MU Options History — December 2008

In December 2008, MU traded between $1.81 and $2.99. ATM implied volatility averaged 145.3%, placing in the 67.1% IV rank vs the trailing year. The 30-day expected move averaged 40.8%. IV traded below realized volatility by 26.8% (HV 20d: 172.1%). Max pain ranged from $3.00 to $5.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 5 of 22 days. Put/call ratio averaged 0.58.

Notable Days

2008-12-18: Highest Volume — 19,335 contracts
2008-12-04: Largest IV drop — 39.3% change
2008-12-08: Highest IV Rank — 100.0%
2008-12-03: Largest Expected Move — 53.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$2.26	$1.81	$2.99	$2.24	$2.64
Max Pain	$4.64	$3.00	$5.00	$3.00	$5.00
ATM IV	145.3%	112.4%	198.8%	179.1%	128.3%
Expected Move	40.8%	32.2%	53.1%	51.3%	36.8%
HV 20d	172.1%	153.4%	179.6%	171.6%	153.4%
HV 60d	147.3%	142.7%	152.9%	144.6%	152.9%
IV Rank	67.1%	47.0%	100.0%	88.5%	56.6%
IV Percentile	92.1%	83.7%	100.0%	99.6%	86.9%
Term Structure	-10.5%	-28.4%	70.0%	-21.4%	-1.0%
VWIV	138.3%	115.3%	155.4%	148.3%	126.6%
Skew 25d	12.5%	-18.6%	37.8%	-0.1%	35.8%
Skew 10d	35.7%	-30.3%	69.9%	-0.1%	50.2%
Call IV 25d	129.2%	83.6%	179.1%	179.1%	92.5%
Put IV 25d	141.7%	115.5%	179.0%	179.0%	128.3%
Bid-Ask Spread %	6.18	3.81	11.30	11.30	6.95
Gamma HHI	0.36	0.30	0.71	0.30	0.37
Net GEX	144.1K	70.8K	1.0M	78.5K	148.1K
Net DEX	4.2M	-5.4M	7.2M	4.3M	931.9K
Net VEX	-160.6K	-232.1K	-124.9K	-167.5K	-181.8K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.58	0.02	1.61	0.48	0.22
Total Volume	5,238.227	947	19,335	1,321	3,594
Total OI	523,838.455	506,704	539,107	512,264	506,704

Daily Data (22 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
2008-12-01	$2.24	$3.00	179.1%	51.3%	171.6%	88.5%	0.0%	-0.1%	-21.4%	78.5K	4.3M	-167.5K	0.48	11.30	N/A	N/A	892	429	393,274	118,990
2008-12-02	$2.09	$3.00	162.0%	46.4%	171.5%	77.9%	0.0%	-4.3%	-10.4%	71.8K	5.8M	-152.0K	0.02	5.45	N/A	N/A	14,592	224	393,361	119,055
2008-12-03	$1.99	$3.00	185.2%	53.1%	167.2%	92.3%	0.0%	-7.9%	-28.4%	80.7K	5.1M	-148.5K	1.41	5.08	N/A	N/A	1,973	2,780	417,704	117,063
2008-12-04	$1.81	$3.00	112.4%	32.2%	168.1%	47.0%	0.0%	28.3%	70.0%	70.8K	5.2M	-132.0K	0.16	5.41	N/A	N/A	3,562	582	418,705	114,355
2008-12-05	$2.04	$5.00	146.2%	42.8%	177.4%	68.0%	148.3%	-2.8%	-21.4%	86.4K	4.5M	-150.4K	0.08	5.32	N/A	N/A	992	82	418,882	114,289
2008-12-08	$2.08	$5.00	198.8%	43.8%	177.3%	100.0%	153.0%	-3.2%	-21.7%	89.3K	5.4M	-147.8K	0.65	4.24	N/A	N/A	3,254	2,119	419,623	113,906
2008-12-09	$2.20	$5.00	154.6%	43.5%	177.8%	72.8%	144.3%	3.5%	-22.6%	101.2K	3.8M	-160.3K	1.16	3.81	N/A	N/A	1,369	1,584	421,411	111,813
2008-12-10	$2.07	$5.00	171.3%	44.2%	177.6%	83.0%	155.4%	-4.0%	-27.0%	90.3K	5.5M	-149.4K	0.48	5.02	N/A	N/A	815	394	421,767	112,474
2008-12-11	$1.85	$5.00	148.7%	42.6%	170.9%	69.1%	146.8%	18.4%	-18.8%	73.8K	5.5M	-130.7K	0.17	6.28	N/A	N/A	1,423	236	421,943	112,082
2008-12-12	$2.07	$5.00	149.5%	42.9%	177.7%	69.6%	149.4%	37.8%	-26.1%	87.4K	6.3M	-142.4K	0.48	5.08	N/A	N/A	1,154	558	422,582	110,482
2008-12-15	$1.90	$5.00	153.0%	43.9%	175.6%	71.7%	154.6%	27.0%	-28.4%	76.4K	6.8M	-124.9K	1.61	5.17	N/A	N/A	370	597	415,626	110,840
2008-12-16	$2.03	$5.00	141.4%	40.5%	177.0%	64.6%	141.3%	23.4%	-18.9%	83.5K	7.0M	-135.4K	0.81	5.61	N/A	N/A	522	425	415,530	110,767
2008-12-17	$2.17	$5.00	135.3%	38.8%	178.7%	60.9%	135.3%	31.7%	-17.3%	95.0K	7.2M	-144.8K	0.64	6.04	N/A	N/A	2,154	1,388	415,639	111,076
2008-12-18	$2.61	$5.00	142.1%	40.7%	179.6%	65.0%	139.7%	9.4%	-19.4%	134.6K	2.1M	-193.0K	0.96	7.47	N/A	N/A	9,852	9,483	416,440	111,921
2008-12-19	$2.99	$5.00	137.3%	39.4%	165.7%	62.1%	137.7%	-2.9%	-14.4%	1.0M	-5.4M	-232.1K	0.78	7.22	N/A	N/A	9,689	7,571	421,838	117,269
2008-12-22	$2.61	$5.00	142.3%	40.8%	173.1%	65.2%	141.5%	3.6%	-17.2%	133.9K	1.7M	-188.9K	0.57	6.10	N/A	N/A	5,336	3,046	396,123	116,022
2008-12-23	$2.36	$5.00	136.7%	39.2%	173.7%	61.7%	142.9%	-18.6%	-8.4%	115.4K	4.7M	-169.1K	0.15	4.51	N/A	N/A	6,808	1,023	397,308	115,549
2008-12-24	$2.59	$5.00	115.5%	33.1%	174.8%	48.6%	115.5%	31.8%	5.2%	140.2K	3.8M	-180.3K	0.14	7.93	N/A	N/A	6,317	899	399,505	115,945
2008-12-26	$2.59	$5.00	115.0%	33.0%	173.9%	48.3%	115.3%	31.7%	7.3%	146.5K	3.2M	-179.7K	0.52	6.29	N/A	N/A	657	341	401,413	113,599
2008-12-29	$2.36	$5.00	121.7%	34.9%	169.7%	52.4%	121.7%	17.5%	4.2%	125.4K	5.7M	-155.0K	0.12	9.53	N/A	N/A	4,211	494	401,438	113,429
2008-12-30	$2.44	$5.00	119.6%	34.3%	153.8%	51.2%	119.6%	18.8%	5.2%	132.8K	3.2M	-166.3K	1.11	6.07	N/A	N/A	688	762	400,855	105,849
2008-12-31	$2.64	$5.00	128.3%	36.8%	153.4%	56.6%	126.6%	35.8%	-1.0%	148.1K	931.9K	-181.8K	0.22	6.95	N/A	N/A	2,945	649	400,345	106,359