TRX Options History — March 2008

In March 2008, TRX traded between $2.86 and $4.35. ATM implied volatility averaged 86.4%, placing in the 45.1% IV rank vs the trailing year. The 30-day expected move averaged 22.8%. IV traded below realized volatility by 44.1% (HV 20d: 130.4%). 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 11 of 20 days. Put/call ratio averaged 0.36.

Notable Days

2008-03-07: Highest Volume — 302 contracts
2008-03-13: Largest IV drop — 48.8% change
2008-03-12: Highest IV Rank — 85.3%
2008-03-19: Largest Expected Move — 28.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$3.65	$2.86	$4.35	$3.96	$3.99
Max Pain	$5.50	$5.00	$7.50	$7.50	$5.00
ATM IV	86.4%	61.1%	140.7%	72.4%	73.2%
Expected Move	22.8%	17.5%	28.5%	20.7%	21.0%
HV 20d	130.4%	96.5%	162.5%	115.9%	162.0%
HV 60d	107.4%	93.6%	124.6%	93.6%	123.0%
IV Rank	45.1%	26.4%	85.3%	35.8%	34.8%
IV Percentile	86.3%	73.4%	99.2%	83.3%	79.8%
Term Structure	1.0%	-31.5%	26.4%	10.8%	25.1%
VWIV	80.9%	66.5%	95.5%	71.2%	66.5%
Skew 25d	4.7%	-36.7%	29.3%	-7.6%	-5.9%
Skew 10d	9.0%	-12.9%	27.1%	-1.6%	0.5%
Call IV 25d	78.6%	64.4%	98.3%	75.4%	90.2%
Put IV 25d	83.3%	61.5%	104.4%	67.8%	84.4%
Bid-Ask Spread %	83.31	55.34	111.08	55.73	92.95
Gamma HHI	0.50	0.44	0.65	0.56	0.49
Net GEX	1.2K	486	2.9K	575	1.8K
Net DEX	148.6K	-49.7K	308.8K	306.8K	-20.1K
Net VEX	-405	-710	-184	-279	-552
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.36	0.00	5.00	0.00	0.00
Total Volume	44.2	0	302	189	25
Total OI	1,969.9	1,676	2,287	1,795	1,732

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
2008-03-03	$3.96	$7.50	72.4%	20.7%	115.9%	35.8%	71.2%	-7.6%	10.8%	575	306.8K	-279	0.00	55.73	N/A	N/A	189	0	925	870
2008-03-04	$4.03	$7.50	64.2%	18.4%	115.8%	29.9%	0.0%	-2.8%	7.5%	992	298.5K	-377	0.00	55.34	N/A	N/A	0	10	1,102	870
2008-03-05	$4.25	$7.50	61.1%	17.5%	119.3%	27.6%	0.0%	1.0%	20.5%	1.1K	308.8K	-408	0.00	57.40	N/A	N/A	2	0	1,102	870
2008-03-06	$3.80	$7.50	76.1%	21.8%	120.8%	38.6%	0.0%	-16.4%	-4.6%	922	282.0K	-342	0.00	56.74	N/A	N/A	0	0	1,104	870
2008-03-07	$3.56	$5.00	112.7%	22.6%	121.1%	65.3%	0.0%	-36.7%	-13.3%	871	256.1K	-364	0.00	111.08	N/A	N/A	302	0	1,104	861
2008-03-10	$3.19	$5.00	130.3%	24.6%	121.9%	78.1%	0.0%	26.5%	-19.5%	699	238.7K	-322	0.00	95.63	N/A	N/A	78	0	1,398	861
2008-03-11	$2.91	$5.00	97.6%	25.2%	121.5%	53.0%	0.0%	27.1%	-9.2%	657	213.8K	-268	0.00	82.17	N/A	N/A	10	0	1,447	840
2008-03-12	$3.12	$5.00	140.7%	27.0%	127.2%	85.3%	0.0%	24.6%	-31.5%	737	173.9K	-286	5.00	95.28	N/A	N/A	6	30	1,447	667
2008-03-13	$3.32	$5.00	72.1%	20.7%	109.9%	34.0%	0.0%	0.6%	6.2%	494	195.6K	-234	0.00	94.12	N/A	N/A	0	0	1,453	668
2008-03-14	$3.20	$5.00	79.0%	22.6%	107.9%	39.1%	0.0%	21.8%	-7.8%	647	184.0K	-259	0.00	96.62	N/A	N/A	0	0	1,453	668
2008-03-17	$2.86	$5.00	95.5%	27.4%	100.8%	51.4%	0.0%	14.2%	-6.3%	486	171.0K	-184	0.00	80.47	N/A	N/A	2	0	1,453	668
2008-03-18	$2.93	$5.00	96.5%	27.7%	96.5%	52.2%	0.0%	26.2%	-14.2%	583	170.9K	-220	0.00	84.29	N/A	N/A	0	0	1,453	668
2008-03-19	$2.99	$5.00	99.4%	28.5%	97.5%	54.4%	0.0%	29.3%	5.2%	643	171.2K	-244	0.00	78.66	N/A	N/A	11	0	1,453	668
2008-03-20	$4.19	$5.00	71.4%	20.5%	160.6%	33.4%	83.3%	0.9%	8.5%	2.1K	169.9K	-686	0.00	67.43	N/A	N/A	96	0	1,463	668
2008-03-24	$4.13	$5.00	81.9%	23.5%	160.6%	41.3%	95.5%	-5.0%	-9.9%	1.9K	-18.8K	-566	0.00	100.63	N/A	N/A	53	0	1,501	175
2008-03-25	$4.35	$5.00	87.7%	25.1%	161.9%	45.6%	0.0%	0.0%	5.5%	2.9K	-49.7K	-710	0.00	100.52	N/A	N/A	10	0	1,551	175
2008-03-26	$4.17	$5.00	80.9%	23.2%	162.5%	40.6%	88.1%	-1.1%	0.0%	2.4K	-29.8K	-627	0.00	75.93	N/A	N/A	24	0	1,551	175
2008-03-27	$4.08	$5.00	61.9%	17.8%	162.4%	26.4%	66.5%	-1.4%	26.4%	2.4K	-31.1K	-619	0.00	91.74	N/A	N/A	36	0	1,557	175
2008-03-28	$3.98	$5.00	72.6%	20.8%	162.5%	34.3%	0.0%	-5.8%	19.6%	1.8K	-20.0K	-562	0.00	93.39	N/A	N/A	0	0	1,557	175
2008-03-31	$3.99	$5.00	73.2%	21.0%	162.0%	34.8%	0.0%	-5.9%	25.1%	1.8K	-20.1K	-552	0.00	92.95	N/A	N/A	25	0	1,557	175