SMCI Options History — March 2008

In March 2008, SMCI traded between $0.83 and $0.95. ATM implied volatility averaged 42.7%, placing in the 19.7% IV rank vs the trailing year. The 30-day expected move averaged 12.8%. IV traded above realized volatility by 12.6% (HV 20d: 30.2%). Max pain ranged from $0.75 to $1.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 16 of 20 days. Put/call ratio averaged 0.48.

Notable Days

2008-03-07: Highest Volume — 760 contracts
2008-03-04: Largest IV spike — 50.6% change
2008-03-13: Highest IV Rank — 28.3%
2008-03-12: Largest Expected Move — 14.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$0.89	$0.83	$0.95	$0.91	$0.83
Max Pain	$0.95	$0.75	$1.00	$0.75	$1.00
ATM IV	42.7%	32.8%	49.6%	32.8%	40.1%
Expected Move	12.8%	9.4%	14.4%	9.4%	11.5%
HV 20d	30.2%	17.0%	37.4%	27.1%	37.3%
HV 60d	51.1%	46.9%	52.3%	50.3%	46.9%
IV Rank	19.7%	7.2%	28.3%	7.2%	16.4%
IV Percentile	23.2%	2.7%	46.8%	2.7%	14.8%
Term Structure	5.4%	-1.4%	18.1%	14.5%	13.8%
VWIV	48.9%	48.9%	48.9%	48.9%	48.9%
Bid-Ask Spread %	98.11	85.53	108.72	108.72	107.97
Gamma HHI	0.96	0.94	1.00	0.99	0.94
Net GEX	3.5K	2.0K	5.6K	4.5K	2.1K
Net DEX	-70.7K	-139.6K	-24.9K	-96.2K	-25.6K
Net VEX	-535	-625	-438	-457	-438
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.48	0.00	1.92	0.00	0.00
Total Volume	67	0	760	0	0
Total OI	3,666	2,900	4,270	3,420	2,900

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 Vol	Put Vol	Call OI	Put OI
2008-03-03	$0.91	$0.75	32.8%	9.4%	27.1%	7.2%	0.0%	0.0%	14.5%	4.5K	-96.2K	-457	0.00	108.72	0	0	3,160	260
2008-03-04	$0.93	$0.75	49.4%	14.2%	17.9%	28.1%	0.0%	0.0%	-1.0%	5.0K	-115.2K	-502	0.00	99.67	190	0	3,160	260
2008-03-05	$0.95	$0.75	48.2%	13.8%	17.2%	26.6%	0.0%	0.0%	-0.1%	5.5K	-138.0K	-563	0.00	92.83	0	0	3,350	260
2008-03-06	$0.95	$0.75	48.5%	13.9%	17.0%	27.0%	0.0%	0.0%	0.6%	5.6K	-139.6K	-553	0.00	91.46	0	0	3,350	260
2008-03-07	$0.93	$1.00	34.2%	14.0%	18.4%	8.9%	48.9%	0.0%	0.4%	5.4K	-120.7K	-531	1.92	86.09	260	500	3,350	260
2008-03-10	$0.88	$1.00	44.5%	14.1%	25.4%	22.0%	0.0%	0.0%	1.3%	3.7K	-67.2K	-599	0.00	92.91	0	0	3,420	760
2008-03-11	$0.92	$1.00	35.9%	13.9%	28.2%	11.1%	0.0%	0.0%	0.6%	4.6K	-84.9K	-625	0.00	85.53	250	0	3,420	760
2008-03-12	$0.89	$1.00	47.1%	14.4%	31.3%	25.2%	0.0%	0.0%	-1.4%	3.9K	-66.7K	-592	0.00	92.33	0	0	3,510	760
2008-03-13	$0.92	$1.00	49.6%	14.2%	33.2%	28.3%	0.0%	0.0%	-0.0%	4.6K	-81.5K	-618	0.00	89.39	0	0	3,510	760
2008-03-14	$0.90	$1.00	47.7%	13.7%	34.1%	25.9%	0.0%	0.0%	0.1%	4.2K	-68.7K	-588	0.00	92.41	0	0	3,510	760
2008-03-17	$0.89	$1.00	42.7%	12.2%	33.9%	19.6%	0.0%	0.0%	4.5%	2.6K	-58.9K	-557	0.00	96.87	0	0	3,510	760
2008-03-18	$0.88	$1.00	48.4%	13.9%	34.2%	26.9%	0.0%	0.0%	1.1%	2.4K	-51.7K	-532	0.00	95.72	0	0	3,510	760
2008-03-19	$0.88	$1.00	47.3%	13.6%	34.3%	25.5%	0.0%	0.0%	1.6%	2.5K	-55.8K	-534	0.00	95.12	0	0	3,510	760
2008-03-20	$0.89	$1.00	47.1%	13.5%	34.3%	25.2%	0.0%	0.0%	1.7%	2.5K	-55.2K	-547	0.00	95.83	140	0	3,510	760
2008-03-24	$0.88	$1.00	37.8%	10.8%	34.4%	13.5%	0.0%	0.0%	14.9%	2.5K	-45.5K	-516	0.00	106.93	0	0	2,330	570
2008-03-25	$0.89	$1.00	33.5%	9.6%	34.6%	8.0%	0.0%	0.0%	16.2%	2.6K	-49.9K	-535	0.00	108.08	0	0	2,330	570
2008-03-26	$0.86	$1.00	38.3%	11.0%	36.6%	14.1%	0.0%	0.0%	17.1%	2.3K	-36.3K	-483	0.00	108.08	0	0	2,330	570
2008-03-27	$0.85	$1.00	45.5%	13.0%	36.7%	23.1%	0.0%	0.0%	3.5%	2.3K	-32.2K	-480	0.00	107.67	0	0	2,330	570
2008-03-28	$0.83	$1.00	36.3%	10.4%	37.4%	11.5%	0.0%	0.0%	18.1%	2.0K	-24.9K	-445	0.00	108.51	0	0	2,330	570
2008-03-31	$0.83	$1.00	40.1%	11.5%	37.3%	16.4%	0.0%	0.0%	13.8%	2.1K	-25.6K	-438	0.00	107.97	0	0	2,330	570