APD Options History — February 2020

In February 2020, APD traded between $215.35 and $256.15. ATM implied volatility averaged 20.8%, placing in the 41.9% IV rank vs the trailing year. The 30-day expected move averaged 6.0%. IV traded below realized volatility by 1.4% (HV 20d: 22.2%). Max pain ranged from $230.00 to $240.00. Net GEX was positive for 17 of 19 trading days. Term structure was in contango for 14 of 19 days. Put/call ratio averaged 1.14.

Notable Days

2020-02-24: Highest Volume — 1,107 contracts
2020-02-28: Largest IV spike — 32.4% change
2020-02-28: Highest IV Rank — 100.0%
2020-02-28: Largest Expected Move — 11.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$246.93	$215.35	$256.15	$242.56	$215.35
Max Pain	$235.79	$230.00	$240.00	$240.00	$240.00
ATM IV	20.8%	16.5%	40.6%	19.1%	40.6%
Expected Move	6.0%	4.7%	11.6%	5.5%	11.6%
HV 20d	22.2%	19.8%	31.8%	22.1%	31.8%
HV 60d	18.1%	16.5%	23.8%	19.1%	23.8%
IV Rank	41.9%	21.2%	100.0%	35.1%	100.0%
IV Percentile	55.4%	23.4%	100.0%	57.5%	100.0%
Term Structure	-0.2%	-7.4%	2.1%	0.1%	-7.4%
VWIV	22.0%	17.8%	44.4%	20.0%	44.4%
Skew 25d	4.3%	2.5%	9.8%	3.4%	9.8%
Skew 10d	9.4%	6.2%	19.5%	11.1%	19.5%
Call IV 25d	19.7%	16.0%	38.2%	17.6%	38.2%
Put IV 25d	24.0%	19.2%	48.0%	20.9%	48.0%
Bid-Ask Spread %	34.93	19.15	51.71	25.89	51.71
Gamma HHI	0.29	0.13	0.36	0.30	0.13
Net GEX	2.5M	-670.0K	3.9M	2.8M	-670.0K
Net DEX	-47.1M	-76.2M	41.2M	-36.8M	41.2M
Net VEX	-222.2K	-263.2K	-196.9K	-227.1K	-222.1K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.14	0.03	7.67	0.64	0.49
Total Volume	385.526	70	1,107	167	441
Total OI	9,729.368	8,599	10,503	9,196	9,831

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
2020-02-03	$242.56	$240.00	19.1%	5.5%	22.1%	35.1%	20.0%	3.4%	0.1%	2.8M	-36.8M	-227.1K	0.64	25.89	102	65	4,550	4,646
2020-02-04	$247.17	$240.00	17.4%	5.0%	22.6%	25.9%	18.0%	2.5%	0.5%	3.3M	-52.1M	-218.6K	0.98	21.20	175	172	4,582	4,700
2020-02-05	$249.88	$240.00	17.8%	5.1%	22.6%	28.2%	18.9%	3.1%	0.6%	3.6M	-60.5M	-211.9K	2.24	19.15	219	490	4,621	4,671
2020-02-06	$250.71	$230.00	17.6%	5.3%	22.6%	27.4%	18.8%	3.3%	0.8%	3.3M	-59.7M	-232.8K	0.20	40.77	301	60	4,690	5,064
2020-02-07	$250.26	$230.00	17.8%	5.4%	22.1%	28.4%	20.3%	3.5%	0.7%	3.5M	-58.2M	-239.2K	0.54	38.14	82	44	4,767	5,063
2020-02-10	$251.27	$230.00	18.2%	5.4%	21.7%	30.3%	18.8%	3.2%	0.8%	3.6M	-62.3M	-227.0K	1.09	38.73	97	106	4,794	5,078
2020-02-11	$253.08	$230.00	17.9%	5.4%	20.6%	28.7%	19.3%	3.0%	0.9%	3.7M	-68.5M	-217.8K	1.22	34.73	55	67	4,795	5,093
2020-02-12	$254.06	$230.00	18.2%	5.2%	19.8%	30.3%	17.8%	3.2%	1.1%	3.9M	-73.0M	-208.6K	0.48	35.31	104	50	4,812	5,098
2020-02-13	$254.78	$230.00	18.7%	5.4%	19.8%	32.9%	19.4%	3.4%	0.9%	3.8M	-74.2M	-208.4K	0.46	31.62	189	86	4,838	5,102
2020-02-14	$255.51	$230.00	16.5%	4.7%	19.8%	21.2%	18.5%	3.2%	2.1%	3.8M	-75.7M	-201.3K	1.80	33.94	25	45	4,832	5,082
2020-02-18	$255.76	$230.00	17.4%	5.0%	19.8%	25.9%	21.7%	3.7%	1.6%	3.7M	-76.2M	-196.9K	7.67	35.40	75	575	4,835	5,097
2020-02-19	$256.15	$240.00	16.9%	4.9%	19.8%	23.4%	17.9%	3.2%	1.9%	2.5M	-76.0M	-200.8K	0.79	28.47	141	111	4,833	5,599
2020-02-20	$255.08	$240.00	17.0%	4.9%	20.0%	23.9%	18.3%	4.0%	2.1%	2.3M	-73.4M	-197.9K	0.90	27.70	39	35	4,866	5,607
2020-02-21	$254.66	$240.00	20.1%	5.8%	20.0%	40.7%	19.3%	4.2%	0.3%	1.9M	-71.3M	-208.7K	0.03	26.08	481	15	4,881	5,622
2020-02-24	$245.91	$240.00	22.0%	6.3%	22.4%	50.9%	24.5%	5.0%	-1.4%	1.5M	-29.4M	-224.8K	0.10	38.34	1,002	105	4,134	4,465
2020-02-25	$236.10	$240.00	26.8%	7.7%	23.3%	77.1%	25.6%	6.1%	-3.2%	673.7K	-5.0M	-256.0K	0.65	48.05	422	274	4,590	4,528
2020-02-26	$236.62	$240.00	25.0%	7.2%	23.0%	67.3%	25.3%	5.8%	-2.4%	558.6K	-3.9M	-263.2K	0.53	38.37	515	271	4,648	4,710
2020-02-27	$226.79	$240.00	30.6%	8.8%	27.5%	98.0%	31.6%	7.4%	-3.7%	-166.7K	19.5M	-258.7K	0.82	49.99	159	130	4,812	4,922
2020-02-28	$215.35	$240.00	40.6%	11.6%	31.8%	100.0%	44.4%	9.8%	-7.4%	-670.0K	41.2M	-222.1K	0.49	51.71	296	145	4,836	4,995