APD Options History — February 2012

In February 2012, APD traded between $81.91 and $85.16. ATM implied volatility averaged 18.0%, placing in the 5.6% IV rank vs the trailing year. The 30-day expected move averaged 5.3%. IV traded above realized volatility by 2.1% (HV 20d: 15.9%). Max pain ranged from $78.63 to $83.26. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 20 of 20 days. Put/call ratio averaged 1.01.

Notable Days

2012-02-14: Highest Volume — 1,649 contracts
2012-02-09: Largest IV spike — 15.7% change
2012-02-15: Highest IV Rank — 9.7%
2012-02-15: Largest Expected Move — 5.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$84.01	$81.91	$85.16	$82.66	$83.48
Max Pain	$79.09	$78.63	$83.26	$83.26	$78.63
ATM IV	18.0%	16.0%	20.2%	17.8%	17.3%
Expected Move	5.3%	4.8%	5.8%	5.1%	5.0%
HV 20d	15.9%	12.3%	18.7%	17.3%	13.9%
HV 60d	24.1%	18.6%	27.6%	27.3%	18.6%
IV Rank	5.6%	1.7%	9.7%	5.1%	4.2%
IV Percentile	11.9%	0.8%	25.8%	8.3%	7.9%
Term Structure	2.6%	1.2%	3.6%	1.2%	1.6%
VWIV	18.5%	12.2%	21.3%	18.4%	18.5%
Skew 25d	5.1%	3.7%	8.8%	6.8%	8.8%
Skew 10d	11.7%	8.4%	14.1%	8.8%	14.0%
Call IV 25d	15.8%	12.0%	17.9%	14.0%	12.0%
Put IV 25d	20.9%	17.6%	23.5%	20.8%	20.7%
Bid-Ask Spread %	17.45	10.86	22.32	14.45	14.70
Gamma HHI	0.37	0.31	0.44	0.33	0.41
Net GEX	2.8M	1.6M	3.6M	2.0M	3.0M
Net DEX	-32.9M	-44.2M	-16.2M	-23.0M	-30.0M
Net VEX	-242.1K	-251.3K	-229.9K	-244.2K	-240.7K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.01	0.18	2.35	1.26	1.02
Total Volume	527.05	119	1,649	516	212
Total OI	23,274.35	21,789	25,140	22,054	23,573

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
2012-02-01	$82.66	$83.26	17.8%	5.1%	17.3%	5.1%	18.4%	6.8%	1.2%	2.0M	-23.0M	-244.2K	1.26	14.45	228	288	12,207	9,847
2012-02-02	$81.91	$83.26	17.3%	4.9%	17.5%	4.1%	20.8%	5.3%	1.6%	1.6M	-16.2M	-248.3K	1.62	17.18	214	346	12,371	10,077
2012-02-03	$83.63	$78.63	17.1%	5.3%	18.6%	3.8%	19.2%	4.8%	3.2%	2.4M	-28.3M	-249.1K	0.40	15.31	179	72	12,528	10,271
2012-02-06	$83.19	$78.63	18.2%	5.5%	18.7%	5.9%	21.3%	5.6%	2.7%	2.3M	-26.9M	-236.7K	2.35	14.61	65	152	12,674	10,266
2012-02-07	$83.29	$78.63	17.2%	5.4%	18.7%	4.0%	21.3%	5.0%	2.8%	2.5M	-26.8M	-231.8K	1.20	16.66	54	65	12,697	10,212
2012-02-08	$83.94	$78.63	16.0%	5.4%	18.5%	1.7%	18.9%	4.5%	2.9%	2.8M	-33.0M	-229.9K	2.29	17.72	134	307	12,729	10,372
2012-02-09	$84.23	$78.63	18.6%	5.3%	18.4%	6.6%	19.3%	4.7%	3.1%	2.8M	-34.5M	-240.4K	0.94	17.81	178	168	12,780	10,433
2012-02-10	$83.63	$78.63	20.1%	5.8%	16.5%	9.5%	20.9%	5.6%	2.9%	2.5M	-29.5M	-246.0K	1.11	21.44	239	266	12,839	10,531
2012-02-13	$83.74	$78.63	19.9%	5.7%	16.5%	9.2%	19.9%	5.0%	2.8%	2.7M	-31.1M	-242.3K	0.48	20.05	316	151	12,928	10,681
2012-02-14	$83.98	$78.63	19.7%	5.6%	16.4%	8.8%	20.1%	5.2%	2.6%	2.8M	-32.8M	-242.7K	0.36	20.32	1,211	438	12,983	10,780
2012-02-15	$83.93	$78.63	20.2%	5.8%	15.8%	9.7%	20.0%	5.1%	2.4%	3.5M	-35.9M	-240.8K	0.97	21.67	344	333	13,688	10,936
2012-02-16	$85.00	$78.63	19.6%	5.6%	16.4%	8.6%	16.7%	5.3%	3.0%	3.0M	-43.4M	-239.5K	0.18	20.59	541	96	13,695	11,116
2012-02-17	$85.16	$78.63	18.6%	5.3%	15.7%	6.6%	18.5%	4.9%	3.6%	2.8M	-44.2M	-247.3K	0.37	14.39	506	187	14,022	11,118
2012-02-21	$84.88	$78.63	17.8%	5.1%	15.4%	5.2%	17.7%	4.4%	2.5%	2.9M	-35.7M	-230.9K	0.45	10.86	707	316	12,416	9,373
2012-02-22	$84.04	$78.63	17.2%	4.9%	12.3%	3.9%	17.2%	4.5%	3.0%	2.8M	-31.0M	-251.3K	0.21	19.17	472	97	12,941	9,612
2012-02-23	$85.02	$78.63	16.8%	4.8%	12.8%	3.1%	16.6%	3.9%	2.9%	3.3M	-39.3M	-246.9K	0.62	14.21	333	208	13,288	9,661
2012-02-24	$85.05	$78.63	16.6%	4.8%	12.8%	2.9%	14.3%	3.7%	3.0%	3.5M	-40.3M	-247.5K	0.99	22.32	236	232	13,545	9,674
2012-02-27	$85.12	$78.63	17.5%	5.0%	12.8%	4.6%	18.4%	4.1%	2.6%	3.6M	-40.7M	-245.1K	1.45	17.72	102	147	13,586	9,717
2012-02-28	$84.40	$78.63	17.4%	5.0%	13.3%	4.3%	12.2%	4.5%	2.6%	3.3M	-36.1M	-241.6K	1.94	17.80	136	265	13,597	9,723
2012-02-29	$83.48	$78.63	17.3%	5.0%	13.9%	4.2%	18.5%	8.8%	1.6%	3.0M	-30.0M	-240.7K	1.02	14.70	105	107	13,671	9,902