ACTU Options History — May 2008

In May 2008, ACTU traded between $4.10 and $5.00. ATM implied volatility averaged 63.8%, placing in the 28.8% IV rank vs the trailing year. The 30-day expected move averaged 13.4%. IV traded above realized volatility by 35.9% (HV 20d: 27.9%). Max pain ranged from $2.50 to $2.50. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 15 of 20 days. Put/call ratio averaged 0.03.

Notable Days

2008-05-21: Highest Volume — 101 contracts
2008-05-15: Largest IV drop — 39.7% change
2008-05-12: Highest IV Rank — 67.8%
2008-05-01: Largest Expected Move — 17.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$4.47	$4.10	$5.00	$4.17	$4.96
Max Pain	$2.50	$2.50	$2.50	$2.50	$2.50
ATM IV	63.8%	32.4%	109.8%	60.1%	32.4%
Expected Move	13.4%	9.3%	17.2%	17.2%	9.3%
HV 20d	27.9%	22.4%	31.8%	29.1%	31.5%
HV 60d	44.4%	43.7%	45.4%	45.1%	44.2%
IV Rank	28.8%	1.0%	67.8%	26.2%	1.0%
IV Percentile	58.5%	0.8%	99.2%	82.1%	0.8%
Term Structure	6.6%	-8.7%	19.7%	-7.7%	19.7%
VWIV	51.0%	48.5%	53.5%	48.5%	53.5%
Bid-Ask Spread %	98.19	73.61	113.23	92.77	91.82
Gamma HHI	0.76	0.69	0.92	0.71	0.92
Net GEX	2.9K	2.1K	7.0K	2.3K	7.0K
Net DEX	-177.1K	-381.0K	-141.2K	-141.2K	-381.0K
Net VEX	-704	-1.4K	-625	-674	-1.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.03	0.00	0.33	0.00	0.00
Total Volume	11.05	0	101	10	0
Total OI	1,035.3	974	1,546	1,008	1,546

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
2008-05-01	$4.17	$2.50	60.1%	17.2%	29.1%	26.2%	0.0%	0.0%	-7.7%	2.3K	-141.2K	-674	0.00	92.77	N/A	N/A	10	0	908	100
2008-05-02	$4.19	$2.50	54.3%	15.6%	29.0%	21.3%	0.0%	0.0%	-8.7%	2.3K	-148.8K	-694	0.00	92.82	N/A	N/A	0	0	918	100
2008-05-05	$4.24	$2.50	67.3%	11.9%	26.6%	32.3%	0.0%	0.0%	19.7%	2.2K	-155.9K	-689	0.00	109.64	N/A	N/A	1	0	918	100
2008-05-06	$4.22	$2.50	89.3%	13.2%	23.6%	50.6%	0.0%	0.0%	16.5%	2.3K	-143.7K	-666	0.00	113.23	N/A	N/A	5	0	919	100
2008-05-07	$4.19	$2.50	82.4%	12.6%	22.4%	44.8%	0.0%	0.0%	12.2%	2.3K	-148.1K	-683	0.00	112.50	N/A	N/A	2	0	921	100
2008-05-08	$4.10	$2.50	94.0%	13.0%	23.7%	54.6%	0.0%	0.0%	11.2%	2.1K	-146.3K	-659	0.00	112.83	N/A	N/A	0	0	921	100
2008-05-09	$4.29	$2.50	96.2%	13.2%	26.5%	56.4%	0.0%	0.0%	13.8%	2.4K	-148.3K	-658	0.00	112.07	N/A	N/A	0	0	921	100
2008-05-12	$4.33	$2.50	109.8%	12.5%	26.4%	67.8%	0.0%	0.0%	16.2%	2.5K	-158.7K	-683	0.00	111.53	N/A	N/A	5	0	921	100
2008-05-13	$4.44	$2.50	88.5%	15.0%	27.1%	50.0%	0.0%	0.0%	-6.0%	2.7K	-164.4K	-676	0.00	100.25	N/A	N/A	0	0	926	100
2008-05-14	$4.49	$2.50	80.3%	14.6%	27.2%	43.1%	0.0%	0.0%	-0.5%	2.7K	-175.9K	-699	0.00	102.60	N/A	N/A	0	25	926	100
2008-05-15	$4.55	$2.50	48.4%	13.9%	26.1%	16.4%	0.0%	0.0%	-0.4%	2.9K	-178.1K	-688	0.00	101.50	N/A	N/A	13	0	921	100
2008-05-16	$4.45	$2.50	50.0%	14.3%	27.9%	17.7%	0.0%	0.0%	1.5%	2.7K	-169.2K	-682	0.00	100.73	N/A	N/A	2	0	934	100
2008-05-19	$4.39	$2.50	41.3%	11.8%	28.4%	9.9%	0.0%	0.0%	9.9%	2.8K	-154.8K	-652	0.00	94.09	N/A	N/A	10	0	906	100
2008-05-20	$4.41	$2.50	44.8%	12.9%	26.4%	12.8%	0.0%	0.0%	11.7%	2.7K	-151.0K	-650	0.00	94.79	N/A	N/A	15	0	896	100
2008-05-21	$4.65	$2.50	48.3%	13.8%	31.1%	15.7%	0.0%	0.0%	0.1%	2.9K	-175.4K	-661	0.33	82.83	N/A	N/A	76	25	890	100
2008-05-22	$4.72	$2.50	43.8%	12.6%	31.0%	11.8%	48.5%	0.0%	6.2%	3.1K	-188.8K	-642	0.00	85.10	N/A	N/A	6	0	894	80
2008-05-23	$4.77	$2.50	46.8%	13.4%	31.0%	13.3%	0.0%	0.0%	2.8%	3.3K	-193.1K	-631	0.00	87.87	N/A	N/A	0	0	901	80
2008-05-27	$4.86	$2.50	44.3%	12.7%	31.1%	11.2%	0.0%	0.0%	11.5%	3.5K	-200.6K	-625	0.00	91.24	N/A	N/A	9	0	901	80
2008-05-28	$5.00	$2.50	53.5%	15.3%	31.8%	19.1%	53.5%	0.0%	1.3%	3.7K	-219.5K	-627	0.00	73.61	N/A	N/A	17	0	898	80
2008-05-30	$4.96	$2.50	32.4%	9.3%	31.5%	1.0%	0.0%	0.0%	19.7%	7.0K	-381.0K	-1.4K	0.00	91.82	N/A	N/A	0	0	1,466	80