PCH Options History — April 2014

In April 2014, PCH traded between $37.27 and $39.43. ATM implied volatility averaged 36.6%, placing in the 30.1% IV rank vs the trailing year. The 30-day expected move averaged 9.9%. IV traded above realized volatility by 18.0% (HV 20d: 18.6%). Max pain ranged from $35.00 to $40.00. Net GEX was positive for 19 of 21 trading days. Term structure was in contango for 4 of 21 days. Put/call ratio averaged 0.00.

Notable Days

2014-04-22: Highest Volume — 11 contracts
2014-04-07: Largest IV spike — 72.6% change
2014-04-07: Highest IV Rank — 52.8%
2014-04-03: Largest Expected Move — 14.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$38.29	$37.27	$39.43	$39.03	$38.23
Max Pain	$39.76	$35.00	$40.00	$40.00	$40.00
ATM IV	36.6%	24.6%	56.4%	47.8%	45.6%
Expected Move	9.9%	7.1%	14.1%	13.7%	13.1%
HV 20d	18.6%	16.7%	20.8%	18.1%	16.7%
HV 60d	19.5%	16.7%	20.3%	19.1%	16.7%
IV Rank	30.1%	16.7%	52.8%	43.1%	38.9%
IV Percentile	79.0%	52.4%	98.8%	95.2%	92.9%
Term Structure	-6.4%	-20.1%	15.9%	-12.2%	-8.7%
VWIV	27.9%	24.6%	30.4%	24.6%	28.6%
Skew 25d	4.7%	-6.6%	22.1%	-6.6%	8.5%
Skew 10d	18.4%	-16.9%	89.2%	14.8%	17.5%
Call IV 25d	36.6%	21.8%	59.4%	38.7%	52.1%
Put IV 25d	41.3%	21.9%	64.9%	32.0%	60.6%
Bid-Ask Spread %	122.93	113.67	128.90	123.97	125.84
Gamma HHI	0.51	0.45	0.60	0.48	0.51
Net GEX	4.4K	-4.3K	9.6K	4.2K	5.6K
Net DEX	-57.4K	-119.6K	4.6K	-73.0K	-83.1K
Net VEX	-1.1K	-1.4K	-857	-1.2K	-1.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.00	0.00	0.00	0.00	0.00
Total Volume	3	0	11	3	10
Total OI	218.333	206	247	206	247

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	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2014-04-01	$39.03	$40.00	47.8%	13.7%	18.1%	43.1%	0.0%	-6.6%	-12.2%	4.2K	-73.0K	-1.2K	123.97	N/A	N/A	3	0	107	99
2014-04-02	$39.43	$40.00	38.3%	11.0%	18.2%	32.3%	0.0%	2.3%	-19.7%	5.0K	-119.6K	-1.1K	118.55	N/A	N/A	0	0	109	99
2014-04-03	$39.11	$40.00	49.0%	14.1%	18.1%	44.5%	0.0%	5.5%	-16.5%	4.4K	-105.7K	-1.3K	124.87	N/A	N/A	0	0	109	99
2014-04-04	$38.43	$40.00	32.6%	8.0%	18.9%	25.9%	0.0%	5.2%	-4.7%	4.9K	-64.5K	-1.2K	118.81	N/A	N/A	0	3	109	99
2014-04-07	$38.63	$40.00	56.4%	9.5%	18.8%	52.8%	0.0%	10.0%	-12.6%	4.2K	-53.7K	-1.2K	121.69	N/A	N/A	0	0	109	102
2014-04-08	$38.62	$40.00	32.3%	8.2%	18.5%	25.4%	24.6%	-5.8%	-2.3%	6.0K	-51.8K	-1.2K	116.61	N/A	N/A	0	1	109	102
2014-04-09	$38.47	$40.00	39.6%	8.1%	18.2%	33.7%	0.0%	8.1%	-7.0%	5.9K	-46.1K	-1.1K	115.33	N/A	N/A	0	0	109	103
2014-04-10	$37.61	$40.00	28.1%	8.0%	19.8%	20.7%	0.0%	22.1%	2.7%	2.6K	-35.8K	-1.2K	123.92	N/A	N/A	0	0	109	103
2014-04-11	$37.27	$40.00	40.6%	11.6%	20.0%	34.9%	0.0%	17.0%	-16.7%	839	-8.6K	-1.1K	125.65	N/A	N/A	0	0	109	103
2014-04-14	$37.84	$40.00	33.7%	9.7%	20.8%	27.1%	0.0%	-3.3%	-16.9%	-4.3K	-9.5K	-857	127.70	N/A	N/A	0	0	109	103
2014-04-15	$37.65	$40.00	24.6%	7.1%	20.2%	16.7%	0.0%	5.6%	-5.4%	5.4K	-19.8K	-1.0K	113.67	N/A	N/A	0	0	109	103
2014-04-16	$37.55	$40.00	29.0%	8.3%	17.5%	21.7%	0.0%	16.3%	-1.0%	1.7K	4.6K	-978	126.03	N/A	N/A	0	0	109	103
2014-04-17	$37.64	$40.00	33.9%	9.7%	17.2%	27.3%	0.0%	-2.9%	-9.3%	-2.7K	-27.7K	-963	126.89	N/A	N/A	0	0	109	103
2014-04-21	$37.92	$40.00	36.0%	10.3%	17.4%	29.7%	30.4%	0.2%	-20.1%	4.1K	-13.8K	-987	125.56	N/A	N/A	5	0	108	103
2014-04-22	$38.74	$35.00	29.2%	8.4%	18.9%	22.0%	28.6%	-2.3%	-0.8%	6.4K	-84.5K	-982	120.05	N/A	N/A	11	0	113	103
2014-04-23	$38.26	$40.00	25.8%	7.4%	19.3%	18.1%	0.0%	7.5%	10.6%	9.6K	-97.7K	-1.0K	119.92	N/A	N/A	10	0	114	103
2014-04-24	$38.48	$40.00	34.2%	9.8%	18.9%	27.7%	0.0%	-3.3%	-5.8%	6.8K	-76.9K	-1.1K	126.55	N/A	N/A	0	10	124	103
2014-04-25	$38.38	$40.00	39.3%	11.3%	18.9%	33.5%	0.0%	7.7%	1.8%	7.5K	-70.2K	-1.2K	126.26	N/A	N/A	10	0	124	113
2014-04-28	$38.46	$40.00	39.0%	11.2%	18.9%	31.1%	0.0%	8.6%	15.9%	6.9K	-93.5K	-1.4K	128.90	N/A	N/A	0	0	134	113
2014-04-29	$38.28	$40.00	33.1%	9.5%	17.0%	24.3%	0.0%	-2.7%	-5.0%	8.4K	-74.6K	-1.3K	124.69	N/A	N/A	0	0	134	113
2014-04-30	$38.23	$40.00	45.6%	13.1%	16.7%	38.9%	0.0%	8.5%	-8.7%	5.6K	-83.1K	-1.4K	125.84	N/A	N/A	0	10	134	113