GPK Options History — January 2015

In January 2015, GPK traded between $13.57 and $14.94. ATM implied volatility averaged 58.0%, placing in the 25.9% IV rank vs the trailing year. The 30-day expected move averaged 8.2%. IV traded above realized volatility by 38.9% (HV 20d: 19.1%). Max pain ranged from $10.00 to $10.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 3 of 20 days. Put/call ratio averaged 0.56.

Notable Days

2015-01-29: Highest Volume — 337 contracts
2015-01-13: Largest IV spike — 151.0% change
2015-01-07: Highest IV Rank — 82.2%
2015-01-28: Largest Expected Move — 10.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$14.10	$13.57	$14.94	$13.59	$14.49
Max Pain	$10.00	$10.00	$10.00	$10.00	$10.00
ATM IV	58.0%	22.6%	148.9%	112.9%	30.2%
Expected Move	8.2%	6.5%	10.0%	7.9%	8.7%
HV 20d	19.1%	16.0%	24.0%	16.7%	23.4%
HV 60d	23.7%	20.1%	28.6%	28.6%	20.5%
IV Rank	25.9%	4.0%	82.2%	59.9%	8.7%
IV Percentile	59.9%	14.7%	98.4%	93.7%	48.0%
Term Structure	-9.1%	-89.9%	1.5%	-89.9%	-8.1%
VWIV	32.6%	23.6%	43.7%	29.5%	40.6%
Skew 25d	0.1%	-45.0%	92.8%	45.7%	-25.9%
Skew 10d	2.4%	-70.2%	136.9%	-54.1%	-67.7%
Call IV 25d	39.3%	17.5%	79.8%	57.2%	60.2%
Put IV 25d	39.4%	22.1%	122.1%	102.9%	34.3%
Bid-Ask Spread %	107.58	34.84	135.80	116.82	135.44
Gamma HHI	0.55	0.48	0.67	0.67	0.48
Net GEX	35.9K	31.2K	37.9K	37.6K	36.7K
Net DEX	-1.6M	-1.8M	-1.4M	-1.4M	-1.8M
Net VEX	-3.4K	-4.2K	-2.3K	-3.8K	-2.7K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.56	0.00	1.16	0.64	0.58
Total Volume	182	0	337	301	337
Total OI	1,758.4	1,624	1,837	1,768	1,768

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
2015-01-02	$13.59	$10.00	112.9%	7.9%	16.7%	59.9%	29.5%	45.7%	-89.9%	37.6K	-1.4M	-3.8K	0.64	116.82	184	117	1,622	146
2015-01-05	$13.63	$10.00	89.3%	6.7%	16.4%	45.3%	0.0%	9.5%	-1.8%	32.6K	-1.4M	-4.2K	0.00	114.26	10	0	1,628	146
2015-01-06	$13.71	$10.00	120.5%	9.2%	16.2%	64.6%	0.0%	-8.3%	-19.3%	35.2K	-1.4M	-3.9K	0.00	118.31	0	0	1,638	146
2015-01-07	$13.57	$10.00	148.9%	7.8%	16.0%	82.2%	0.0%	-16.3%	-12.1%	35.2K	-1.4M	-3.9K	0.00	122.74	10	0	1,638	146
2015-01-08	$14.02	$10.00	85.7%	8.3%	19.1%	43.1%	36.7%	9.2%	-4.0%	37.9K	-1.6M	-3.7K	0.68	122.53	171	117	1,648	146
2015-01-09	$13.93	$10.00	95.4%	7.9%	19.5%	49.1%	32.5%	-1.5%	-1.2%	36.2K	-1.6M	-3.9K	0.97	131.00	121	117	1,681	146
2015-01-12	$13.89	$10.00	46.0%	8.2%	18.9%	18.5%	29.4%	-3.8%	-1.8%	36.9K	-1.6M	-3.9K	0.96	108.39	122	117	1,691	146
2015-01-13	$13.86	$10.00	115.5%	8.7%	18.8%	61.5%	29.9%	-3.6%	0.4%	37.7K	-1.6M	-3.8K	0.97	105.24	120	117	1,686	146
2015-01-14	$13.90	$10.00	29.4%	8.4%	18.7%	8.2%	39.2%	6.6%	-7.6%	37.8K	-1.5M	-3.8K	1.16	84.81	101	117	1,683	146
2015-01-15	$13.82	$10.00	27.3%	7.8%	18.8%	6.9%	32.4%	-4.7%	-1.5%	37.5K	-1.5M	-3.8K	1.16	93.02	101	117	1,674	143
2015-01-16	$13.98	$10.00	27.9%	8.0%	18.3%	7.3%	34.1%	-6.4%	-3.1%	37.2K	-1.5M	-3.5K	0.21	94.21	24	5	1,624	143
2015-01-20	$14.07	$10.00	29.5%	8.5%	17.0%	8.3%	26.1%	-8.9%	-5.5%	34.8K	-1.5M	-3.5K	0.50	80.90	24	12	1,578	138
2015-01-21	$14.23	$10.00	26.3%	7.5%	17.2%	6.3%	0.0%	-2.9%	-2.5%	36.2K	-1.6M	-3.4K	0.25	91.57	20	5	1,602	146
2015-01-22	$14.42	$10.00	22.6%	6.5%	17.3%	4.0%	23.6%	-1.3%	0.6%	35.1K	-1.6M	-3.2K	0.57	34.84	205	116	1,552	149
2015-01-23	$14.34	$10.00	28.1%	8.0%	17.3%	7.4%	34.2%	-9.0%	1.5%	31.2K	-1.6M	-3.0K	0.54	115.51	214	116	1,475	149
2015-01-26	$14.94	$10.00	27.7%	7.9%	22.1%	7.2%	27.7%	92.8%	-1.6%	36.0K	-1.8M	-2.3K	0.07	105.80	144	10	1,494	149
2015-01-27	$14.65	$10.00	31.8%	9.1%	23.4%	9.7%	30.1%	-24.7%	-2.4%	35.6K	-1.7M	-3.1K	0.00	131.84	22	0	1,568	153
2015-01-28	$14.44	$10.00	35.0%	10.0%	23.9%	11.7%	43.7%	-45.0%	-17.9%	34.3K	-1.7M	-2.4K	0.75	135.80	166	124	1,568	153
2015-01-29	$14.62	$10.00	30.5%	8.7%	24.0%	8.9%	31.4%	1.4%	-3.9%	37.1K	-1.7M	-3.0K	0.58	108.51	213	124	1,560	153
2015-01-30	$14.49	$10.00	30.2%	8.7%	23.4%	8.7%	40.6%	-25.9%	-8.1%	36.7K	-1.8M	-2.7K	0.58	135.44	213	124	1,615	153