APD Options History — February 2008

In February 2008, APD traded between $82.50 and $88.86. ATM implied volatility averaged 27.8%, placing in the 48.2% IV rank vs the trailing year. The 30-day expected move averaged 8.0%. IV traded below realized volatility by 1.6% (HV 20d: 29.4%). Max pain ranged from $83.26 to $83.26. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 15 of 20 days. Put/call ratio averaged 2.21.

Notable Days

2008-02-15: Highest Volume — 1,220 contracts
2008-02-29: Largest IV spike — 25.0% change
2008-02-05: Highest IV Rank — 72.3%
2008-02-06: Largest Expected Move — 9.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$85.36	$82.50	$88.86	$85.42	$84.49
Max Pain	$83.26	$83.26	$83.26	$83.26	$83.26
ATM IV	27.8%	22.3%	34.6%	30.7%	27.9%
Expected Move	8.0%	6.4%	9.2%	8.8%	8.0%
HV 20d	29.4%	22.8%	37.6%	37.3%	26.0%
HV 60d	29.9%	29.0%	32.2%	32.2%	29.7%
IV Rank	48.2%	28.0%	72.3%	58.7%	47.9%
IV Percentile	74.0%	39.7%	97.2%	91.3%	80.6%
Term Structure	1.0%	-0.6%	3.0%	-0.2%	1.9%
VWIV	28.2%	23.6%	34.1%	30.1%	26.6%
Skew 25d	4.5%	2.4%	7.0%	3.4%	4.1%
Skew 10d	10.3%	1.3%	17.6%	4.5%	1.3%
Call IV 25d	25.8%	22.2%	29.3%	28.1%	25.8%
Put IV 25d	30.3%	25.6%	35.5%	31.5%	29.9%
Bid-Ask Spread %	47.68	30.52	78.39	78.39	72.86
Gamma HHI	0.15	0.13	0.18	0.15	0.16
Net GEX	833.8K	505.0K	1.1M	841.6K	581.9K
Net DEX	-11.8M	-18.8M	-5.4M	-11.0M	-8.7M
Net VEX	-223.5K	-233.2K	-212.1K	-220.0K	-221.1K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	2.21	0.09	15.85	0.43	0.50
Total Volume	432.1	135	1,220	384	302
Total OI	14,267.95	13,402	14,865	13,402	14,865

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 Vol	Put Vol	Call OI	Put OI
2008-02-01	$85.42	$83.26	30.7%	8.8%	37.3%	58.7%	30.1%	3.4%	-0.2%	841.6K	-11.0M	-220.0K	0.43	78.39	269	115	8,966	4,436
2008-02-04	$84.43	$83.26	32.6%	8.6%	37.3%	65.2%	24.0%	4.9%	-0.2%	836.4K	-10.5M	-215.2K	0.11	44.34	642	72	8,965	4,445
2008-02-05	$83.07	$83.26	34.6%	8.9%	37.6%	72.3%	30.4%	5.3%	-0.4%	779.9K	-9.3M	-220.7K	4.04	49.84	30	122	9,408	4,468
2008-02-06	$82.71	$83.26	31.5%	9.2%	36.8%	61.5%	34.1%	7.0%	-0.4%	741.8K	-8.1M	-216.7K	4.70	41.79	29	137	9,411	4,520
2008-02-07	$82.54	$83.26	29.8%	8.8%	36.7%	55.6%	32.0%	6.6%	0.7%	659.1K	-5.4M	-212.1K	0.30	35.28	358	107	9,422	4,630
2008-02-08	$82.50	$83.26	29.4%	8.6%	35.5%	54.1%	31.3%	6.1%	0.2%	723.9K	-6.3M	-217.2K	0.83	35.58	208	173	9,637	4,668
2008-02-11	$83.97	$83.26	31.6%	8.6%	35.5%	61.8%	31.6%	5.0%	0.5%	900.5K	-9.5M	-222.3K	4.40	30.52	76	333	9,726	4,763
2008-02-12	$84.91	$83.26	23.8%	8.5%	33.0%	34.8%	28.1%	3.3%	1.1%	1.1M	-12.5M	-225.3K	0.58	51.57	191	110	9,742	4,906
2008-02-13	$85.31	$83.26	26.8%	8.5%	30.9%	44.9%	28.4%	4.3%	1.4%	1.0M	-13.8M	-224.3K	0.41	58.12	125	51	9,814	4,923
2008-02-14	$84.72	$83.26	29.5%	8.5%	29.8%	54.3%	28.6%	4.6%	1.6%	995.1K	-12.7M	-222.0K	0.09	49.86	124	11	9,865	4,922
2008-02-15	$84.88	$83.26	29.1%	8.4%	23.1%	53.2%	29.3%	3.9%	0.5%	891.9K	-13.4M	-221.5K	15.85	43.57	72	1,148	9,905	4,902
2008-02-19	$85.88	$83.26	27.0%	7.7%	23.2%	45.6%	27.5%	3.9%	-0.6%	505.0K	-10.5M	-228.5K	0.81	49.65	128	104	8,743	5,147
2008-02-20	$87.71	$83.26	26.6%	7.6%	23.1%	44.3%	28.8%	4.2%	0.9%	700.5K	-13.3M	-231.1K	1.69	55.18	172	290	8,845	5,157
2008-02-21	$85.49	$83.26	25.3%	7.2%	23.7%	38.4%	25.1%	2.4%	2.2%	601.3K	-10.9M	-220.0K	0.59	48.35	419	245	8,894	4,986
2008-02-22	$86.44	$83.26	24.9%	7.1%	22.8%	37.1%	25.9%	4.6%	0.6%	570.4K	-10.8M	-225.9K	0.22	53.47	510	115	8,994	5,013
2008-02-25	$88.86	$83.26	23.8%	6.8%	24.4%	33.2%	24.9%	3.9%	2.8%	1.0M	-18.4M	-233.2K	0.94	42.59	199	187	9,281	5,047
2008-02-26	$88.46	$83.26	24.5%	7.0%	23.7%	35.8%	27.2%	4.4%	2.0%	1.1M	-18.5M	-232.1K	5.18	34.20	111	577	9,385	5,135
2008-02-27	$88.60	$83.26	24.7%	7.1%	23.7%	36.5%	26.9%	4.5%	1.5%	1.1M	-18.8M	-232.9K	1.96	40.58	205	402	9,452	5,181
2008-02-28	$86.90	$83.26	22.3%	6.4%	23.6%	28.0%	23.6%	3.2%	3.0%	924.4K	-14.5M	-227.4K	0.62	37.92	107	66	9,590	5,200
2008-02-29	$84.49	$83.26	27.9%	8.0%	26.0%	47.9%	26.6%	4.1%	1.9%	581.9K	-8.7M	-221.1K	0.50	72.86	201	101	9,617	5,248