CAR Options History — March 2008

In March 2008, CAR traded between $9.47 and $11.53. ATM implied volatility averaged 69.9%, placing in the 50.5% IV rank vs the trailing year. The 30-day expected move averaged 19.7%. IV traded above realized volatility by 9.5% (HV 20d: 60.5%). Max pain ranged from $10.00 to $12.50. Net GEX was positive for 14 of 20 trading days. Term structure was in contango for 16 of 20 days. Put/call ratio averaged 1.54.

Notable Days

2008-03-24: Highest Volume — 671 contracts
2008-03-07: Largest IV spike — 27.6% change
2008-03-07: Highest IV Rank — 61.5%
2008-03-17: Largest Expected Move — 23.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$10.79	$9.47	$11.53	$11.47	$10.62
Max Pain	$11.13	$10.00	$12.50	$12.50	$12.50
ATM IV	69.9%	59.6%	82.1%	65.0%	69.2%
Expected Move	19.7%	17.1%	23.1%	18.6%	19.8%
HV 20d	60.5%	52.3%	71.7%	71.7%	62.3%
HV 60d	75.3%	73.0%	77.8%	73.2%	77.8%
IV Rank	50.5%	41.2%	61.5%	46.1%	49.8%
IV Percentile	93.8%	82.9%	99.2%	94.0%	92.5%
Term Structure	1.6%	-10.6%	7.5%	-10.6%	7.5%
VWIV	66.4%	61.2%	80.5%	61.2%	63.1%
Skew 25d	8.6%	-7.8%	20.7%	10.0%	4.9%
Skew 10d	22.4%	-6.1%	40.7%	21.4%	3.1%
Call IV 25d	63.0%	53.3%	75.4%	61.0%	62.0%
Put IV 25d	71.7%	64.5%	81.8%	70.9%	66.9%
Bid-Ask Spread %	26.75	17.51	39.01	21.56	23.91
Gamma HHI	0.23	0.21	0.25	0.21	0.25
Net GEX	2.7K	-3.5K	8.7K	5.2K	3.9K
Net DEX	4.3M	3.1M	5.5M	3.2M	4.3M
Net VEX	-55.1K	-67.5K	-45.1K	-67.5K	-51.6K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.54	0.00	5.58	1.00	1.02
Total Volume	176.8	9	671	40	389
Total OI	27,940.1	26,213	28,830	28,409	26,736

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
2008-03-03	$11.47	$12.50	65.0%	18.6%	71.7%	46.1%	0.0%	10.0%	-10.6%	5.2K	3.2M	-67.5K	1.00	21.56	20	20	17,022	11,387
2008-03-04	$11.28	$12.50	59.6%	17.1%	57.7%	41.2%	61.2%	7.3%	0.4%	711	4.0M	-60.9K	2.13	23.58	8	17	17,042	11,407
2008-03-05	$11.23	$12.50	68.2%	19.6%	57.6%	49.0%	67.8%	-0.1%	-1.4%	-30	4.0M	-61.1K	0.00	25.65	9	0	17,038	11,403
2008-03-06	$10.73	$12.50	64.4%	18.5%	59.2%	45.5%	0.0%	-7.8%	3.3%	-3.5K	4.4M	-56.0K	0.20	31.61	10	2	17,039	11,393
2008-03-07	$10.93	$10.00	82.1%	20.8%	59.5%	61.5%	70.1%	18.1%	4.1%	-584	4.3M	-58.8K	1.05	29.08	75	79	17,049	11,391
2008-03-10	$10.37	$10.00	67.9%	19.4%	61.8%	48.7%	0.0%	6.5%	7.2%	-2.5K	4.8M	-52.9K	0.47	29.91	142	67	17,061	11,349
2008-03-11	$10.65	$10.00	73.8%	18.8%	62.5%	54.0%	62.1%	11.4%	0.9%	398	4.6M	-56.9K	0.20	31.12	133	26	17,111	11,340
2008-03-12	$10.57	$10.00	75.6%	19.4%	62.5%	55.6%	0.0%	14.4%	6.7%	-675	4.5M	-54.6K	0.00	31.72	0	200	17,172	11,297
2008-03-13	$10.60	$10.00	68.2%	19.5%	62.3%	48.9%	67.2%	11.0%	6.5%	2.6K	4.7M	-52.7K	2.82	26.04	50	141	17,172	11,187
2008-03-14	$10.00	$10.00	74.0%	21.2%	52.4%	54.2%	71.8%	10.7%	0.6%	144	5.2M	-48.1K	5.58	30.24	50	279	17,197	11,323
2008-03-17	$9.47	$10.00	80.6%	23.1%	52.3%	60.2%	80.5%	6.4%	-5.4%	-96	5.5M	-45.1K	2.27	39.01	44	100	17,247	11,333
2008-03-18	$10.25	$10.00	69.9%	20.0%	61.4%	50.5%	0.0%	11.5%	3.5%	2.2K	5.0M	-51.0K	0.23	33.04	269	62	17,262	11,240
2008-03-19	$10.34	$10.00	70.1%	20.1%	56.7%	50.7%	64.0%	8.2%	0.7%	1.9K	4.6M	-49.6K	3.38	34.43	47	159	17,409	11,270
2008-03-20	$11.11	$12.50	73.2%	21.0%	60.2%	53.4%	63.0%	10.3%	-4.2%	5.5K	4.1M	-56.1K	1.09	17.51	35	38	17,424	11,406
2008-03-24	$11.53	$12.50	64.4%	18.5%	62.0%	45.5%	64.5%	20.7%	2.7%	8.7K	3.1M	-58.6K	1.05	17.75	327	344	15,963	10,250
2008-03-25	$11.37	$10.00	62.3%	17.9%	62.1%	43.6%	62.8%	18.2%	2.2%	7.8K	3.5M	-57.3K	0.00	18.42	62	0	16,212	10,456
2008-03-26	$11.16	$10.00	71.8%	20.6%	62.1%	52.2%	67.6%	6.7%	0.8%	7.6K	3.8M	-54.3K	1.57	19.97	51	80	16,252	10,456
2008-03-27	$10.89	$12.50	69.8%	20.0%	62.2%	50.4%	63.5%	-1.5%	0.8%	6.6K	3.7M	-54.0K	0.22	25.88	145	32	16,275	10,498
2008-03-28	$11.15	$12.50	68.5%	19.6%	60.7%	49.2%	0.0%	6.0%	5.3%	7.4K	3.9M	-53.9K	5.00	24.58	4	20	16,239	10,494
2008-03-31	$10.62	$12.50	69.2%	19.8%	62.3%	49.8%	63.1%	4.9%	7.5%	3.9K	4.3M	-51.6K	1.02	23.91	193	196	16,242	10,494