TDC Options History — March 2008

In March 2008, TDC traded between $21.92 and $26.53. ATM implied volatility averaged 43.5%. The 30-day expected move averaged 12.7%. IV traded below realized volatility by 2.1% (HV 20d: 45.6%). Max pain ranged from $25.00 to $25.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 17 of 20 days. Put/call ratio averaged 0.69.

Notable Days

  • 2008-03-03: Highest Volume — 1,287 contracts
  • 2008-03-07: Largest IV spike — 15.0% change
  • 2008-03-20: Largest Expected Move — 14.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$24.13$21.92$26.53$25.98$22.06
Max Pain$25.00$25.00$25.00$25.00$25.00
ATM IV43.5%36.5%49.8%40.4%45.7%
Expected Move12.7%10.5%14.3%11.6%13.1%
HV 20d45.6%37.9%51.8%42.1%51.2%
HV 60d39.1%35.9%43.2%35.9%43.1%
Term Structure3.1%-1.0%15.3%0.3%5.6%
VWIV44.9%40.4%51.9%40.4%51.9%
Skew 25d7.2%-2.9%21.5%4.7%18.0%
Skew 10d14.6%0.1%37.5%13.2%19.2%
Call IV 25d40.3%31.0%50.4%38.5%34.1%
Put IV 25d47.5%42.8%56.6%43.2%52.1%
Bid-Ask Spread %61.1742.2982.6546.2944.15
Gamma HHI0.770.650.880.650.65
Net GEX61.8K35.8K85.0K35.8K37.2K
Net DEX-1.3M-2.2M-305.8K-813.9K-305.8K
Net VEX-12.6K-14.7K-6.1K-6.1K-10.3K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.690.004.200.010.79
Total Volume211.401,2871,287375
Total OI3,220.91,5273,8641,5273,864

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-03-03$25.98$25.0040.4%11.6%42.1%0.0%40.4%4.7%0.3%35.8K-813.9K-6.1K0.0146.29N/AN/A1,274131,210317
2008-03-04$25.60$25.0039.5%11.3%41.8%0.0%0.0%2.4%2.2%71.1K-1.8M-12.8K0.2570.15N/AN/A180452,306327
2008-03-05$26.53$25.0037.0%10.6%41.5%0.0%0.0%6.8%15.3%85.0K-2.2M-14.0K0.1880.42N/AN/A111202,426322
2008-03-06$25.73$25.0036.5%10.5%43.2%0.0%0.0%2.2%5.1%80.1K-2.1M-14.0K4.2082.65N/AN/A5212,466342
2008-03-07$24.94$25.0042.0%12.6%45.0%0.0%0.0%1.6%1.0%67.7K-1.6M-13.0K0.1346.98N/AN/A75102,463358
2008-03-10$24.18$25.0037.6%12.1%45.5%0.0%42.3%2.6%3.0%62.3K-1.2M-11.5K0.1247.57N/AN/A341412,473368
2008-03-11$24.78$25.0037.7%12.0%46.0%0.0%0.0%11.6%1.7%68.8K-1.4M-12.7K0.0072.55N/AN/A57002,574398
2008-03-12$24.77$25.0040.0%12.1%43.2%0.0%0.0%14.8%2.1%79.5K-1.6M-14.1K0.0051.61N/AN/A002,828398
2008-03-13$24.53$25.0042.4%12.1%37.9%0.0%0.0%11.9%2.4%74.0K-1.4M-13.6K0.0078.63N/AN/A18002,828398
2008-03-14$23.71$25.0041.9%12.0%39.8%0.0%42.2%8.9%9.2%73.4K-1.4M-13.6K1.0874.66N/AN/A37403,008398
2008-03-17$22.65$25.0046.7%13.4%42.8%0.0%47.4%-0.1%1.7%54.1K-833.9K-11.8K2.0081.29N/AN/A243,033438
2008-03-18$23.73$25.0046.8%13.4%44.5%0.0%44.9%10.4%0.0%62.1K-1.1M-13.2K0.7464.87N/AN/A97723,032437
2008-03-19$22.98$25.0048.1%13.8%45.2%0.0%0.0%2.8%-0.3%53.1K-1.0M-13.0K0.0063.58N/AN/A003,068509
2008-03-20$23.47$25.0049.8%14.3%45.8%0.0%42.5%10.6%-1.0%50.4K-798.9K-12.0K0.0261.19N/AN/A15133,068509
2008-03-24$24.92$25.0048.8%14.0%50.6%0.0%49.5%21.5%-0.5%76.2K-1.7M-14.7K0.4365.93N/AN/A46202,992488
2008-03-25$24.25$25.0049.0%14.1%51.4%0.0%43.0%9.2%1.3%67.0K-1.6M-14.3K1.1150.04N/AN/A81903,038508
2008-03-26$23.26$25.0049.6%14.2%51.3%0.0%0.0%7.0%1.8%52.6K-1.1M-13.1K0.5650.68N/AN/A90503,058588
2008-03-27$22.51$25.0044.3%12.7%51.4%0.0%45.1%-2.9%6.0%43.2K-632.7K-12.1K0.3747.82N/AN/A108403,118628
2008-03-28$21.92$25.0046.1%13.2%51.8%0.0%0.0%0.6%4.3%42.1K-585.5K-11.5K0.4442.29N/AN/A25113,167667
2008-03-31$22.06$25.0045.7%13.1%51.2%0.0%51.9%18.0%5.6%37.2K-305.8K-10.3K0.7944.15N/AN/A2101653,187677