FORM Options History — August 2007

In August 2007, FORM traded between $37.72 and $45.36. ATM implied volatility averaged 39.4%, placing in the 40.5% IV rank vs the trailing year. The 30-day expected move averaged 11.6%. IV traded below realized volatility by 4.6% (HV 20d: 44.0%). Max pain ranged from $35.00 to $45.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 21 of 23 days. Put/call ratio averaged 0.67.

Notable Days

2007-08-09: Highest Volume — 2,487 contracts
2007-08-09: Largest IV spike — 21.7% change
2007-08-16: Highest IV Rank — 67.1%
2007-08-16: Largest Expected Move — 14.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$42.04	$37.72	$45.36	$38.19	$45.36
Max Pain	$40.87	$35.00	$45.00	$35.00	$45.00
ATM IV	39.4%	33.4%	49.3%	38.7%	34.5%
Expected Move	11.6%	9.8%	14.1%	11.1%	9.9%
HV 20d	44.0%	38.2%	48.5%	38.2%	41.9%
HV 60d	35.1%	30.7%	37.7%	30.7%	37.7%
IV Rank	40.5%	24.2%	67.1%	38.6%	27.3%
IV Percentile	53.0%	16.0%	89.1%	62.1%	19.2%
Term Structure	2.5%	-0.3%	5.0%	1.6%	5.0%
VWIV	40.4%	34.4%	47.6%	38.9%	35.4%
Skew 25d	6.6%	4.6%	7.8%	5.7%	7.6%
Skew 10d	12.0%	7.2%	15.5%	8.6%	11.9%
Call IV 25d	39.8%	34.9%	45.5%	40.0%	35.2%
Put IV 25d	46.3%	42.4%	51.6%	45.7%	42.8%
Bid-Ask Spread %	17.26	10.60	28.67	16.81	24.71
Gamma HHI	0.51	0.37	0.76	0.40	0.51
Net GEX	627.3K	348.4K	925.3K	782.2K	674.3K
Net DEX	-16.4M	-34.5M	-135.0K	-4.3M	-24.1M
Net VEX	-134.0K	-143.1K	-115.6K	-125.1K	-130.8K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.67	0.08	2.84	0.99	0.30
Total Volume	999.565	152	2,487	1,254	270
Total OI	25,912.13	21,486	29,507	27,510	23,635

Daily Data (23 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
2007-08-01	$38.19	$35.00	38.7%	11.1%	38.2%	38.6%	38.9%	5.7%	1.6%	782.2K	-4.3M	-125.1K	0.99	16.81	N/A	N/A	629	625	18,013	9,497
2007-08-02	$38.96	$35.00	37.3%	10.7%	38.9%	34.8%	37.9%	5.4%	2.8%	735.8K	-7.3M	-129.6K	0.15	12.95	N/A	N/A	172	25	17,306	9,769
2007-08-03	$37.72	$35.00	38.0%	10.9%	40.3%	36.6%	38.8%	4.6%	1.5%	586.9K	-135.0K	-115.6K	0.18	16.99	N/A	N/A	129	23	17,344	9,792
2007-08-06	$39.12	$40.00	40.4%	12.1%	42.5%	43.1%	43.5%	5.3%	2.2%	759.6K	-8.9M	-125.1K	0.81	11.19	N/A	N/A	909	738	17,333	9,793
2007-08-07	$40.56	$40.00	39.7%	12.1%	40.8%	41.3%	41.6%	4.9%	2.0%	925.3K	-19.0M	-137.5K	0.09	10.60	N/A	N/A	1,360	119	17,936	10,098
2007-08-08	$42.47	$40.00	33.4%	12.0%	42.5%	24.2%	40.1%	5.7%	3.1%	826.1K	-27.8M	-135.1K	0.30	19.95	N/A	N/A	1,007	306	16,907	10,103
2007-08-09	$43.12	$40.00	40.6%	12.2%	41.7%	43.7%	43.2%	6.7%	1.8%	856.5K	-31.9M	-139.2K	2.84	17.30	N/A	N/A	648	1,839	17,130	10,228
2007-08-10	$41.31	$40.00	42.0%	13.1%	44.7%	47.5%	46.3%	6.1%	2.7%	567.3K	-17.7M	-143.1K	0.53	12.43	N/A	N/A	442	233	16,770	11,892
2007-08-13	$41.09	$40.00	47.0%	13.3%	44.9%	61.0%	45.8%	6.5%	2.3%	655.9K	-17.4M	-139.4K	0.23	12.45	N/A	N/A	416	95	17,063	11,947
2007-08-14	$40.07	$40.00	44.8%	13.3%	42.8%	54.9%	47.4%	6.3%	1.8%	558.6K	-10.4M	-134.8K	0.77	11.09	N/A	N/A	335	257	17,002	11,935
2007-08-15	$40.42	$40.00	44.6%	13.1%	42.9%	54.5%	44.9%	6.4%	1.8%	617.0K	-13.2M	-135.0K	1.37	15.55	N/A	N/A	250	342	17,039	11,957
2007-08-16	$42.22	$40.00	49.3%	14.1%	45.4%	67.1%	47.6%	6.1%	-0.3%	432.5K	-25.4M	-136.1K	0.81	21.27	N/A	N/A	1,313	1,059	17,005	11,885
2007-08-17	$43.87	$40.00	43.9%	12.6%	46.6%	52.6%	44.8%	7.8%	-0.3%	672.9K	-34.5M	-134.0K	0.19	19.76	N/A	N/A	1,835	354	17,317	12,190
2007-08-20	$43.51	$40.00	37.9%	10.9%	46.9%	36.4%	38.1%	7.8%	2.1%	369.8K	-13.0M	-133.6K	0.27	19.17	N/A	N/A	1,740	472	12,003	9,483
2007-08-21	$42.20	$45.00	42.0%	12.0%	48.5%	47.5%	38.8%	7.6%	1.7%	348.4K	-7.4M	-135.1K	0.24	15.02	N/A	N/A	638	151	12,632	9,711
2007-08-22	$43.21	$45.00	37.1%	10.6%	47.5%	34.2%	37.5%	7.8%	2.8%	489.3K	-13.1M	-139.5K	0.70	28.67	N/A	N/A	387	271	13,105	9,771
2007-08-23	$42.75	$40.00	36.1%	10.4%	47.2%	31.6%	37.9%	7.4%	3.0%	483.7K	-10.6M	-137.9K	0.46	25.00	N/A	N/A	142	65	13,266	9,744
2007-08-24	$44.38	$40.00	34.3%	9.8%	47.9%	26.6%	34.4%	7.5%	4.1%	642.2K	-19.9M	-136.4K	1.26	18.02	N/A	N/A	379	477	13,291	9,787
2007-08-27	$44.22	$45.00	36.4%	10.4%	48.0%	32.3%	36.3%	7.2%	3.6%	629.1K	-18.5M	-136.4K	0.85	12.72	N/A	N/A	332	282	13,458	9,961
2007-08-28	$43.69	$45.00	36.3%	10.4%	44.3%	32.0%	36.7%	6.6%	3.6%	587.6K	-15.4M	-135.3K	0.58	14.27	N/A	N/A	259	149	13,545	10,086
2007-08-29	$44.20	$45.00	36.5%	10.5%	44.1%	32.5%	36.6%	7.5%	4.2%	635.8K	-18.4M	-136.5K	0.08	14.73	N/A	N/A	931	73	13,665	10,174
2007-08-30	$44.25	$45.00	36.1%	10.4%	43.9%	31.6%	36.1%	6.3%	4.0%	591.9K	-18.2M	-131.0K	1.36	26.41	N/A	N/A	217	295	13,205	10,206
2007-08-31	$45.36	$45.00	34.5%	9.9%	41.9%	27.3%	35.4%	7.6%	5.0%	674.3K	-24.1M	-130.8K	0.30	24.71	N/A	N/A	208	62	13,295	10,340