M Options History — October 2013

In October 2013, M traded between $42.36 and $46.40. ATM implied volatility averaged 26.7%, placing in the 32.2% IV rank vs the trailing year. The 30-day expected move averaged 7.9%. IV traded above realized volatility by 5.3% (HV 20d: 21.4%). Max pain ranged from $33.00 to $52.50. Net GEX was positive for 19 of 23 trading days. Term structure was in contango for 3 of 23 days. Put/call ratio averaged 0.75.

Notable Days

2013-10-18: Highest Volume — 18,102 contracts
2013-10-25: Largest IV drop — 25.5% change
2013-10-08: Highest IV Rank — 44.9%
2013-10-09: Largest Expected Move — 8.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$44.11	$42.36	$46.40	$43.44	$46.11
Max Pain	$39.66	$33.00	$52.50	$44.00	$35.00
ATM IV	26.7%	22.2%	30.2%	24.4%	24.3%
Expected Move	7.9%	6.6%	8.8%	6.7%	7.8%
HV 20d	21.4%	19.7%	24.0%	24.0%	20.4%
HV 60d	22.5%	21.3%	23.5%	21.4%	22.9%
IV Rank	32.2%	15.7%	44.9%	23.6%	23.4%
IV Percentile	67.5%	20.2%	90.5%	44.4%	44.4%
Term Structure	-2.0%	-6.3%	4.2%	3.7%	-6.3%
VWIV	29.4%	22.9%	32.6%	23.4%	32.1%
Skew 25d	2.5%	1.9%	3.6%	1.9%	2.6%
Skew 10d	5.2%	3.7%	8.0%	4.2%	5.6%
Call IV 25d	27.6%	22.5%	31.5%	22.6%	31.5%
Put IV 25d	30.0%	24.5%	34.1%	24.5%	34.1%
Bid-Ask Spread %	6.85	3.13	16.21	9.84	3.35
Gamma HHI	0.13	0.08	0.24	0.08	0.15
Net GEX	4.5M	-2.6M	13.0M	2.0M	10.0M
Net DEX	-24.4M	-140.1M	54.2M	9.1M	-122.7M
Net VEX	-791.9K	-884.2K	-704.8K	-745.8K	-869.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.75	0.11	2.76	0.34	0.38
Total Volume	7,251.739	3,669	18,102	3,669	8,363
Total OI	151,192.043	136,751	164,914	136,751	164,517

Daily Data (23 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
2013-10-01	$43.44	$44.00	24.4%	6.7%	24.0%	23.6%	23.4%	1.9%	3.7%	2.0M	9.1M	-745.8K	0.34	9.84	N/A	N/A	2,748	921	75,782	60,969
2013-10-02	$43.97	$44.00	25.0%	6.7%	24.0%	26.0%	23.6%	2.0%	4.1%	3.5M	-9.1M	-762.9K	1.48	12.19	N/A	N/A	2,643	3,904	76,173	61,191
2013-10-03	$44.21	$44.00	23.4%	6.6%	21.9%	20.0%	22.9%	1.9%	4.2%	5.1M	-20.1M	-814.4K	0.31	12.11	N/A	N/A	4,774	1,463	78,471	63,731
2013-10-04	$44.07	$45.00	22.2%	7.8%	20.7%	15.7%	27.0%	1.9%	-1.5%	8.9M	-14.5M	-793.1K	0.76	8.49	N/A	N/A	2,276	1,736	79,170	64,051
2013-10-07	$42.99	$45.00	27.0%	8.2%	22.1%	33.1%	28.8%	2.1%	-2.1%	881.5K	27.5M	-722.1K	0.79	8.31	N/A	N/A	2,773	2,197	78,257	62,863
2013-10-08	$42.45	$45.00	30.2%	8.6%	21.7%	44.9%	30.0%	2.0%	-2.2%	104.6K	42.1M	-710.9K	1.63	9.59	N/A	N/A	3,116	5,067	78,697	63,576
2013-10-09	$42.36	$45.00	27.4%	8.8%	21.5%	34.6%	30.9%	2.3%	-2.6%	-702.5K	47.0M	-714.8K	2.22	9.93	N/A	N/A	1,426	3,160	79,870	66,091
2013-10-10	$43.21	$45.00	28.8%	8.3%	22.3%	40.0%	29.0%	2.1%	-2.0%	764.9K	20.9M	-742.4K	0.75	11.76	N/A	N/A	3,261	2,450	80,494	67,532
2013-10-11	$42.64	$45.00	27.7%	7.9%	20.4%	35.6%	27.8%	2.5%	-1.6%	-2.6M	44.8M	-704.8K	2.76	11.07	N/A	N/A	2,444	6,744	81,157	68,088
2013-10-14	$42.58	$0.00	28.3%	8.3%	20.1%	38.2%	29.0%	2.5%	-2.0%	-1.1M	50.2M	-721.6K	1.02	16.21	N/A	N/A	1,842	1,881	79,848	71,456
2013-10-15	$42.48	$33.00	29.3%	8.3%	20.1%	41.8%	28.7%	2.6%	-2.4%	-1.4M	54.2M	-722.5K	0.78	3.50	N/A	N/A	3,175	2,469	80,373	72,786
2013-10-16	$43.79	$52.50	27.8%	8.1%	22.8%	36.0%	31.0%	2.7%	-2.0%	1.6M	4.7M	-763.4K	0.41	3.44	N/A	N/A	7,187	2,969	82,173	73,599
2013-10-17	$44.46	$35.00	27.1%	8.0%	23.6%	33.6%	30.6%	2.8%	-1.9%	3.7M	-27.0M	-778.1K	0.47	4.57	N/A	N/A	4,957	2,347	83,503	73,441
2013-10-18	$44.39	$35.00	27.4%	8.0%	22.7%	34.6%	28.6%	3.1%	-1.7%	5.7M	-29.0M	-788.8K	0.11	3.32	N/A	N/A	16,334	1,768	84,728	74,357
2013-10-21	$44.24	$35.00	28.1%	8.0%	22.7%	37.1%	32.6%	3.4%	-1.6%	4.4M	-22.3M	-806.1K	0.32	3.13	N/A	N/A	6,224	1,963	76,311	64,875
2013-10-22	$44.60	$35.00	27.7%	8.0%	20.9%	35.8%	32.5%	3.6%	-1.9%	6.5M	-51.9M	-838.1K	0.37	3.50	N/A	N/A	3,735	1,374	84,589	65,906
2013-10-23	$44.54	$35.00	27.4%	8.0%	19.7%	34.8%	30.8%	3.1%	-1.6%	6.6M	-49.2M	-835.6K	0.28	3.26	N/A	N/A	3,734	1,052	85,895	66,751
2013-10-24	$45.10	$35.00	30.0%	8.0%	19.7%	44.2%	32.3%	2.1%	-3.3%	7.5M	-78.8M	-862.0K	0.23	4.56	N/A	N/A	11,024	2,482	87,959	67,471
2013-10-25	$44.89	$35.00	22.3%	8.0%	19.8%	16.0%	0.0%	2.1%	-4.1%	13.0M	-73.4M	-879.7K	0.41	4.33	N/A	N/A	4,548	1,885	92,983	68,935
2013-10-28	$45.44	$35.00	25.9%	8.0%	20.0%	29.0%	31.4%	2.4%	-5.1%	8.7M	-95.3M	-884.2K	0.45	3.54	N/A	N/A	6,068	2,733	92,316	69,070
2013-10-29	$46.13	$35.00	26.6%	7.9%	20.4%	31.9%	31.4%	2.4%	-5.5%	9.2M	-127.2M	-876.2K	0.68	4.31	N/A	N/A	4,633	3,146	92,410	70,088
2013-10-30	$46.40	$35.00	26.4%	7.9%	20.2%	30.8%	31.3%	2.4%	-6.0%	10.2M	-140.1M	-876.4K	0.29	3.20	N/A	N/A	4,474	1,320	93,157	71,757
2013-10-31	$46.11	$35.00	24.3%	7.8%	20.4%	23.4%	32.1%	2.6%	-6.3%	10.0M	-122.7M	-869.4K	0.38	3.35	N/A	N/A	6,070	2,293	92,139	72,378