OPEN Options History — February 2014

In February 2014, OPEN traded between $71.83 and $80.72. ATM implied volatility averaged 43.5%, placing in the 32.3% IV rank vs the trailing year. The 30-day expected move averaged 12.1%. IV traded above realized volatility by 8.3% (HV 20d: 35.2%). Max pain ranged from $77.50 to $95.00. Net GEX was positive for 11 of 19 trading days. Term structure was in contango for 7 of 19 days. Put/call ratio averaged 1.12.

Notable Days

2014-02-06: Highest Volume — 13,779 contracts
2014-02-07: Largest IV drop — 48.2% change
2014-02-06: Highest IV Rank — 99.5%
2014-02-06: Largest Expected Move — 12.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$75.46	$71.83	$80.72	$73.06	$79.69
Max Pain	$92.63	$77.50	$95.00	$77.50	$90.00
ATM IV	43.5%	35.7%	75.6%	61.8%	35.7%
Expected Move	12.1%	11.5%	12.9%	12.8%	11.5%
HV 20d	35.2%	32.7%	37.2%	34.7%	32.9%
HV 60d	31.6%	30.6%	40.2%	40.2%	30.6%
IV Rank	32.3%	15.9%	99.5%	70.5%	15.9%
IV Percentile	61.0%	31.3%	99.6%	97.2%	31.3%
Term Structure	-3.2%	-20.6%	0.8%	-12.7%	0.4%
VWIV	43.5%	40.5%	45.7%	44.1%	40.5%
Skew 25d	2.7%	0.3%	5.6%	4.3%	0.6%
Skew 10d	5.0%	-1.1%	8.3%	5.2%	3.5%
Call IV 25d	42.9%	35.9%	72.1%	59.8%	36.2%
Put IV 25d	45.6%	36.8%	77.7%	64.1%	36.8%
Bid-Ask Spread %	6.24	4.32	12.15	6.09	9.05
Gamma HHI	0.13	0.09	0.21	0.09	0.14
Net GEX	326.2K	-665.0K	1.4M	275.0K	1.4M
Net DEX	-8.1M	-36.3M	16.9M	-4.5M	-32.0M
Net VEX	-220.4K	-243.6K	-199.8K	-199.8K	-239.8K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.12	0.09	3.37	0.48	0.70
Total Volume	3,433.632	369	13,779	1,916	370
Total OI	23,629.211	17,154	28,423	17,154	20,259

Daily Data (19 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 Vol	Put Vol	Call OI	Put OI
2014-02-03	$73.06	$77.50	61.8%	12.8%	34.7%	70.5%	44.1%	4.3%	-12.7%	275.0K	-4.5M	-199.8K	0.48	6.09	1,296	620	9,793	7,361
2014-02-04	$75.58	$77.50	61.7%	12.6%	37.2%	70.3%	42.5%	4.2%	-13.0%	577.5K	-15.0M	-214.1K	0.74	5.12	741	552	10,599	7,457
2014-02-05	$73.21	$95.00	64.8%	12.7%	34.3%	76.8%	44.0%	0.7%	-14.4%	420.4K	-7.6M	-214.3K	1.01	5.75	2,198	2,212	10,844	7,874
2014-02-06	$75.41	$95.00	75.6%	12.9%	35.4%	99.5%	42.8%	5.6%	-20.6%	644.1K	-17.3M	-243.6K	1.01	6.16	6,841	6,938	12,394	9,466
2014-02-07	$75.67	$95.00	39.1%	12.4%	35.4%	23.2%	45.5%	3.2%	-0.8%	569.7K	-8.2M	-234.9K	1.13	6.10	6,129	6,907	14,536	12,511
2014-02-10	$73.44	$95.00	39.6%	12.4%	36.6%	24.3%	45.7%	3.7%	-0.4%	-159.5K	7.1M	-222.8K	1.66	5.29	1,098	1,824	14,697	12,535
2014-02-11	$71.83	$95.00	37.0%	12.3%	36.2%	18.7%	45.0%	3.5%	0.4%	-571.4K	16.9M	-210.5K	1.25	4.78	888	1,111	14,650	12,527
2014-02-12	$73.20	$95.00	35.9%	12.3%	35.2%	16.3%	41.4%	3.6%	0.4%	-221.5K	8.2M	-218.2K	0.82	5.61	740	609	14,799	12,568
2014-02-13	$73.59	$95.00	38.1%	12.2%	35.1%	21.1%	43.9%	3.3%	-0.1%	-272.0K	7.2M	-219.1K	0.52	5.39	243	126	14,766	12,731
2014-02-14	$72.61	$95.00	36.9%	12.2%	34.4%	18.3%	0.0%	3.2%	0.4%	-632.7K	13.3M	-210.3K	2.38	5.42	244	580	14,814	12,769
2014-02-18	$74.17	$95.00	37.3%	12.0%	35.3%	19.2%	45.0%	3.2%	-0.0%	-200.3K	4.0M	-206.3K	3.37	4.32	360	1,213	14,838	12,789
2014-02-19	$73.88	$95.00	36.8%	12.0%	34.9%	18.2%	43.5%	3.3%	0.8%	-665.0K	7.0M	-203.6K	2.35	5.39	764	1,793	14,950	13,473
2014-02-20	$74.86	$95.00	36.9%	12.0%	35.4%	18.4%	43.4%	3.1%	0.0%	-272.1K	269.9K	-200.1K	1.25	5.28	508	634	14,712	12,784
2014-02-21	$76.21	$95.00	40.2%	12.0%	36.1%	25.3%	0.0%	1.2%	-1.3%	497.1K	-11.3M	-205.1K	0.09	12.15	11,120	999	14,835	13,026
2014-02-24	$78.25	$95.00	38.7%	11.7%	37.0%	22.2%	43.1%	1.4%	-0.6%	1.1M	-27.1M	-230.8K	0.47	9.44	1,564	742	11,042	7,660
2014-02-25	$78.65	$95.00	37.4%	11.7%	35.1%	19.6%	44.3%	1.8%	-0.0%	1.2M	-27.8M	-236.5K	0.81	5.91	512	415	11,334	8,059
2014-02-26	$79.64	$95.00	36.8%	11.6%	33.9%	18.3%	41.3%	0.3%	-0.1%	1.2M	-31.1M	-237.0K	0.69	6.02	1,097	756	11,312	8,240
2014-02-27	$80.72	$90.00	36.3%	11.5%	32.7%	17.2%	0.0%	0.7%	0.4%	1.4M	-36.3M	-240.3K	0.51	5.35	328	167	11,680	8,271
2014-02-28	$79.69	$90.00	35.7%	11.5%	32.9%	15.9%	40.5%	0.6%	0.4%	1.4M	-32.0M	-239.8K	0.70	9.05	218	152	11,886	8,373