GPK Options History — December 2012

In December 2012, GPK traded between $6.01 and $6.50. ATM implied volatility averaged 52.8%, placing in the 13.0% IV rank vs the trailing year. The 30-day expected move averaged 13.5%. IV traded above realized volatility by 25.3% (HV 20d: 27.6%). Max pain ranged from $5.00 to $10.00. Net GEX was positive for 3 of 20 trading days. Term structure was in contango for 3 of 20 days. Put/call ratio averaged 18.36.

Notable Days

2012-12-11: Highest Volume — 1,802 contracts
2012-12-05: Largest IV spike — 104.3% change
2012-12-05: Highest IV Rank — 33.1%
2012-12-05: Largest Expected Move — 24.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$6.27	$6.01	$6.50	$6.50	$6.46
Max Pain	$9.13	$5.00	$10.00	$5.00	$10.00
ATM IV	52.8%	40.5%	85.7%	44.5%	50.9%
Expected Move	13.5%	9.9%	24.6%	12.7%	14.6%
HV 20d	27.6%	25.4%	30.6%	27.5%	29.4%
HV 60d	25.1%	22.5%	27.0%	22.5%	27.0%
IV Rank	13.0%	5.5%	33.1%	7.6%	12.3%
IV Percentile	28.9%	6.0%	90.0%	10.8%	22.4%
Term Structure	-10.2%	-30.0%	6.2%	-7.1%	-13.4%
VWIV	65.0%	42.4%	94.1%	47.2%	94.1%
Skew 25d	7.9%	-4.0%	18.1%	11.5%	4.3%
Skew 10d	7.5%	-0.6%	16.4%	7.8%	2.7%
Call IV 25d	39.4%	28.4%	48.0%	37.6%	37.6%
Put IV 25d	47.3%	39.5%	58.0%	49.1%	41.9%
Bid-Ask Spread %	104.99	19.34	119.05	109.42	114.33
Gamma HHI	0.86	0.50	0.96	0.54	0.92
Net GEX	-5.6K	-11.2K	771	771	-6.9K
Net DEX	592.2K	-33.9K	993.7K	-33.9K	381.3K
Net VEX	-562	-787	-289	-324	-587
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	18.36	0.00	162.82	0.40	0.00
Total Volume	139.1	0	1,802	7	0
Total OI	1,353.75	328	2,070	331	971

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
2012-12-03	$6.50	$5.00	44.5%	12.7%	27.5%	7.6%	47.2%	11.5%	-7.1%	771	-33.9K	-324	0.40	109.42	5	2	222	109
2012-12-04	$6.37	$5.00	41.9%	12.0%	28.4%	6.1%	84.6%	4.3%	-9.6%	723	-22.6K	-299	0.00	102.79	1	0	217	111
2012-12-05	$6.18	$5.00	85.7%	24.6%	30.6%	33.1%	70.7%	0.0%	-27.3%	732	-18.5K	-289	0.00	119.05	0	633	217	111
2012-12-06	$6.19	$7.50	58.4%	16.7%	27.3%	16.2%	72.1%	4.2%	-30.0%	-7.1K	702.5K	-588	1.83	99.81	23	42	217	1,365
2012-12-07	$6.20	$10.00	76.8%	13.6%	27.2%	27.6%	0.0%	5.0%	-11.6%	-9.3K	703.9K	-715	0.00	114.30	0	36	197	1,396
2012-12-10	$6.27	$10.00	68.1%	11.3%	26.5%	22.2%	43.5%	10.2%	-10.1%	-10.0K	726.2K	-699	0.00	113.70	0	31	196	1,416
2012-12-11	$6.38	$10.00	78.0%	11.4%	26.5%	28.3%	42.4%	18.1%	-11.1%	-6.6K	761.4K	-638	162.82	116.17	11	1,791	196	1,426
2012-12-12	$6.27	$10.00	54.4%	9.9%	26.4%	13.8%	0.0%	10.7%	4.5%	-11.2K	993.7K	-787	14.57	100.26	7	102	199	1,868
2012-12-13	$6.01	$10.00	51.3%	14.7%	30.4%	11.9%	0.0%	-4.0%	5.1%	-7.8K	972.4K	-684	3.00	110.50	16	48	200	1,870
2012-12-14	$6.11	$10.00	45.1%	12.9%	28.8%	8.0%	94.1%	7.5%	-15.9%	-6.2K	881.7K	-473	1.00	113.50	4	4	200	1,618
2012-12-17	$6.16	$10.00	45.4%	13.0%	28.9%	8.2%	0.0%	0.0%	-12.4%	-4.1K	879.3K	-552	0.00	107.51	0	0	204	1,618
2012-12-18	$6.21	$10.00	47.1%	13.5%	25.4%	9.8%	0.0%	14.9%	-13.2%	-4.7K	883.9K	-554	0.00	99.53	8	0	204	1,618
2012-12-19	$6.28	$10.00	46.6%	13.4%	25.7%	9.5%	0.0%	0.0%	-18.6%	-6.1K	804.2K	-658	0.00	118.79	12	0	210	1,529
2012-12-20	$6.38	$10.00	40.5%	11.6%	26.3%	5.5%	0.0%	0.0%	-6.5%	-6.5K	829.8K	-618	0.00	108.42	0	0	210	1,529
2012-12-21	$6.26	$10.00	41.7%	12.0%	27.1%	6.3%	0.0%	4.5%	-19.0%	-5.4K	824.1K	-568	0.00	109.50	0	0	210	1,529
2012-12-24	$6.28	$10.00	48.5%	13.9%	27.1%	10.7%	0.0%	7.9%	6.2%	-6.1K	388.7K	-614	0.00	110.87	0	0	168	829
2012-12-26	$6.35	$10.00	42.6%	12.2%	27.3%	6.9%	0.0%	0.0%	-0.5%	-5.6K	402.1K	-529	0.00	102.40	0	0	168	797
2012-12-27	$6.38	$10.00	44.6%	12.8%	26.9%	8.2%	0.0%	11.1%	-12.6%	-5.9K	402.5K	-526	0.00	19.34	0	0	168	797
2012-12-28	$6.26	$10.00	44.9%	12.9%	27.7%	8.4%	0.0%	4.3%	-1.7%	-5.7K	381.8K	-547	0.00	109.52	6	0	168	797
2012-12-31	$6.46	$10.00	50.9%	14.6%	29.4%	12.3%	0.0%	0.0%	-13.4%	-6.9K	381.3K	-587	0.00	114.33	0	0	174	797