OPEN Options History — July 2014

In July 2014, OPEN traded between $102.95 and $103.54. ATM implied volatility averaged 7.0%, placing in the 1.8% IV rank vs the trailing year. The 30-day expected move averaged 0.5%. IV traded below realized volatility by 65.4% (HV 20d: 72.4%). Max pain ranged from $100.00 to $100.00. Net GEX was positive for 16 of 16 trading days. Term structure was in contango for 1 of 16 days. Put/call ratio averaged 0.74.

Notable Days

2014-07-11: Highest Volume — 6,318 contracts
2014-07-14: Largest IV spike — 64.1% change
2014-07-14: Highest IV Rank — 7.0%
2014-07-23: Largest Expected Move — 1.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$103.08	$102.95	$103.54	$103.30	$102.95
Max Pain	$100.00	$100.00	$100.00	$100.00	$100.00
ATM IV	7.0%	4.3%	9.7%	8.3%	7.3%
Expected Move	0.5%	0.3%	1.2%	0.6%	1.2%
HV 20d	72.4%	2.3%	140.6%	140.2%	2.3%
HV 60d	87.4%	85.3%	89.2%	89.2%	85.3%
IV Rank	1.8%	0.0%	7.0%	0.0%	4.2%
IV Percentile	1.0%	0.0%	3.6%	0.0%	3.6%
Term Structure	-1.8%	-3.7%	0.1%	-0.6%	-1.0%
VWIV	1.6%	0.6%	2.7%	2.1%	2.0%
Skew 25d	-0.1%	-3.5%	2.3%	-3.5%	0.1%
Skew 10d	-1.6%	-8.4%	2.9%	-8.4%	2.9%
Call IV 25d	6.0%	3.3%	9.9%	9.9%	4.2%
Put IV 25d	6.0%	4.0%	8.5%	6.4%	4.3%
Bid-Ask Spread %	35.78	22.24	63.00	61.20	27.87
Gamma HHI	0.65	0.58	0.77	0.69	0.63
Net GEX	16.1M	10.2M	23.0M	15.9M	15.3M
Net DEX	-92.0M	-127.0M	-57.2M	-117.4M	-64.3M
Net VEX	-456.5K	-681.4K	-337.2K	-385.6K	-654.2K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.74	0.00	5.01	0.95	0.08
Total Volume	1,795.375	233	6,318	1,377	1,179
Total OI	63,406.875	47,053	73,255	58,207	49,675

Daily Data (16 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
2014-07-01	$103.30	$100.00	8.3%	0.6%	140.2%	0.0%	2.1%	-3.5%	-0.6%	15.9M	-117.4M	-385.6K	0.95	61.20	706	671	31,828	26,379
2014-07-02	$103.38	$100.00	7.8%	0.6%	140.1%	0.0%	2.2%	-1.1%	-0.4%	20.2M	-118.7M	-360.5K	0.95	58.62	1,254	1,189	32,221	26,533
2014-07-03	$103.54	$100.00	8.7%	0.8%	140.3%	1.2%	2.7%	-2.7%	-2.8%	21.2M	-127.0M	-423.3K	1.20	63.00	402	482	32,935	27,557
2014-07-07	$103.15	$100.00	8.0%	0.4%	140.5%	0.2%	1.6%	0.0%	-2.3%	13.8M	-108.8M	-351.3K	0.29	51.33	2,616	758	33,200	27,807
2014-07-08	$103.12	$100.00	7.1%	0.5%	140.5%	0.0%	1.2%	1.7%	-1.3%	12.8M	-95.0M	-337.2K	0.13	30.36	3,095	403	35,403	28,289
2014-07-09	$103.00	$100.00	7.0%	0.5%	140.5%	0.0%	1.5%	1.3%	-1.3%	14.1M	-85.2M	-388.1K	0.31	26.56	2,310	717	37,331	28,433
2014-07-10	$102.97	$100.00	4.7%	0.4%	140.6%	0.0%	0.9%	0.9%	-1.4%	10.2M	-86.5M	-356.4K	0.48	26.95	285	138	38,549	28,984
2014-07-11	$103.01	$100.00	5.9%	0.4%	140.4%	1.7%	0.7%	1.6%	-0.8%	16.3M	-103.9M	-399.2K	0.03	30.59	6,114	204	38,649	29,033
2014-07-14	$102.99	$100.00	9.7%	0.5%	6.1%	7.0%	1.2%	2.3%	-2.6%	23.0M	-107.9M	-384.6K	0.08	27.66	691	53	43,407	29,173
2014-07-15	$103.00	$100.00	5.5%	0.4%	5.8%	1.1%	0.6%	-2.1%	-2.1%	19.8M	-96.1M	-681.4K	0.40	35.25	566	227	43,858	29,139
2014-07-16	$103.01	$100.00	8.5%	0.3%	5.5%	5.4%	0.7%	0.5%	-1.8%	18.3M	-78.6M	-629.2K	0.00	28.93	733	0	44,122	29,133
2014-07-17	$102.96	$100.00	7.2%	0.4%	4.6%	3.6%	0.0%	1.3%	0.1%	13.1M	-83.6M	-633.6K	0.73	28.41	135	98	44,155	28,977
2014-07-18	$102.99	$100.00	5.1%	0.3%	4.4%	0.5%	2.0%	-1.4%	-2.3%	13.6M	-83.4M	-404.3K	0.06	30.64	609	39	44,183	28,972
2014-07-21	$102.99	$100.00	4.3%	0.3%	3.7%	0.0%	2.0%	-2.2%	-3.6%	14.9M	-59.1M	-418.1K	5.01	22.24	438	2,193	27,952	19,101
2014-07-22	$102.97	$100.00	6.5%	0.3%	3.3%	3.1%	2.0%	2.3%	-3.7%	14.3M	-57.2M	-497.5K	1.18	22.84	193	228	28,252	21,280
2014-07-23	$102.95	$100.00	7.3%	1.2%	2.3%	4.2%	2.0%	0.1%	-1.0%	15.3M	-64.3M	-654.2K	0.08	27.87	1,088	91	28,297	21,378