APD Options History — February 2009

In February 2009, APD traded between $42.78 and $51.67. ATM implied volatility averaged 50.6%, placing in the 36.9% IV rank vs the trailing year. The 30-day expected move averaged 14.5%. IV traded below realized volatility by 4.3% (HV 20d: 54.8%). Max pain ranged from $50.88 to $55.50. Net GEX was positive for 12 of 19 trading days. Term structure was in contango for 9 of 19 days. Put/call ratio averaged 1.09.

Notable Days

2009-02-19: Highest Volume — 3,134 contracts
2009-02-17: Largest IV spike — 20.6% change
2009-02-23: Highest IV Rank — 46.7%
2009-02-23: Largest Expected Move — 16.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$47.72	$42.78	$51.67	$46.42	$42.78
Max Pain	$53.80	$50.88	$55.50	$50.88	$50.88
ATM IV	50.6%	41.5%	58.3%	48.5%	56.3%
Expected Move	14.5%	11.9%	16.7%	13.9%	16.1%
HV 20d	54.8%	49.3%	61.0%	61.0%	51.4%
HV 60d	65.5%	56.6%	72.3%	72.3%	56.6%
IV Rank	36.9%	25.5%	46.7%	34.3%	44.2%
IV Percentile	70.9%	63.5%	79.0%	69.8%	76.2%
Term Structure	-0.0%	-4.6%	3.3%	3.1%	-1.2%
VWIV	49.9%	42.2%	57.8%	46.6%	42.5%
Skew 25d	10.2%	5.9%	14.2%	14.2%	8.2%
Skew 10d	21.0%	10.4%	32.4%	29.9%	15.2%
Call IV 25d	45.6%	39.3%	55.3%	43.3%	52.0%
Put IV 25d	55.8%	48.0%	62.0%	57.5%	60.3%
Bid-Ask Spread %	24.80	16.01	46.59	19.46	23.07
Gamma HHI	0.23	0.14	0.44	0.23	0.14
Net GEX	180.2K	-369.5K	511.7K	-11.3K	-13.1K
Net DEX	-105.2K	-11.6M	8.8M	7.9M	8.8M
Net VEX	-158.8K	-183.4K	-124.6K	-124.6K	-165.9K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.09	0.03	5.75	0.77	0.04
Total Volume	891.947	167	3,134	805	849
Total OI	21,810.842	19,089	25,699	19,089	24,016

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
2009-02-02	$46.42	$50.88	48.5%	13.9%	61.0%	34.3%	46.6%	14.2%	3.1%	-11.3K	7.9M	-124.6K	0.77	19.46	455	350	10,309	8,780
2009-02-03	$48.03	$50.88	50.3%	14.4%	60.3%	36.6%	45.0%	12.9%	3.3%	125.6K	4.2M	-133.6K	0.03	34.42	1,203	37	10,638	8,759
2009-02-04	$48.61	$50.88	41.5%	11.9%	54.3%	25.5%	42.2%	6.6%	2.9%	251.4K	-1.8M	-154.4K	0.40	45.84	390	157	11,659	8,766
2009-02-05	$50.07	$50.88	41.8%	12.0%	54.1%	25.8%	45.1%	9.9%	3.2%	361.7K	-5.6M	-160.2K	0.42	46.59	320	133	11,900	8,857
2009-02-06	$51.25	$55.50	46.5%	13.4%	54.2%	31.8%	43.7%	13.0%	-2.6%	446.8K	-10.2M	-165.7K	1.85	22.37	261	483	12,048	8,836
2009-02-09	$51.67	$55.50	47.7%	14.2%	53.6%	33.3%	45.5%	13.1%	-0.7%	444.6K	-11.6M	-166.1K	0.66	22.31	101	66	12,090	9,193
2009-02-10	$48.84	$55.50	49.1%	13.9%	57.0%	35.1%	52.9%	10.3%	-0.5%	273.2K	-3.7M	-153.9K	0.72	26.27	221	159	12,103	9,041
2009-02-11	$48.33	$55.50	49.7%	14.1%	56.9%	35.9%	52.8%	8.5%	0.9%	167.5K	278.7K	-149.6K	2.44	24.76	129	313	12,249	9,079
2009-02-12	$50.44	$55.50	45.9%	13.2%	58.0%	31.0%	51.5%	11.4%	0.9%	471.2K	-6.9M	-158.6K	0.98	21.45	382	373	12,309	9,092
2009-02-13	$49.98	$55.50	46.2%	13.3%	56.9%	31.4%	48.5%	10.1%	0.2%	511.7K	-6.7M	-157.2K	1.27	16.45	175	223	12,526	9,170
2009-02-17	$48.11	$55.50	55.7%	16.0%	57.9%	43.5%	53.5%	12.6%	-4.6%	180.2K	28.7K	-146.3K	0.54	20.57	715	385	12,599	9,339
2009-02-18	$48.88	$55.50	49.0%	14.1%	50.9%	35.0%	52.7%	12.5%	-1.6%	354.9K	-2.4M	-157.7K	0.41	21.33	509	206	13,002	9,493
2009-02-19	$49.07	$55.50	48.9%	14.0%	49.9%	34.9%	49.0%	6.9%	2.2%	446.6K	-4.0M	-162.0K	1.97	23.41	1,056	2,078	13,347	9,580
2009-02-20	$47.40	$55.50	55.9%	16.0%	49.3%	43.6%	56.7%	11.7%	-0.8%	-369.5K	2.6M	-183.4K	5.75	22.66	136	784	14,209	11,490
2009-02-23	$44.34	$55.50	58.3%	16.7%	54.0%	46.7%	57.8%	6.8%	-3.5%	-58.4K	5.9M	-169.5K	1.65	23.53	426	704	11,742	10,061
2009-02-24	$45.41	$55.50	55.2%	15.8%	54.0%	42.8%	53.6%	10.1%	-0.7%	-60.5K	6.2M	-172.9K	0.23	22.80	629	147	11,833	10,202
2009-02-25	$43.73	$50.88	57.3%	16.4%	54.8%	45.5%	52.7%	9.6%	-1.5%	-85.0K	7.8M	-166.0K	0.47	16.01	1,337	625	11,957	10,254
2009-02-26	$43.21	$50.88	56.9%	16.3%	53.6%	44.9%	55.5%	5.9%	1.1%	-13.4K	7.3M	-169.9K	0.14	17.88	378	52	13,133	10,745
2009-02-27	$42.78	$50.88	56.3%	16.1%	51.4%	44.2%	42.5%	8.2%	-1.2%	-13.1K	8.8M	-165.9K	0.04	23.07	817	32	13,230	10,786