FORM Options History — February 2007

In February 2007, FORM traded between $42.75 and $46.59. ATM implied volatility averaged 37.6%. The 30-day expected move averaged 10.8%. IV traded below realized volatility by 9.4% (HV 20d: 47.0%). Max pain ranged from $40.00 to $40.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 14 of 19 days. Put/call ratio averaged 1.41.

Notable Days

  • 2007-02-01: Highest Volume — 6,022 contracts
  • 2007-02-27: Largest IV spike — 8.7% change
  • 2007-02-01: Largest Expected Move — 11.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$43.96$42.75$46.59$44.65$42.75
Max Pain$40.00$40.00$40.00$40.00$40.00
ATM IV37.6%35.3%39.9%39.9%38.1%
Expected Move10.8%10.1%11.4%11.4%10.9%
HV 20d47.0%42.4%51.3%50.4%50.6%
Term Structure0.2%-1.8%1.6%-1.8%0.3%
VWIV38.2%34.9%41.3%40.3%39.0%
Skew 25d3.8%0.0%9.2%4.4%3.2%
Skew 10d7.6%4.9%15.8%7.7%6.9%
Call IV 25d36.1%32.9%38.1%36.5%37.7%
Put IV 25d39.8%37.9%42.1%40.9%40.9%
Bid-Ask Spread %18.0610.2026.8910.2010.30
Gamma HHI0.400.280.510.350.51
Net GEX349.8K149.2K530.6K446.7K280.8K
Net DEX-23.8M-33.1M-13.4M-33.1M-13.4M
Net VEX-77.9K-91.5K-65.0K-85.1K-77.9K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.410.198.471.070.66
Total Volume1,107.1051126,0226,022587
Total OI19,934.63215,15023,28321,90816,968

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2007-02-01$44.65$40.0039.9%11.4%50.4%0.0%40.3%4.4%-1.8%446.7K-33.1M-85.1K1.0710.20N/AN/A2,9103,11212,7679,141
2007-02-02$43.58$40.0037.1%10.9%49.4%0.0%38.7%4.0%0.8%522.4K-27.5M-87.2K2.6313.46N/AN/A34189812,7668,389
2007-02-05$43.10$40.0038.3%11.1%48.8%0.0%39.8%4.8%-0.2%492.4K-25.5M-85.3K4.7214.05N/AN/A6128812,7468,691
2007-02-06$43.54$40.0038.0%11.1%48.6%0.0%41.3%4.3%0.0%511.3K-27.2M-84.0K0.7616.71N/AN/A1058012,7598,703
2007-02-07$44.55$40.0038.0%11.0%48.9%0.0%38.7%3.2%0.5%530.6K-32.4M-77.4K0.4724.81N/AN/A1,10451712,7358,770
2007-02-08$44.25$40.0038.6%11.1%47.3%0.0%39.5%9.2%0.1%490.6K-29.3M-81.1K8.4720.82N/AN/A3893,29412,5519,067
2007-02-09$42.95$40.0038.4%11.0%48.7%0.0%39.1%0.0%-0.3%233.5K-19.6M-91.5K0.5118.82N/AN/A55128212,64910,634
2007-02-12$42.80$40.0038.4%11.0%48.7%0.0%38.8%3.8%-0.2%331.2K-20.7M-82.6K0.9126.89N/AN/A14913512,7449,838
2007-02-13$43.51$40.0037.8%10.8%48.3%0.0%38.3%3.8%0.5%355.9K-24.3M-78.6K1.3626.68N/AN/A14920212,7009,841
2007-02-14$44.33$40.0037.5%10.8%48.6%0.0%37.8%4.2%0.4%463.1K-28.7M-75.9K0.5115.69N/AN/A28314512,7299,841
2007-02-15$43.82$40.0036.9%10.6%43.9%0.0%37.0%3.5%0.3%432.6K-26.1M-75.0K0.3412.49N/AN/A2839512,8849,917
2007-02-16$44.04$40.0036.8%10.6%43.8%0.0%37.6%3.7%0.5%388.8K-25.8M-72.7K0.9413.53N/AN/A36133812,9149,814
2007-02-20$44.04$40.0036.3%10.4%43.1%0.0%36.5%3.7%0.3%149.2K-16.3M-68.9K0.3919.68N/AN/A6062389,2545,896
2007-02-21$43.58$40.0036.2%10.4%43.3%0.0%36.5%3.1%0.5%204.7K-15.8M-73.7K1.4322.60N/AN/A46669,7626,072
2007-02-22$44.53$40.0035.8%10.3%43.1%0.0%35.9%4.2%1.2%177.6K-19.1M-71.9K0.6018.63N/AN/A5543319,7786,111
2007-02-23$45.38$40.0035.3%10.1%42.4%0.0%34.9%3.3%1.6%193.7K-22.9M-70.0K0.2722.57N/AN/A2567010,0996,200
2007-02-26$46.59$40.0036.4%10.4%42.8%0.0%35.7%3.3%0.9%192.7K-27.1M-65.0K0.1923.74N/AN/A98218310,1866,204
2007-02-27$43.34$40.0039.6%11.3%51.3%0.0%40.8%2.1%-1.8%248.1K-16.4M-75.9K0.5211.50N/AN/A68835610,3256,313
2007-02-28$42.75$40.0038.1%10.9%50.6%0.0%39.0%3.2%0.3%280.8K-13.4M-77.9K0.6610.30N/AN/A35323410,5916,377