APD Options History — February 2010

In February 2010, APD traded between $62.86 and $71.05. ATM implied volatility averaged 28.0%, placing in the 17.5% IV rank vs the trailing year. The 30-day expected move averaged 8.0%. IV traded below realized volatility by 2.3% (HV 20d: 30.3%). Max pain ranged from $64.75 to $74.01. Net GEX was positive for 14 of 19 trading days. Term structure was in contango for 9 of 19 days. Put/call ratio averaged 0.74.

Notable Days

2010-02-05: Highest Volume — 13,079 contracts
2010-02-05: Largest IV spike — 28.2% change
2010-02-09: Highest IV Rank — 32.2%
2010-02-08: Largest Expected Move — 9.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$65.29	$62.86	$71.05	$71.05	$63.44
Max Pain	$66.95	$64.75	$74.01	$74.01	$64.75
ATM IV	28.0%	23.3%	34.2%	25.7%	23.3%
Expected Move	8.0%	6.7%	9.4%	7.4%	6.7%
HV 20d	30.3%	21.8%	33.7%	24.2%	30.3%
HV 60d	23.5%	19.6%	24.8%	20.3%	24.2%
IV Rank	17.5%	6.3%	32.2%	11.9%	6.3%
IV Percentile	33.1%	6.7%	64.3%	16.7%	6.7%
Term Structure	-0.6%	-3.4%	0.9%	0.3%	0.9%
VWIV	28.3%	23.5%	34.0%	25.6%	24.5%
Skew 25d	4.4%	3.0%	6.0%	6.0%	3.2%
Skew 10d	9.6%	4.3%	16.5%	16.5%	6.5%
Call IV 25d	26.4%	22.3%	31.4%	22.3%	23.6%
Put IV 25d	30.8%	26.8%	36.3%	28.2%	26.8%
Bid-Ask Spread %	13.23	9.70	22.77	19.07	12.17
Gamma HHI	0.41	0.24	0.69	0.24	0.38
Net GEX	688.9K	-486.7K	2.5M	-196.5K	1.2M
Net DEX	8.4M	-13.9M	28.7M	7.1M	-6.0M
Net VEX	-163.9K	-257.1K	-80.6K	-122.0K	-220.6K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.74	0.11	3.06	0.11	0.13
Total Volume	2,388.947	386	13,079	590	3,880
Total OI	25,420.737	16,006	36,102	16,308	31,311

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
2010-02-01	$71.05	$74.01	25.7%	7.4%	24.2%	11.9%	25.6%	6.0%	0.3%	-196.5K	7.1M	-122.0K	0.11	19.07	534	56	9,251	7,057
2010-02-02	$70.88	$74.01	25.2%	7.2%	21.8%	10.8%	23.5%	4.4%	0.8%	-318.4K	8.6M	-119.1K	2.50	13.87	110	276	8,967	7,039
2010-02-03	$70.48	$74.01	25.5%	7.3%	21.8%	11.5%	24.7%	3.4%	0.4%	-456.9K	10.9M	-116.9K	0.89	22.77	226	200	8,984	7,304
2010-02-04	$68.17	$74.01	26.5%	7.6%	24.1%	13.8%	27.1%	3.4%	0.4%	-486.7K	17.9M	-111.0K	0.17	17.83	977	162	9,105	7,313
2010-02-05	$63.50	$69.38	33.9%	9.4%	33.6%	31.6%	32.9%	5.7%	-3.4%	-330.6K	28.7M	-80.6K	0.30	11.14	10,050	3,029	9,898	7,417
2010-02-08	$63.23	$64.75	34.2%	9.4%	33.2%	32.2%	34.0%	4.9%	-3.0%	858.8K	17.3M	-150.7K	0.87	12.22	1,180	1,031	16,100	9,532
2010-02-09	$62.86	$64.75	34.2%	9.2%	31.6%	32.2%	32.9%	5.6%	-2.5%	435.8K	24.1M	-145.2K	0.55	14.59	636	352	15,564	10,419
2010-02-10	$63.11	$64.75	31.3%	8.9%	32.0%	25.5%	31.0%	5.1%	-2.1%	522.8K	22.5M	-147.2K	0.43	11.58	444	192	15,735	10,553
2010-02-11	$63.27	$64.75	30.6%	8.8%	31.5%	23.7%	32.5%	5.2%	-2.0%	606.7K	20.2M	-147.6K	1.66	12.57	270	449	16,001	10,386
2010-02-12	$63.40	$64.75	29.5%	8.5%	31.8%	21.0%	29.8%	4.0%	-1.7%	556.8K	22.1M	-144.2K	0.19	14.09	545	102	15,927	10,733
2010-02-16	$65.13	$64.75	29.2%	8.4%	33.7%	20.3%	28.9%	3.8%	-1.5%	1.0M	10.5M	-149.3K	0.22	9.85	1,554	343	16,118	10,792
2010-02-17	$64.92	$64.75	28.2%	8.1%	33.7%	17.9%	27.1%	4.7%	-0.5%	1.3M	10.0M	-152.3K	1.61	12.25	403	650	16,598	10,891
2010-02-18	$64.71	$64.75	27.0%	7.7%	33.7%	15.1%	27.4%	3.8%	0.8%	2.0M	13.4M	-147.2K	0.16	12.18	9,190	1,442	16,513	11,065
2010-02-19	$64.42	$64.75	26.8%	7.7%	33.4%	14.7%	27.1%	4.3%	0.9%	2.5M	-7.5M	-257.1K	0.26	12.26	1,480	385	24,265	11,837
2010-02-22	$64.68	$64.75	26.7%	7.6%	33.1%	14.3%	29.8%	4.8%	-0.9%	688.8K	-6.9M	-220.3K	0.22	9.70	2,304	509	18,271	10,168
2010-02-23	$64.82	$64.75	26.0%	7.4%	30.8%	12.6%	28.1%	3.6%	0.5%	1.0M	-13.9M	-232.8K	0.66	9.84	446	294	19,821	10,447
2010-02-24	$64.63	$64.75	24.3%	7.0%	30.9%	8.6%	26.6%	4.3%	0.5%	1.1M	-12.7M	-228.7K	0.11	11.40	850	93	20,091	10,582
2010-02-25	$63.81	$64.75	24.4%	7.0%	30.9%	9.0%	24.5%	3.0%	-0.1%	1.2M	-7.5M	-220.3K	3.06	11.95	184	562	20,387	10,552
2010-02-26	$63.44	$64.75	23.3%	6.7%	30.3%	6.3%	24.5%	3.2%	0.9%	1.2M	-6.0M	-220.6K	0.13	12.17	3,434	446	20,487	10,824