CAR Options History — March 2018

In March 2018, CAR traded between $44.30 and $50.35. ATM implied volatility averaged 41.1%, placing in the 14.9% IV rank vs the trailing year. The 30-day expected move averaged 11.8%. IV traded below realized volatility by 8.5% (HV 20d: 49.5%). Max pain ranged from $43.00 to $44.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 20 of 21 days. Put/call ratio averaged 3.02.

Notable Days

2018-03-16: Highest Volume — 19,432 contracts
2018-03-12: Largest IV spike — 13.1% change
2018-03-01: Highest IV Rank — 26.2%
2018-03-01: Largest Expected Move — 13.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$47.50	$44.30	$50.35	$44.30	$46.89
Max Pain	$43.90	$43.00	$44.00	$43.00	$44.00
ATM IV	41.1%	36.3%	46.7%	46.7%	40.2%
Expected Move	11.8%	10.4%	13.4%	13.4%	11.5%
HV 20d	49.5%	28.7%	66.0%	65.2%	31.6%
HV 60d	54.9%	53.9%	55.6%	54.8%	55.6%
IV Rank	14.9%	5.5%	26.2%	26.2%	13.2%
IV Percentile	24.2%	9.1%	41.3%	41.3%	19.4%
Term Structure	6.6%	-2.4%	9.0%	-2.4%	8.3%
VWIV	42.4%	36.3%	46.6%	46.5%	38.7%
Skew 25d	5.1%	3.9%	6.2%	5.9%	5.4%
Skew 10d	11.6%	6.1%	16.2%	10.1%	11.2%
Call IV 25d	39.1%	35.2%	43.0%	43.0%	38.2%
Put IV 25d	44.2%	39.2%	49.0%	49.0%	43.6%
Bid-Ask Spread %	24.30	17.51	37.24	21.53	24.50
Gamma HHI	0.16	0.13	0.18	0.15	0.18
Net GEX	2.4M	1.6M	3.6M	2.7M	1.8M
Net DEX	-307.0M	-392.7M	-221.4M	-221.4M	-276.1M
Net VEX	-1.2M	-1.4M	-1.0M	-1.4M	-1.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	3.02	0.76	7.61	5.52	1.31
Total Volume	7,812.333	4,630	19,432	8,812	5,941
Total OI	206,746.238	189,085	226,707	207,705	193,693

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
2018-03-01	$44.30	$43.00	46.7%	13.4%	65.2%	26.2%	46.5%	5.9%	-2.4%	2.7M	-221.4M	-1.4M	5.52	21.53	1,351	7,461	105,116	102,589
2018-03-02	$45.63	$43.00	44.2%	12.7%	66.0%	21.1%	45.9%	4.6%	0.4%	2.7M	-255.6M	-1.4M	2.75	19.77	1,648	4,538	105,603	106,187
2018-03-05	$45.79	$44.00	45.5%	12.3%	65.3%	23.7%	45.4%	6.2%	6.1%	2.8M	-262.1M	-1.3M	3.38	27.94	1,058	3,572	105,884	106,648
2018-03-06	$46.77	$44.00	43.1%	12.4%	64.4%	18.9%	43.6%	5.9%	5.0%	3.0M	-292.0M	-1.3M	0.76	23.37	5,003	3,815	105,924	106,825
2018-03-07	$46.19	$44.00	43.1%	12.7%	63.7%	19.0%	46.6%	5.5%	4.6%	3.4M	-281.9M	-1.3M	2.18	22.59	1,777	3,874	107,439	107,168
2018-03-08	$46.06	$44.00	40.9%	12.0%	63.5%	14.5%	42.3%	5.0%	7.9%	3.6M	-277.5M	-1.3M	1.62	24.04	3,768	6,089	107,871	107,308
2018-03-09	$47.66	$44.00	37.4%	11.6%	53.9%	7.7%	44.4%	5.1%	7.8%	3.5M	-336.9M	-1.2M	5.89	23.33	1,272	7,498	110,451	109,761
2018-03-12	$48.32	$44.00	42.3%	11.7%	53.9%	17.5%	46.0%	5.5%	8.0%	2.9M	-345.5M	-1.2M	6.24	27.83	1,243	7,756	110,531	114,157
2018-03-13	$48.40	$44.00	42.0%	11.6%	53.8%	16.7%	43.4%	4.7%	7.6%	2.8M	-358.0M	-1.2M	3.08	25.23	1,284	3,956	110,657	114,691
2018-03-14	$48.51	$44.00	40.1%	11.5%	53.1%	13.0%	43.0%	5.3%	6.8%	2.5M	-360.2M	-1.2M	3.97	21.67	1,318	5,236	110,607	114,765
2018-03-15	$48.76	$44.00	36.9%	10.6%	50.2%	6.6%	38.8%	4.6%	8.8%	1.9M	-377.8M	-1.1M	7.61	21.31	1,671	12,722	110,833	115,874
2018-03-16	$49.09	$44.00	36.3%	10.4%	50.1%	5.5%	36.3%	4.0%	9.0%	1.8M	-392.7M	-1.1M	3.41	31.19	4,405	15,027	110,523	110,603
2018-03-19	$49.41	$44.00	38.6%	11.1%	49.5%	9.9%	38.4%	4.2%	6.8%	1.6M	-338.2M	-1.1M	2.09	26.83	2,372	4,948	98,724	90,361
2018-03-20	$50.35	$44.00	37.6%	10.8%	49.4%	7.9%	40.7%	4.8%	8.8%	1.7M	-361.4M	-1.0M	1.62	17.51	3,378	5,462	99,255	90,203
2018-03-21	$49.39	$44.00	37.5%	10.8%	49.1%	7.9%	39.9%	3.9%	8.9%	1.7M	-337.6M	-1.1M	1.84	18.60	2,359	4,341	99,252	91,794
2018-03-22	$48.15	$44.00	39.3%	11.3%	28.7%	11.3%	41.4%	4.9%	8.5%	1.8M	-300.9M	-1.1M	3.24	37.24	1,333	4,322	99,303	91,980
2018-03-23	$46.00	$44.00	44.3%	12.7%	31.4%	21.4%	45.2%	5.4%	5.8%	1.8M	-239.3M	-1.2M	2.25	23.15	1,634	3,680	99,357	92,162
2018-03-26	$47.46	$44.00	41.4%	11.9%	33.1%	15.5%	41.8%	5.7%	7.0%	1.7M	-284.2M	-1.1M	1.93	24.59	1,849	3,561	99,346	92,539
2018-03-27	$46.96	$44.00	41.6%	11.9%	32.4%	16.1%	41.3%	5.4%	7.5%	1.8M	-267.0M	-1.1M	1.33	24.34	2,516	3,340	99,475	92,934
2018-03-28	$47.33	$44.00	43.2%	12.4%	32.5%	19.2%	41.1%	4.9%	7.2%	1.8M	-281.4M	-1.1M	1.40	23.83	2,365	3,316	100,332	92,946
2018-03-29	$46.89	$44.00	40.2%	11.5%	31.6%	13.2%	38.7%	5.4%	8.3%	1.8M	-276.1M	-1.1M	1.31	24.50	2,574	3,367	100,660	93,033