B	-63.8M	0.68	1.07	N/A	N/A	2,574,660	1,744,584	13,960,176	8,313,104
2016-05-13	$22.62	$25.00	23.3%	6.7%	27.0%	14.8%	23.6%	2.4%	0.3%	16.6M	6.65B	-64.7M	0.90	1.38	N/A	N/A	1,884,388	1,686,492	14,419,272	8,545,020
2016-05-16	$23.48	$25.00	21.3%	6.1%	31.4%	9.3%	21.7%	2.1%	0.8%	123.4M	3.46B	-73.2M	0.70	1.31	N/A	N/A	1,968,640	1,383,292	13,968,280	8,382,264
2016-05-17	$23.41	$25.00	22.6%	6.5%	31.5%	12.8%	22.1%	2.5%	0.1%	110.9M	3.40B	-75.5M	0.80	1.31	N/A	N/A	279,844	223,664	14,353,752	8,594,404
2016-05-18	$23.62	$25.00	21.0%	6.0%	31.7%	8.4%	21.2%	2.1%	0.8%	187.1M	2.69B	-75.0M	0.82	1.58	N/A	N/A	1,223,428	999,192	14,506,588	8,734,204
2016-05-19	$23.58	$25.00	20.9%	6.0%	31.6%	8.3%	21.1%	2.3%	0.6%	136.9M	3.15B	-74.1M	0.79	1.33	N/A	N/A	1,089,984	861,168	14,675,932	8,912,424
2016-05-20	$23.77	$25.00	20.2%	5.8%	32.0%	6.4%	20.3%	2.3%	0.5%	276.7M	1.68B	-74.7M	0.88	1.31	N/A	N/A	1,313,748	1,153,676	14,847,868	9,012,292
2016-05-23	$24.11	$25.00	20.6%	5.8%	32.7%	7.6%	20.5%	2.1%	0.3%	209.6M	343.8M	-77.1M	0.67	1.74	N/A	N/A	1,273,308	853,272	12,300,828	7,523,128
2016-05-24	$24.48	$25.00	19.6%	5.5%	33.4%	4.8%	19.5%	2.0%	0.4%	284.8M	-1.01B	-78.8M	0.87	1.71	N/A	N/A	1,096,496	954,272	12,654,432	7,774,948
2016-05-25	$24.91	$25.00	19.7%	5.5%	25.0%	5.1%	19.8%	1.8%	0.3%	343.7M	-2.93B	-81.6M	0.63	1.77	N/A	N/A	1,753,484	1,112,628	12,915,356	8,012,928
2016-05-26	$25.10	$25.00	19.9%	5.6%	21.8%	5.4%	19.9%	1.3%	0.2%	375.2M	-3.91B	-84.2M	0.72	2.18	N/A	N/A	2,332,048	1,684,184	13,233,440	8,192,612
2016-05-27	$25.06	$25.00	19.7%	5.5%	21.4%	5.0%	19.8%	1.1%	0.2%	310.0M	-3.25B	-86.8M	0.54	1.91	N/A	N/A	1,503,472	815,868	14,162,412	8,990,956
2016-05-31	$24.95	$25.00	19.5%	5.4%	21.5%	4.5%	19.4%	1.3%	-0.2%	316.4M	-1.70B	-84.0M	0.59	1.68	N/A	N/A	1,119,336	657,736	13,795,936	8,555,028