KXI Options History — January 2014

In January 2014, KXI traded between $40.54 and $42.59. ATM implied volatility averaged 9.1%, placing in the 11.1% IV rank vs the trailing year. The 30-day expected move averaged 2.8%. IV traded below realized volatility by 1.8% (HV 20d: 10.8%). Max pain ranged from $43.00 to $43.50. Net GEX was positive for 9 of 21 trading days. Term structure was in contango for 20 of 21 days. Put/call ratio averaged 0.25.

Notable Days

2014-01-22: Highest Volume — 40 contracts
2014-01-13: Largest IV spike — 49.1% change
2014-01-31: Highest IV Rank — 22.2%
2014-01-31: Largest Expected Move — 3.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$41.98	$40.54	$42.59	$42.40	$40.54
Max Pain	$43.45	$43.00	$43.50	$43.00	$43.50
ATM IV	9.1%	5.5%	12.2%	9.8%	12.2%
Expected Move	2.8%	2.5%	3.5%	2.8%	3.5%
HV 20d	10.8%	8.9%	12.3%	11.6%	11.3%
HV 60d	9.6%	8.7%	10.3%	10.3%	10.1%
IV Rank	11.1%	0.0%	22.2%	3.9%	22.2%
IV Percentile	19.2%	0.0%	76.1%	6.3%	76.1%
Term Structure	0.8%	-0.1%	2.2%	0.6%	0.9%
VWIV	9.0%	7.8%	10.2%	10.2%	7.8%
Skew 25d	2.2%	-0.1%	4.5%	-0.1%	3.9%
Skew 10d	3.2%	0.9%	5.3%	1.6%	4.5%
Call IV 25d	8.4%	6.4%	10.1%	8.8%	8.3%
Put IV 25d	10.5%	8.8%	12.2%	8.8%	12.2%
Bid-Ask Spread %	80.81	40.82	171.09	128.63	85.17
Gamma HHI	0.22	0.18	0.28	0.21	0.26
Net GEX	-2.6K	-10.0K	3.5K	3.0K	-7.2K
Net DEX	67.2K	27.8K	154.1K	33.0K	154.1K
Net VEX	-508	-768	-386	-497	-553
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.25	0.00	1.00	0.00	0.00
Total Volume	2.571	0	40	0	0
Total OI	82.952	62	108	72	106

Daily Data (21 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
2014-01-02	$42.40	$43.00	9.8%	2.8%	11.6%	0.0%	0.0%	-0.1%	0.6%	3.0K	33.0K	-497	0.00	128.63	N/A	N/A	0	0	30	42
2014-01-03	$42.48	$43.00	8.7%	2.5%	11.6%	0.0%	0.0%	2.9%	1.3%	3.5K	32.0K	-482	0.00	171.09	N/A	N/A	0	0	30	42
2014-01-06	$42.38	$43.50	8.2%	2.9%	11.5%	0.0%	0.0%	1.6%	0.3%	2.7K	40.5K	-467	0.00	41.87	N/A	N/A	0	0	30	42
2014-01-07	$42.49	$43.50	8.5%	2.7%	10.9%	0.0%	0.0%	4.5%	0.7%	3.4K	32.2K	-463	0.00	91.43	N/A	N/A	0	0	30	42
2014-01-08	$42.13	$43.50	8.8%	3.1%	11.1%	3.9%	0.0%	1.7%	0.0%	1.1K	50.5K	-441	0.00	40.82	N/A	N/A	0	0	30	42
2014-01-09	$42.13	$43.50	8.3%	3.0%	11.0%	2.3%	0.0%	1.9%	0.1%	861	51.6K	-436	0.00	43.26	N/A	N/A	0	0	30	42
2014-01-10	$42.32	$43.50	5.5%	2.8%	11.0%	0.0%	0.0%	1.7%	0.4%	2.3K	43.5K	-446	0.00	49.33	N/A	N/A	0	0	30	42
2014-01-13	$42.07	$43.50	8.3%	2.7%	10.5%	9.0%	0.0%	3.5%	0.8%	-2.4K	57.6K	-410	0.00	96.96	N/A	N/A	0	0	30	42
2014-01-14	$42.39	$43.50	7.7%	2.9%	10.8%	7.1%	0.0%	1.6%	0.3%	2.0K	44.7K	-427	0.00	51.83	N/A	N/A	0	0	30	42
2014-01-15	$42.28	$43.50	7.2%	2.9%	10.8%	5.5%	0.0%	1.6%	0.5%	-2.3K	49.5K	-415	0.00	54.93	N/A	N/A	0	0	30	42
2014-01-16	$42.33	$43.50	9.5%	2.7%	9.6%	13.1%	0.0%	2.4%	0.7%	-2.7K	48.2K	-412	0.00	73.68	N/A	N/A	0	0	30	42
2014-01-17	$42.10	$43.50	8.8%	2.5%	8.9%	11.0%	0.0%	2.3%	2.2%	-2.9K	58.6K	-394	0.00	70.49	N/A	N/A	0	0	30	42
2014-01-21	$42.43	$43.50	9.9%	2.8%	9.3%	14.5%	10.2%	3.5%	-0.1%	-3.5K	47.5K	-386	0.00	79.24	N/A	N/A	6	0	20	42
2014-01-22	$42.59	$43.50	8.6%	2.5%	9.3%	10.0%	8.9%	1.4%	1.5%	216	27.8K	-414	1.00	71.26	N/A	N/A	20	20	26	42
2014-01-23	$42.26	$43.50	8.9%	2.6%	9.7%	11.2%	0.0%	3.6%	0.8%	-8.0K	42.9K	-768	0.00	100.05	N/A	N/A	0	0	46	62
2014-01-24	$41.53	$43.50	9.2%	2.6%	11.4%	12.2%	0.0%	0.4%	1.9%	-9.3K	100.0K	-708	0.00	80.19	N/A	N/A	0	0	46	62
2014-01-27	$41.44	$43.50	9.5%	2.7%	11.3%	13.0%	0.0%	0.7%	1.7%	-9.3K	110.8K	-673	0.00	86.87	N/A	N/A	2	0	46	62
2014-01-28	$41.59	$43.50	10.5%	3.0%	11.1%	16.3%	0.0%	3.0%	0.2%	-10.0K	102.0K	-676	0.00	96.88	N/A	N/A	0	0	44	62
2014-01-29	$40.85	$43.50	11.1%	3.2%	12.3%	18.5%	0.0%	1.4%	0.8%	-7.9K	139.6K	-605	0.00	103.34	N/A	N/A	0	0	44	62
2014-01-30	$40.83	$43.50	11.2%	3.2%	12.3%	18.9%	7.8%	1.8%	0.6%	-7.7K	144.2K	-585	0.00	79.65	N/A	N/A	6	0	44	62
2014-01-31	$40.54	$43.50	12.2%	3.5%	11.3%	22.2%	0.0%	3.9%	0.9%	-7.2K	154.1K	-553	0.00	85.17	N/A	N/A	0	0	44	62