AVTR Options History — April 2011

In April 2011, AVTR traded between $18.00 and $20.62. ATM implied volatility averaged 45.0%, placing in the 23.6% IV rank vs the trailing year. The 30-day expected move averaged 12.7%. IV traded above realized volatility by 17.7% (HV 20d: 27.3%). Max pain ranged from $17.50 to $17.50. Net GEX was positive for 10 of 20 trading days. Term structure was in contango for 11 of 20 days. Put/call ratio averaged 0.39.

Notable Days

2011-04-29: Highest Volume — 37 contracts
2011-04-07: Largest IV spike — 235.9% change
2011-04-07: Highest IV Rank — 100.0%
2011-04-07: Largest Expected Move — 25.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$19.13	$18.00	$20.62	$19.89	$18.00
Max Pain	$17.50	$17.50	$17.50	$17.50	$17.50
ATM IV	45.0%	28.1%	119.8%	35.3%	43.1%
Expected Move	12.7%	10.1%	25.9%	10.1%	12.4%
HV 20d	27.3%	24.5%	34.8%	34.2%	26.5%
HV 60d	30.4%	27.7%	33.3%	32.9%	28.2%
IV Rank	23.6%	0.3%	100.0%	29.4%	16.6%
IV Percentile	47.7%	0.5%	100.0%	8.0%	57.8%
Term Structure	-1.6%	-31.3%	2.8%	2.8%	-0.1%
VWIV	53.9%	53.3%	54.5%	54.5%	53.3%
Skew 25d	4.4%	-3.2%	12.5%	1.0%	7.0%
Skew 10d	7.3%	1.6%	33.1%	1.6%	8.6%
Call IV 25d	40.7%	31.3%	120.5%	34.9%	34.6%
Put IV 25d	45.1%	32.5%	133.0%	36.0%	41.6%
Bid-Ask Spread %	96.82	83.47	164.24	106.80	102.29
Gamma HHI	0.33	0.27	0.42	0.34	0.27
Net GEX	3.0K	-2.1K	10.4K	6.5K	-753
Net DEX	-57.9K	-208.5K	19.5K	-121.1K	19.5K
Net VEX	-822	-1.1K	-617	-1.1K	-617
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.39	0.00	2.70	0.00	2.70
Total Volume	2.8	0	37	3	37
Total OI	343.25	243	430	420	243

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 Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2011-04-01	$19.89	$17.50	35.3%	10.1%	34.2%	29.4%	0.0%	1.0%	2.8%	6.5K	-121.1K	-1.1K	0.00	106.80	N/A	N/A	3	0	233	187
2011-04-04	$20.47	$17.50	36.5%	11.5%	34.8%	34.2%	54.5%	-1.3%	0.8%	9.1K	-192.2K	-1.0K	0.00	83.47	N/A	N/A	3	0	236	187
2011-04-05	$20.62	$17.50	39.0%	11.4%	30.4%	43.8%	0.0%	-2.5%	0.4%	10.0K	-208.5K	-976	0.00	84.15	N/A	N/A	5	0	236	187
2011-04-06	$20.45	$17.50	35.6%	11.9%	30.4%	30.7%	0.0%	-3.2%	-1.7%	10.4K	-200.9K	-1.0K	0.00	87.64	N/A	N/A	0	0	241	187
2011-04-07	$19.74	$17.50	119.8%	25.9%	27.3%	100.0%	53.3%	12.5%	-31.3%	2.4K	-114.8K	-1.1K	0.00	164.24	N/A	N/A	2	0	241	187
2011-04-08	$19.39	$17.50	28.1%	11.2%	24.9%	0.3%	0.0%	10.4%	1.1%	8.2K	-82.8K	-942	0.00	88.84	N/A	N/A	5	0	243	187
2011-04-11	$19.36	$17.50	33.9%	11.1%	24.5%	6.6%	0.0%	10.0%	0.9%	7.5K	-73.6K	-882	0.00	90.78	N/A	N/A	0	0	238	187
2011-04-12	$19.00	$17.50	40.3%	11.3%	24.7%	13.5%	0.0%	5.6%	1.3%	3.1K	-37.6K	-857	0.00	91.01	N/A	N/A	0	0	238	187
2011-04-13	$18.70	$17.50	52.6%	12.2%	25.3%	26.9%	0.0%	2.8%	1.1%	-2.1K	-13.1K	-749	0.00	87.81	N/A	N/A	0	0	238	187
2011-04-14	$19.12	$17.50	41.6%	11.9%	26.3%	15.0%	0.0%	6.9%	-1.9%	4.2K	-45.1K	-831	0.00	89.43	N/A	N/A	1	0	238	187
2011-04-15	$19.18	$17.50	41.4%	11.9%	26.1%	14.8%	0.0%	7.5%	-1.2%	5.2K	-54.5K	-811	0.00	91.84	N/A	N/A	0	0	239	187
2011-04-18	$18.53	$17.50	46.5%	13.3%	26.8%	20.2%	0.0%	1.6%	-1.8%	-138	-5.6K	-735	0.00	91.59	N/A	N/A	0	0	139	104
2011-04-19	$18.65	$17.50	45.7%	13.1%	27.0%	19.4%	0.0%	2.9%	-2.0%	-209	-5.5K	-730	0.00	93.14	N/A	N/A	0	0	139	104
2011-04-20	$18.75	$17.50	43.1%	12.4%	27.2%	16.6%	0.0%	3.1%	-0.2%	-261	-10.3K	-724	0.00	92.28	N/A	N/A	0	0	139	104
2011-04-21	$18.66	$17.50	42.3%	12.1%	26.7%	15.7%	0.0%	1.5%	0.8%	-370	-5.8K	-704	0.00	93.93	N/A	N/A	0	0	139	104
2011-04-25	$18.61	$17.50	44.2%	12.7%	25.7%	17.7%	0.0%	5.4%	-2.2%	-479	-5.1K	-685	0.00	94.25	N/A	N/A	0	0	139	104
2011-04-26	$18.50	$17.50	43.8%	12.6%	25.7%	17.3%	0.0%	3.0%	0.1%	-463	-1.8K	-676	0.00	99.95	N/A	N/A	0	0	139	104
2011-04-27	$18.43	$17.50	43.3%	12.4%	25.6%	16.8%	0.0%	2.8%	0.6%	-537	3.1K	-664	0.00	98.35	N/A	N/A	0	0	139	104
2011-04-28	$18.50	$17.50	43.7%	12.5%	25.6%	17.2%	0.0%	11.5%	0.3%	-589	-2.7K	-664	0.00	104.69	N/A	N/A	0	0	139	104
2011-04-29	$18.00	$17.50	43.1%	12.4%	26.5%	16.6%	0.0%	7.0%	-0.1%	-753	19.5K	-617	2.70	102.29	N/A	N/A	10	27	139	104