UAN Options History — January 2020

In January 2020, UAN traded between $26.50 and $30.90. ATM implied volatility averaged 72.5%, placing in the 25.9% IV rank vs the trailing year. The 30-day expected move averaged 15.6%. IV traded above realized volatility by 32.8% (HV 20d: 39.7%). Max pain ranged from $25.00 to $25.00. Net GEX was positive for 17 of 21 trading days. Term structure was in contango for 7 of 21 days. Put/call ratio averaged 0.09.

Notable Days

2020-01-22: Highest Volume — 7 contracts
2020-01-15: Largest IV drop — 54.9% change
2020-01-14: Highest IV Rank — 71.9%
2020-01-02: Largest Expected Move — 26.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$28.91	$26.50	$30.90	$30.40	$26.90
Max Pain	$25.00	$25.00	$25.00	$25.00	$25.00
ATM IV	72.5%	38.0%	145.4%	94.0%	55.9%
Expected Move	15.6%	10.9%	26.9%	26.9%	16.0%
HV 20d	39.7%	33.5%	43.1%	40.5%	34.2%
HV 60d	40.9%	39.7%	42.4%	39.7%	42.4%
IV Rank	25.9%	4.1%	71.9%	39.4%	15.4%
IV Percentile	44.0%	3.2%	98.4%	77.0%	26.6%
Term Structure	-7.5%	-44.9%	23.1%	19.3%	-17.9%
VWIV	35.3%	35.3%	35.3%	35.3%	35.3%
Bid-Ask Spread %	38.78	11.02	94.21	61.89	21.95
Gamma HHI	0.73	0.50	0.97	0.90	0.84
Net GEX	229	-268	610	517	-265
Net DEX	-147.1K	-198.9K	-74.6K	-156.6K	-74.6K
Net VEX	-704	-881	-558	-814	-881
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.09	0.00	0.50	0.00	0.13
Total Volume	1.238	0	7	2	1
Total OI	225.667	215	256	215	256

Daily Data (21 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
2020-01-02	$30.40	$25.00	94.0%	26.9%	40.5%	39.4%	0.0%	0.0%	19.3%	517	-156.6K	-814	0.00	61.89	N/A	N/A	2	0	125	90
2020-01-03	$30.00	$25.00	78.5%	22.5%	40.9%	29.6%	0.0%	0.0%	-24.4%	491	-145.7K	-813	0.00	27.54	N/A	N/A	1	0	126	90
2020-01-06	$30.40	$25.00	78.8%	13.2%	41.0%	29.8%	0.0%	0.0%	1.2%	109	-184.4K	-595	0.00	68.03	N/A	N/A	0	0	127	90
2020-01-07	$30.10	$25.00	76.0%	14.9%	40.4%	28.1%	0.0%	0.0%	-4.2%	104	-171.7K	-649	0.00	24.72	N/A	N/A	0	0	127	90
2020-01-08	$30.90	$25.00	89.4%	14.0%	39.6%	36.5%	0.0%	0.0%	-14.2%	111	-198.9K	-558	0.00	79.06	N/A	N/A	0	0	127	90
2020-01-09	$29.90	$25.00	97.8%	18.5%	41.0%	41.8%	0.0%	0.0%	-44.9%	497	-147.9K	-749	0.50	23.48	N/A	N/A	2	1	127	90
2020-01-10	$29.80	$25.00	133.5%	14.7%	40.7%	64.4%	0.0%	0.0%	-2.8%	-51	-169.6K	-638	0.00	73.78	N/A	N/A	0	0	129	90
2020-01-13	$30.10	$25.00	120.1%	13.6%	40.8%	55.9%	0.0%	0.0%	1.9%	146	-184.0K	-595	0.00	26.34	N/A	N/A	0	0	129	90
2020-01-14	$29.70	$25.00	145.4%	14.3%	41.1%	71.9%	0.0%	0.0%	-9.4%	164	-174.4K	-621	0.00	20.81	N/A	N/A	0	2	129	90
2020-01-15	$29.90	$25.00	65.6%	18.8%	41.0%	21.5%	0.0%	0.0%	-37.0%	200	-163.8K	-665	0.00	31.95	N/A	N/A	0	0	129	91
2020-01-16	$29.20	$25.00	49.0%	14.1%	39.8%	11.1%	0.0%	0.0%	-10.7%	81	-162.7K	-630	0.00	22.09	N/A	N/A	0	0	129	91
2020-01-17	$29.70	$25.00	64.1%	18.4%	39.8%	20.6%	0.0%	0.0%	-40.1%	248	-173.1K	-598	0.00	94.21	N/A	N/A	3	0	129	91
2020-01-21	$28.90	$25.00	71.3%	20.4%	40.9%	25.1%	0.0%	0.0%	0.0%	314	-143.1K	-696	0.00	33.85	N/A	N/A	0	0	131	90
2020-01-22	$27.50	$25.00	38.0%	10.9%	43.1%	4.1%	0.0%	0.0%	9.0%	403	-128.1K	-673	0.08	21.24	N/A	N/A	6	1	131	90
2020-01-23	$27.80	$25.00	42.1%	12.1%	42.8%	6.7%	0.0%	0.0%	-4.1%	542	-147.0K	-713	0.00	24.90	N/A	N/A	0	0	138	91
2020-01-24	$27.70	$25.00	43.3%	12.4%	42.8%	7.4%	0.0%	0.0%	-5.6%	548	-142.7K	-724	0.00	24.90	N/A	N/A	0	2	138	91
2020-01-27	$27.10	$25.00	48.2%	13.8%	37.1%	10.5%	0.0%	0.0%	14.3%	538	-112.9K	-755	0.00	72.09	N/A	N/A	0	0	138	93
2020-01-28	$26.50	$25.00	41.1%	11.8%	36.8%	6.1%	0.0%	0.0%	23.1%	610	-90.9K	-759	0.00	27.12	N/A	N/A	0	0	138	93
2020-01-29	$27.00	$25.00	46.9%	13.4%	35.1%	9.7%	35.3%	0.0%	-5.8%	-268	-81.7K	-862	0.07	11.02	N/A	N/A	3	0	138	113
2020-01-30	$27.70	$25.00	43.5%	12.5%	33.5%	7.6%	0.0%	0.0%	3.2%	-226	-135.5K	-795	0.13	23.46	N/A	N/A	2	0	141	113
2020-01-31	$26.90	$25.00	55.9%	16.0%	34.2%	15.4%	0.0%	0.0%	-17.9%	-265	-74.6K	-881	0.00	21.95	N/A	N/A	0	1	142	114