GPK Options History — January 2017

In January 2017, GPK traded between $12.25 and $13.06. ATM implied volatility averaged 30.4%, placing in the 14.3% IV rank vs the trailing year. The 30-day expected move averaged 8.9%. IV traded above realized volatility by 10.1% (HV 20d: 20.3%). Max pain ranged from $12.50 to $12.50. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 3 of 20 days. Put/call ratio averaged 0.17.

Notable Days

2017-01-20: Highest Volume — 2,739 contracts
2017-01-09: Largest IV spike — 13.2% change
2017-01-30: Highest IV Rank — 21.0%
2017-01-30: Largest Expected Move — 10.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$12.75	$12.25	$13.06	$12.85	$12.54
Max Pain	$12.50	$12.50	$12.50	$12.50	$12.50
ATM IV	30.4%	23.5%	35.0%	25.7%	33.6%
Expected Move	8.9%	6.8%	10.0%	7.4%	9.6%
HV 20d	20.3%	16.6%	24.4%	24.2%	22.0%
HV 60d	24.2%	19.0%	26.9%	26.8%	19.6%
IV Rank	14.3%	4.2%	21.0%	7.3%	19.0%
IV Percentile	46.8%	3.6%	75.8%	14.7%	69.8%
Term Structure	-1.2%	-4.7%	10.2%	5.3%	-3.0%
VWIV	31.0%	21.0%	35.0%	25.7%	33.6%
Skew 25d	3.7%	-9.5%	8.6%	-9.5%	4.3%
Skew 10d	8.3%	-12.8%	18.0%	-12.8%	7.7%
Call IV 25d	31.4%	25.2%	37.9%	35.3%	37.7%
Put IV 25d	35.0%	25.8%	42.4%	25.8%	42.0%
Bid-Ask Spread %	92.79	31.42	99.67	93.94	96.76
Gamma HHI	0.56	0.50	0.66	0.62	0.65
Net GEX	122.0K	77.0K	161.0K	77.0K	136.9K
Net DEX	-2.0M	-2.7M	-523.4K	-523.4K	-2.5M
Net VEX	-10.7K	-14.6K	-3.7K	-3.7K	-14.6K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.17	0.06	0.29	0.06	0.28
Total Volume	1,960	1,324	2,739	2,112	1,958
Total OI	6,871.2	4,313	8,694	4,313	8,694

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
2017-01-03	$12.85	$12.50	25.7%	7.4%	24.2%	7.3%	25.7%	-9.5%	5.3%	77.0K	-523.4K	-3.7K	0.06	93.94	1,989	123	4,143	170
2017-01-04	$12.98	$12.50	23.5%	6.8%	24.4%	4.2%	21.0%	-5.0%	10.2%	103.5K	-1.3M	-6.9K	0.08	82.81	1,455	123	4,961	170
2017-01-05	$12.97	$12.50	24.3%	8.8%	24.4%	5.4%	30.8%	7.6%	0.1%	111.8K	-1.5M	-7.7K	0.08	97.56	1,601	123	5,202	170
2017-01-06	$12.88	$12.50	25.3%	8.8%	19.2%	6.9%	30.5%	4.2%	-0.4%	117.2K	-1.7M	-8.6K	0.10	99.66	1,201	123	5,604	170
2017-01-09	$12.88	$12.50	28.7%	9.0%	19.1%	11.8%	31.3%	8.1%	-1.6%	110.0K	-1.7M	-8.1K	0.08	98.27	1,620	123	5,603	160
2017-01-10	$13.03	$12.50	30.9%	8.9%	18.9%	15.1%	31.1%	8.3%	-1.3%	128.5K	-2.0M	-9.4K	0.09	98.84	1,666	152	5,908	160
2017-01-11	$13.06	$12.50	31.9%	9.1%	18.3%	16.5%	31.8%	7.8%	-2.2%	148.9K	-2.4M	-10.6K	0.09	88.50	1,666	143	6,174	189
2017-01-12	$12.98	$12.50	33.1%	9.5%	18.2%	18.3%	33.1%	6.2%	-2.6%	138.0K	-2.2M	-10.0K	0.10	31.42	1,497	143	6,174	190
2017-01-13	$12.83	$12.50	30.0%	8.6%	18.6%	13.7%	30.0%	2.9%	-0.8%	136.3K	-2.0M	-9.3K	0.23	99.67	1,620	369	6,184	190
2017-01-17	$12.78	$12.50	30.1%	8.6%	16.6%	13.9%	30.1%	3.3%	-1.5%	122.3K	-2.0M	-9.9K	0.21	96.68	1,912	395	6,342	419
2017-01-18	$12.77	$12.50	31.1%	8.9%	16.6%	15.3%	31.1%	3.4%	-1.7%	143.0K	-2.3M	-11.2K	0.26	98.22	1,477	386	6,782	474
2017-01-19	$12.57	$12.50	31.5%	9.0%	17.5%	15.9%	31.5%	4.4%	-3.8%	161.0K	-2.0M	-10.8K	0.26	99.02	1,482	386	6,782	489
2017-01-20	$12.25	$12.50	30.4%	8.7%	19.5%	14.3%	30.4%	0.7%	-1.4%	78.5K	-1.4M	-10.1K	0.16	93.46	2,352	387	6,782	489
2017-01-23	$12.40	$12.50	31.5%	9.0%	20.0%	15.9%	31.5%	8.6%	-2.7%	104.0K	-2.0M	-12.8K	0.18	91.76	2,028	369	7,245	550
2017-01-24	$12.65	$12.50	32.7%	9.4%	21.3%	17.7%	32.7%	4.5%	-3.2%	111.2K	-2.3M	-13.6K	0.29	97.28	1,189	343	7,288	573
2017-01-25	$12.83	$12.50	33.6%	9.6%	21.6%	19.0%	33.6%	4.4%	-3.1%	121.7K	-2.5M	-13.9K	0.19	98.58	1,813	343	7,300	599
2017-01-26	$12.78	$12.50	32.3%	9.3%	21.6%	17.1%	32.3%	-1.1%	-2.8%	132.1K	-2.7M	-14.0K	0.19	98.10	1,813	343	7,640	599
2017-01-27	$12.50	$12.50	32.3%	9.3%	22.2%	17.2%	32.3%	6.0%	-3.2%	123.6K	-2.4M	-13.8K	0.18	98.50	1,887	343	7,640	599
2017-01-30	$12.45	$12.50	35.0%	10.0%	21.9%	21.0%	35.0%	4.4%	-4.7%	133.9K	-2.5M	-14.6K	0.20	96.74	1,887	370	8,017	599
2017-01-31	$12.54	$12.50	33.6%	9.6%	22.0%	19.0%	33.6%	4.3%	-3.0%	136.9K	-2.5M	-14.6K	0.28	96.76	1,524	434	8,038	656