LBRDA Options History — February 2016

In February 2016, LBRDA traded between $41.18 and $47.32. ATM implied volatility averaged 44.8%, placing in the 27.0% IV rank vs the trailing year. The 30-day expected move averaged 12.1%. IV traded above realized volatility by 13.6% (HV 20d: 31.2%). Max pain ranged from $42.17 to $46.86. Net GEX was positive for 1 of 20 trading days. Term structure was in contango for 5 of 20 days. Put/call ratio averaged 1.81.

Notable Days

2016-02-19: Highest Volume — 301 contracts
2016-02-22: Largest IV spike — 96.9% change
2016-02-01: Highest IV Rank — 51.5%
2016-02-01: Largest Expected Move — 20.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$44.40	$41.18	$47.32	$45.46	$47.26
Max Pain	$42.88	$42.17	$46.86	$46.86	$42.17
ATM IV	44.8%	29.5%	70.9%	70.9%	32.4%
Expected Move	12.1%	8.5%	20.3%	20.3%	9.3%
HV 20d	31.2%	29.8%	32.1%	29.8%	31.0%
HV 60d	26.6%	24.4%	28.3%	24.4%	28.2%
IV Rank	27.0%	12.6%	51.5%	51.5%	15.3%
IV Percentile	73.7%	40.9%	96.8%	96.8%	54.0%
Term Structure	-8.1%	-26.8%	20.5%	-24.5%	11.1%
VWIV	41.3%	24.2%	72.8%	72.8%	41.0%
Skew 25d	7.8%	-11.6%	24.2%	16.5%	8.8%
Skew 10d	15.1%	-7.4%	50.3%	9.0%	9.5%
Call IV 25d	41.1%	29.5%	87.0%	87.0%	35.1%
Put IV 25d	48.9%	24.0%	103.5%	103.5%	44.0%
Bid-Ask Spread %	135.31	103.78	146.91	142.25	139.06
Gamma HHI	0.57	0.46	0.82	0.48	0.48
Net GEX	-18.5K	-39.6K	31	-11.3K	31
Net DEX	238.9K	-218.8K	666.5K	249.6K	-218.8K
Net VEX	-2.6K	-3.6K	-1.9K	-2.6K	-2.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.81	0.45	3.87	3.27	0.45
Total Volume	216.95	146	301	205	187
Total OI	497.15	454	635	454	517

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
2016-02-01	$45.46	$46.86	70.9%	20.3%	29.8%	51.5%	72.8%	16.5%	-24.5%	-11.3K	249.6K	-2.6K	3.27	142.25	48	157	156	298
2016-02-02	$44.00	$46.86	52.3%	15.0%	30.7%	34.1%	43.7%	15.7%	-16.3%	-18.7K	194.2K	-2.7K	3.27	139.16	48	157	172	298
2016-02-03	$44.76	$46.86	46.7%	13.4%	31.4%	28.8%	49.1%	0.5%	6.1%	-24.7K	257.1K	-2.5K	3.87	145.96	41	157	172	298
2016-02-04	$44.12	$42.17	53.5%	13.6%	31.3%	35.1%	50.9%	15.9%	-16.2%	-13.0K	241.8K	-2.7K	2.01	138.05	78	157	179	298
2016-02-05	$43.36	$42.17	49.8%	10.6%	31.8%	31.7%	38.9%	9.2%	-5.9%	-28.7K	383.7K	-2.3K	2.04	133.09	78	159	169	298
2016-02-08	$42.63	$42.17	63.8%	12.6%	32.0%	44.8%	42.5%	15.6%	-7.0%	-31.2K	435.0K	-2.1K	2.05	133.55	78	160	169	298
2016-02-09	$42.83	$42.17	56.6%	12.4%	32.1%	38.1%	44.2%	1.8%	-18.0%	-36.8K	470.8K	-2.2K	2.05	141.90	78	160	169	299
2016-02-10	$41.93	$42.17	41.4%	11.9%	32.1%	23.8%	41.7%	1.8%	-18.3%	-24.1K	471.8K	-2.3K	2.05	124.49	78	160	185	299
2016-02-11	$41.18	$42.17	35.6%	10.2%	30.5%	18.3%	35.3%	4.7%	-2.9%	-39.6K	666.5K	-1.9K	2.05	103.78	78	160	185	299
2016-02-12	$42.66	$42.17	45.3%	13.0%	31.8%	27.4%	46.2%	24.2%	-12.0%	-23.1K	470.5K	-2.0K	1.74	137.47	92	160	185	299
2016-02-16	$42.95	$42.17	39.1%	11.2%	30.2%	21.6%	32.8%	7.3%	-14.8%	-27.5K	352.3K	-2.1K	1.74	114.05	92	160	195	299
2016-02-17	$44.14	$42.17	37.6%	10.8%	31.9%	20.2%	36.3%	5.5%	-19.7%	-1.9K	32.3K	-2.0K	0.59	138.82	92	54	195	299
2016-02-18	$44.72	$42.17	36.5%	10.5%	32.1%	19.2%	32.7%	5.4%	1.2%	-16.1K	192.0K	-2.1K	2.06	146.91	92	189	195	300
2016-02-19	$44.94	$42.17	30.3%	8.7%	32.0%	13.4%	32.0%	0.6%	-12.0%	-14.8K	227.8K	-3.4K	2.28	127.83	92	209	195	440
2016-02-22	$45.44	$42.17	59.6%	17.1%	31.1%	40.9%	42.7%	-11.6%	-26.8%	-9.4K	139.0K	-3.6K	2.14	132.55	92	196	195	321
2016-02-23	$45.34	$42.17	31.9%	9.2%	30.4%	14.9%	38.3%	8.6%	20.5%	-14.7K	100.5K	-3.5K	0.63	141.78	92	58	195	321
2016-02-24	$45.78	$42.17	39.9%	11.4%	30.5%	22.4%	38.6%	22.0%	-2.8%	-16.6K	138.5K	-3.3K	0.63	142.54	92	58	195	322
2016-02-25	$47.32	$42.17	43.8%	12.5%	31.0%	26.0%	41.3%	11.8%	-12.7%	-10.4K	-95.1K	-2.7K	0.63	139.73	92	58	195	322
2016-02-26	$47.09	$42.17	29.5%	8.5%	31.2%	12.6%	24.2%	-8.9%	8.5%	-6.8K	69.5K	-3.4K	0.63	143.16	92	58	195	322
2016-02-29	$47.26	$42.17	32.4%	9.3%	31.0%	15.3%	41.0%	8.8%	11.1%	31	-218.8K	-2.4K	0.45	139.06	129	58	195	322