APD Options History — May 2014

In May 2014, APD traded between $108.00 and $111.21. ATM implied volatility averaged 19.5%, placing in the 24.3% IV rank vs the trailing year. The 30-day expected move averaged 6.9%. IV traded above realized volatility by 4.9% (HV 20d: 14.7%). Max pain ranged from $106.38 to $106.38. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 15 of 21 days. Put/call ratio averaged 0.79.

Notable Days

2014-05-14: Highest Volume — 5,717 contracts
2014-05-15: Largest IV spike — 30.5% change
2014-05-05: Highest IV Rank — 40.7%
2014-05-20: Largest Expected Move — 7.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$109.84	$108.00	$111.21	$108.62	$110.98
Max Pain	$106.38	$106.38	$106.38	$106.38	$106.38
ATM IV	19.5%	15.8%	22.7%	22.1%	18.3%
Expected Move	6.9%	6.7%	7.0%	6.7%	6.9%
HV 20d	14.7%	12.7%	17.4%	17.2%	15.5%
HV 60d	16.9%	15.6%	19.2%	19.2%	15.6%
IV Rank	24.3%	13.9%	40.7%	38.3%	14.3%
IV Percentile	25.4%	6.3%	57.1%	51.6%	11.9%
Term Structure	0.6%	-1.3%	2.0%	-1.3%	0.3%
VWIV	25.6%	23.3%	31.9%	31.9%	26.0%
Skew 25d	1.7%	0.8%	2.6%	0.8%	2.2%
Skew 10d	3.7%	0.5%	10.3%	2.2%	8.4%
Call IV 25d	19.8%	17.7%	22.0%	22.0%	17.7%
Put IV 25d	21.5%	19.8%	22.9%	22.8%	19.9%
Bid-Ask Spread %	21.66	17.77	26.00	26.00	23.13
Gamma HHI	0.31	0.20	0.54	0.31	0.23
Net GEX	9.4M	6.1M	17.3M	8.3M	8.0M
Net DEX	-110.0M	-128.1M	-89.3M	-103.5M	-115.4M
Net VEX	-862.3K	-910.1K	-824.7K	-870.6K	-856.7K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.79	0.04	3.21	3.21	0.31
Total Volume	859.095	137	5,717	636	506
Total OI	42,201.095	38,867	47,653	41,035	40,748

Daily Data (21 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
2014-05-01	$108.62	$106.38	22.1%	6.7%	17.2%	38.3%	31.9%	0.8%	-1.3%	8.3M	-103.5M	-870.6K	3.21	26.00	151	485	32,926	8,109
2014-05-02	$109.36	$106.38	20.5%	6.8%	17.4%	32.3%	23.9%	1.4%	0.1%	8.8M	-110.3M	-893.0K	0.25	21.21	446	110	32,990	8,472
2014-05-05	$110.41	$106.38	22.7%	6.8%	16.7%	40.7%	23.4%	1.7%	1.4%	10.2M	-122.0M	-905.8K	1.01	22.10	312	315	33,352	8,553
2014-05-06	$109.89	$106.38	21.4%	6.8%	15.1%	35.9%	0.0%	1.0%	0.8%	10.2M	-121.4M	-910.1K	0.33	24.34	3,578	1,165	33,601	8,701
2014-05-07	$110.93	$106.38	20.3%	7.0%	15.4%	31.6%	26.2%	1.9%	0.6%	10.9M	-127.4M	-907.4K	1.69	21.04	67	114	34,148	9,671
2014-05-08	$110.12	$106.38	19.4%	6.9%	15.2%	28.2%	23.3%	1.1%	1.5%	10.5M	-119.2M	-907.2K	0.32	18.87	126	41	34,138	9,727
2014-05-09	$109.82	$106.38	18.5%	7.0%	12.8%	24.7%	0.0%	1.9%	1.6%	10.4M	-112.5M	-890.8K	0.60	25.72	120	72	34,161	9,733
2014-05-12	$110.90	$106.38	20.0%	7.0%	12.8%	30.6%	0.0%	2.1%	2.0%	12.9M	-128.1M	-883.2K	0.52	21.55	189	98	34,184	9,781
2014-05-13	$110.36	$106.38	18.8%	7.0%	13.0%	26.0%	0.0%	1.3%	2.0%	13.2M	-118.4M	-874.8K	0.45	18.66	193	86	34,259	9,826
2014-05-14	$110.73	$106.38	15.8%	7.0%	12.7%	14.4%	0.0%	1.2%	2.0%	17.3M	-123.0M	-867.6K	0.04	17.77	5,521	196	34,333	9,867
2014-05-15	$108.21	$106.38	20.5%	7.0%	13.5%	32.5%	24.5%	1.3%	1.5%	7.1M	-90.5M	-830.8K	1.07	23.33	259	278	37,277	9,783
2014-05-16	$109.62	$106.38	19.5%	6.8%	14.1%	20.8%	29.3%	2.1%	1.0%	14.2M	-105.3M	-841.0K	0.40	21.58	250	99	37,646	10,007
2014-05-19	$109.37	$106.38	19.7%	6.9%	14.1%	21.4%	25.3%	1.6%	0.3%	6.8M	-102.0M	-839.6K	0.42	25.30	395	165	30,886	7,981
2014-05-20	$108.00	$106.38	20.7%	7.0%	13.9%	25.6%	0.0%	2.1%	-0.2%	6.1M	-89.3M	-827.6K	2.58	22.60	309	797	31,198	8,102
2014-05-21	$109.63	$106.38	19.4%	6.8%	14.9%	18.9%	24.5%	2.1%	-0.3%	6.6M	-99.8M	-839.9K	0.42	25.35	315	131	31,141	8,754
2014-05-22	$109.33	$106.38	18.8%	6.8%	14.9%	16.4%	0.0%	2.0%	-0.1%	6.6M	-98.2M	-835.7K	0.14	18.52	411	57	31,346	8,779
2014-05-23	$109.84	$106.38	18.2%	6.8%	14.4%	13.9%	0.0%	2.6%	-0.3%	6.9M	-102.6M	-834.8K	0.80	18.84	76	61	31,603	8,796
2014-05-27	$109.89	$106.38	18.4%	6.9%	14.3%	14.8%	23.3%	1.2%	0.3%	7.2M	-106.6M	-830.0K	0.47	18.56	124	58	31,626	8,827
2014-05-28	$109.44	$106.38	18.3%	6.9%	14.4%	14.2%	0.0%	1.6%	0.2%	6.9M	-101.5M	-824.7K	0.88	18.31	78	68	31,728	8,829
2014-05-29	$111.21	$106.38	18.7%	6.8%	15.4%	15.9%	0.0%	2.6%	-1.0%	8.0M	-114.1M	-837.1K	0.65	21.99	133	86	31,760	8,874
2014-05-30	$110.98	$106.38	18.3%	6.9%	15.5%	14.3%	26.0%	2.2%	0.3%	8.0M	-115.4M	-856.7K	0.31	23.13	385	121	31,833	8,915