APD Options History — March 2013

In March 2013, APD traded between $79.81 and $83.41. ATM implied volatility averaged 15.0%, placing in the 25.8% IV rank vs the trailing year. The 30-day expected move averaged 4.3%. IV traded below realized volatility by 1.0% (HV 20d: 15.9%). Max pain ranged from $78.63 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 1.14.

Notable Days

2013-03-15: Highest Volume — 5,008 contracts
2013-03-21: Largest IV spike — 28.2% change
2013-03-05: Highest IV Rank — 39.2%
2013-03-01: Largest Expected Move — 5.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$81.38	$79.81	$83.41	$79.87	$80.59
Max Pain	$78.63	$78.63	$78.63	$78.63	$78.63
ATM IV	15.0%	11.1%	18.1%	17.7%	16.0%
Expected Move	4.3%	3.8%	5.1%	5.1%	4.6%
HV 20d	15.9%	14.0%	17.2%	17.1%	15.2%
HV 60d	15.6%	15.3%	15.9%	15.4%	15.3%
IV Rank	25.8%	9.3%	39.2%	37.3%	30.1%
IV Percentile	25.3%	0.8%	55.6%	51.2%	35.3%
Term Structure	1.3%	-0.2%	2.4%	-0.2%	1.8%
VWIV	15.2%	13.1%	19.2%	15.7%	15.9%
Skew 25d	3.7%	1.9%	5.6%	3.5%	2.7%
Skew 10d	8.2%	3.1%	11.2%	9.1%	7.9%
Call IV 25d	13.3%	10.0%	16.1%	16.1%	13.6%
Put IV 25d	17.1%	15.0%	19.5%	19.5%	16.4%
Bid-Ask Spread %	9.90	5.82	16.39	16.39	13.74
Gamma HHI	0.61	0.47	0.93	0.56	0.50
Net GEX	5.6M	1.9M	30.0M	2.3M	2.9M
Net DEX	-34.4M	-66.0M	-22.5M	-22.8M	-28.2M
Net VEX	-267.9K	-288.2K	-242.9K	-242.9K	-288.2K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.14	0.02	5.07	0.07	0.88
Total Volume	978.35	92	5,008	1,047	167
Total OI	25,077.3	21,228	27,542	24,451	26,614

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
2013-03-01	$79.87	$78.63	17.7%	5.1%	17.1%	37.3%	15.7%	3.5%	-0.2%	2.3M	-22.8M	-242.9K	0.07	16.39	982	65	13,391	11,060
2013-03-04	$79.87	$78.63	17.5%	5.0%	16.1%	36.6%	17.7%	4.3%	0.0%	2.0M	-23.0M	-247.9K	4.33	12.37	81	351	14,112	11,091
2013-03-05	$80.39	$78.63	18.1%	4.9%	15.1%	39.2%	16.7%	4.4%	0.2%	2.5M	-27.1M	-250.2K	5.07	8.41	77	389	14,169	11,133
2013-03-06	$80.21	$78.63	18.1%	4.8%	15.0%	39.0%	15.5%	4.3%	0.1%	1.9M	-25.0M	-246.1K	1.25	8.78	163	204	14,215	11,332
2013-03-07	$81.27	$78.63	13.9%	3.9%	15.7%	21.3%	15.7%	4.3%	1.6%	3.9M	-33.0M	-256.3K	0.15	10.57	80	12	14,276	11,428
2013-03-08	$82.42	$78.63	12.1%	3.9%	16.5%	13.5%	14.2%	5.1%	1.6%	6.2M	-44.5M	-263.1K	0.27	7.17	1,264	337	14,317	11,432
2013-03-11	$82.17	$78.63	14.7%	4.0%	16.1%	24.6%	14.3%	4.7%	1.0%	6.1M	-43.2M	-267.1K	0.28	7.27	285	80	14,965	11,723
2013-03-12	$82.25	$78.63	13.7%	3.9%	16.1%	20.5%	13.1%	4.6%	1.7%	6.8M	-44.6M	-263.7K	0.43	7.93	637	277	15,149	11,769
2013-03-13	$82.33	$78.63	11.1%	4.0%	16.0%	9.3%	13.7%	4.8%	1.5%	7.1M	-43.2M	-264.0K	0.27	8.42	599	161	15,165	11,894
2013-03-14	$83.16	$78.63	13.3%	3.8%	16.4%	18.9%	13.5%	5.6%	1.8%	14.7M	-55.3M	-273.9K	0.49	10.81	435	214	15,467	11,915
2013-03-15	$83.41	$78.63	13.3%	3.8%	16.4%	18.6%	13.2%	1.9%	1.6%	30.0M	-66.0M	-274.2K	0.02	5.82	4,910	98	15,515	12,027
2013-03-18	$82.26	$78.63	13.6%	3.9%	17.1%	19.8%	13.4%	2.1%	2.0%	3.0M	-33.1M	-270.3K	0.15	9.62	1,207	181	13,075	8,153
2013-03-19	$81.60	$78.63	14.4%	4.1%	17.2%	23.5%	16.3%	2.9%	1.7%	3.2M	-31.5M	-280.1K	1.50	8.22	348	522	14,383	8,222
2013-03-20	$82.18	$78.63	13.4%	3.8%	16.8%	19.2%	13.2%	2.5%	2.4%	3.8M	-35.7M	-286.9K	0.49	10.41	461	224	14,680	8,436
2013-03-21	$80.57	$78.63	17.2%	4.9%	16.4%	35.3%	16.6%	2.9%	0.5%	2.7M	-24.6M	-272.5K	0.65	6.90	457	297	14,938	8,599
2013-03-22	$80.96	$78.63	14.4%	4.1%	16.4%	23.5%	15.0%	3.3%	2.0%	3.0M	-27.6M	-280.4K	0.26	8.19	330	86	15,271	8,677
2013-03-25	$80.92	$78.63	16.9%	4.8%	14.0%	34.1%	15.2%	3.6%	1.0%	3.1M	-27.6M	-279.6K	1.97	7.92	109	215	15,527	8,700
2013-03-26	$81.33	$78.63	13.6%	3.9%	14.1%	19.8%	16.4%	3.3%	2.3%	3.5M	-29.8M	-279.0K	0.22	14.48	510	114	15,576	8,746
2013-03-27	$79.81	$78.63	16.4%	4.7%	15.1%	31.9%	19.2%	3.8%	1.5%	2.4M	-22.5M	-271.7K	4.03	14.57	524	2,114	15,580	8,824
2013-03-28	$80.59	$78.63	16.0%	4.6%	15.2%	30.1%	15.9%	2.7%	1.8%	2.9M	-28.2M	-288.2K	0.88	13.74	89	78	15,965	10,649