MU Options History — January 2014

In January 2014, MU traded between $20.67 and $23.87. ATM implied volatility averaged 45.5%, placing in the 26.2% IV rank vs the trailing year. The 30-day expected move averaged 12.0%. IV traded below realized volatility by 2.0% (HV 20d: 47.6%). Max pain ranged from $15.00 to $15.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 0.59.

Notable Days

2014-01-08: Highest Volume — 558,628 contracts
2014-01-08: Largest IV drop — 44.0% change
2014-01-07: Highest IV Rank — 80.1%
2014-01-07: Largest Expected Move — 13.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$22.87	$20.67	$23.87	$21.66	$23.04
Max Pain	$15.00	$15.00	$15.00	$15.00	$15.00
ATM IV	45.5%	38.0%	72.1%	56.4%	42.5%
Expected Move	12.0%	11.6%	13.2%	12.3%	12.0%
HV 20d	47.6%	34.2%	51.4%	34.2%	50.8%
HV 60d	38.7%	37.1%	40.0%	37.1%	39.7%
IV Rank	26.2%	10.9%	80.1%	48.2%	20.2%
IV Percentile	47.3%	18.3%	99.6%	90.9%	37.3%
Term Structure	-0.7%	-27.2%	4.9%	-1.7%	-0.4%
VWIV	42.2%	40.4%	48.3%	43.5%	42.2%
Skew 25d	1.6%	0.8%	3.3%	1.3%	2.0%
Skew 10d	3.8%	0.9%	19.9%	2.8%	1.0%
Call IV 25d	45.7%	38.4%	75.5%	57.1%	42.7%
Put IV 25d	47.3%	39.5%	78.8%	58.4%	44.6%
Bid-Ask Spread %	10.34	3.24	81.71	11.39	3.24
Gamma HHI	0.15	0.11	0.40	0.11	0.40
Net GEX	42.4M	23.2M	70.6M	35.1M	69.2M
Net DEX	-2.61B	-4.14B	-1.58B	-2.57B	-1.71B
Net VEX	-7.8M	-8.4M	-7.3M	-8.1M	-7.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.59	0.18	1.11	0.51	1.05
Total Volume	180,760.714	35,803	558,628	189,064	161,446
Total OI	3,235,152.333	2,316,741	4,046,586	3,626,015	2,465,449

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
2014-01-02	$21.66	$15.00	56.4%	12.3%	34.2%	48.2%	43.5%	1.3%	-1.7%	35.1M	-2.57B	-8.1M	0.51	11.39	N/A	N/A	125,004	64,060	2,252,737	1,373,278
2014-01-03	$20.97	$15.00	57.2%	12.5%	36.1%	50.0%	42.4%	2.0%	-1.6%	23.2M	-2.23B	-8.3M	0.55	10.37	N/A	N/A	184,467	102,175	2,299,370	1,399,348
2014-01-06	$20.67	$15.00	55.3%	12.4%	36.3%	46.1%	42.8%	0.8%	-3.4%	31.2M	-2.15B	-8.1M	0.37	4.72	N/A	N/A	266,269	98,242	2,292,445	1,420,089
2014-01-07	$21.73	$15.00	72.1%	13.2%	39.3%	80.1%	48.3%	3.3%	-27.2%	41.9M	-2.75B	-8.4M	0.55	81.71	N/A	N/A	253,536	139,529	2,402,210	1,467,674
2014-01-08	$23.87	$15.00	40.4%	11.9%	50.4%	15.8%	41.9%	1.6%	0.1%	70.6M	-4.14B	-7.3M	0.26	4.56	N/A	N/A	443,436	115,192	2,467,751	1,504,052
2014-01-09	$23.24	$15.00	42.8%	11.9%	51.4%	20.7%	40.9%	1.0%	-0.6%	61.6M	-3.68B	-7.9M	0.41	8.99	N/A	N/A	127,459	52,753	2,517,140	1,529,446
2014-01-10	$23.71	$15.00	41.8%	11.9%	50.7%	18.7%	42.2%	1.6%	-0.6%	51.5M	-3.94B	-7.7M	0.42	3.64	N/A	N/A	72,951	30,279	2,493,366	1,548,001
2014-01-13	$23.33	$15.00	43.0%	12.0%	51.2%	21.2%	42.1%	1.1%	-0.6%	52.0M	-3.56B	-7.6M	0.69	9.17	N/A	N/A	73,891	50,857	2,356,661	1,450,832
2014-01-14	$23.67	$15.00	38.0%	11.9%	50.7%	10.9%	42.2%	1.1%	0.3%	48.9M	-3.75B	-7.4M	0.94	4.45	N/A	N/A	58,248	54,878	2,396,858	1,488,222
2014-01-15	$23.33	$15.00	38.1%	11.8%	50.8%	11.3%	41.4%	1.6%	1.5%	45.3M	-3.50B	-7.5M	0.94	7.71	N/A	N/A	69,431	65,593	2,373,251	1,505,037
2014-01-16	$23.13	$15.00	43.6%	12.1%	50.9%	22.3%	42.5%	1.6%	-1.1%	37.5M	-3.33B	-7.6M	0.46	4.01	N/A	N/A	120,978	55,224	2,381,975	1,545,793
2014-01-17	$22.38	$15.00	44.9%	11.9%	49.0%	24.8%	41.9%	1.1%	-0.7%	26.7M	-2.92B	-7.8M	0.47	8.46	N/A	N/A	256,289	121,357	2,424,335	1,571,978
2014-01-21	$23.12	$15.00	42.5%	11.9%	50.0%	20.0%	41.6%	1.1%	3.4%	33.7M	-1.79B	-7.8M	0.18	4.13	N/A	N/A	83,593	15,197	1,544,484	772,257
2014-01-22	$23.65	$15.00	40.6%	11.6%	49.9%	16.2%	41.2%	1.3%	3.6%	37.8M	-2.04B	-7.8M	0.29	9.61	N/A	N/A	87,852	25,753	1,566,076	777,336
2014-01-23	$23.64	$15.00	41.1%	11.7%	48.3%	17.3%	42.1%	1.7%	1.2%	39.8M	-2.05B	-7.9M	0.63	5.77	N/A	N/A	30,157	18,999	1,602,951	787,600
2014-01-24	$22.92	$15.00	43.7%	11.9%	49.7%	22.5%	42.0%	2.3%	0.4%	33.7M	-1.71B	-7.8M	0.77	7.68	N/A	N/A	53,888	41,715	1,609,674	796,355
2014-01-27	$22.90	$15.00	43.5%	12.0%	49.7%	22.2%	40.4%	2.1%	4.0%	35.6M	-1.67B	-7.7M	0.52	3.41	N/A	N/A	47,259	24,372	1,570,969	784,833
2014-01-28	$23.05	$15.00	42.7%	11.9%	49.4%	20.4%	41.3%	1.8%	4.9%	37.3M	-1.73B	-7.7M	0.72	4.82	N/A	N/A	20,850	14,953	1,583,566	796,456
2014-01-29	$22.71	$15.00	43.3%	12.1%	49.6%	21.8%	43.4%	1.6%	4.8%	36.4M	-1.58B	-7.5M	1.11	14.19	N/A	N/A	32,916	36,594	1,588,311	804,333
2014-01-30	$23.45	$15.00	42.5%	11.9%	50.3%	20.1%	40.4%	1.3%	-0.4%	41.5M	-1.92B	-7.6M	0.44	5.20	N/A	N/A	68,456	29,877	1,598,850	826,850
2014-01-31	$23.04	$15.00	42.5%	12.0%	50.8%	20.2%	42.2%	2.0%	-0.4%	69.2M	-1.71B	-7.6M	1.05	3.24	N/A	N/A	78,807	82,639	1,621,474	843,975