APD Options History — November 2008

In November 2008, APD traded between $38.53 and $56.48. ATM implied volatility averaged 71.6%, placing in the 63.6% IV rank vs the trailing year. The 30-day expected move averaged 20.1%. IV traded below realized volatility by 23.5% (HV 20d: 95.1%). Max pain ranged from $50.88 to $60.13. Net GEX was positive for 0 of 19 trading days. Term structure was in contango for 5 of 19 days. Put/call ratio averaged 1.35.

Notable Days

2008-11-24: Highest Volume — 1,014 contracts
2008-11-13: Largest IV drop — 23.0% change
2008-11-20: Highest IV Rank — 92.8%
2008-11-20: Largest Expected Move — 27.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$47.91	$38.53	$56.48	$53.16	$44.18
Max Pain	$57.21	$50.88	$60.13	$50.88	$50.88
ATM IV	71.6%	56.1%	94.8%	67.8%	65.1%
Expected Move	20.1%	16.1%	27.2%	19.4%	18.7%
HV 20d	95.1%	80.8%	108.6%	105.1%	89.4%
HV 60d	79.9%	72.9%	86.7%	72.9%	86.7%
IV Rank	63.6%	44.0%	92.8%	58.8%	55.3%
IV Percentile	93.8%	86.9%	99.2%	94.4%	86.9%
Term Structure	-1.4%	-6.4%	4.1%	-5.8%	-2.7%
VWIV	65.7%	52.4%	90.1%	60.3%	59.6%
Skew 25d	17.6%	11.0%	22.0%	18.0%	16.0%
Skew 10d	35.7%	11.1%	55.1%	31.8%	41.9%
Call IV 25d	61.5%	48.1%	80.0%	55.8%	59.9%
Put IV 25d	79.1%	66.4%	99.7%	73.8%	75.9%
Bid-Ask Spread %	62.88	42.70	73.54	44.00	67.95
Gamma HHI	0.35	0.22	0.59	0.30	0.23
Net GEX	-267.3K	-567.7K	-77.0K	-185.5K	-167.5K
Net DEX	19.6M	8.6M	33.2M	13.6M	19.6M
Net VEX	-92.4K	-114.3K	-62.5K	-108.6K	-76.1K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.35	0.05	9.26	0.55	0.55
Total Volume	464.421	134	1,014	497	252
Total OI	21,904.421	18,268	23,675	21,585	19,607

Daily Data (19 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
2008-11-03	$53.16	$50.88	67.8%	19.4%	105.1%	58.8%	60.3%	18.0%	-5.8%	-185.5K	13.6M	-108.6K	0.55	44.00	321	176	11,434	10,151
2008-11-04	$56.48	$50.88	57.6%	16.5%	107.0%	45.9%	52.5%	18.2%	-2.8%	-77.0K	8.6M	-114.3K	0.24	52.36	522	128	11,560	10,227
2008-11-05	$53.58	$50.88	56.1%	16.1%	108.6%	44.0%	64.6%	16.5%	3.2%	-115.8K	11.2M	-108.2K	0.96	58.13	310	297	11,780	10,227
2008-11-06	$50.38	$50.88	68.0%	19.5%	106.0%	59.0%	65.5%	11.2%	-2.3%	-265.2K	16.7M	-106.4K	1.39	42.70	64	89	11,775	10,439
2008-11-07	$53.28	$60.13	58.9%	16.6%	107.9%	47.6%	58.2%	20.1%	0.3%	-198.1K	13.9M	-109.0K	3.00	73.54	118	353	11,782	10,457
2008-11-10	$53.49	$60.13	65.5%	17.2%	95.6%	55.9%	52.8%	17.5%	-1.6%	-188.1K	13.5M	-110.7K	0.21	63.63	128	27	11,753	10,792
2008-11-11	$50.30	$60.13	72.4%	18.4%	97.4%	64.5%	52.4%	15.2%	-0.5%	-318.5K	18.0M	-102.6K	0.42	61.42	229	97	11,752	10,778
2008-11-12	$47.37	$60.13	87.3%	21.1%	88.2%	83.4%	66.0%	19.7%	-6.4%	-409.8K	22.0M	-95.2K	9.26	65.22	42	390	11,881	10,782
2008-11-13	$51.10	$60.13	67.2%	19.3%	88.7%	58.1%	65.6%	22.0%	-0.2%	-306.7K	18.2M	-101.0K	0.06	64.61	418	25	11,878	10,704
2008-11-14	$48.83	$60.13	67.8%	19.4%	89.5%	58.7%	63.1%	14.5%	-1.8%	-374.0K	19.5M	-101.3K	0.41	64.80	303	123	12,124	10,708
2008-11-17	$47.77	$60.13	78.5%	22.5%	86.0%	72.3%	62.6%	21.6%	-4.4%	-446.9K	21.5M	-95.2K	2.31	66.65	302	697	12,312	10,704
2008-11-18	$47.62	$60.13	74.0%	21.2%	80.8%	66.5%	71.6%	19.7%	-0.0%	-541.7K	23.6M	-95.7K	0.05	66.62	131	6	12,532	11,028
2008-11-19	$43.49	$60.13	81.1%	23.3%	85.9%	75.6%	76.9%	11.0%	0.2%	-567.7K	29.5M	-82.7K	0.31	60.92	103	31	12,584	11,015
2008-11-20	$38.53	$60.13	94.8%	27.2%	94.4%	92.8%	90.1%	19.8%	-5.1%	-210.2K	31.2M	-62.5K	0.80	72.77	408	326	12,502	10,929
2008-11-21	$41.11	$60.13	78.9%	22.6%	97.3%	72.8%	78.0%	20.9%	-2.4%	-224.3K	33.2M	-66.3K	2.01	66.03	168	336	12,606	11,069
2008-11-24	$43.28	$60.13	78.0%	22.4%	96.7%	71.6%	66.9%	16.5%	-1.5%	-181.8K	20.5M	-73.4K	0.09	68.07	926	88	10,185	8,083
2008-11-25	$43.41	$55.50	73.6%	21.1%	92.2%	66.0%	75.3%	21.4%	4.1%	-146.1K	19.1M	-74.8K	0.86	64.99	164	141	10,968	7,905
2008-11-26	$43.02	$55.50	68.4%	19.6%	90.4%	59.5%	67.1%	15.0%	3.5%	-154.3K	19.7M	-72.6K	2.15	70.25	186	399	11,126	8,045
2008-11-28	$44.18	$50.88	65.1%	18.7%	89.4%	55.3%	59.6%	16.0%	-2.7%	-167.5K	19.6M	-76.1K	0.55	67.95	162	90	11,215	8,392