PCH Options History — October 2014

In October 2014, PCH traded between $40.17 and $44.00. ATM implied volatility averaged 42.8%, placing in the 34.7% IV rank vs the trailing year. The 30-day expected move averaged 6.6%. IV traded above realized volatility by 27.4% (HV 20d: 15.4%). Max pain ranged from $45.00 to $45.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 5 of 23 days. Put/call ratio averaged 1.61.

Notable Days

2014-10-30: Highest Volume — 55 contracts
2014-10-14: Largest IV spike — 67.0% change
2014-10-15: Highest IV Rank — 100.0%
2014-10-09: Largest Expected Move — 9.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$41.98	$40.17	$44.00	$40.26	$44.00
Max Pain	$45.00	$45.00	$45.00	$45.00	$45.00
ATM IV	42.8%	14.9%	100.7%	44.5%	20.0%
Expected Move	6.6%	4.8%	9.0%	6.5%	7.1%
HV 20d	15.4%	13.9%	16.4%	15.9%	15.4%
HV 60d	14.1%	13.4%	14.9%	13.7%	14.5%
IV Rank	34.7%	2.4%	100.0%	37.2%	8.1%
IV Percentile	60.7%	0.8%	100.0%	83.7%	6.3%
Term Structure	-6.6%	-17.4%	18.8%	-14.0%	-12.6%
VWIV	27.4%	27.0%	27.9%	27.9%	27.0%
Skew 25d	7.8%	-5.5%	17.8%	-1.7%	3.8%
Skew 10d	12.3%	-19.5%	68.7%	0.3%	2.9%
Call IV 25d	28.2%	13.2%	58.3%	39.9%	36.0%
Put IV 25d	36.0%	18.2%	63.6%	38.2%	39.8%
Bid-Ask Spread %	117.97	104.32	130.34	127.03	107.54
Gamma HHI	0.47	0.36	0.73	0.36	0.69
Net GEX	7.2K	4.0K	12.4K	4.1K	10.6K
Net DEX	-103.1K	-160.4K	-48.2K	-56.5K	-160.4K
Net VEX	-319	-454	-115	-445	-265
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.61	1.58	1.75	1.58	1.75
Total Volume	21.826	0	55	0	55
Total OI	95.261	95	101	95	101

Daily Data (23 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
2014-10-01	$40.26	$0.00	44.5%	6.5%	15.9%	37.2%	0.0%	-1.7%	-14.0%	4.1K	-56.5K	-445	0.00	127.03	N/A	N/A	0	0	62	33
2014-10-02	$40.30	$0.00	49.3%	6.9%	16.0%	42.8%	0.0%	5.3%	-10.5%	4.0K	-58.8K	-453	0.00	127.73	N/A	N/A	0	0	62	33
2014-10-03	$40.51	$0.00	47.9%	6.7%	15.4%	41.2%	0.0%	4.8%	-16.7%	4.3K	-62.8K	-439	0.00	129.71	N/A	N/A	0	0	62	33
2014-10-06	$40.49	$0.00	57.0%	6.1%	15.4%	51.9%	0.0%	-5.5%	-17.4%	4.0K	-61.9K	-454	0.00	108.23	N/A	N/A	0	0	62	33
2014-10-07	$40.17	$0.00	39.6%	6.8%	15.3%	31.4%	0.0%	11.6%	-4.3%	4.5K	-48.2K	-338	0.00	130.34	N/A	N/A	0	0	62	33
2014-10-08	$40.81	$0.00	54.6%	7.6%	16.4%	49.1%	0.0%	9.3%	-15.4%	4.1K	-66.0K	-422	1.58	115.29	N/A	N/A	19	30	62	33
2014-10-09	$40.75	$0.00	40.0%	9.0%	16.3%	31.9%	0.0%	7.2%	3.0%	5.9K	-86.1K	-385	0.00	109.56	N/A	N/A	0	0	62	33
2014-10-10	$41.27	$0.00	47.4%	5.7%	13.9%	40.6%	0.0%	9.0%	-12.5%	5.4K	-82.0K	-393	0.00	126.41	N/A	N/A	0	0	62	33
2014-10-13	$41.88	$0.00	58.6%	7.1%	14.7%	53.8%	0.0%	17.8%	-1.0%	5.1K	-97.2K	-412	0.00	122.16	N/A	N/A	0	0	62	33
2014-10-14	$42.48	$0.00	97.9%	6.3%	14.9%	99.9%	0.0%	0.6%	-2.3%	8.1K	-115.8K	-317	1.58	119.74	N/A	N/A	19	30	62	33
2014-10-15	$42.05	$0.00	100.7%	6.1%	15.3%	100.0%	0.0%	15.0%	-13.1%	5.6K	-100.4K	-386	1.58	109.67	N/A	N/A	19	30	62	33
2014-10-16	$42.26	$0.00	39.9%	7.4%	15.3%	30.8%	0.0%	14.1%	-14.1%	5.7K	-104.5K	-329	0.00	115.48	N/A	N/A	0	0	62	33
2014-10-17	$42.33	$0.00	35.8%	7.8%	15.3%	26.1%	0.0%	12.3%	-10.1%	6.5K	-111.2K	-354	0.00	105.26	N/A	N/A	0	0	62	33
2014-10-20	$42.97	$0.00	25.3%	5.1%	15.7%	14.1%	0.0%	1.8%	18.8%	8.6K	-130.5K	-303	0.00	123.27	N/A	N/A	0	0	62	33
2014-10-21	$42.44	$0.00	38.4%	7.8%	15.4%	29.1%	0.0%	11.7%	-16.4%	10.0K	-109.5K	-186	1.58	115.84	N/A	N/A	19	30	62	33
2014-10-22	$42.26	$0.00	42.1%	7.3%	15.4%	33.3%	0.0%	12.8%	-6.3%	9.3K	-102.0K	-183	1.58	122.67	N/A	N/A	19	30	62	33
2014-10-23	$42.77	$0.00	20.2%	4.8%	15.2%	8.4%	0.0%	17.5%	1.9%	11.2K	-126.5K	-115	1.58	104.32	N/A	N/A	19	30	62	33
2014-10-24	$42.45	$0.00	30.8%	6.0%	15.5%	20.5%	0.0%	7.9%	-14.4%	9.7K	-125.4K	-230	1.58	114.62	N/A	N/A	19	30	62	33
2014-10-27	$42.81	$0.00	29.1%	4.8%	15.6%	18.4%	0.0%	10.0%	-2.7%	8.3K	-126.0K	-261	0.00	118.78	N/A	N/A	0	0	62	33
2014-10-28	$43.41	$0.00	24.2%	5.6%	14.7%	12.9%	0.0%	6.8%	3.7%	9.8K	-144.0K	-245	0.00	121.66	N/A	N/A	0	0	62	33
2014-10-29	$43.17	$0.00	25.8%	7.1%	15.0%	14.7%	0.0%	1.5%	-2.4%	8.8K	-136.4K	-249	1.58	118.63	N/A	N/A	19	30	62	33
2014-10-30	$43.73	$0.00	14.9%	7.0%	15.4%	2.4%	27.9%	5.0%	7.5%	12.4K	-158.0K	-172	1.75	119.31	N/A	N/A	20	35	62	33
2014-10-31	$44.00	$45.00	20.0%	7.1%	15.4%	8.1%	27.0%	3.8%	-12.6%	10.6K	-160.4K	-265	1.75	107.54	N/A	N/A	20	35	63	38