PCH Options History — April 2017

In April 2017, PCH traded between $45.10 and $47.83. ATM implied volatility averaged 34.2%, placing in the 12.0% IV rank vs the trailing year. The 30-day expected move averaged 8.9%. IV traded above realized volatility by 14.8% (HV 20d: 19.3%). Max pain ranged from $40.00 to $45.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 6 of 19 days. Put/call ratio averaged 3.59.

Notable Days

2017-04-10: Highest Volume — 2,089 contracts
2017-04-07: Largest IV spike — 105.0% change
2017-04-11: Highest IV Rank — 45.1%
2017-04-26: Largest Expected Move — 11.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$46.54	$45.10	$47.83	$45.93	$45.10
Max Pain	$40.79	$40.00	$45.00	$45.00	$40.00
ATM IV	34.2%	15.9%	84.4%	24.4%	26.8%
Expected Move	8.9%	6.0%	11.9%	7.0%	7.7%
HV 20d	19.3%	12.1%	30.4%	12.2%	30.4%
HV 60d	21.1%	20.5%	23.0%	20.7%	23.0%
IV Rank	12.0%	0.0%	45.1%	5.6%	7.2%
IV Percentile	55.2%	0.0%	98.0%	27.8%	35.3%
Term Structure	-3.4%	-18.5%	7.1%	1.1%	7.1%
VWIV	31.1%	21.1%	50.7%	24.2%	31.6%
Skew 25d	0.3%	-44.7%	25.7%	25.7%	-0.1%
Skew 10d	9.2%	-8.4%	57.9%	57.9%	4.8%
Call IV 25d	33.8%	22.8%	71.9%	22.8%	30.9%
Put IV 25d	34.1%	24.1%	49.1%	48.5%	30.8%
Bid-Ask Spread %	102.61	89.50	129.26	109.60	109.11
Gamma HHI	0.73	0.52	0.94	0.71	0.89
Net GEX	287.8K	91.3K	623.6K	184.7K	405.0K
Net DEX	-2.6M	-3.8M	-1.5M	-1.9M	-2.4M
Net VEX	-8.5K	-12.2K	-5.7K	-6.0K	-6.9K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	3.59	0.02	13.55	0.02	0.38
Total Volume	743.105	82	2,089	1,336	159
Total OI	2,911.579	1,574	4,141	1,574	3,697

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 Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2017-04-03	$45.93	$45.00	24.4%	7.0%	12.2%	5.6%	24.2%	25.7%	1.1%	184.7K	-1.9M	-6.0K	0.02	109.60	N/A	N/A	1,304	32	1,457	117
2017-04-04	$46.03	$45.00	38.8%	11.1%	12.1%	15.0%	50.7%	-44.7%	-17.7%	155.5K	-1.5M	-5.7K	0.58	129.26	N/A	N/A	73	42	1,457	117
2017-04-05	$45.38	$45.00	20.9%	6.0%	12.6%	3.3%	21.1%	-11.5%	2.4%	177.4K	-1.9M	-5.9K	1.05	115.81	N/A	N/A	40	42	1,474	127
2017-04-06	$46.45	$40.00	15.9%	7.7%	14.3%	0.0%	26.6%	3.1%	-2.1%	198.7K	-2.1M	-5.9K	13.55	103.72	N/A	N/A	40	542	1,477	127
2017-04-07	$47.73	$40.00	32.6%	7.8%	16.2%	11.0%	23.8%	-2.5%	5.4%	163.2K	-2.0M	-7.7K	13.55	96.55	N/A	N/A	40	542	1,477	627
2017-04-10	$47.83	$40.00	46.6%	8.9%	15.7%	20.2%	29.4%	-0.4%	-3.7%	165.5K	-2.5M	-9.3K	0.35	97.08	N/A	N/A	1,546	543	1,477	627
2017-04-11	$46.73	$40.00	84.4%	10.1%	18.5%	45.1%	34.6%	8.3%	-9.6%	330.0K	-3.1M	-12.2K	0.37	107.17	N/A	N/A	1,477	543	2,535	628
2017-04-12	$46.15	$40.00	31.2%	9.0%	19.0%	10.1%	31.9%	-1.1%	-2.8%	161.5K	-1.5M	-8.0K	5.60	97.83	N/A	N/A	97	543	2,535	628
2017-04-13	$46.95	$40.00	29.9%	8.6%	19.8%	9.2%	29.2%	3.0%	-3.6%	188.0K	-2.3M	-8.4K	5.60	90.02	N/A	N/A	97	543	2,545	628
2017-04-17	$47.00	$40.00	27.1%	7.8%	19.8%	7.3%	28.8%	-2.7%	-1.9%	236.1K	-2.5M	-8.0K	5.60	93.61	N/A	N/A	97	543	2,565	628
2017-04-18	$47.10	$40.00	29.7%	8.5%	19.5%	9.1%	29.2%	3.8%	-3.2%	318.8K	-2.4M	-7.5K	5.60	95.38	N/A	N/A	97	543	2,565	628
2017-04-19	$46.33	$40.00	35.9%	10.3%	20.3%	13.2%	32.1%	7.1%	-7.9%	91.3K	-2.2M	-6.6K	0.43	96.60	N/A	N/A	1,240	537	2,565	628
2017-04-20	$46.80	$40.00	34.4%	9.8%	20.4%	12.1%	35.0%	6.4%	-6.0%	361.4K	-3.1M	-11.2K	6.47	92.69	N/A	N/A	83	537	3,491	634
2017-04-21	$46.93	$40.00	29.6%	8.5%	20.2%	9.0%	30.3%	-0.1%	-4.8%	388.7K	-3.6M	-9.5K	7.36	96.88	N/A	N/A	73	537	3,507	634
2017-04-24	$46.90	$40.00	35.6%	10.2%	20.3%	13.0%	36.0%	1.2%	-6.1%	385.9K	-3.8M	-10.0K	0.03	89.50	N/A	N/A	1,119	37	2,493	134
2017-04-25	$45.28	$40.00	31.6%	9.1%	24.2%	10.3%	31.8%	-0.8%	-18.5%	495.2K	-3.8M	-10.9K	0.76	99.03	N/A	N/A	85	65	3,536	134
2017-04-26	$46.58	$40.00	41.5%	11.9%	26.1%	16.9%	33.3%	3.4%	2.5%	437.1K	-3.4M	-11.3K	0.56	103.33	N/A	N/A	78	44	3,561	165
2017-04-27	$47.08	$40.00	32.0%	9.2%	25.9%	10.6%	31.9%	7.5%	4.3%	623.6K	-3.8M	-11.1K	0.38	126.31	N/A	N/A	115	44	3,530	165
2017-04-28	$45.10	$40.00	26.8%	7.7%	30.4%	7.2%	31.6%	-0.1%	7.1%	405.0K	-2.4M	-6.9K	0.38	109.11	N/A	N/A	115	44	3,532	165