EWC Options History — January 2009

In January 2009, EWC traded between $15.75 and $18.88. ATM implied volatility averaged 44.9%, placing in the 37.1% IV rank vs the trailing year. The 30-day expected move averaged 12.9%. IV traded below realized volatility by 0.5% (HV 20d: 45.4%). Max pain ranged from $15.00 to $18.00. Net GEX was positive for 14 of 20 trading days. Term structure was in contango for 16 of 20 days. Put/call ratio averaged 3.99.

Notable Days

2009-01-06: Highest Volume — 30,216 contracts
2009-01-09: Largest IV spike — 25.1% change
2009-01-20: Highest IV Rank — 47.0%
2009-01-20: Largest Expected Move — 15.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$17.18	$15.75	$18.88	$17.88	$16.70
Max Pain	$16.10	$15.00	$18.00	$18.00	$17.00
ATM IV	44.9%	34.5%	53.2%	38.6%	44.1%
Expected Move	12.9%	11.0%	15.3%	11.1%	12.6%
HV 20d	45.4%	35.7%	53.7%	39.9%	53.3%
HV 60d	67.3%	60.3%	75.6%	75.5%	60.4%
IV Rank	37.1%	24.7%	47.0%	29.6%	36.1%
IV Percentile	74.0%	68.7%	78.6%	73.4%	70.2%
Term Structure	1.1%	-2.2%	4.0%	0.4%	2.0%
VWIV	46.7%	39.6%	58.2%	39.6%	44.3%
Skew 25d	11.5%	4.3%	23.8%	13.1%	10.3%
Skew 10d	16.5%	11.7%	35.7%	20.2%	14.4%
Call IV 25d	40.6%	35.8%	47.8%	35.8%	41.9%
Put IV 25d	52.0%	44.3%	61.6%	48.9%	52.2%
Bid-Ask Spread %	30.40	22.43	43.45	29.95	43.45
Gamma HHI	0.28	0.12	0.42	0.16	0.24
Net GEX	69.8K	-294.7K	324.2K	14.6K	225.4K
Net DEX	7.0M	2.0M	11.2M	7.8M	4.5M
Net VEX	-73.0K	-110.1K	-12.5K	-12.5K	-99.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	3.99	0.00	50.00	0.13	3.50
Total Volume	2,422.6	19	30,216	174	45
Total OI	51,844.15	21,091	66,151	22,989	66,151

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
2009-01-02	$17.88	$18.00	38.6%	11.1%	39.9%	29.6%	39.6%	13.1%	0.4%	14.6K	7.8M	-12.5K	0.13	29.95	N/A	N/A	154	20	16,326	6,663
2009-01-05	$18.42	$15.00	44.8%	12.1%	35.7%	37.0%	43.6%	7.0%	1.4%	29.3K	3.9M	-13.2K	0.16	22.43	N/A	N/A	626	102	16,428	4,663
2009-01-06	$18.88	$15.00	37.9%	11.3%	36.1%	28.8%	0.0%	4.3%	0.4%	33.9K	3.7M	-13.7K	0.50	27.90	N/A	N/A	20,189	10,027	16,365	4,761
2009-01-07	$18.12	$15.00	44.9%	11.9%	36.3%	37.1%	0.0%	6.1%	0.6%	234.4K	2.9M	-97.1K	0.00	23.68	N/A	N/A	45	0	36,349	14,786
2009-01-08	$18.51	$15.00	34.5%	11.0%	35.8%	24.7%	47.1%	7.0%	2.4%	294.3K	2.0M	-95.9K	0.00	27.66	N/A	N/A	5,026	13	36,339	14,786
2009-01-09	$18.04	$16.00	43.1%	12.6%	37.4%	35.0%	45.6%	7.5%	-0.4%	324.2K	2.1M	-107.3K	0.88	28.46	N/A	N/A	16	14	41,338	14,789
2009-01-12	$17.15	$16.00	48.0%	14.1%	42.3%	40.8%	52.5%	11.6%	-1.5%	171.6K	6.0M	-93.0K	16.84	25.08	N/A	N/A	83	1,398	41,350	14,800
2009-01-13	$17.31	$16.00	50.6%	13.4%	42.4%	43.9%	46.4%	14.7%	1.5%	41.4K	6.6M	-96.1K	0.00	25.97	N/A	N/A	28	0	41,408	16,188
2009-01-14	$16.52	$16.00	43.2%	14.0%	45.8%	35.1%	49.0%	13.0%	1.3%	-62.2K	11.2M	-74.0K	2.03	27.28	N/A	N/A	63	128	41,436	16,188
2009-01-15	$16.72	$16.00	48.0%	13.8%	42.0%	40.8%	43.3%	14.6%	2.2%	-80.5K	9.9M	-82.7K	0.49	28.56	N/A	N/A	123	60	41,448	16,309
2009-01-16	$16.94	$16.00	46.4%	13.3%	42.4%	38.9%	44.3%	11.7%	1.0%	-294.7K	9.0M	-83.8K	0.33	29.59	N/A	N/A	39	13	41,524	16,359
2009-01-20	$15.75	$16.00	53.2%	15.3%	48.7%	47.0%	58.2%	10.9%	0.6%	34.8K	10.1M	-70.0K	0.13	32.82	N/A	N/A	75	10	41,312	14,906
2009-01-21	$16.47	$16.00	48.2%	13.8%	51.6%	41.1%	46.1%	18.3%	-0.6%	26.3K	9.9M	-72.7K	0.05	40.01	N/A	N/A	124	6	41,282	14,916
2009-01-22	$15.95	$16.00	49.3%	14.1%	51.9%	42.3%	48.1%	10.8%	2.5%	-2.3K	10.9M	-64.9K	1.71	26.47	N/A	N/A	7	12	41,354	14,922
2009-01-23	$16.49	$16.00	48.3%	13.8%	53.3%	41.2%	41.2%	23.8%	2.2%	-14.4K	11.0M	-61.9K	0.69	36.35	N/A	N/A	13	9	41,340	14,934
2009-01-26	$16.65	$16.00	42.5%	12.2%	53.4%	34.3%	42.9%	12.8%	4.0%	-334	10.0M	-68.9K	0.53	31.66	N/A	N/A	105	56	41,346	14,934
2009-01-27	$16.87	$17.00	41.5%	11.9%	53.5%	33.0%	52.6%	12.3%	2.8%	9.3K	9.5M	-68.6K	1.86	30.41	N/A	N/A	35	65	41,426	14,977
2009-01-28	$17.37	$17.00	44.2%	12.7%	53.4%	36.2%	48.8%	10.9%	1.0%	111.8K	7.2M	-75.1K	0.00	29.43	N/A	N/A	9,550	20	41,441	15,019
2009-01-29	$16.92	$17.00	47.0%	13.5%	53.7%	39.7%	46.3%	8.4%	-2.2%	299.0K	2.6M	-110.1K	50.00	40.78	N/A	N/A	3	150	50,981	15,039
2009-01-30	$16.70	$17.00	44.1%	12.6%	53.3%	36.1%	44.3%	10.3%	2.0%	225.4K	4.5M	-99.4K	3.50	43.45	N/A	N/A	10	35	50,984	15,167