CAR Options History — April 2008

In April 2008, CAR traded between $11.27 and $13.47. ATM implied volatility averaged 66.5%, placing in the 45.1% IV rank vs the trailing year. The 30-day expected move averaged 19.5%. IV traded above realized volatility by 1.5% (HV 20d: 65.0%). Max pain ranged from $10.00 to $12.50. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 3 of 22 days. Put/call ratio averaged 0.89.

Notable Days

2008-04-08: Highest Volume — 860 contracts
2008-04-08: Largest IV drop — 12.2% change
2008-04-24: Highest IV Rank — 53.1%
2008-04-24: Largest Expected Move — 21.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$12.41	$11.27	$13.47	$11.27	$13.28
Max Pain	$12.16	$10.00	$12.50	$10.00	$12.50
ATM IV	66.5%	56.0%	75.1%	57.4%	72.9%
Expected Move	19.5%	16.4%	21.5%	16.4%	20.9%
HV 20d	65.0%	57.3%	70.0%	66.2%	57.3%
HV 60d	70.5%	60.9%	76.8%	76.8%	60.9%
IV Rank	45.1%	35.1%	53.1%	39.2%	51.1%
IV Percentile	87.2%	71.4%	97.2%	74.6%	94.4%
Term Structure	-4.4%	-11.8%	11.4%	11.4%	-11.8%
VWIV	68.9%	54.5%	76.6%	54.5%	73.1%
Skew 25d	9.3%	0.4%	17.3%	10.9%	4.4%
Skew 10d	20.4%	-4.6%	46.3%	16.2%	7.3%
Call IV 25d	63.7%	50.1%	70.1%	55.5%	63.5%
Put IV 25d	73.0%	65.9%	80.4%	66.4%	68.0%
Bid-Ask Spread %	17.01	11.95	26.20	24.48	12.35
Gamma HHI	0.21	0.18	0.25	0.24	0.23
Net GEX	20.1K	6.2K	64.1K	6.2K	15.8K
Net DEX	2.0M	-403.6K	4.0M	4.0M	352.3K
Net VEX	-65.8K	-74.7K	-53.6K	-53.6K	-72.2K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.89	0.02	4.15	0.26	4.15
Total Volume	279.091	26	860	48	469
Total OI	27,870.136	26,858	28,549	26,858	28,549

Daily Data (22 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
2008-04-01	$11.27	$10.00	57.4%	16.4%	66.2%	39.2%	54.5%	10.9%	11.4%	6.2K	4.0M	-53.6K	0.26	24.48	38	10	16,274	10,584
2008-04-02	$11.97	$10.00	57.1%	16.4%	69.4%	36.0%	60.3%	16.0%	11.3%	12.1K	2.8M	-60.5K	0.47	26.20	223	105	16,299	10,594
2008-04-03	$12.01	$10.00	60.4%	17.3%	69.3%	39.2%	60.4%	17.0%	8.4%	18.2K	2.5M	-63.6K	0.05	24.31	811	41	16,456	10,621
2008-04-04	$11.94	$12.50	57.7%	19.2%	67.0%	36.7%	66.8%	6.1%	-5.5%	15.9K	2.8M	-63.2K	0.49	16.17	82	40	16,496	10,662
2008-04-07	$12.72	$12.50	63.8%	19.8%	70.0%	42.4%	71.1%	9.1%	-6.0%	22.6K	1.6M	-68.4K	0.17	13.56	367	63	16,556	10,668
2008-04-08	$12.21	$12.50	56.0%	18.8%	68.7%	35.1%	66.0%	3.4%	-3.8%	24.3K	2.2M	-64.3K	1.36	14.98	364	496	16,821	10,667
2008-04-09	$12.05	$12.50	58.5%	19.5%	68.8%	37.4%	69.5%	3.7%	-4.3%	22.5K	2.2M	-65.5K	0.32	14.78	280	89	16,903	10,992
2008-04-10	$12.21	$12.50	65.2%	18.7%	68.6%	43.7%	0.0%	5.9%	-5.5%	24.2K	2.3M	-64.7K	0.02	15.04	85	2	17,087	11,055
2008-04-11	$11.83	$12.50	68.0%	19.5%	70.0%	46.4%	75.9%	6.6%	-6.8%	24.4K	2.5M	-65.0K	1.87	13.24	23	43	17,123	11,056
2008-04-14	$11.66	$12.50	68.6%	19.7%	66.3%	47.0%	0.0%	4.2%	-5.8%	20.1K	3.2M	-60.1K	0.41	16.59	51	21	17,113	11,092
2008-04-15	$11.57	$12.50	67.3%	19.3%	62.5%	45.7%	67.9%	13.5%	-4.8%	20.6K	3.3M	-60.2K	1.52	18.62	46	70	17,134	11,092
2008-04-16	$12.26	$12.50	72.6%	20.8%	59.8%	50.8%	76.6%	8.3%	-8.2%	35.2K	2.6M	-63.4K	0.48	12.68	189	91	17,150	11,077
2008-04-17	$12.57	$12.50	68.1%	19.5%	60.0%	46.5%	68.1%	12.6%	-2.1%	64.1K	1.7M	-68.1K	0.63	11.95	16	10	17,295	11,067
2008-04-18	$13.47	$12.50	70.0%	20.1%	59.7%	48.3%	68.6%	17.3%	-7.4%	20.4K	-403.6K	-74.7K	0.35	15.01	341	119	17,309	11,077
2008-04-21	$12.78	$12.50	71.0%	20.3%	62.6%	49.2%	71.0%	9.1%	-9.7%	17.2K	1.2M	-70.2K	0.74	13.85	65	48	16,814	10,797
2008-04-22	$12.33	$12.50	71.0%	20.4%	64.0%	49.3%	71.0%	5.8%	-9.8%	14.0K	2.2M	-65.4K	1.13	22.28	141	160	16,814	10,797
2008-04-23	$12.13	$12.50	72.9%	20.9%	63.9%	51.1%	75.0%	12.4%	-9.5%	7.4K	2.8M	-63.1K	0.28	17.60	141	40	16,872	10,963
2008-04-24	$12.95	$12.50	75.1%	21.5%	66.4%	53.1%	74.0%	9.1%	-8.4%	13.9K	1.3M	-69.2K	2.48	19.72	139	345	16,993	10,997
2008-04-25	$13.06	$12.50	69.8%	20.0%	66.2%	48.1%	69.6%	16.3%	-6.7%	14.1K	1.1M	-70.3K	0.44	18.68	88	39	17,080	11,289
2008-04-28	$13.36	$12.50	70.9%	20.3%	62.9%	49.1%	69.0%	12.4%	-5.0%	14.7K	439.2K	-71.3K	1.61	17.39	56	90	17,089	11,308
2008-04-29	$13.29	$12.50	69.3%	19.9%	60.5%	47.6%	69.5%	0.4%	-6.9%	14.3K	517.4K	-71.5K	0.34	14.66	151	52	17,103	11,358
2008-04-30	$13.28	$12.50	72.9%	20.9%	57.3%	51.1%	73.1%	4.4%	-11.8%	15.8K	352.3K	-72.2K	4.15	12.35	91	378	17,147	11,402