EWC Options History — February 2011

In February 2011, EWC traded between $31.92 and $33.67. ATM implied volatility averaged 16.6%, placing in the 15.8% IV rank vs the trailing year. The 30-day expected move averaged 4.9%. IV traded above realized volatility by 3.5% (HV 20d: 13.1%). Max pain ranged from $29.00 to $31.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 19 of 19 days. Put/call ratio averaged 0.76.

Notable Days

2011-02-08: Highest Volume — 501 contracts
2011-02-16: Largest IV drop — 13.7% change
2011-02-15: Highest IV Rank — 21.2%
2011-02-09: Largest Expected Move — 5.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$32.52	$31.92	$33.67	$31.92	$33.67
Max Pain	$29.32	$29.00	$31.00	$31.00	$29.00
ATM IV	16.6%	15.1%	18.4%	15.8%	15.5%
Expected Move	4.9%	4.3%	5.3%	4.5%	4.4%
HV 20d	13.1%	11.8%	14.5%	14.5%	13.3%
HV 60d	13.3%	11.7%	14.8%	14.8%	11.7%
IV Rank	15.8%	11.4%	21.2%	13.4%	12.6%
IV Percentile	7.9%	2.4%	16.3%	3.2%	4.4%
Term Structure	1.9%	0.1%	3.6%	2.5%	2.3%
VWIV	17.0%	15.1%	18.3%	17.1%	16.9%
Skew 25d	6.2%	3.3%	9.4%	9.4%	5.5%
Skew 10d	4.7%	-2.6%	11.1%	3.5%	8.1%
Call IV 25d	13.3%	9.4%	16.2%	10.5%	13.2%
Put IV 25d	19.5%	16.2%	21.4%	19.9%	18.7%
Bid-Ask Spread %	76.30	64.51	91.07	64.51	83.22
Gamma HHI	0.27	0.22	0.38	0.22	0.38
Net GEX	565.8K	455.9K	716.4K	475.5K	519.5K
Net DEX	-10.9M	-14.9M	-7.9M	-7.9M	-14.9M
Net VEX	-51.6K	-53.5K	-47.8K	-52.6K	-47.8K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.76	0.03	4.91	0.28	0.73
Total Volume	221.474	47	501	197	241
Total OI	11,393.053	10,701	12,214	10,701	11,818

Daily Data (19 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
2011-02-01	$31.92	$31.00	15.8%	4.5%	14.5%	13.4%	17.1%	9.4%	2.5%	475.5K	-7.9M	-52.6K	0.28	64.51	N/A	N/A	154	43	6,483	4,218
2011-02-02	$31.97	$31.00	16.8%	4.8%	13.8%	16.3%	16.3%	7.6%	0.8%	515.1K	-8.2M	-52.6K	0.29	65.54	N/A	N/A	109	32	6,575	4,222
2011-02-03	$32.21	$31.00	15.1%	4.3%	14.0%	11.4%	16.0%	7.3%	2.4%	606.2K	-8.7M	-52.3K	0.96	71.27	N/A	N/A	24	23	6,636	4,229
2011-02-04	$32.21	$29.00	15.1%	5.2%	13.7%	11.5%	18.1%	5.1%	1.8%	578.3K	-9.4M	-51.9K	0.88	67.01	N/A	N/A	26	23	6,653	4,240
2011-02-07	$32.19	$29.00	15.7%	5.1%	13.8%	13.3%	16.7%	5.2%	1.6%	582.1K	-9.7M	-50.7K	0.54	73.95	N/A	N/A	39	21	6,665	4,263
2011-02-08	$32.23	$29.00	16.4%	5.3%	13.6%	15.3%	17.6%	7.9%	0.1%	596.9K	-9.7M	-50.7K	1.68	85.17	N/A	N/A	187	314	6,686	4,284
2011-02-09	$32.01	$29.00	17.7%	5.3%	13.2%	19.1%	15.6%	6.9%	0.9%	570.6K	-9.0M	-53.5K	0.14	77.64	N/A	N/A	285	40	6,836	4,372
2011-02-10	$32.12	$29.00	17.1%	4.9%	12.9%	17.3%	18.1%	6.3%	2.8%	646.8K	-9.1M	-52.8K	0.34	71.82	N/A	N/A	76	26	7,015	4,366
2011-02-11	$32.22	$29.00	17.6%	5.0%	12.7%	18.6%	17.6%	6.9%	1.5%	716.4K	-10.1M	-52.4K	0.43	65.08	N/A	N/A	140	60	7,056	4,389
2011-02-14	$32.48	$29.00	18.1%	5.2%	12.9%	20.3%	16.6%	8.8%	1.4%	651.5K	-10.8M	-52.4K	0.90	75.86	N/A	N/A	110	99	7,150	4,443
2011-02-15	$32.47	$29.00	18.4%	5.3%	12.8%	21.2%	18.3%	6.5%	1.1%	701.2K	-11.5M	-51.9K	0.03	91.07	N/A	N/A	456	15	7,226	4,516
2011-02-16	$32.95	$29.00	15.9%	4.6%	12.6%	13.8%	17.7%	5.2%	3.1%	583.3K	-13.3M	-51.0K	0.29	77.17	N/A	N/A	168	49	7,403	4,503
2011-02-17	$33.11	$29.00	15.5%	4.4%	11.8%	12.5%	15.1%	3.3%	3.6%	455.9K	-14.1M	-49.9K	0.17	90.18	N/A	N/A	327	57	7,414	4,547
2011-02-18	$33.11	$29.00	16.1%	4.6%	11.9%	14.3%	15.7%	3.6%	3.0%	515.9K	-14.3M	-51.3K	0.30	78.53	N/A	N/A	292	89	7,611	4,603
2011-02-22	$32.60	$29.00	16.8%	4.8%	13.7%	16.3%	17.9%	3.6%	2.7%	490.5K	-11.0M	-52.8K	0.13	77.26	N/A	N/A	183	24	7,047	4,298
2011-02-23	$32.65	$29.00	17.4%	5.0%	13.0%	18.0%	18.3%	5.0%	2.1%	506.3K	-11.0M	-52.4K	4.91	79.59	N/A	N/A	11	54	7,182	4,322
2011-02-24	$32.61	$29.00	17.2%	4.9%	12.0%	17.7%	17.2%	9.1%	0.7%	507.8K	-11.2M	-52.4K	0.51	74.38	N/A	N/A	150	76	7,191	4,322
2011-02-25	$33.18	$29.00	17.2%	4.9%	13.1%	17.6%	16.6%	3.8%	1.2%	531.1K	-13.2M	-49.3K	0.89	80.41	N/A	N/A	98	87	7,287	4,397
2011-02-28	$33.67	$29.00	15.5%	4.4%	13.3%	12.6%	16.9%	5.5%	2.3%	519.5K	-14.9M	-47.8K	0.73	83.22	N/A	N/A	139	102	7,347	4,471