HI Options History — September 2012

In September 2012, HI traded between $18.11 and $19.34. ATM implied volatility averaged 23.7%, placing in the 7.3% IV rank vs the trailing year. The 30-day expected move averaged 6.3%. IV traded above realized volatility by 6.1% (HV 20d: 17.6%). Max pain ranged from $17.50 to $20.00. Net GEX was positive for 16 of 19 trading days. Term structure was in contango for 14 of 19 days. Put/call ratio averaged 3.55.

Notable Days

2012-09-04: Highest Volume — 70 contracts
2012-09-21: Largest IV drop — 45.7% change
2012-09-20: Highest IV Rank — 12.0%
2012-09-20: Largest Expected Move — 8.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$18.75	$18.11	$19.34	$18.16	$18.19
Max Pain	$19.61	$17.50	$20.00	$17.50	$20.00
ATM IV	23.7%	15.7%	29.4%	28.5%	29.4%
Expected Move	6.3%	4.2%	8.4%	8.2%	8.4%
HV 20d	17.6%	15.2%	19.7%	17.5%	19.0%
HV 60d	22.8%	21.9%	25.5%	25.5%	22.3%
IV Rank	7.3%	0.7%	12.0%	11.2%	11.9%
IV Percentile	27.3%	0.4%	56.7%	48.4%	56.7%
Term Structure	4.7%	-2.1%	11.3%	1.4%	-2.0%
VWIV	25.5%	17.1%	33.1%	29.3%	17.1%
Skew 25d	9.0%	3.3%	16.8%	5.1%	8.8%
Skew 10d	13.8%	5.5%	27.6%	10.2%	27.6%
Call IV 25d	20.2%	12.6%	26.4%	25.8%	24.9%
Put IV 25d	29.2%	24.8%	33.7%	31.0%	33.7%
Bid-Ask Spread %	100.86	89.01	111.48	103.65	101.82
Gamma HHI	0.52	0.48	0.59	0.48	0.50
Net GEX	9.6K	-10.8K	20.2K	-4.9K	8.7K
Net DEX	-219.9K	-442.4K	40.2K	8.1K	-87.8K
Net VEX	-4.3K	-4.6K	-4.1K	-4.3K	-4.1K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	3.55	0.00	22.33	22.33	0.00
Total Volume	18.842	0	70	70	1
Total OI	1,542.579	1,427	1,613	1,486	1,489

Daily Data (19 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
2012-09-04	$18.16	$17.50	28.5%	8.2%	17.5%	11.2%	29.3%	5.1%	1.4%	-4.9K	8.1K	-4.3K	22.33	103.65	N/A	N/A	3	67	862	624
2012-09-05	$18.11	$17.50	28.6%	8.2%	17.1%	11.3%	0.0%	4.0%	-1.1%	-10.8K	40.2K	-4.4K	0.00	102.80	N/A	N/A	0	0	865	684
2012-09-06	$18.43	$17.50	22.2%	6.4%	18.2%	6.0%	0.0%	3.3%	10.3%	-6.7K	-48.1K	-4.3K	0.00	102.11	N/A	N/A	4	0	865	684
2012-09-07	$18.93	$20.00	22.3%	4.4%	19.7%	6.1%	0.0%	16.8%	11.2%	177	-176.9K	-4.3K	0.00	95.85	N/A	N/A	0	4	857	684
2012-09-10	$18.86	$20.00	24.1%	4.3%	19.5%	7.6%	0.0%	10.7%	10.1%	2.8K	-215.1K	-4.1K	0.00	104.25	N/A	N/A	50	0	857	680
2012-09-11	$19.00	$20.00	22.0%	4.2%	18.9%	5.9%	0.0%	14.8%	10.3%	7.6K	-300.8K	-4.5K	0.00	104.93	N/A	N/A	0	2	907	680
2012-09-12	$19.06	$20.00	26.4%	4.2%	18.4%	9.5%	0.0%	13.9%	9.1%	7.9K	-287.0K	-4.3K	5.00	104.42	N/A	N/A	2	10	907	680
2012-09-13	$19.28	$20.00	23.4%	6.7%	18.4%	7.0%	23.5%	6.8%	0.5%	17.6K	-375.9K	-4.4K	0.29	95.98	N/A	N/A	41	12	869	688
2012-09-14	$19.34	$20.00	20.7%	5.9%	15.6%	4.8%	21.1%	9.6%	1.2%	20.2K	-442.4K	-4.6K	0.86	89.01	N/A	N/A	14	12	907	685
2012-09-17	$19.10	$20.00	21.9%	6.3%	15.9%	5.8%	0.0%	8.9%	2.7%	16.7K	-337.0K	-4.5K	0.00	111.48	N/A	N/A	0	0	916	697
2012-09-18	$19.21	$20.00	15.7%	4.5%	15.8%	0.7%	33.1%	11.5%	8.0%	16.5K	-362.6K	-4.6K	3.00	102.88	N/A	N/A	10	30	916	697
2012-09-19	$18.98	$20.00	21.4%	6.1%	15.2%	5.4%	0.0%	3.5%	-0.3%	18.0K	-353.3K	-4.5K	0.00	96.62	N/A	N/A	0	0	916	669
2012-09-20	$18.65	$20.00	29.4%	8.4%	16.5%	12.0%	0.0%	10.5%	2.1%	13.1K	-255.6K	-4.3K	0.00	103.36	N/A	N/A	0	0	916	664
2012-09-21	$18.85	$20.00	16.0%	4.6%	16.9%	0.9%	0.0%	13.6%	11.3%	17.5K	-297.5K	-4.3K	0.00	94.23	N/A	N/A	0	0	915	662
2012-09-24	$18.88	$20.00	17.9%	5.1%	16.7%	2.5%	29.2%	11.7%	7.0%	20.2K	-275.8K	-4.1K	1.80	100.28	N/A	N/A	25	45	915	512
2012-09-25	$18.56	$20.00	21.8%	6.2%	17.7%	5.7%	17.1%	3.9%	9.0%	18.2K	-213.2K	-4.1K	2.20	98.71	N/A	N/A	5	11	940	531
2012-09-26	$18.26	$20.00	29.1%	8.3%	18.5%	11.7%	0.0%	8.3%	-2.1%	10.1K	-97.0K	-4.1K	0.00	100.62	N/A	N/A	0	9	942	538
2012-09-27	$18.38	$20.00	29.4%	8.4%	18.7%	12.0%	0.0%	6.0%	-0.0%	10.2K	-100.5K	-4.1K	0.00	103.27	N/A	N/A	1	0	942	547
2012-09-28	$18.19	$20.00	29.4%	8.4%	19.0%	11.9%	0.0%	8.8%	-2.0%	8.7K	-87.8K	-4.1K	0.00	101.82	N/A	N/A	0	1	942	547