TRX Options History — December 2007

In December 2007, TRX traded between $6.90 and $8.90. ATM implied volatility averaged 56.3%, placing in the 24.1% IV rank vs the trailing year. The 30-day expected move averaged 16.4%. IV traded above realized volatility by 2.5% (HV 20d: 53.8%). Max pain ranged from $5.00 to $7.50. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 18 of 20 days. Put/call ratio averaged 0.15.

Notable Days

2007-12-07: Highest Volume — 527 contracts
2007-12-28: Largest IV drop — 30.6% change
2007-12-19: Highest IV Rank — 32.4%
2007-12-19: Largest Expected Move — 19.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$7.78	$6.90	$8.90	$8.06	$8.90
Max Pain	$6.38	$5.00	$7.50	$7.50	$5.00
ATM IV	56.3%	43.7%	67.7%	45.3%	56.9%
Expected Move	16.4%	12.5%	19.4%	13.0%	16.3%
HV 20d	53.8%	40.5%	70.1%	40.5%	70.1%
HV 60d	55.2%	52.5%	57.9%	52.5%	57.9%
IV Rank	24.1%	14.9%	32.4%	16.1%	24.5%
IV Percentile	80.6%	46.2%	96.7%	55.4%	82.0%
Term Structure	6.6%	-0.6%	29.4%	13.0%	1.5%
VWIV	57.1%	45.2%	69.3%	56.3%	64.6%
Skew 25d	1.0%	-8.1%	14.4%	1.3%	14.4%
Skew 10d	7.5%	-3.2%	27.9%	10.4%	27.9%
Call IV 25d	59.4%	49.3%	67.8%	51.3%	54.0%
Put IV 25d	60.4%	52.6%	71.1%	52.6%	68.4%
Bid-Ask Spread %	93.58	71.59	107.59	100.45	97.26
Gamma HHI	0.50	0.42	0.68	0.42	0.50
Net GEX	12.5K	2.4K	25.3K	3.3K	17.3K
Net DEX	-468.5K	-971.4K	-130.0K	-221.9K	-971.4K
Net VEX	-1.7K	-2.1K	-951	-1.0K	-2.1K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.15	0.00	1.00	0.00	0.03
Total Volume	96.85	0	527	0	324
Total OI	1,588.8	767	1,959	767	1,949

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 Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2007-12-03	$8.06	$7.50	45.3%	13.0%	40.5%	16.1%	0.0%	1.3%	13.0%	3.3K	-221.9K	-1.0K	0.00	100.45	N/A	N/A	0	0	626	141
2007-12-04	$7.46	$7.50	50.9%	14.6%	47.8%	20.2%	0.0%	-2.6%	1.2%	2.5K	-153.1K	-967	0.00	96.24	N/A	N/A	0	0	626	141
2007-12-05	$7.40	$7.50	55.9%	16.0%	47.7%	23.8%	0.0%	-2.3%	6.8%	2.4K	-130.0K	-951	0.00	107.59	N/A	N/A	422	0	626	141
2007-12-06	$7.72	$7.50	59.1%	17.0%	50.2%	26.2%	0.0%	-5.9%	-0.6%	8.6K	-355.8K	-1.4K	0.00	93.17	N/A	N/A	0	0	1,026	141
2007-12-07	$7.80	$7.50	53.5%	17.4%	43.5%	22.1%	0.0%	-7.5%	1.2%	8.2K	-374.6K	-1.4K	0.00	85.43	N/A	N/A	527	0	1,026	141
2007-12-10	$8.15	$7.50	58.8%	18.2%	46.5%	25.9%	0.0%	2.4%	0.7%	15.8K	-578.0K	-1.9K	0.00	71.59	N/A	N/A	0	0	1,543	141
2007-12-11	$8.12	$7.50	50.3%	15.4%	45.9%	19.7%	0.0%	1.8%	8.3%	14.3K	-589.7K	-1.9K	0.00	105.25	N/A	N/A	0	0	1,543	141
2007-12-12	$7.82	$7.50	53.2%	16.2%	46.8%	21.9%	56.3%	-8.1%	2.6%	13.7K	-462.0K	-1.8K	0.00	94.60	N/A	N/A	0	10	1,543	141
2007-12-13	$7.76	$7.50	59.1%	16.9%	46.4%	26.2%	0.0%	-2.5%	1.3%	13.0K	-461.4K	-1.8K	0.00	87.80	N/A	N/A	115	0	1,543	151
2007-12-14	$7.55	$7.50	59.6%	17.1%	46.1%	26.5%	0.0%	-5.0%	1.4%	12.9K	-410.0K	-1.9K	0.00	87.91	N/A	N/A	0	0	1,658	151
2007-12-17	$6.90	$7.50	53.1%	15.2%	53.9%	21.8%	60.2%	5.9%	1.2%	12.0K	-260.5K	-1.6K	0.00	90.31	N/A	N/A	70	0	1,658	151
2007-12-18	$7.13	$5.00	64.5%	18.5%	54.6%	30.1%	69.3%	8.7%	4.8%	11.1K	-330.1K	-1.7K	0.00	88.94	N/A	N/A	74	0	1,723	151
2007-12-19	$6.97	$5.00	67.7%	19.4%	54.7%	32.4%	52.7%	5.3%	-0.2%	11.4K	-323.5K	-1.5K	0.00	86.97	N/A	N/A	35	0	1,773	151
2007-12-20	$7.16	$5.00	64.8%	18.6%	55.5%	30.3%	61.3%	7.5%	4.4%	11.4K	-369.3K	-1.6K	0.00	86.96	N/A	N/A	100	0	1,808	151
2007-12-21	$7.62	$5.00	52.8%	15.1%	60.5%	21.6%	0.0%	-5.7%	10.3%	12.0K	-470.9K	-1.8K	0.00	100.45	N/A	N/A	0	0	1,748	151
2007-12-24	$8.16	$5.00	54.8%	15.7%	65.6%	23.0%	47.2%	3.4%	25.0%	25.3K	-722.4K	-1.8K	0.00	98.81	N/A	N/A	2	0	1,733	51
2007-12-26	$8.19	$5.00	59.7%	17.1%	65.4%	26.6%	0.0%	1.8%	29.4%	17.3K	-679.9K	-1.9K	1.00	93.49	N/A	N/A	5	5	1,735	51
2007-12-27	$8.06	$5.00	63.0%	18.1%	65.6%	29.0%	0.0%	-3.6%	0.8%	19.0K	-671.3K	-1.8K	0.00	104.52	N/A	N/A	10	0	1,740	56
2007-12-28	$8.60	$5.00	43.7%	12.5%	69.4%	14.9%	45.2%	9.9%	18.7%	18.7K	-833.3K	-2.0K	0.79	93.78	N/A	N/A	133	105	1,750	56
2007-12-31	$8.90	$5.00	56.9%	16.3%	70.1%	24.5%	64.6%	14.4%	1.5%	17.3K	-971.4K	-2.1K	0.03	97.26	N/A	N/A	314	10	1,809	140