UAN Options History — September 2019

In September 2019, UAN traded between $35.10 and $38.90. ATM implied volatility averaged 85.5%, placing in the 32.0% IV rank vs the trailing year. The 30-day expected move averaged 23.3%. IV traded above realized volatility by 59.4% (HV 20d: 26.2%). Max pain ranged from $50.00 to $50.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 7 of 20 days. Put/call ratio averaged 0.87.

Notable Days

2019-09-04: Highest Volume — 5 contracts
2019-09-06: Largest IV spike — 49.4% change
2019-09-06: Highest IV Rank — 48.4%
2019-09-18: Largest Expected Move — 29.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$36.61	$35.10	$38.90	$35.60	$38.90
Max Pain	$50.00	$50.00	$50.00	$50.00	$50.00
ATM IV	85.5%	64.3%	110.7%	75.5%	84.4%
Expected Move	23.3%	14.0%	29.2%	21.7%	24.2%
HV 20d	26.2%	23.3%	30.0%	30.0%	26.9%
HV 60d	29.8%	28.7%	30.6%	29.6%	30.0%
IV Rank	32.0%	18.1%	48.4%	25.5%	31.2%
IV Percentile	66.7%	37.7%	89.3%	54.8%	65.5%
Term Structure	-5.8%	-37.8%	29.2%	-32.3%	28.5%
VWIV	85.1%	85.1%	85.1%	85.1%	85.1%
Bid-Ask Spread %	33.71	11.63	67.05	11.63	58.72
Gamma HHI	0.75	0.60	1.00	0.68	0.88
Net GEX	6.4K	612	10.1K	8.5K	10.1K
Net DEX	-514.8K	-660.5K	-437.5K	-545.2K	-660.5K
Net VEX	-1.3K	-2.4K	-184	-2.4K	-1.1K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.87	0.00	4.00	0.00	0.33
Total Volume	1.35	0	5	0	0
Total OI	505.5	490	517	495	517

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
2019-09-03	$35.60	$50.00	75.5%	21.7%	30.0%	25.5%	0.0%	0.0%	-32.3%	8.5K	-545.2K	-2.4K	0.00	11.63	N/A	N/A	0	0	409	86
2019-09-04	$35.90	$50.00	82.3%	23.6%	29.8%	29.9%	0.0%	0.0%	-4.3%	8.7K	-505.6K	-2.0K	0.00	20.27	N/A	N/A	5	0	409	86
2019-09-05	$35.40	$0.00	74.1%	14.0%	28.9%	24.5%	0.0%	0.0%	29.2%	8.3K	-504.1K	-2.1K	0.00	15.67	N/A	N/A	0	0	404	86
2019-09-06	$35.10	$0.00	110.7%	22.3%	24.4%	48.4%	0.0%	0.0%	-5.4%	7.0K	-437.5K	-1.4K	0.00	33.12	N/A	N/A	0	0	404	86
2019-09-09	$35.50	$0.00	85.0%	20.2%	24.9%	31.7%	0.0%	0.0%	-0.2%	6.5K	-449.6K	-1.4K	0.00	34.03	N/A	N/A	0	2	404	96
2019-09-10	$36.50	$0.00	93.8%	23.7%	27.0%	37.4%	0.0%	0.0%	-6.4%	8.0K	-498.1K	-1.6K	0.00	39.21	N/A	N/A	4	0	404	98
2019-09-11	$37.00	$0.00	93.2%	26.7%	24.3%	37.0%	0.0%	0.0%	-29.2%	7.9K	-505.8K	-1.3K	0.00	40.06	N/A	N/A	0	0	408	98
2019-09-12	$35.90	$0.00	78.9%	22.6%	25.4%	27.6%	0.0%	0.0%	2.1%	8.4K	-542.8K	-2.2K	0.00	25.78	N/A	N/A	0	0	408	98
2019-09-13	$36.90	$0.00	64.3%	18.4%	26.2%	18.1%	0.0%	0.0%	-1.9%	5.9K	-487.4K	-1.1K	0.00	17.38	N/A	N/A	0	0	408	98
2019-09-16	$37.00	$0.00	77.3%	22.1%	26.2%	26.6%	0.0%	0.0%	18.1%	9.2K	-577.4K	-2.0K	0.00	15.09	N/A	N/A	0	3	408	98
2019-09-17	$36.80	$0.00	97.8%	28.0%	26.3%	40.0%	0.0%	0.0%	-11.4%	5.1K	-477.5K	-1.1K	0.00	67.05	N/A	N/A	0	0	408	100
2019-09-18	$36.50	$0.00	101.8%	29.2%	26.4%	42.6%	0.0%	0.0%	-11.0%	8.9K	-547.5K	-1.5K	0.00	62.52	N/A	N/A	0	0	408	100
2019-09-19	$36.60	$0.00	73.0%	20.9%	26.4%	23.8%	0.0%	0.0%	0.6%	812	-458.8K	-388	0.00	16.82	N/A	N/A	0	0	408	100
2019-09-20	$36.40	$0.00	81.3%	23.3%	25.9%	29.2%	0.0%	0.0%	-9.8%	816	-453.8K	-460	0.00	30.59	N/A	N/A	0	5	408	100
2019-09-23	$37.40	$0.00	89.9%	25.8%	23.3%	34.8%	0.0%	0.0%	4.2%	7.3K	-580.6K	-851	0.00	35.11	N/A	N/A	0	0	407	103
2019-09-24	$36.50	$0.00	95.3%	27.3%	25.0%	38.4%	85.1%	0.0%	-37.8%	612	-459.9K	-263	0.00	42.37	N/A	N/A	0	3	407	103
2019-09-25	$36.60	$50.00	86.2%	24.7%	24.5%	32.4%	0.0%	0.0%	-25.2%	740	-452.0K	-184	0.00	24.94	N/A	N/A	0	2	407	106
2019-09-26	$37.50	$50.00	86.5%	24.8%	25.8%	32.6%	0.0%	0.0%	-24.5%	7.1K	-562.8K	-844	4.00	37.99	N/A	N/A	1	2	407	108
2019-09-27	$38.10	$50.00	79.8%	22.9%	26.2%	28.2%	0.0%	0.0%	0.9%	7.9K	-590.1K	-921	0.00	45.78	N/A	N/A	0	0	407	110
2019-09-30	$38.90	$50.00	84.4%	24.2%	26.9%	31.2%	0.0%	0.0%	28.5%	10.1K	-660.5K	-1.1K	0.33	58.72	N/A	N/A	0	0	407	110