MU Options History — December 2013

In December 2013, MU traded between $21.27 and $23.14. ATM implied volatility averaged 49.2%, placing in the 33.6% IV rank vs the trailing year. The 30-day expected move averaged 12.1%. IV traded above realized volatility by 14.2% (HV 20d: 35.0%). Max pain ranged from $13.00 to $15.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 8 of 21 days. Put/call ratio averaged 0.44.

Notable Days

2013-12-18: Highest Volume — 450,532 contracts
2013-12-12: Largest IV spike — 25.7% change
2013-12-18: Highest IV Rank — 51.3%
2013-12-09: Largest Expected Move — 12.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$22.10	$21.27	$23.14	$21.27	$21.75
Max Pain	$14.71	$13.00	$15.00	$13.00	$15.00
ATM IV	49.2%	37.9%	57.9%	37.9%	53.3%
Expected Move	12.1%	11.8%	12.5%	11.9%	12.1%
HV 20d	35.0%	30.5%	40.9%	31.1%	35.4%
HV 60d	35.4%	33.7%	37.2%	34.3%	37.0%
IV Rank	33.6%	10.6%	51.3%	10.6%	42.1%
IV Percentile	66.2%	18.7%	94.8%	18.7%	82.1%
Term Structure	0.8%	-8.1%	9.6%	8.3%	-4.9%
VWIV	43.3%	41.5%	45.7%	41.5%	44.3%
Skew 25d	0.7%	-0.7%	1.8%	-0.1%	1.3%
Skew 10d	1.6%	-1.5%	4.6%	-0.1%	2.2%
Call IV 25d	49.6%	38.6%	56.7%	38.6%	53.1%
Put IV 25d	50.3%	38.6%	58.5%	38.6%	54.4%
Bid-Ask Spread %	7.84	3.51	18.25	3.51	8.64
Gamma HHI	0.10	0.09	0.14	0.10	0.11
Net GEX	37.2M	32.3M	45.3M	35.4M	35.6M
Net DEX	-3.05B	-3.66B	-2.36B	-2.84B	-2.59B
Net VEX	-8.1M	-8.8M	-7.5M	-7.6M	-8.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.44	0.27	0.68	0.35	0.29
Total Volume	164,076.905	30,628	450,532	121,156	164,972
Total OI	3,517,618.143	3,152,933	3,886,729	3,152,933	3,562,104

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 Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2013-12-02	$21.27	$13.00	37.9%	11.9%	31.1%	10.6%	41.5%	-0.1%	8.3%	35.4M	-2.84B	-7.6M	0.35	3.51	N/A	N/A	89,568	31,588	2,031,886	1,121,047
2013-12-03	$21.83	$13.00	39.4%	11.8%	31.6%	13.9%	43.1%	-0.2%	8.2%	35.3M	-3.08B	-7.7M	0.68	7.24	N/A	N/A	82,669	56,412	2,048,021	1,122,792
2013-12-04	$21.76	$13.00	40.2%	12.0%	30.9%	15.4%	43.3%	-0.3%	9.3%	34.2M	-3.05B	-7.8M	0.29	3.92	N/A	N/A	94,751	27,769	2,068,650	1,146,208
2013-12-05	$21.65	$15.00	42.1%	12.2%	30.5%	19.4%	42.7%	-0.7%	8.4%	35.1M	-3.00B	-7.8M	0.41	4.48	N/A	N/A	84,654	34,445	2,103,753	1,155,113
2013-12-06	$22.31	$15.00	41.4%	12.1%	31.3%	17.8%	43.0%	-0.6%	9.2%	35.5M	-3.33B	-7.8M	0.41	4.62	N/A	N/A	123,726	50,920	2,127,724	1,152,953
2013-12-09	$23.12	$15.00	45.4%	12.5%	32.2%	26.0%	44.4%	-0.5%	8.7%	34.5M	-3.62B	-7.5M	0.44	3.89	N/A	N/A	249,891	109,511	2,114,954	1,156,473
2013-12-10	$23.14	$15.00	42.3%	12.4%	32.5%	19.6%	45.7%	0.7%	9.1%	37.5M	-3.66B	-7.8M	0.63	4.44	N/A	N/A	109,880	68,781	2,197,091	1,217,087
2013-12-11	$22.50	$15.00	42.8%	12.3%	35.3%	20.8%	43.5%	1.2%	9.6%	35.1M	-3.32B	-8.1M	0.45	3.82	N/A	N/A	203,357	90,842	2,223,556	1,265,793
2013-12-12	$22.54	$15.00	53.8%	12.4%	35.3%	43.1%	43.7%	-0.3%	-3.0%	37.0M	-3.39B	-8.3M	0.44	3.87	N/A	N/A	136,018	59,642	2,295,931	1,319,767
2013-12-13	$23.08	$15.00	52.4%	12.2%	35.6%	40.2%	41.6%	0.0%	-2.7%	42.6M	-3.63B	-8.2M	0.65	4.01	N/A	N/A	84,541	54,988	2,307,804	1,350,800
2013-12-16	$22.77	$15.00	52.7%	12.1%	36.5%	40.9%	43.7%	0.9%	-5.4%	34.1M	-3.39B	-8.1M	0.31	4.59	N/A	N/A	82,656	25,735	2,267,911	1,346,362
2013-12-17	$22.92	$15.00	54.1%	12.1%	35.9%	43.7%	43.1%	1.4%	-6.3%	35.4M	-3.46B	-8.3M	0.27	8.67	N/A	N/A	105,729	28,506	2,288,102	1,356,581
2013-12-18	$21.81	$15.00	57.9%	12.2%	40.9%	51.3%	43.6%	1.8%	-8.1%	33.5M	-2.91B	-8.5M	0.49	18.25	N/A	N/A	302,600	147,932	2,328,688	1,364,123
2013-12-19	$21.62	$15.00	56.3%	12.2%	40.7%	48.0%	43.9%	0.7%	-2.0%	37.1M	-2.83B	-8.8M	0.67	15.81	N/A	N/A	62,652	42,274	2,415,562	1,443,946
2013-12-20	$22.17	$15.00	56.3%	12.3%	36.0%	48.2%	44.6%	1.6%	-2.0%	42.1M	-3.15B	-8.8M	0.34	8.54	N/A	N/A	156,756	53,966	2,424,276	1,462,453
2013-12-23	$21.49	$15.00	53.6%	12.2%	38.2%	42.6%	42.5%	1.1%	-5.3%	38.6M	-2.53B	-8.5M	0.56	15.07	N/A	N/A	96,000	53,714	2,261,768	1,358,861
2013-12-24	$21.82	$15.00	52.5%	12.1%	37.7%	40.4%	43.4%	1.5%	-5.3%	43.7M	-2.69B	-8.4M	0.30	9.70	N/A	N/A	23,500	7,128	2,269,117	1,358,951
2013-12-26	$21.74	$15.00	53.5%	11.9%	37.2%	42.3%	41.7%	1.5%	-1.8%	45.3M	-2.65B	-8.3M	0.38	10.48	N/A	N/A	62,067	23,617	2,271,180	1,369,317
2013-12-27	$21.52	$15.00	53.3%	12.0%	34.6%	42.0%	42.8%	1.3%	-2.3%	42.1M	-2.50B	-8.2M	0.46	11.71	N/A	N/A	53,181	24,640	2,275,327	1,379,941
2013-12-30	$21.30	$15.00	51.2%	11.9%	34.8%	37.7%	43.3%	1.8%	-4.2%	32.3M	-2.36B	-7.9M	0.42	9.46	N/A	N/A	59,154	24,883	2,192,408	1,345,600
2013-12-31	$21.75	$15.00	53.3%	12.1%	35.4%	42.1%	44.3%	1.3%	-4.9%	35.6M	-2.59B	-8.0M	0.29	8.64	N/A	N/A	127,893	37,079	2,204,768	1,357,336