HI Options History — July 2011

In July 2011, HI traded between $21.88 and $24.08. ATM implied volatility averaged 23.3%, placing in the 47.9% IV rank vs the trailing year. The 30-day expected move averaged 6.7%. IV traded above realized volatility by 3.3% (HV 20d: 20.0%). Max pain ranged from $22.50 to $22.50. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 12 of 20 days. Put/call ratio averaged 0.37.

Notable Days

2011-07-15: Highest Volume — 90 contracts
2011-07-08: Largest IV spike — 36.0% change
2011-07-19: Highest IV Rank — 66.8%
2011-07-19: Largest Expected Move — 7.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$23.05	$21.88	$24.08	$24.08	$21.89
Max Pain	$22.50	$22.50	$22.50	$22.50	$22.50
ATM IV	23.3%	18.3%	27.6%	26.1%	23.6%
Expected Move	6.7%	5.6%	7.9%	7.5%	6.8%
HV 20d	20.0%	17.5%	22.3%	19.4%	20.0%
HV 60d	17.6%	16.4%	18.5%	18.4%	18.1%
IV Rank	47.9%	25.5%	66.8%	54.9%	51.4%
IV Percentile	52.4%	13.5%	83.3%	71.4%	61.9%
Term Structure	0.7%	-5.3%	6.0%	-5.3%	5.7%
VWIV	22.0%	15.1%	27.7%	22.3%	25.4%
Skew 25d	5.4%	-2.7%	25.2%	2.5%	3.1%
Skew 10d	6.3%	-14.5%	43.6%	0.1%	-14.5%
Call IV 25d	21.3%	15.1%	32.6%	21.6%	32.6%
Put IV 25d	26.7%	21.8%	44.1%	24.1%	35.7%
Bid-Ask Spread %	98.65	84.12	124.78	89.49	124.18
Gamma HHI	0.49	0.43	0.62	0.45	0.44
Net GEX	20.5K	15.2K	27.2K	27.2K	15.5K
Net DEX	-376.5K	-648.9K	-136.0K	-647.7K	-158.4K
Net VEX	-2.0K	-2.2K	-1.8K	-2.1K	-1.9K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.37	0.00	4.00	0.00	4.00
Total Volume	14.95	0	90	30	0
Total OI	673.55	477	842	821	544

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 Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2011-07-01	$24.08	$22.50	26.1%	7.5%	19.4%	54.9%	22.3%	2.5%	-5.3%	27.2K	-647.7K	-2.1K	0.00	89.49	N/A	N/A	30	0	494	327
2011-07-05	$24.04	$22.50	21.3%	6.9%	19.4%	35.3%	15.1%	-1.8%	-4.0%	22.2K	-648.9K	-2.0K	0.00	109.58	N/A	N/A	33	0	494	327
2011-07-06	$23.81	$22.50	21.5%	6.5%	20.1%	36.2%	0.0%	0.1%	-2.0%	22.8K	-595.6K	-2.0K	0.00	102.57	N/A	N/A	0	0	479	327
2011-07-07	$24.00	$22.50	18.3%	6.1%	17.5%	25.5%	21.4%	1.1%	0.2%	22.0K	-627.6K	-1.9K	0.00	84.27	N/A	N/A	55	0	479	327
2011-07-08	$23.79	$22.50	24.9%	5.6%	17.9%	55.0%	0.0%	3.8%	4.3%	22.8K	-601.8K	-2.2K	0.00	86.14	N/A	N/A	6	0	512	327
2011-07-11	$23.46	$22.50	20.7%	6.9%	17.7%	36.0%	0.0%	1.7%	1.3%	20.6K	-549.6K	-2.1K	0.00	87.43	N/A	N/A	0	0	508	327
2011-07-12	$23.49	$22.50	27.5%	7.3%	17.7%	66.6%	20.3%	4.3%	4.1%	19.8K	-532.6K	-2.1K	1.00	96.80	N/A	N/A	2	2	508	327
2011-07-13	$23.26	$22.50	23.3%	6.4%	17.9%	47.7%	0.0%	1.7%	6.0%	20.6K	-500.9K	-2.1K	0.00	91.93	N/A	N/A	2	0	508	329
2011-07-14	$22.91	$22.50	22.5%	6.4%	18.9%	43.9%	22.5%	6.9%	3.4%	27.0K	-394.8K	-2.1K	0.00	99.54	N/A	N/A	10	0	508	329
2011-07-15	$23.06	$22.50	24.1%	6.9%	19.0%	51.4%	0.0%	8.4%	0.1%	24.1K	-472.7K	-2.0K	0.00	92.46	N/A	N/A	90	0	513	329
2011-07-18	$22.48	$22.50	21.9%	6.3%	21.2%	41.2%	0.0%	3.3%	2.6%	15.2K	-173.2K	-1.8K	0.00	105.65	N/A	N/A	0	3	359	118
2011-07-19	$23.01	$22.50	27.6%	7.9%	21.6%	66.8%	27.7%	25.2%	-3.8%	15.5K	-196.9K	-1.9K	0.17	106.55	N/A	N/A	30	5	359	120
2011-07-20	$22.80	$22.50	22.7%	6.5%	21.7%	44.9%	0.0%	4.6%	2.1%	19.7K	-224.4K	-1.9K	0.00	100.51	N/A	N/A	10	0	389	125
2011-07-21	$23.09	$22.50	25.0%	7.2%	22.1%	58.0%	0.0%	23.4%	-1.4%	21.1K	-262.4K	-2.0K	0.00	84.46	N/A	N/A	2	0	399	125
2011-07-22	$23.00	$22.50	22.7%	6.5%	22.1%	47.2%	0.0%	20.4%	2.3%	21.4K	-254.1K	-2.0K	0.00	95.83	N/A	N/A	3	0	400	125
2011-07-25	$22.59	$22.50	23.4%	6.7%	21.9%	50.2%	0.0%	-0.5%	-2.3%	20.6K	-208.0K	-1.9K	0.00	91.24	N/A	N/A	1	0	403	125
2011-07-26	$22.33	$22.50	22.1%	6.3%	22.3%	44.6%	0.0%	3.2%	-1.4%	18.4K	-183.7K	-1.9K	0.00	124.78	N/A	N/A	0	4	404	125
2011-07-27	$21.97	$22.50	21.7%	6.2%	21.1%	42.5%	21.3%	-0.6%	5.0%	18.3K	-160.9K	-1.8K	0.00	115.46	N/A	N/A	0	6	404	129
2011-07-28	$21.88	$22.50	25.3%	7.3%	20.6%	59.5%	25.4%	-2.7%	-1.8%	15.6K	-136.0K	-1.8K	4.00	84.12	N/A	N/A	1	4	404	135
2011-07-29	$21.89	$22.50	23.6%	6.8%	20.0%	51.4%	0.0%	3.1%	5.7%	15.5K	-158.4K	-1.9K	0.00	124.18	N/A	N/A	0	0	405	139