TJX Options History — April 2008

In April 2008, TJX traded between $7.52 and $8.61. ATM implied volatility averaged 38.7%, placing in the 51.0% IV rank vs the trailing year. The 30-day expected move averaged 11.1%. IV traded above realized volatility by 3.7% (HV 20d: 35.0%). Max pain ranged from $7.50 to $8.75. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 5 of 22 days. Put/call ratio averaged 1.68.

Notable Days

2008-04-10: Highest Volume — 31,916 contracts
2008-04-07: Largest IV spike — 28.9% change
2008-04-07: Highest IV Rank — 66.5%
2008-04-09: Largest Expected Move — 12.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$8.04	$7.52	$8.61	$8.51	$8.05
Max Pain	$7.73	$7.50	$8.75	$7.50	$7.50
ATM IV	38.7%	27.8%	46.3%	35.9%	39.3%
Expected Move	11.1%	8.0%	12.7%	10.3%	11.3%
HV 20d	35.0%	30.8%	39.0%	39.0%	32.3%
HV 60d	36.7%	34.2%	39.0%	38.9%	34.8%
IV Rank	51.0%	28.6%	66.5%	45.3%	52.1%
IV Percentile	71.9%	25.4%	95.2%	66.3%	77.4%
Term Structure	-3.0%	-7.2%	3.4%	3.4%	-4.2%
VWIV	38.8%	31.6%	44.9%	35.8%	39.2%
Skew 25d	6.7%	2.7%	17.6%	11.7%	3.7%
Skew 10d	13.2%	5.3%	34.7%	19.7%	7.1%
Call IV 25d	32.3%	27.9%	38.4%	31.3%	30.5%
Put IV 25d	39.0%	34.1%	48.2%	43.0%	34.2%
Bid-Ask Spread %	18.23	11.31	34.42	16.00	26.28
Gamma HHI	0.65	0.49	0.85	0.82	0.59
Net GEX	1.1M	483.6K	1.8M	1.4M	1.3M
Net DEX	-24.4M	-46.4M	-4.7M	-46.2M	-22.0M
Net VEX	-247.9K	-300.2K	-208.1K	-238.8K	-281.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.68	0.01	7.15	0.22	1.52
Total Volume	8,582.909	380	31,916	1,972	5,004
Total OI	187,387.818	155,720	220,920	160,712	196,096

Daily Data (22 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
2008-04-01	$8.51	$7.50	35.9%	10.3%	39.0%	45.3%	35.8%	11.7%	3.4%	1.4M	-46.2M	-238.8K	0.22	16.00	N/A	N/A	1,612	360	116,924	43,788
2008-04-02	$8.61	$7.50	36.8%	10.5%	38.8%	46.9%	36.8%	10.2%	0.8%	1.4M	-46.4M	-229.4K	0.15	17.14	N/A	N/A	9,856	1,528	111,800	43,920
2008-04-03	$8.52	$7.50	35.7%	10.2%	39.0%	44.8%	36.6%	11.4%	1.7%	1.5M	-45.4M	-231.7K	3.45	15.47	N/A	N/A	516	1,780	118,128	44,580
2008-04-04	$8.29	$8.75	35.9%	10.7%	35.8%	45.2%	44.9%	5.6%	-2.1%	1.5M	-35.9M	-223.4K	1.54	34.42	N/A	N/A	1,480	2,272	118,272	45,428
2008-04-07	$8.04	$8.75	46.3%	12.7%	37.6%	66.5%	43.5%	5.9%	-7.2%	1.3M	-26.3M	-208.1K	0.64	17.51	N/A	N/A	12,640	8,056	118,800	46,688
2008-04-08	$8.07	$8.75	42.2%	12.6%	37.6%	58.1%	40.3%	2.7%	-5.8%	1.4M	-28.4M	-228.0K	0.03	12.55	N/A	N/A	3,036	100	129,008	52,916
2008-04-09	$8.02	$7.50	44.0%	12.7%	33.5%	61.8%	44.1%	16.0%	-6.0%	1.4M	-27.3M	-226.6K	4.26	18.90	N/A	N/A	4,148	17,656	131,356	52,884
2008-04-10	$7.72	$8.75	43.5%	12.5%	36.0%	60.7%	43.2%	17.6%	-6.9%	829.1K	-12.9M	-232.2K	2.71	15.67	N/A	N/A	8,608	23,308	134,844	68,484
2008-04-11	$7.52	$7.50	42.5%	12.2%	37.0%	58.7%	42.9%	3.4%	-6.0%	483.6K	-4.7M	-239.6K	7.15	19.98	N/A	N/A	1,068	7,636	139,844	77,324
2008-04-14	$7.71	$7.50	41.8%	12.0%	38.4%	57.3%	41.3%	6.7%	-4.7%	865.7K	-13.8M	-240.5K	1.27	25.84	N/A	N/A	4,144	5,264	137,468	72,884
2008-04-15	$7.67	$7.50	42.2%	12.1%	38.3%	58.0%	42.2%	5.5%	-5.1%	808.9K	-12.3M	-244.0K	4.28	23.70	N/A	N/A	72	308	140,316	75,740
2008-04-16	$7.81	$7.50	43.3%	12.4%	36.5%	60.4%	42.3%	5.9%	-6.2%	842.2K	-18.5M	-250.6K	0.44	20.32	N/A	N/A	2,452	1,072	140,308	75,596
2008-04-17	$7.80	$7.50	43.3%	12.4%	35.8%	60.4%	38.5%	5.8%	-6.9%	693.1K	-20.0M	-242.0K	0.01	19.68	N/A	N/A	7,696	92	138,596	76,292
2008-04-18	$8.01	$7.50	41.5%	11.9%	32.5%	56.8%	40.1%	3.8%	-5.3%	893.5K	-29.0M	-262.1K	0.19	11.31	N/A	N/A	5,048	980	144,640	76,280
2008-04-21	$7.96	$7.50	40.9%	11.7%	31.9%	55.4%	40.1%	4.7%	-3.6%	860.0K	-16.0M	-255.5K	0.02	11.94	N/A	N/A	8,832	208	114,548	55,744
2008-04-22	$7.87	$7.50	35.7%	10.2%	32.0%	44.8%	35.7%	4.1%	-2.0%	671.1K	-11.8M	-241.8K	1.83	11.67	N/A	N/A	4,660	8,536	114,548	55,744
2008-04-23	$7.92	$7.50	36.1%	10.3%	31.1%	45.6%	34.7%	3.6%	-2.0%	895.3K	-15.1M	-258.9K	0.38	18.01	N/A	N/A	2,460	936	121,860	56,372
2008-04-24	$7.99	$7.50	35.6%	10.2%	31.3%	44.6%	35.6%	4.5%	-0.5%	1.0M	-17.8M	-264.3K	6.02	15.91	N/A	N/A	244	1,468	122,596	57,244
2008-04-25	$8.23	$7.50	27.8%	8.0%	32.7%	28.6%	31.6%	4.7%	1.1%	1.4M	-25.8M	-275.5K	0.37	13.90	N/A	N/A	4,916	1,816	120,792	58,024
2008-04-28	$8.22	$7.50	31.6%	9.1%	32.4%	36.3%	31.7%	5.5%	-0.4%	1.4M	-27.3M	-278.2K	0.33	18.83	N/A	N/A	8,100	2,712	125,408	58,440
2008-04-29	$8.32	$7.50	30.6%	8.8%	30.8%	34.2%	33.2%	4.6%	1.0%	1.8M	-33.0M	-300.2K	0.21	16.05	N/A	N/A	5,080	1,064	132,116	59,892
2008-04-30	$8.05	$7.50	39.3%	11.3%	32.3%	52.1%	39.2%	3.7%	-4.2%	1.3M	-22.0M	-281.4K	1.52	26.28	N/A	N/A	1,984	3,020	136,200	59,896