LBRDA Options History — May 2015

In May 2015, LBRDA traded between $48.22 and $51.40. ATM implied volatility averaged 31.9%, placing in the 6.3% IV rank vs the trailing year. The 30-day expected move averaged 8.8%. IV traded above realized volatility by 13.5% (HV 20d: 18.5%). Max pain ranged from $46.86 to $51.55. Net GEX was positive for 13 of 20 trading days. Term structure was in contango for 4 of 20 days. Put/call ratio averaged 0.79.

Notable Days

2015-05-28: Highest Volume — 623 contracts
2015-05-13: Largest IV drop — 25.2% change
2015-05-22: Highest IV Rank — 14.5%
2015-05-12: Largest Expected Move — 10.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$49.59	$48.22	$51.40	$50.52	$50.66
Max Pain	$47.09	$46.86	$51.55	$51.55	$46.86
ATM IV	31.9%	21.6%	45.7%	31.0%	21.6%
Expected Move	8.8%	6.2%	10.0%	8.9%	6.2%
HV 20d	18.5%	16.3%	20.4%	16.3%	18.6%
HV 60d	22.7%	22.2%	24.3%	24.3%	22.7%
IV Rank	6.3%	2.7%	14.5%	14.5%	2.7%
IV Percentile	20.0%	3.8%	60.3%	60.3%	3.8%
Term Structure	-1.2%	-5.5%	1.5%	1.4%	-0.5%
VWIV	30.4%	18.8%	34.5%	32.2%	20.8%
Skew 25d	2.1%	-2.1%	4.3%	-2.1%	3.1%
Skew 10d	4.7%	-5.1%	12.2%	-5.1%	5.5%
Call IV 25d	30.2%	20.3%	34.3%	34.3%	20.3%
Put IV 25d	32.3%	23.4%	37.0%	32.2%	23.4%
Bid-Ask Spread %	57.75	37.47	88.59	75.63	88.59
Gamma HHI	0.41	0.31	0.54	0.46	0.34
Net GEX	36.4K	-63.5K	163.4K	123.5K	59.9K
Net DEX	-327.6K	-1.5M	550.1K	-821.5K	-1.5M
Net VEX	-8.2K	-11.2K	-6.0K	-7.3K	-9.7K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.79	0.00	2.67	1.17	0.28
Total Volume	443.5	25	623	481	586
Total OI	1,826.7	1,560	2,245	1,560	2,080

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	$50.52	$51.55	31.0%	8.9%	16.3%	0.0%	32.2%	-2.1%	1.4%	123.5K	-821.5K	-7.3K	1.17	75.63	222	259	1,092	468
2015-05-04	$51.40	$46.86	31.8%	9.3%	17.6%	0.0%	32.3%	-0.2%	-2.0%	163.4K	-1.2M	-7.2K	0.00	37.68	25	0	1,117	468
2015-05-05	$50.97	$46.86	31.8%	9.2%	17.8%	0.0%	32.1%	0.3%	-1.9%	154.9K	-991.5K	-6.9K	1.23	43.02	211	259	1,117	468
2015-05-06	$50.41	$46.86	34.1%	9.1%	18.1%	0.0%	33.2%	2.0%	-2.0%	131.5K	-716.0K	-6.6K	1.21	37.47	211	255	1,117	468
2015-05-07	$50.01	$46.86	33.2%	9.1%	18.1%	0.0%	33.6%	2.7%	-5.5%	115.6K	-471.9K	-6.2K	0.98	41.18	259	255	1,117	468
2015-05-08	$49.12	$46.86	40.5%	9.9%	18.9%	0.0%	34.5%	4.0%	-2.0%	71.5K	-159.7K	-6.0K	2.67	44.01	80	213	1,117	468
2015-05-11	$48.92	$46.86	38.1%	9.2%	18.9%	0.0%	31.1%	2.6%	-1.8%	-341	271.7K	-6.8K	0.85	46.61	144	123	1,197	652
2015-05-12	$48.48	$46.86	45.7%	10.0%	18.9%	0.0%	34.1%	3.3%	-3.0%	-56.2K	550.1K	-8.0K	1.18	44.95	284	335	1,327	766
2015-05-13	$48.73	$46.86	34.2%	9.8%	19.2%	0.0%	33.6%	3.6%	-2.1%	-43.9K	366.8K	-8.1K	1.48	53.78	226	335	1,427	766
2015-05-14	$48.26	$46.86	32.5%	9.3%	19.3%	0.0%	32.0%	2.4%	-0.5%	-63.5K	451.7K	-8.0K	0.97	56.43	241	234	1,438	766
2015-05-15	$48.22	$46.86	32.9%	9.4%	18.7%	0.0%	33.5%	2.6%	-3.3%	-18.9K	421.1K	-8.1K	0.63	51.74	379	239	1,464	781
2015-05-18	$49.05	$46.86	32.4%	9.3%	19.4%	0.0%	32.0%	0.7%	-1.0%	10.3K	-102.8K	-8.8K	0.49	60.07	108	53	908	660
2015-05-19	$49.25	$46.86	32.1%	9.2%	18.6%	0.0%	32.7%	2.1%	-1.1%	10.3K	-134.3K	-9.2K	0.50	58.64	43	21	951	714
2015-05-20	$49.26	$46.86	31.6%	9.1%	17.5%	0.0%	32.5%	4.3%	-0.4%	12.7K	-178.3K	-9.5K	0.43	57.65	299	128	993	735
2015-05-21	$49.19	$46.86	32.4%	9.3%	17.2%	0.0%	30.5%	2.8%	-0.0%	-8.3K	-1.9K	-9.2K	0.51	60.67	299	154	920	763
2015-05-22	$48.82	$46.86	32.2%	9.2%	17.3%	14.5%	31.7%	2.3%	0.3%	-19.4K	257.5K	-9.3K	0.35	59.83	392	139	921	789
2015-05-26	$50.28	$46.86	25.1%	7.2%	20.4%	6.6%	26.3%	0.3%	-0.5%	28.5K	-733.6K	-8.8K	0.26	64.31	491	127	1,084	801
2015-05-27	$50.26	$46.86	23.4%	6.7%	20.4%	4.7%	18.8%	3.4%	0.1%	37.6K	-881.5K	-11.2K	0.26	87.36	491	127	1,256	817
2015-05-28	$49.95	$46.86	22.0%	6.3%	18.1%	3.1%	20.1%	2.5%	1.5%	19.6K	-985.5K	-10.3K	0.26	85.49	496	127	1,256	817
2015-05-29	$50.66	$46.86	21.6%	6.2%	18.6%	2.7%	20.8%	3.1%	-0.5%	59.9K	-1.5M	-9.7K	0.28	88.59	459	127	1,263	817