MU Options History — November 2013

In November 2013, MU traded between $17.50 and $21.17. ATM implied volatility averaged 36.8%, placing in the 8.5% IV rank vs the trailing year. The 30-day expected move averaged 11.5%. IV traded above realized volatility by 5.0% (HV 20d: 31.8%). Max pain ranged from $13.00 to $13.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 18 of 20 days. Put/call ratio averaged 0.45.

Notable Days

2013-11-21: Highest Volume — 281,278 contracts
2013-11-29: Largest IV spike — 9.2% change
2013-11-01: Highest IV Rank — 12.5%
2013-11-22: Largest Expected Move — 11.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$19.04	$17.50	$21.17	$17.58	$21.10
Max Pain	$13.00	$13.00	$13.00	$13.00	$13.00
ATM IV	36.8%	33.5%	38.7%	38.7%	37.0%
Expected Move	11.5%	11.2%	11.7%	11.5%	11.7%
HV 20d	31.8%	24.4%	43.4%	42.8%	31.6%
HV 60d	35.5%	33.3%	39.4%	39.2%	34.3%
IV Rank	8.5%	1.9%	12.5%	12.5%	8.9%
IV Percentile	11.2%	1.2%	19.8%	17.1%	15.9%
Term Structure	3.0%	-0.5%	8.3%	0.2%	0.6%
VWIV	39.9%	38.0%	44.8%	39.7%	44.8%
Skew 25d	0.4%	-0.5%	1.1%	0.3%	-0.5%
Skew 10d	1.4%	-0.6%	3.4%	0.7%	-0.6%
Call IV 25d	37.3%	33.9%	39.5%	39.5%	38.3%
Put IV 25d	37.7%	34.1%	39.9%	39.9%	37.8%
Bid-Ask Spread %	4.42	3.05	9.47	5.08	3.44
Gamma HHI	0.13	0.10	0.16	0.12	0.12
Net GEX	31.3M	24.7M	35.8M	30.2M	35.6M
Net DEX	-2.05B	-2.86B	-1.49B	-1.55B	-2.80B
Net VEX	-7.7M	-8.0M	-7.3M	-8.0M	-7.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.45	0.19	0.97	0.30	0.19
Total Volume	129,631.1	25,738	281,278	52,526	248,521
Total OI	2,939,605.45	2,786,786	3,101,645	2,904,282	3,101,645

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 Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2013-11-01	$17.58	$13.00	38.7%	11.5%	42.8%	12.5%	39.7%	0.3%	0.2%	30.2M	-1.55B	-8.0M	0.30	5.08	N/A	N/A	40,304	12,222	1,918,947	985,335
2013-11-04	$17.89	$13.00	38.5%	11.4%	43.4%	11.9%	38.0%	0.7%	2.9%	29.6M	-1.66B	-7.9M	0.43	3.45	N/A	N/A	41,677	17,945	1,886,259	970,100
2013-11-05	$17.67	$13.00	38.3%	11.4%	42.2%	11.6%	38.5%	0.5%	3.1%	29.1M	-1.57B	-7.9M	0.48	5.22	N/A	N/A	17,441	8,297	1,907,472	977,818
2013-11-06	$17.50	$13.00	37.6%	11.5%	42.1%	10.1%	39.1%	-0.2%	2.7%	28.1M	-1.49B	-7.7M	0.53	9.47	N/A	N/A	36,526	19,494	1,899,456	978,940
2013-11-07	$17.72	$13.00	38.0%	11.5%	41.9%	10.9%	39.4%	-0.1%	3.0%	30.4M	-1.57B	-7.9M	0.39	5.17	N/A	N/A	74,936	28,894	1,912,646	992,503
2013-11-08	$18.11	$13.00	37.1%	11.5%	26.8%	9.2%	39.9%	0.1%	2.7%	31.5M	-1.75B	-7.7M	0.38	5.41	N/A	N/A	49,092	18,526	1,911,558	1,004,165
2013-11-11	$18.27	$13.00	37.3%	11.5%	26.6%	9.5%	39.1%	-0.3%	2.9%	30.4M	-1.79B	-7.7M	0.38	6.42	N/A	N/A	45,344	17,024	1,890,242	995,380
2013-11-12	$18.63	$13.00	36.9%	11.3%	26.8%	8.6%	39.6%	0.6%	1.1%	32.4M	-1.93B	-7.8M	0.37	3.28	N/A	N/A	69,690	25,786	1,898,239	1,000,799
2013-11-13	$18.92	$13.00	36.9%	11.3%	27.0%	8.8%	39.9%	0.7%	2.0%	31.8M	-2.08B	-7.6M	0.44	3.05	N/A	N/A	90,561	39,440	1,906,124	1,011,160
2013-11-14	$19.19	$13.00	38.1%	11.4%	27.1%	11.2%	40.1%	1.1%	2.3%	33.4M	-2.19B	-7.6M	0.31	3.31	N/A	N/A	93,657	29,178	1,913,494	1,030,153
2013-11-15	$19.46	$13.00	38.7%	11.6%	26.8%	12.4%	40.7%	1.0%	1.9%	32.2M	-2.30B	-7.6M	0.34	4.32	N/A	N/A	135,047	46,143	1,919,795	1,041,768
2013-11-18	$19.29	$13.00	35.8%	11.2%	24.4%	6.4%	38.6%	1.0%	5.8%	28.6M	-2.06B	-7.5M	0.75	4.06	N/A	N/A	152,175	114,609	1,815,367	971,419
2013-11-19	$19.06	$13.00	37.6%	11.4%	25.3%	10.2%	39.0%	0.7%	6.0%	24.7M	-1.94B	-7.7M	0.47	3.75	N/A	N/A	89,201	42,157	1,850,943	1,055,584
2013-11-20	$18.80	$13.00	35.0%	11.3%	25.4%	4.9%	39.9%	1.1%	6.5%	26.1M	-1.83B	-7.8M	0.97	3.58	N/A	N/A	78,644	76,196	1,877,477	1,060,970
2013-11-21	$19.99	$13.00	36.4%	11.5%	31.9%	7.7%	40.0%	0.0%	-0.3%	34.7M	-2.36B	-7.7M	0.34	4.49	N/A	N/A	209,924	71,354	1,890,693	1,105,910
2013-11-22	$20.19	$13.00	35.1%	11.7%	30.7%	5.1%	40.8%	0.0%	-0.5%	33.5M	-2.48B	-7.8M	0.37	3.36	N/A	N/A	99,498	36,428	1,943,544	1,104,654
2013-11-25	$19.86	$13.00	35.6%	11.7%	32.1%	6.1%	40.3%	0.3%	8.2%	33.1M	-2.29B	-7.8M	0.59	4.49	N/A	N/A	50,769	29,954	1,924,183	1,081,239
2013-11-26	$20.31	$13.00	33.5%	11.7%	29.5%	1.9%	40.0%	0.2%	8.3%	35.4M	-2.50B	-7.6M	0.51	3.33	N/A	N/A	54,758	28,048	1,927,777	1,095,680
2013-11-27	$21.17	$13.00	33.8%	11.4%	31.4%	2.5%	40.5%	-0.1%	1.2%	35.8M	-2.86B	-7.3M	0.50	3.70	N/A	N/A	168,538	84,624	1,929,286	1,103,385
2013-11-29	$21.10	$13.00	37.0%	11.7%	31.6%	8.9%	44.8%	-0.5%	0.6%	35.6M	-2.80B	-7.6M	0.19	3.44	N/A	N/A	208,685	39,836	1,957,540	1,144,105