APD Options History — February 2014

In February 2014, APD traded between $95.98 and $112.23. ATM implied volatility averaged 22.9%, placing in the 43.2% IV rank vs the trailing year. The 30-day expected move averaged 6.3%. IV traded below realized volatility by 1.0% (HV 20d: 23.9%). Max pain ranged from $97.13 to $101.76. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 4 of 19 days. Put/call ratio averaged 1.13.

Notable Days

2014-02-13: Highest Volume — 13,129 contracts
2014-02-13: Largest IV spike — 14.8% change
2014-02-13: Highest IV Rank — 51.2%
2014-02-13: Largest Expected Move — 6.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$105.36	$95.98	$112.23	$95.98	$112.23
Max Pain	$99.81	$97.13	$101.76	$101.76	$97.13
ATM IV	22.9%	20.7%	25.1%	24.4%	23.3%
Expected Move	6.3%	5.9%	6.5%	6.5%	6.4%
HV 20d	23.9%	19.1%	28.1%	19.3%	22.8%
HV 60d	19.6%	17.3%	20.9%	17.6%	20.9%
IV Rank	43.2%	35.2%	51.2%	48.5%	44.7%
IV Percentile	65.8%	51.2%	78.2%	74.2%	66.3%
Term Structure	-0.7%	-2.4%	1.3%	0.9%	-1.9%
VWIV	22.0%	19.8%	26.1%	24.1%	21.6%
Skew 25d	1.3%	-0.4%	2.8%	0.1%	2.5%
Skew 10d	3.6%	-1.2%	9.8%	-1.2%	5.2%
Call IV 25d	23.5%	20.8%	25.4%	25.4%	22.9%
Put IV 25d	24.8%	22.5%	26.9%	25.4%	25.4%
Bid-Ask Spread %	31.37	16.43	44.51	44.51	37.39
Gamma HHI	0.50	0.44	0.64	0.50	0.48
Net GEX	11.1M	2.8M	17.8M	2.8M	13.3M
Net DEX	-124.1M	-217.7M	-7.1M	-8.0M	-197.8M
Net VEX	-426.9K	-553.0K	-218.7K	-218.7K	-486.5K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.13	0.02	12.64	0.52	0.08
Total Volume	2,871.579	351	13,129	814	3,181
Total OI	36,469.947	27,011	47,882	27,011	37,492

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
2014-02-03	$95.98	$101.76	24.4%	6.5%	19.3%	48.5%	24.1%	0.1%	0.9%	2.8M	-8.0M	-218.7K	0.52	44.51	534	280	21,622	5,389
2014-02-04	$96.19	$101.76	22.7%	6.4%	19.3%	42.5%	22.4%	-0.4%	1.3%	2.8M	-7.1M	-221.4K	0.36	40.97	302	108	21,885	5,533
2014-02-05	$96.45	$101.76	23.6%	6.4%	19.1%	45.8%	26.1%	1.5%	0.3%	3.1M	-9.7M	-230.1K	12.64	44.47	281	3,552	22,198	5,597
2014-02-06	$99.20	$101.76	23.2%	6.4%	22.0%	44.1%	22.4%	0.4%	1.2%	4.3M	-26.3M	-291.4K	0.08	43.42	2,230	171	22,311	8,669
2014-02-07	$101.05	$101.76	21.1%	6.0%	23.1%	36.7%	21.3%	0.0%	-0.1%	6.8M	-57.7M	-339.0K	0.59	40.75	221	130	24,123	8,794
2014-02-10	$101.58	$101.76	22.3%	6.2%	23.1%	40.9%	21.1%	0.2%	-0.5%	7.5M	-58.8M	-323.4K	0.49	31.16	337	164	24,123	8,840
2014-02-11	$103.55	$101.76	22.5%	6.3%	23.8%	41.8%	20.2%	0.6%	-0.8%	10.1M	-84.7M	-346.0K	0.12	32.62	2,480	303	24,214	8,940
2014-02-12	$103.49	$101.76	21.9%	6.1%	23.3%	39.4%	21.1%	0.4%	-1.2%	10.4M	-88.0M	-437.1K	0.57	38.22	2,608	1,486	26,371	9,395
2014-02-13	$108.17	$101.76	25.1%	6.5%	27.8%	51.2%	22.0%	1.4%	-2.4%	12.0M	-163.8M	-480.7K	0.06	28.36	12,356	773	27,958	9,040
2014-02-14	$108.58	$101.76	24.8%	6.2%	27.8%	50.0%	20.6%	1.6%	-2.1%	15.5M	-191.1M	-549.0K	0.14	43.64	1,911	276	33,604	9,422
2014-02-18	$109.20	$101.76	23.2%	6.2%	27.9%	44.4%	21.9%	1.7%	-1.0%	16.1M	-205.8M	-517.3K	0.02	16.43	11,423	182	33,223	9,655
2014-02-19	$108.31	$97.13	23.9%	6.3%	28.1%	46.8%	20.7%	2.0%	-1.0%	16.9M	-184.7M	-505.4K	2.34	22.53	212	496	32,361	9,817
2014-02-20	$108.89	$97.13	24.2%	6.3%	28.1%	48.0%	19.8%	2.8%	-1.9%	17.8M	-207.4M	-540.3K	1.49	20.57	1,677	2,499	35,542	9,737
2014-02-21	$109.41	$97.13	22.8%	6.3%	27.7%	42.7%	21.8%	2.5%	-0.7%	15.2M	-217.7M	-553.0K	0.17	21.24	845	147	35,974	11,908
2014-02-24	$109.83	$97.13	21.9%	5.9%	22.6%	39.4%	24.9%	2.3%	-1.4%	13.8M	-163.6M	-523.9K	0.23	27.57	371	86	29,107	8,256
2014-02-25	$110.70	$97.13	21.7%	6.1%	22.3%	38.8%	20.5%	2.3%	-0.7%	14.0M	-176.7M	-533.3K	0.20	25.30	459	92	29,365	8,293
2014-02-26	$108.67	$97.13	22.1%	6.4%	23.7%	40.4%	0.0%	2.0%	-0.9%	14.8M	-144.8M	-521.5K	0.13	20.42	1,206	156	29,656	8,380
2014-02-27	$110.40	$97.13	20.7%	6.2%	22.6%	35.2%	24.3%	1.7%	-0.0%	13.7M	-164.1M	-492.3K	1.25	16.44	455	570	27,660	8,475
2014-02-28	$112.23	$97.13	23.3%	6.4%	22.8%	44.7%	21.6%	2.5%	-1.9%	13.3M	-197.8M	-486.5K	0.08	37.39	2,949	232	28,589	8,903