PCH Options History — February 2018

In February 2018, PCH traded between $49.30 and $54.80. ATM implied volatility averaged 27.1%, placing in the 16.5% IV rank vs the trailing year. The 30-day expected move averaged 7.5%. IV traded below realized volatility by 3.4% (HV 20d: 30.5%). Max pain ranged from $50.00 to $50.00. Net GEX was positive for 18 of 19 trading days. Term structure was in contango for 0 of 19 days. Put/call ratio averaged 0.45.

Notable Days

2018-02-08: Highest Volume — 272 contracts
2018-02-02: Largest IV spike — 43.5% change
2018-02-05: Highest IV Rank — 39.4%
2018-02-05: Largest Expected Move — 9.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$51.88	$49.30	$54.80	$52.80	$51.20
Max Pain	$50.00	$50.00	$50.00	$50.00	$50.00
ATM IV	27.1%	18.9%	42.8%	22.3%	26.0%
Expected Move	7.5%	5.4%	9.2%	6.5%	7.5%
HV 20d	30.5%	24.3%	37.0%	28.1%	36.5%
HV 60d	24.0%	20.7%	27.9%	20.7%	27.9%
IV Rank	16.5%	4.6%	39.4%	9.6%	14.9%
IV Percentile	67.3%	11.9%	96.4%	38.5%	72.6%
Term Structure	-2.0%	-4.7%	-0.2%	-0.2%	-2.1%
VWIV	27.7%	23.7%	33.1%	25.9%	27.2%
Skew 25d	4.3%	0.7%	9.7%	4.4%	2.5%
Skew 10d	11.0%	3.2%	23.0%	9.0%	7.2%
Call IV 25d	24.7%	20.7%	29.0%	22.6%	27.1%
Put IV 25d	29.1%	23.7%	38.1%	26.9%	29.7%
Bid-Ask Spread %	78.02	37.29	107.24	45.95	107.24
Gamma HHI	0.44	0.24	0.81	0.67	0.30
Net GEX	53.7K	-4.3K	238.1K	106.5K	11.2K
Net DEX	-739.8K	-1.9M	-160.7K	-1.4M	-246.0K
Net VEX	-3.1K	-4.2K	-2.5K	-4.0K	-2.9K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.45	0.29	0.72	0.32	0.71
Total Volume	232.368	172	272	265	219
Total OI	989.316	532	1,267	1,212	636

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
2018-02-01	$52.80	$50.00	22.3%	6.5%	28.1%	9.6%	25.9%	4.4%	-0.2%	106.5K	-1.4M	-4.0K	0.32	45.95	N/A	N/A	201	64	823	389
2018-02-02	$52.13	$50.00	32.0%	8.0%	25.7%	23.7%	27.6%	6.6%	-2.6%	72.0K	-1.1M	-4.2K	0.29	65.27	N/A	N/A	199	57	804	393
2018-02-05	$50.75	$50.00	42.8%	9.2%	27.6%	39.4%	33.1%	9.7%	-4.7%	39.5K	-656.0K	-3.9K	0.30	67.73	N/A	N/A	201	61	804	395
2018-02-06	$50.75	$50.00	29.9%	8.4%	26.0%	20.6%	29.9%	5.4%	-2.6%	26.2K	-600.8K	-3.5K	0.34	102.34	N/A	N/A	201	69	806	414
2018-02-07	$50.13	$50.00	28.1%	8.1%	25.1%	18.0%	28.5%	7.0%	-2.1%	18.9K	-415.7K	-3.5K	0.34	87.87	N/A	N/A	201	69	806	417
2018-02-08	$49.30	$50.00	28.9%	8.3%	25.5%	19.2%	29.5%	6.0%	-0.5%	13.1K	-338.3K	-3.4K	0.33	75.51	N/A	N/A	205	67	806	417
2018-02-09	$49.40	$50.00	31.5%	9.0%	24.3%	22.9%	31.1%	4.6%	-0.2%	-4.3K	-160.7K	-3.3K	0.34	102.18	N/A	N/A	200	67	811	420
2018-02-12	$50.70	$50.00	30.0%	8.6%	26.3%	20.8%	30.5%	6.3%	-3.0%	22.0K	-563.0K	-3.0K	0.39	88.40	N/A	N/A	172	67	808	420
2018-02-13	$52.05	$50.00	29.3%	8.4%	28.0%	19.8%	31.3%	6.2%	-3.9%	51.9K	-986.0K	-2.7K	0.40	57.83	N/A	N/A	172	68	810	420
2018-02-14	$54.28	$50.00	24.5%	7.0%	30.9%	12.7%	25.9%	2.2%	-1.0%	235.8K	-1.9M	-3.0K	0.40	37.29	N/A	N/A	189	75	807	420
2018-02-15	$53.95	$50.00	23.4%	6.7%	30.6%	11.1%	27.1%	0.7%	-0.4%	238.1K	-1.6M	-2.8K	0.52	49.89	N/A	N/A	147	76	799	428
2018-02-16	$54.80	$50.00	23.8%	6.8%	31.0%	11.7%	26.4%	1.5%	-0.5%	42.8K	-1.4M	-3.0K	0.45	49.68	N/A	N/A	161	72	836	431
2018-02-20	$51.90	$50.00	27.0%	7.7%	37.0%	16.4%	27.3%	3.7%	-3.1%	23.7K	-437.6K	-2.5K	0.46	67.31	N/A	N/A	118	54	429	103
2018-02-21	$52.10	$50.00	26.5%	7.6%	36.8%	15.6%	26.5%	3.5%	-4.5%	24.0K	-405.9K	-2.7K	0.47	96.38	N/A	N/A	136	64	443	124
2018-02-22	$51.23	$50.00	25.0%	7.2%	34.2%	13.5%	25.7%	5.0%	-2.5%	19.1K	-317.2K	-2.6K	0.53	92.74	N/A	N/A	114	60	453	128
2018-02-23	$52.23	$50.00	24.1%	6.9%	34.7%	12.2%	23.7%	2.9%	-1.7%	23.8K	-396.6K	-2.6K	0.58	96.32	N/A	N/A	112	65	452	128
2018-02-26	$53.33	$50.00	20.1%	5.8%	35.6%	6.3%	24.9%	3.4%	-0.8%	33.8K	-560.0K	-2.8K	0.72	97.71	N/A	N/A	120	86	453	128
2018-02-27	$52.65	$50.00	18.9%	5.4%	35.8%	4.6%	24.8%	1.1%	-0.9%	23.2K	-462.8K	-3.1K	0.72	94.76	N/A	N/A	120	86	469	167
2018-02-28	$51.20	$50.00	26.0%	7.5%	36.5%	14.9%	27.2%	2.5%	-2.1%	11.2K	-246.0K	-2.9K	0.71	107.24	N/A	N/A	128	91	469	167