APD Options History — December 2012

In December 2012, APD traded between $75.46 and $79.32. ATM implied volatility averaged 15.6%, placing in the 28.6% IV rank vs the trailing year. The 30-day expected move averaged 4.5%. IV traded above realized volatility by 3.0% (HV 20d: 12.6%). Max pain ranged from $74.01 to $78.63. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 19 of 20 days. Put/call ratio averaged 1.16.

Notable Days

2012-12-21: Highest Volume — 1,852 contracts
2012-12-07: Largest IV drop — 23.1% change
2012-12-04: Highest IV Rank — 41.7%
2012-12-04: Largest Expected Move — 5.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$77.18	$75.46	$79.32	$75.46	$77.72
Max Pain	$77.71	$74.01	$78.63	$74.01	$78.63
ATM IV	15.6%	13.3%	18.7%	18.1%	16.8%
Expected Move	4.5%	4.1%	5.4%	5.2%	4.8%
HV 20d	12.6%	11.1%	16.8%	12.1%	16.8%
HV 60d	18.8%	18.2%	19.9%	18.9%	19.9%
IV Rank	28.6%	18.9%	41.7%	39.3%	33.4%
IV Percentile	18.2%	1.6%	52.0%	41.3%	29.4%
Term Structure	1.8%	-0.2%	2.8%	0.1%	1.7%
VWIV	17.1%	14.3%	20.4%	15.9%	16.7%
Skew 25d	5.1%	2.8%	7.7%	3.6%	7.0%
Skew 10d	11.3%	7.2%	14.7%	7.2%	14.0%
Call IV 25d	13.6%	10.8%	16.3%	15.6%	14.1%
Put IV 25d	18.7%	17.1%	21.9%	19.3%	21.2%
Bid-Ask Spread %	21.63	10.29	67.44	20.43	10.44
Gamma HHI	0.34	0.28	0.61	0.28	0.32
Net GEX	1.3M	511.8K	4.1M	511.8K	1.3M
Net DEX	-12.3M	-27.8M	-1.3M	-3.0M	-8.1M
Net VEX	-172.6K	-190.5K	-155.6K	-183.8K	-190.5K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.16	0.11	3.62	0.88	0.71
Total Volume	622.8	85	1,852	218	689
Total OI	29,707.4	24,467	32,189	30,267	26,714

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
2012-12-03	$75.46	$74.01	18.1%	5.2%	12.1%	39.3%	15.9%	3.6%	0.1%	511.8K	-3.0M	-183.8K	0.88	20.43	116	102	13,041	17,226
2012-12-04	$75.58	$74.01	18.7%	5.4%	11.9%	41.7%	18.5%	4.0%	-0.2%	566.1K	-3.8M	-186.0K	1.48	15.97	110	163	13,065	17,248
2012-12-05	$75.85	$74.01	18.3%	5.2%	11.3%	40.0%	20.4%	3.2%	0.1%	672.3K	-5.7M	-179.3K	3.62	14.19	80	290	13,120	17,367
2012-12-06	$75.99	$74.01	18.3%	5.2%	11.1%	39.9%	17.8%	2.8%	0.3%	731.8K	-7.1M	-178.2K	1.52	67.44	56	85	13,140	17,606
2012-12-07	$76.84	$78.63	14.1%	4.3%	11.4%	21.9%	15.7%	5.1%	2.4%	1.2M	-13.8M	-184.6K	0.77	17.15	48	37	13,173	17,558
2012-12-10	$76.88	$78.63	14.1%	4.3%	11.2%	22.2%	16.7%	5.6%	2.5%	1.3M	-16.1M	-168.6K	0.17	59.17	139	24	13,205	17,566
2012-12-11	$77.00	$78.63	13.3%	4.4%	11.2%	18.9%	18.5%	4.3%	2.1%	1.3M	-16.0M	-164.2K	2.72	12.16	201	547	13,235	17,572
2012-12-12	$76.37	$78.63	14.4%	4.3%	11.6%	23.4%	15.3%	4.2%	2.4%	877.4K	-9.9M	-167.5K	1.19	63.86	290	345	13,184	17,776
2012-12-13	$76.73	$78.63	14.8%	4.2%	11.5%	25.0%	18.4%	4.5%	2.5%	974.2K	-10.7M	-177.3K	1.43	12.66	61	86	13,295	18,083
2012-12-14	$76.36	$78.63	14.8%	4.2%	11.5%	25.0%	16.4%	4.3%	2.8%	777.9K	-7.9M	-164.5K	1.37	10.36	101	137	13,306	18,058
2012-12-17	$77.11	$78.63	14.6%	4.2%	11.9%	24.3%	14.5%	4.5%	2.6%	1.2M	-14.4M	-160.6K	0.16	15.16	215	34	13,334	18,098
2012-12-18	$78.14	$78.63	14.3%	4.1%	12.1%	22.9%	16.1%	5.5%	2.7%	2.3M	-22.4M	-161.7K	0.95	15.09	343	325	13,381	18,101
2012-12-19	$77.49	$78.63	14.2%	4.1%	12.4%	22.5%	18.6%	4.9%	2.7%	1.1M	-14.5M	-155.6K	0.22	17.04	449	99	13,413	18,161
2012-12-20	$78.68	$78.63	14.7%	4.2%	13.3%	24.5%	14.3%	5.9%	2.2%	4.1M	-27.8M	-164.1K	0.17	17.77	1,175	201	13,463	18,029
2012-12-21	$77.96	$78.63	14.9%	4.3%	13.1%	25.5%	18.1%	5.7%	2.5%	2.1M	-18.9M	-162.7K	3.39	15.49	422	1,430	14,194	17,995
2012-12-24	$78.87	$78.63	14.8%	4.2%	13.6%	25.2%	15.2%	6.5%	1.8%	1.3M	-13.0M	-165.8K	0.11	11.31	678	75	9,399	15,068
2012-12-26	$79.32	$78.63	15.8%	4.5%	13.5%	29.2%	15.7%	7.7%	1.8%	1.7M	-18.0M	-172.7K	0.29	10.29	758	218	9,912	15,093
2012-12-27	$78.45	$78.63	16.4%	4.7%	14.1%	32.1%	19.5%	7.0%	1.9%	1.5M	-13.4M	-177.4K	1.51	15.57	678	1,022	10,426	15,202
2012-12-28	$76.72	$78.63	17.0%	4.9%	16.4%	34.6%	19.6%	5.6%	1.5%	605.3K	-1.3M	-187.7K	0.53	11.16	411	216	10,272	16,069
2012-12-31	$77.72	$78.63	16.8%	4.8%	16.8%	33.4%	16.7%	7.0%	1.7%	1.3M	-8.1M	-190.5K	0.71	10.44	404	285	10,602	16,112