KNOP Options History — May 2015

In May 2015, KNOP traded between $21.87 and $25.73. ATM implied volatility averaged 32.3%, placing in the 14.2% IV rank vs the trailing year. The 30-day expected move averaged 8.2%. IV traded below realized volatility by 13.2% (HV 20d: 45.6%). Max pain ranged from $22.50 to $25.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 10 of 20 days. Put/call ratio averaged 0.89.

Notable Days

2015-05-15: Highest Volume — 358 contracts
2015-05-13: Largest IV drop — 30.1% change
2015-05-11: Highest IV Rank — 22.9%
2015-05-14: Largest Expected Move — 9.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$24.06	$21.87	$25.73	$24.05	$23.63
Max Pain	$24.87	$22.50	$25.00	$25.00	$22.50
ATM IV	32.3%	24.6%	49.3%	30.3%	32.1%
Expected Move	8.2%	7.1%	9.4%	8.7%	9.2%
HV 20d	45.6%	25.2%	55.3%	25.2%	53.8%
HV 60d	36.9%	30.8%	40.7%	32.5%	40.1%
IV Rank	14.2%	9.9%	22.9%	10.0%	19.2%
IV Percentile	57.2%	23.8%	96.0%	52.0%	64.3%
Term Structure	0.1%	-5.6%	6.5%	1.6%	-5.6%
VWIV	28.3%	21.2%	31.1%	30.4%	30.7%
Skew 25d	1.7%	-4.6%	12.6%	-1.0%	8.8%
Skew 10d	0.5%	-8.5%	11.9%	-7.8%	11.9%
Call IV 25d	31.1%	18.7%	37.9%	37.9%	24.8%
Put IV 25d	32.8%	27.4%	42.7%	36.9%	33.6%
Bid-Ask Spread %	117.93	109.84	126.13	120.45	118.09
Gamma HHI	0.58	0.40	0.66	0.55	0.66
Net GEX	9.3K	1.3K	14.4K	7.9K	13.3K
Net DEX	158.1K	-292	303.8K	179.4K	186.2K
Net VEX	-1.4K	-1.6K	-1.1K	-1.6K	-1.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.89	0.00	1.49	1.02	1.08
Total Volume	234.45	5	358	354	324
Total OI	519.7	476	630	492	630

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
2015-05-01	$24.05	$0.00	30.3%	8.7%	25.2%	10.0%	0.0%	-1.0%	1.6%	7.9K	179.4K	-1.6K	1.02	120.45	175	179	250	242
2015-05-04	$23.49	$25.00	33.8%	7.3%	26.4%	12.4%	0.0%	3.4%	-0.3%	6.2K	236.6K	-1.4K	1.00	123.17	4	4	234	242
2015-05-05	$23.41	$25.00	36.6%	8.1%	26.4%	14.3%	30.4%	-2.8%	-1.6%	5.6K	227.5K	-1.5K	0.80	119.69	178	142	254	244
2015-05-06	$22.77	$25.00	35.1%	8.8%	27.1%	13.2%	31.1%	-2.7%	2.7%	4.8K	270.9K	-1.3K	0.80	111.86	178	142	254	244
2015-05-07	$21.87	$25.00	39.4%	8.6%	29.7%	16.2%	29.8%	10.0%	-0.7%	1.3K	303.8K	-1.2K	0.75	109.90	192	144	254	244
2015-05-08	$24.07	$25.00	39.1%	8.2%	46.9%	16.0%	0.0%	7.0%	4.3%	7.6K	220.9K	-1.1K	0.00	119.53	7	0	252	248
2015-05-11	$23.47	$25.00	49.3%	7.8%	47.6%	22.9%	21.2%	12.6%	6.5%	8.5K	193.0K	-1.5K	0.00	117.11	10	0	259	248
2015-05-12	$23.34	$25.00	43.3%	8.3%	47.5%	18.9%	29.5%	-2.5%	3.1%	8.3K	221.7K	-1.3K	0.75	118.24	192	144	281	248
2015-05-13	$22.85	$25.00	30.3%	8.7%	47.1%	9.9%	30.6%	-1.8%	2.9%	7.5K	253.0K	-1.3K	0.75	112.67	192	144	279	248
2015-05-14	$23.67	$25.00	32.9%	9.4%	48.8%	11.7%	30.0%	3.9%	-2.7%	8.0K	171.8K	-1.5K	0.73	125.14	198	144	279	248
2015-05-15	$24.30	$25.00	26.0%	7.5%	49.8%	12.0%	25.3%	4.9%	-4.2%	10.6K	148.3K	-1.4K	0.85	112.47	194	164	279	248
2015-05-18	$25.73	$25.00	25.6%	7.3%	53.9%	11.5%	24.0%	-2.0%	1.0%	14.4K	-292	-1.4K	0.00	117.94	5	0	255	248
2015-05-19	$25.20	$25.00	24.6%	7.1%	54.4%	10.4%	0.0%	5.4%	-0.8%	11.8K	65.6K	-1.5K	1.00	126.13	16	16	255	248
2015-05-20	$25.05	$25.00	28.7%	8.2%	54.4%	15.2%	29.4%	-2.3%	0.5%	11.0K	60.6K	-1.6K	1.49	118.79	101	150	279	248
2015-05-21	$25.45	$25.00	29.0%	8.3%	54.0%	15.5%	29.3%	-1.8%	-2.0%	11.4K	28.1K	-1.6K	1.38	115.26	109	150	276	248
2015-05-22	$25.68	$25.00	25.4%	7.3%	54.1%	11.3%	25.7%	2.4%	2.3%	13.9K	6.3K	-1.5K	1.38	116.38	109	150	284	248
2015-05-26	$24.90	$25.00	25.8%	7.4%	55.2%	11.8%	26.6%	-3.4%	1.7%	13.2K	69.0K	-1.5K	1.44	122.44	104	150	284	248
2015-05-27	$24.53	$25.00	30.4%	8.7%	55.3%	17.1%	30.5%	-4.6%	-2.8%	12.0K	103.3K	-1.5K	1.44	123.56	104	150	284	248
2015-05-28	$23.70	$25.00	28.5%	8.2%	53.8%	14.9%	28.4%	0.7%	-3.9%	8.2K	216.3K	-1.2K	1.08	109.84	156	168	284	248
2015-05-29	$23.63	$22.50	32.1%	9.2%	53.8%	19.2%	30.7%	8.8%	-5.6%	13.3K	186.2K	-1.4K	1.08	118.09	156	168	350	280