GPK Options History — March 2014

In March 2014, GPK traded between $9.75 and $10.52. ATM implied volatility averaged 30.4%, placing in the 12.8% IV rank vs the trailing year. The 30-day expected move averaged 8.7%. IV traded above realized volatility by 13.3% (HV 20d: 17.1%). Max pain ranged from $10.00 to $10.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 13 of 21 days. Put/call ratio averaged 0.50.

Notable Days

2014-03-03: Highest Volume — 62 contracts
2014-03-25: Largest IV spike — 199.9% change
2014-03-25: Highest IV Rank — 45.4%
2014-03-25: Largest Expected Move — 20.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$10.19	$9.75	$10.52	$10.36	$10.16
Max Pain	$10.00	$10.00	$10.00	$10.00	$10.00
ATM IV	30.4%	22.3%	69.8%	31.4%	24.9%
Expected Move	8.7%	6.4%	20.0%	9.0%	7.1%
HV 20d	17.1%	13.4%	22.4%	22.4%	20.7%
HV 60d	17.9%	17.2%	19.6%	17.6%	19.6%
IV Rank	12.8%	6.1%	45.4%	13.6%	8.3%
IV Percentile	37.7%	6.7%	94.8%	52.0%	17.5%
Term Structure	-4.6%	-80.2%	9.2%	2.3%	1.7%
VWIV	36.5%	23.3%	72.7%	24.1%	26.0%
Skew 25d	16.4%	-12.0%	71.9%	52.4%	71.9%
Skew 10d	41.0%	-18.9%	121.3%	110.7%	121.3%
Call IV 25d	42.1%	25.1%	97.0%	29.1%	25.1%
Put IV 25d	58.5%	23.3%	116.1%	81.5%	97.0%
Bid-Ask Spread %	125.05	100.82	149.90	145.44	143.64
Gamma HHI	0.98	0.97	0.99	0.99	0.98
Net GEX	75.3K	58.2K	105.1K	64.0K	82.3K
Net DEX	-1.5M	-1.8M	-877.7K	-1.6M	-1.1M
Net VEX	-4.5K	-4.9K	-3.9K	-4.9K	-4.0K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.50	0.00	9.00	0.00	9.00
Total Volume	19.857	0	62	62	50
Total OI	2,539.667	2,160	2,713	2,637	2,219

Daily Data (21 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
2014-03-03	$10.36	$10.00	31.4%	9.0%	22.4%	13.6%	24.1%	52.4%	2.3%	64.0K	-1.6M	-4.9K	0.00	145.44	62	0	2,519	118
2014-03-04	$10.52	$10.00	30.7%	8.8%	20.6%	13.1%	0.0%	-7.5%	3.3%	68.7K	-1.8M	-4.7K	0.00	139.06	10	0	2,521	118
2014-03-05	$10.50	$10.00	27.4%	7.8%	20.5%	10.3%	72.7%	23.8%	1.2%	68.9K	-1.8M	-4.7K	0.00	142.07	13	0	2,521	118
2014-03-06	$10.48	$10.00	39.4%	11.3%	20.7%	20.2%	0.0%	9.2%	-4.0%	64.3K	-1.7M	-4.7K	0.00	149.90	13	0	2,526	118
2014-03-07	$10.45	$0.00	24.9%	7.2%	20.8%	8.2%	0.0%	-5.4%	0.2%	70.9K	-1.8M	-4.6K	0.00	107.30	2	0	2,536	118
2014-03-10	$10.42	$0.00	26.3%	8.2%	17.3%	9.5%	0.0%	29.5%	-1.3%	72.3K	-1.7M	-4.7K	0.00	100.82	25	0	2,536	118
2014-03-11	$10.30	$0.00	29.0%	7.9%	14.9%	11.6%	0.0%	2.9%	-0.7%	76.6K	-1.7M	-4.7K	0.00	103.55	25	0	2,551	118
2014-03-12	$10.27	$0.00	22.8%	6.9%	14.9%	6.5%	0.0%	42.6%	5.9%	82.0K	-1.6M	-4.7K	0.00	110.74	14	0	2,576	118
2014-03-13	$10.07	$0.00	31.0%	8.9%	16.5%	13.3%	0.0%	3.3%	-4.9%	79.8K	-1.4M	-4.7K	0.00	126.50	37	0	2,590	118
2014-03-14	$10.09	$0.00	27.7%	7.9%	13.4%	10.6%	0.0%	-9.4%	-2.0%	97.1K	-1.4M	-4.7K	0.00	105.73	5	0	2,590	118
2014-03-17	$10.27	$0.00	32.4%	9.3%	15.1%	14.4%	0.0%	0.4%	-9.0%	80.5K	-1.7M	-4.6K	0.00	115.05	18	0	2,595	118
2014-03-18	$10.30	$0.00	27.6%	7.9%	14.9%	10.5%	0.0%	42.7%	0.9%	79.7K	-1.6M	-4.4K	0.00	101.34	0	0	2,591	118
2014-03-19	$10.15	$0.00	25.0%	7.2%	14.3%	8.4%	0.0%	3.1%	0.4%	90.2K	-1.6M	-4.4K	0.00	107.28	1	0	2,591	118
2014-03-20	$10.05	$0.00	27.0%	7.7%	14.5%	10.0%	0.0%	-12.0%	0.2%	79.8K	-1.4M	-4.4K	0.00	121.14	26	0	2,583	118
2014-03-21	$10.09	$0.00	25.4%	7.3%	14.6%	8.7%	0.0%	4.9%	0.1%	105.1K	-1.5M	-4.3K	0.00	137.66	22	0	2,568	118
2014-03-24	$9.98	$0.00	23.3%	6.7%	15.0%	6.9%	23.3%	-10.7%	6.1%	60.3K	-1.1M	-4.2K	0.00	108.77	30	0	2,122	38
2014-03-25	$10.06	$10.00	69.8%	20.0%	15.4%	45.4%	0.0%	19.9%	-80.2%	70.9K	-1.1M	-4.1K	0.00	137.76	25	0	2,152	38
2014-03-26	$9.83	$10.00	38.1%	10.9%	17.2%	19.1%	0.0%	10.0%	-27.8%	65.4K	-1.0M	-4.1K	0.00	144.94	0	0	2,152	38
2014-03-27	$9.75	$10.00	22.3%	6.4%	17.3%	6.1%	0.0%	39.4%	9.2%	64.9K	-877.7K	-3.9K	0.00	141.17	0	30	2,152	38
2014-03-28	$9.86	$10.00	31.4%	9.0%	17.9%	13.6%	0.0%	32.8%	1.7%	58.2K	-995.1K	-4.1K	0.00	136.18	9	0	2,152	68
2014-03-31	$10.16	$10.00	24.9%	7.1%	20.7%	8.3%	26.0%	71.9%	1.7%	82.3K	-1.1M	-4.0K	9.00	143.64	5	45	2,151	68