DSX Options History — December 2008

In December 2008, DSX traded between $7.24 and $14.88. ATM implied volatility averaged 113.9%, placing in the 60.3% IV rank vs the trailing year. The 30-day expected move averaged 31.9%. IV traded below realized volatility by 27.4% (HV 20d: 141.4%). Max pain ranged from $10.00 to $22.50. Net GEX was positive for 8 of 22 trading days. Term structure was in contango for 2 of 22 days. Put/call ratio averaged 0.63.

Notable Days

2008-12-10: Highest Volume — 9,396 contracts
2008-12-11: Largest IV drop — 12.8% change
2008-12-01: Highest IV Rank — 83.2%
2008-12-01: Largest Expected Move — 42.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.10	$7.24	$14.88	$7.64	$12.76
Max Pain	$18.52	$10.00	$22.50	$12.50	$17.50
ATM IV	113.9%	88.0%	147.4%	147.4%	88.0%
Expected Move	31.9%	25.2%	42.2%	42.2%	25.2%
HV 20d	141.4%	116.5%	159.7%	145.7%	116.5%
HV 60d	127.3%	116.1%	134.2%	117.2%	132.8%
IV Rank	60.3%	42.6%	83.2%	83.2%	42.6%
IV Percentile	85.3%	73.8%	97.2%	97.2%	73.8%
Term Structure	-8.4%	-17.0%	0.2%	-17.0%	0.2%
VWIV	110.1%	86.3%	148.5%	143.5%	86.3%
Skew 25d	20.2%	10.0%	38.5%	25.4%	10.0%
Skew 10d	39.5%	8.2%	81.3%	35.4%	8.2%
Call IV 25d	102.3%	83.5%	140.4%	139.0%	83.5%
Put IV 25d	122.4%	93.5%	167.3%	164.4%	93.5%
Bid-Ask Spread %	9.88	5.84	14.41	14.31	7.08
Gamma HHI	0.42	0.26	0.64	0.63	0.37
Net GEX	-10.8K	-71.7K	142.0K	-54.9K	-31.7K
Net DEX	12.4M	-2.8M	19.3M	19.3M	12.0M
Net VEX	-69.4K	-88.3K	-43.8K	-44.1K	-74.6K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.63	0.17	1.69	0.50	0.36
Total Volume	3,573.545	414	9,396	2,769	1,669
Total OI	83,804.364	63,730	98,382	86,736	67,369

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 Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2008-12-01	$7.64	$12.50	147.4%	42.2%	145.7%	83.2%	143.5%	25.4%	-17.0%	-54.9K	19.3M	-44.1K	0.50	14.31	N/A	N/A	1,840	929	48,584	38,152
2008-12-02	$7.24	$10.00	147.1%	42.2%	145.0%	83.1%	148.5%	26.9%	-16.9%	-53.8K	18.7M	-43.8K	1.69	8.53	N/A	N/A	860	1,455	49,083	38,500
2008-12-03	$7.59	$10.00	141.1%	40.4%	145.9%	78.9%	130.8%	38.5%	-13.9%	-58.5K	19.2M	-44.6K	0.41	10.07	N/A	N/A	1,382	566	49,177	38,599
2008-12-04	$7.63	$10.00	134.5%	38.6%	146.2%	74.5%	133.1%	25.0%	-13.2%	-57.7K	18.7M	-45.6K	0.92	14.41	N/A	N/A	1,444	1,330	49,677	38,234
2008-12-05	$8.09	$22.50	126.7%	34.8%	135.6%	69.1%	121.9%	29.3%	-11.1%	-52.5K	18.6M	-50.4K	1.66	7.55	N/A	N/A	686	1,140	50,242	38,255
2008-12-08	$9.62	$22.50	124.5%	32.6%	152.0%	67.6%	113.7%	21.0%	-11.0%	-29.0K	16.4M	-62.9K	0.50	9.30	N/A	N/A	3,328	1,675	50,670	38,495
2008-12-09	$10.50	$22.50	131.1%	32.4%	156.7%	72.1%	109.8%	21.4%	-9.8%	-15.2K	13.9M	-70.7K	0.17	12.36	N/A	N/A	6,151	1,060	51,445	38,747
2008-12-10	$11.30	$22.50	130.2%	29.9%	159.7%	71.5%	108.2%	23.2%	-8.5%	19.3K	10.7M	-76.7K	0.19	10.65	N/A	N/A	7,895	1,501	53,076	38,919
2008-12-11	$10.22	$22.50	113.5%	32.5%	140.4%	60.1%	111.7%	19.8%	-11.3%	10.9K	14.2M	-70.8K	0.28	8.16	N/A	N/A	3,316	930	55,535	39,495
2008-12-12	$11.10	$22.50	114.0%	32.7%	142.6%	60.4%	104.2%	20.3%	-11.9%	30.0K	12.0M	-75.0K	0.44	12.64	N/A	N/A	2,604	1,149	55,062	39,471
2008-12-15	$12.66	$22.50	108.1%	31.0%	146.4%	56.3%	107.8%	19.7%	-11.4%	87.0K	6.2M	-80.6K	0.32	9.11	N/A	N/A	3,493	1,131	55,382	39,569
2008-12-16	$13.53	$20.00	107.7%	30.9%	147.4%	56.1%	104.4%	18.9%	-12.2%	103.2K	3.1M	-83.6K	0.35	8.24	N/A	N/A	2,432	863	56,080	39,995
2008-12-17	$14.88	$20.00	98.8%	28.3%	149.7%	50.0%	101.1%	17.2%	-5.7%	142.0K	-2.8M	-88.3K	0.56	5.98	N/A	N/A	5,826	3,288	55,948	40,190
2008-12-18	$13.45	$20.00	109.0%	31.3%	138.3%	57.0%	102.2%	19.5%	-9.3%	38.1K	5.7M	-84.4K	0.56	10.41	N/A	N/A	3,681	2,061	56,160	41,639
2008-12-19	$13.25	$20.00	103.6%	29.7%	135.6%	53.2%	99.7%	17.4%	-6.8%	23.7K	6.7M	-84.3K	0.52	9.86	N/A	N/A	1,950	1,008	56,338	42,044
2008-12-22	$12.23	$20.00	100.5%	28.8%	140.5%	51.1%	100.0%	19.6%	-5.8%	-71.7K	13.5M	-75.2K	0.35	7.84	N/A	N/A	2,853	992	29,802	33,928
2008-12-23	$12.25	$20.00	97.6%	28.0%	139.5%	49.1%	97.1%	12.0%	-2.4%	-58.6K	12.7M	-78.0K	0.35	9.82	N/A	N/A	1,149	401	31,191	34,022
2008-12-24	$12.11	$17.50	96.5%	27.7%	137.6%	48.4%	96.7%	14.0%	-1.7%	-54.3K	13.3M	-76.4K	0.46	12.44	N/A	N/A	284	130	31,614	34,111
2008-12-26	$12.18	$17.50	96.8%	27.7%	135.1%	48.5%	105.2%	14.9%	-4.1%	-51.9K	13.3M	-74.0K	1.63	12.18	N/A	N/A	440	718	31,800	34,086
2008-12-29	$11.73	$17.50	96.5%	27.7%	133.8%	48.4%	98.5%	17.0%	-0.3%	-56.2K	14.2M	-71.7K	0.53	10.49	N/A	N/A	941	495	32,133	34,234
2008-12-30	$12.21	$17.50	93.1%	26.7%	119.9%	46.1%	98.3%	12.5%	0.1%	-45.1K	13.3M	-72.0K	1.14	5.84	N/A	N/A	733	839	32,428	34,215
2008-12-31	$12.76	$17.50	88.0%	25.2%	116.5%	42.6%	86.3%	10.0%	0.2%	-31.7K	12.0M	-74.6K	0.36	7.08	N/A	N/A	1,230	439	32,815	34,554