LBRDA Options History — April 2016

In April 2016, LBRDA traded between $51.94 and $55.16. ATM implied volatility averaged 33.4%, placing in the 16.3% IV rank vs the trailing year. The 30-day expected move averaged 8.9%. IV traded above realized volatility by 11.2% (HV 20d: 22.2%). Max pain ranged from $51.55 to $51.55. Net GEX was positive for 7 of 21 trading days. Term structure was in contango for 4 of 21 days. Put/call ratio averaged 5.02.

Notable Days

2016-04-15: Highest Volume — 645 contracts
2016-04-04: Largest IV spike — 72.9% change
2016-04-04: Highest IV Rank — 33.3%
2016-04-15: Largest Expected Move — 11.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$53.84	$51.94	$55.16	$54.93	$53.67
Max Pain	$51.55	$51.55	$51.55	$51.55	$51.55
ATM IV	33.4%	22.4%	51.5%	29.8%	31.9%
Expected Move	8.9%	6.1%	11.2%	8.5%	9.1%
HV 20d	22.2%	15.1%	27.6%	26.0%	23.6%
HV 60d	26.9%	25.5%	28.6%	28.4%	25.7%
IV Rank	16.3%	5.9%	33.3%	12.9%	14.9%
IV Percentile	46.9%	7.1%	82.9%	38.5%	44.4%
Term Structure	-5.9%	-23.2%	3.3%	-3.4%	-8.2%
VWIV	35.2%	23.9%	53.2%	43.3%	31.9%
Skew 25d	6.5%	-1.7%	24.4%	14.1%	3.6%
Skew 10d	15.5%	2.5%	29.5%	19.1%	5.3%
Call IV 25d	28.9%	22.7%	45.5%	28.2%	28.9%
Put IV 25d	35.4%	23.8%	52.4%	42.2%	32.6%
Bid-Ask Spread %	111.25	78.77	138.56	123.18	103.19
Gamma HHI	0.52	0.29	0.66	0.51	0.54
Net GEX	-25.2K	-71.0K	28.1K	15.0K	-42.6K
Net DEX	-431.9K	-1.3M	534.5K	-1.2M	215.0K
Net VEX	-3.7K	-4.3K	-3.3K	-4.3K	-3.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	5.02	3.03	7.89	3.94	4.34
Total Volume	463.238	297	645	432	535
Total OI	801.81	531	1,085	898	657

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 Vol	Put Vol	Call OI	Put OI
2016-04-01	$54.93	$51.55	29.8%	8.5%	26.0%	12.9%	43.3%	14.1%	-3.4%	15.0K	-1.2M	-4.3K	3.94	123.18	87	345	364	534
2016-04-04	$55.16	$0.00	51.5%	6.1%	26.0%	33.3%	23.9%	-1.0%	-6.7%	6.5K	-1.2M	-3.6K	4.12	121.55	87	361	364	534
2016-04-05	$54.68	$51.55	23.0%	7.2%	26.5%	6.6%	28.6%	2.6%	-0.5%	16.4K	-1.3M	-3.5K	4.12	78.77	87	361	364	550
2016-04-06	$55.08	$51.55	33.0%	9.3%	26.1%	16.0%	53.2%	24.4%	-6.6%	14.3K	-1.3M	-3.5K	4.07	124.18	87	356	364	550
2016-04-07	$53.99	$51.55	22.4%	10.9%	27.6%	5.9%	23.9%	2.8%	-18.8%	28.1K	-1.2M	-3.7K	5.16	109.73	87	451	364	561
2016-04-08	$54.11	$51.55	26.7%	6.4%	27.0%	10.0%	44.1%	8.6%	0.5%	5.6K	-1.1M	-4.0K	5.16	111.89	87	451	364	668
2016-04-11	$53.84	$51.55	36.7%	7.0%	26.8%	19.4%	28.7%	4.5%	3.3%	9.7K	-1.0M	-4.1K	5.77	90.57	87	505	364	668
2016-04-12	$53.96	$51.55	47.0%	8.1%	26.5%	29.1%	32.3%	7.4%	-7.8%	-20	-1.2M	-3.9K	3.75	95.93	134	505	364	721
2016-04-13	$54.61	$51.55	38.4%	11.0%	26.7%	20.9%	30.4%	2.4%	-23.2%	-11.9K	-777.5K	-4.1K	3.75	135.27	134	505	338	721
2016-04-14	$53.94	$51.55	24.2%	6.9%	15.9%	7.6%	29.2%	3.6%	-4.6%	-25.2K	-1.2M	-3.4K	3.75	95.48	134	505	338	721
2016-04-15	$53.81	$51.55	38.9%	11.2%	15.9%	21.5%	39.1%	15.8%	-8.2%	-45.2K	-1.2M	-3.8K	3.61	127.95	140	505	338	720
2016-04-18	$53.36	$51.55	33.8%	9.7%	15.1%	16.6%	32.6%	17.6%	0.0%	-48.9K	353.9K	-3.4K	7.89	138.52	38	303	52	479
2016-04-19	$53.55	$51.55	34.9%	10.0%	15.1%	17.7%	32.6%	8.8%	-7.4%	-47.6K	324.3K	-3.6K	7.89	105.84	38	303	52	492
2016-04-20	$52.31	$51.55	27.1%	7.8%	17.2%	10.4%	35.3%	7.8%	1.9%	-45.8K	401.6K	-3.6K	7.89	99.37	38	303	52	492
2016-04-21	$52.12	$51.55	37.0%	10.6%	17.0%	19.7%	38.0%	2.3%	-6.5%	-56.6K	534.5K	-3.7K	7.89	122.57	38	303	52	491
2016-04-22	$51.94	$51.55	33.8%	9.7%	16.9%	16.6%	33.1%	5.9%	-12.5%	-51.9K	470.7K	-3.5K	7.89	138.56	38	303	51	491
2016-04-25	$54.17	$51.55	35.1%	10.1%	22.8%	17.9%	42.8%	-1.7%	-0.7%	-48.2K	322.1K	-3.3K	4.01	101.27	71	287	51	491
2016-04-26	$54.30	$51.55	33.0%	9.5%	21.3%	15.9%	51.5%	0.7%	-7.3%	-61.1K	305.0K	-3.9K	3.03	104.36	74	223	77	608
2016-04-27	$53.06	$51.55	31.6%	9.1%	22.7%	14.6%	32.2%	2.7%	-6.2%	-71.0K	434.4K	-4.0K	3.03	104.39	74	223	79	609
2016-04-28	$54.02	$51.55	32.0%	9.2%	23.6%	14.9%	31.6%	3.8%	-0.3%	-68.5K	351.1K	-3.9K	4.34	103.72	100	435	79	609
2016-04-29	$53.67	$51.55	31.9%	9.1%	23.6%	14.9%	31.9%	3.6%	-8.2%	-42.6K	215.0K	-3.3K	4.34	103.19	100	435	106	551