PCH Options History — May 2015

In May 2015, PCH traded between $35.06 and $37.13. ATM implied volatility averaged 68.0%, placing in the 44.3% IV rank vs the trailing year. The 30-day expected move averaged 12.8%. IV traded above realized volatility by 50.0% (HV 20d: 18.0%). Max pain ranged from $35.00 to $40.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 1 of 20 days. Put/call ratio averaged 0.63.

Notable Days

2015-05-15: Highest Volume — 121 contracts
2015-05-12: Largest IV spike — 209.0% change
2015-05-06: Highest IV Rank — 100.0%
2015-05-27: Largest Expected Move — 21.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$36.08	$35.06	$37.13	$37.13	$36.23
Max Pain	$35.25	$35.00	$40.00	$40.00	$35.00
ATM IV	68.0%	20.8%	178.3%	31.9%	54.2%
Expected Move	12.8%	5.9%	21.9%	9.1%	15.5%
HV 20d	18.0%	16.1%	20.0%	16.6%	16.1%
HV 60d	15.1%	13.9%	15.8%	14.5%	15.7%
IV Rank	44.3%	4.8%	100.0%	21.6%	25.0%
IV Percentile	76.8%	11.9%	100.0%	40.5%	85.3%
Term Structure	-17.3%	-59.4%	3.7%	-18.7%	3.7%
VWIV	42.6%	21.2%	60.2%	21.2%	48.4%
Skew 25d	21.7%	-5.5%	65.2%	-0.7%	25.1%
Skew 10d	16.1%	-38.1%	57.0%	45.6%	27.3%
Call IV 25d	26.6%	19.5%	39.4%	25.4%	39.4%
Put IV 25d	48.2%	22.4%	88.1%	24.7%	64.5%
Bid-Ask Spread %	127.57	115.14	132.90	123.32	130.23
Gamma HHI	0.61	0.43	0.87	0.87	0.65
Net GEX	6.5K	3.4K	13.4K	9.4K	6.0K
Net DEX	70.8K	-23.6K	181.8K	165.5K	-23.6K
Net VEX	-692	-867	-477	-608	-819
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.63	0.33	1.02	0.60	0.33
Total Volume	71.75	0	121	96	72
Total OI	296.6	154	412	406	177

Daily Data (20 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
2015-05-01	$37.13	$40.00	31.9%	9.1%	16.6%	21.6%	21.2%	-0.7%	-18.7%	9.4K	165.5K	-608	0.60	123.32	N/A	N/A	60	36	335	71
2015-05-04	$36.68	$35.00	96.1%	9.2%	16.9%	94.7%	0.0%	8.7%	-14.6%	12.8K	76.8K	-858	0.00	130.56	N/A	N/A	0	0	336	71
2015-05-05	$35.89	$35.00	77.2%	15.9%	17.9%	73.3%	55.5%	51.1%	-25.2%	8.9K	92.8K	-867	0.60	125.19	N/A	N/A	60	36	336	71
2015-05-06	$35.98	$35.00	109.2%	8.2%	17.8%	100.0%	29.7%	4.6%	-13.1%	11.9K	93.2K	-692	0.60	129.68	N/A	N/A	60	36	336	71
2015-05-07	$36.18	$35.00	111.7%	10.2%	17.8%	100.0%	36.4%	12.5%	-14.1%	11.4K	80.8K	-785	0.60	122.53	N/A	N/A	60	36	336	71
2015-05-08	$36.54	$35.00	120.9%	11.0%	17.8%	100.0%	0.0%	13.4%	-9.7%	13.4K	51.8K	-787	0.00	132.34	N/A	N/A	0	0	336	58
2015-05-11	$36.01	$35.00	57.7%	8.9%	17.8%	41.5%	0.0%	-3.4%	-15.0%	7.1K	130.1K	-528	0.00	132.07	N/A	N/A	0	18	336	58
2015-05-12	$35.52	$35.00	178.3%	17.2%	18.0%	100.0%	60.2%	56.5%	-25.3%	4.0K	150.8K	-773	0.90	127.78	N/A	N/A	60	54	336	76
2015-05-13	$35.06	$35.00	49.3%	14.1%	18.1%	22.0%	49.2%	47.4%	-9.3%	4.1K	125.7K	-844	0.90	130.67	N/A	N/A	60	54	336	76
2015-05-14	$35.56	$35.00	58.3%	16.7%	19.4%	27.5%	58.3%	54.3%	-16.6%	3.7K	158.0K	-780	0.90	126.72	N/A	N/A	60	54	336	76
2015-05-15	$35.68	$35.00	21.7%	6.2%	18.9%	5.4%	21.7%	-1.1%	-2.2%	3.5K	181.8K	-579	1.02	115.14	N/A	N/A	60	61	336	76
2015-05-18	$35.56	$35.00	59.0%	16.9%	18.8%	27.9%	0.0%	55.1%	-16.4%	3.7K	15.0K	-686	0.00	132.90	N/A	N/A	0	0	121	33
2015-05-19	$36.13	$35.00	20.8%	5.9%	20.0%	4.8%	0.0%	2.9%	-3.3%	3.5K	25.6K	-579	0.00	128.26	N/A	N/A	0	0	121	33
2015-05-20	$36.15	$35.00	59.9%	17.2%	19.2%	28.4%	57.9%	65.2%	-17.7%	4.4K	17.8K	-617	0.69	128.87	N/A	N/A	48	33	121	33
2015-05-21	$36.15	$35.00	21.2%	6.1%	19.0%	5.0%	21.8%	17.3%	-3.5%	3.4K	31.2K	-550	0.57	123.28	N/A	N/A	58	33	121	33
2015-05-22	$36.10	$35.00	42.5%	12.2%	18.2%	17.9%	37.4%	-1.3%	-6.2%	4.8K	21.6K	-601	0.57	129.05	N/A	N/A	58	33	131	33
2015-05-26	$36.12	$35.00	40.8%	11.7%	18.1%	16.9%	41.1%	-5.5%	-31.7%	3.4K	33.9K	-477	0.57	127.41	N/A	N/A	58	33	131	33
2015-05-27	$36.48	$35.00	76.3%	21.9%	17.2%	38.4%	52.5%	9.1%	-59.4%	6.0K	-19.8K	-807	0.33	129.13	N/A	N/A	54	18	131	33
2015-05-28	$36.50	$35.00	72.5%	20.8%	16.8%	36.0%	47.8%	22.1%	-46.7%	5.3K	6.3K	-601	0.33	126.38	N/A	N/A	54	18	141	36
2015-05-29	$36.23	$35.00	54.2%	15.5%	16.1%	25.0%	48.4%	25.1%	3.7%	6.0K	-23.6K	-819	0.33	130.23	N/A	N/A	54	18	141	36