GPK Options History — March 2013

In March 2013, GPK traded between $7.17 and $7.60. ATM implied volatility averaged 27.8%, placing in the 2.7% IV rank vs the trailing year. The 30-day expected move averaged 7.5%. IV traded above realized volatility by 4.2% (HV 20d: 23.6%). Max pain ranged from $7.50 to $12.50. Net GEX was positive for 6 of 20 trading days. Term structure was in contango for 17 of 20 days. Put/call ratio averaged 1.90.

Notable Days

2013-03-21: Highest Volume — 1,150 contracts
2013-03-11: Largest IV spike — 33.6% change
2013-03-12: Highest IV Rank — 9.8%
2013-03-04: Largest Expected Move — 9.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$7.46	$7.17	$7.60	$7.42	$7.49
Max Pain	$8.41	$7.50	$12.50	$7.50	$7.50
ATM IV	27.8%	21.3%	39.8%	24.7%	21.5%
Expected Move	7.5%	6.1%	9.3%	7.1%	6.2%
HV 20d	23.6%	16.4%	26.9%	26.9%	16.9%
HV 60d	23.0%	21.6%	25.6%	25.6%	21.6%
IV Rank	2.7%	0.0%	9.8%	0.5%	0.1%
IV Percentile	4.9%	0.0%	18.8%	1.2%	0.4%
Term Structure	5.2%	-6.3%	21.4%	0.2%	21.4%
VWIV	29.9%	24.3%	45.9%	33.8%	25.8%
Skew 25d	33.0%	3.2%	100.5%	18.8%	8.5%
Skew 10d	45.2%	6.4%	107.7%	23.1%	12.4%
Call IV 25d	30.8%	22.3%	40.4%	25.8%	38.2%
Put IV 25d	63.8%	28.7%	125.4%	44.6%	46.7%
Bid-Ask Spread %	105.42	85.00	133.75	130.75	112.71
Gamma HHI	0.95	0.79	1.00	1.00	0.97
Net GEX	262	-880	4.1K	-709	3.2K
Net DEX	45.7K	-91.3K	1.1M	-7.4K	-37.1K
Net VEX	-713	-819	-578	-750	-819
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.90	0.00	19.91	0.00	0.00
Total Volume	106.8	0	1,150	0	0
Total OI	873.7	539	2,368	753	926

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
2013-03-01	$7.42	$7.50	24.7%	7.1%	26.9%	0.5%	0.0%	18.8%	0.2%	-709	-7.4K	-750	0.00	130.75	0	0	331	422
2013-03-04	$7.49	$0.00	25.1%	9.3%	26.8%	0.7%	0.0%	49.0%	-2.0%	-712	-29.2K	-739	0.00	85.00	18	0	331	422
2013-03-05	$7.51	$0.00	28.8%	6.8%	26.6%	3.0%	0.0%	6.4%	12.0%	-623	-37.6K	-752	0.00	111.13	0	0	338	422
2013-03-06	$7.45	$0.00	25.2%	7.7%	26.8%	0.8%	0.0%	6.2%	5.1%	-655	-22.1K	-742	0.00	121.45	1	0	338	422
2013-03-07	$7.50	$0.00	29.3%	8.8%	26.8%	3.3%	0.0%	52.0%	-0.2%	-619	-25.8K	-716	0.00	89.95	0	0	338	422
2013-03-08	$7.57	$0.00	27.9%	6.5%	26.8%	2.5%	0.0%	20.4%	11.7%	-604	-56.9K	-721	0.00	113.05	0	0	338	422
2013-03-11	$7.54	$0.00	37.3%	8.3%	26.7%	8.3%	0.0%	8.5%	1.6%	-614	-52.3K	-699	0.00	100.56	15	0	338	422
2013-03-12	$7.52	$0.00	39.8%	6.2%	25.9%	9.8%	0.0%	7.5%	9.1%	-816	-44.5K	-690	0.00	133.75	3	0	335	422
2013-03-13	$7.54	$0.00	32.0%	7.7%	25.8%	5.0%	0.0%	7.2%	4.8%	-811	-48.8K	-669	0.00	99.06	0	0	337	422
2013-03-14	$7.60	$0.00	28.6%	8.2%	25.1%	2.9%	33.8%	3.2%	-6.3%	-880	-75.5K	-658	0.00	126.94	7	0	337	422
2013-03-15	$7.59	$7.50	28.7%	8.2%	25.1%	3.0%	0.0%	8.6%	5.2%	-828	-76.0K	-647	0.00	103.21	5	0	337	422
2013-03-18	$7.50	$7.50	29.1%	8.3%	25.4%	3.2%	0.0%	52.9%	1.6%	-618	-25.6K	-587	0.00	89.66	0	0	229	310
2013-03-19	$7.46	$7.50	28.8%	8.3%	24.6%	3.1%	28.3%	65.3%	3.3%	-700	-18.4K	-578	0.00	91.66	139	0	229	310
2013-03-20	$7.44	$7.50	24.3%	7.0%	20.7%	0.2%	24.3%	59.0%	9.0%	4.1K	-91.3K	-704	0.00	100.08	0	610	364	310
2013-03-21	$7.28	$12.50	29.6%	8.5%	22.4%	3.5%	29.8%	16.5%	3.9%	-210	343.1K	-774	19.91	94.73	55	1,095	364	920
2013-03-22	$7.17	$10.00	22.8%	6.5%	21.1%	0.0%	45.9%	85.1%	2.0%	1.1K	1.1M	-718	2.15	86.76	47	101	403	1,965
2013-03-25	$7.25	$10.00	21.3%	6.1%	17.1%	0.0%	26.3%	100.5%	8.7%	2.0K	113.8K	-729	0.40	111.39	10	4	419	576
2013-03-26	$7.43	$7.50	24.9%	7.1%	17.7%	2.2%	24.8%	14.1%	9.1%	2.0K	1.9K	-769	0.33	104.03	3	1	429	474
2013-03-27	$7.40	$7.50	25.7%	7.4%	16.4%	2.7%	25.8%	70.5%	3.0%	2.3K	-22.3K	-801	0.00	102.45	22	0	432	474
2013-03-28	$7.49	$7.50	21.5%	6.2%	16.9%	0.1%	0.0%	8.5%	21.4%	3.2K	-37.1K	-819	0.00	112.71	0	0	452	474