GPK Options History — April 2011

In April 2011, GPK traded between $4.75 and $5.58. ATM implied volatility averaged 38.6%, placing in the 10.5% IV rank vs the trailing year. The 30-day expected move averaged 11.7%. IV traded above realized volatility by 5.5% (HV 20d: 33.1%). Max pain ranged from $5.00 to $7.50. Net GEX was positive for 8 of 20 trading days. Term structure was in contango for 6 of 20 days. Put/call ratio averaged 0.49.

Notable Days

2011-04-14: Highest Volume — 4,615 contracts
2011-04-20: Largest IV spike — 277.6% change
2011-04-20: Highest IV Rank — 38.4%
2011-04-20: Largest Expected Move — 25.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$5.23	$4.75	$5.58	$5.48	$5.49
Max Pain	$5.68	$5.00	$7.50	$7.50	$5.00
ATM IV	38.6%	19.8%	88.5%	19.8%	44.5%
Expected Move	11.7%	6.6%	25.4%	13.9%	12.8%
HV 20d	33.1%	27.9%	36.7%	34.2%	35.0%
HV 60d	37.5%	35.5%	39.3%	37.1%	35.5%
IV Rank	10.5%	0.0%	38.4%	0.0%	13.8%
IV Percentile	8.8%	0.0%	55.9%	0.0%	10.1%
Term Structure	1.6%	-8.5%	17.8%	8.4%	-8.5%
VWIV	42.1%	23.1%	88.5%	29.6%	45.9%
Bid-Ask Spread %	166.05	106.61	186.04	184.60	117.51
Gamma HHI	1.00	0.99	1.00	1.00	1.00
Net GEX	202	-373	1.2K	-234	1.1K
Net DEX	151.4K	-47.8K	2.7M	-5.6K	-47.8K
Net VEX	-29	-64	-14	-16	-64
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.49	0.00	3.00	0.44	0.00
Total Volume	293.7	0	4,615	0	0
Total OI	411.7	35	5,751	35	154

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 Vol	Put Vol	Call OI	Put OI
2011-04-01	$5.48	$0.00	0.0%	0.0%	34.2%	0.0%	0.0%	0.0%	0.0%	-234	-5.6K	-16	0.00	184.60	0	0	15	20
2011-04-04	$5.52	$0.00	0.0%	0.0%	34.2%	0.0%	0.0%	0.0%	0.0%	-227	-5.8K	-15	0.00	184.60	0	0	15	20
2011-04-05	$5.58	$0.00	0.0%	0.0%	33.2%	0.0%	0.0%	0.0%	0.0%	-215	-6.0K	-14	0.00	184.29	0	0	15	20
2011-04-06	$5.40	$0.00	0.0%	0.0%	34.9%	0.0%	0.0%	0.0%	0.0%	-257	-5.2K	-16	0.00	184.35	0	0	15	20
2011-04-07	$5.40	$0.00	0.0%	0.0%	32.0%	0.0%	0.0%	0.0%	0.0%	-258	-5.2K	-16	0.00	184.35	0	0	15	20
2011-04-08	$5.43	$0.00	0.0%	0.0%	31.4%	0.0%	0.0%	0.0%	0.0%	-251	-5.4K	-16	0.00	184.22	0	0	15	20
2011-04-11	$5.31	$0.00	0.0%	0.0%	29.3%	0.0%	0.0%	0.0%	0.0%	-286	-4.8K	-16	0.00	185.22	0	1	15	20
2011-04-12	$5.21	$0.00	0.0%	0.0%	27.9%	0.0%	0.0%	0.0%	0.0%	-315	-3.7K	-16	0.00	186.04	0	0	15	21
2011-04-13	$5.05	$0.00	19.8%	13.9%	30.4%	0.0%	0.0%	0.0%	0.0%	-356	-2.6K	-17	0.00	170.93	0	1,100	15	21
2011-04-14	$4.91	$7.50	27.3%	7.8%	32.2%	4.2%	0.0%	0.0%	0.0%	-373	538.6K	-17	0.00	184.69	0	4,615	15	1,121
2011-04-15	$4.75	$7.50	29.6%	8.5%	33.2%	5.5%	29.6%	0.0%	8.4%	-327	2.7M	-15	0.44	182.84	9	4	15	5,736
2011-04-18	$4.84	$7.50	23.1%	6.6%	32.0%	1.8%	23.1%	0.0%	0.3%	-148	11.6K	-20	0.00	183.62	31	0	24	50
2011-04-19	$4.84	$5.00	23.4%	6.7%	31.5%	2.0%	23.4%	0.0%	0.1%	621	6.6K	-36	3.00	185.37	10	30	55	50
2011-04-20	$4.97	$5.00	88.5%	25.4%	33.1%	38.4%	88.5%	0.0%	0.0%	859	-9.6K	-45	0.00	181.12	20	0	65	30
2011-04-21	$5.03	$5.00	48.0%	13.8%	33.4%	15.8%	0.0%	0.0%	7.2%	810	-17.2K	-56	0.00	138.31	0	0	85	30
2011-04-25	$5.29	$5.00	44.4%	12.7%	36.7%	13.7%	0.0%	0.0%	0.6%	834	-25.2K	-50	0.00	132.26	9	0	85	30
2011-04-26	$5.33	$5.00	27.5%	7.9%	36.3%	4.3%	0.0%	0.0%	17.8%	1.2K	-33.0K	-48	0.00	106.61	0	0	94	30
2011-04-27	$5.38	$5.00	42.4%	12.2%	36.0%	12.6%	45.9%	0.0%	-4.7%	926	-32.3K	-50	0.00	130.85	15	0	94	30
2011-04-28	$5.46	$5.00	44.3%	12.7%	35.0%	13.7%	0.0%	0.0%	-6.8%	851	-34.3K	-45	0.00	129.19	30	0	94	30
2011-04-29	$5.49	$5.00	44.5%	12.8%	35.0%	13.8%	0.0%	0.0%	-8.5%	1.1K	-47.8K	-64	0.00	117.51	0	0	124	30