FORM Options History — April 2008

In April 2008, FORM traded between $18.32 and $21.75. ATM implied volatility averaged 58.3%, placing in the 39.1% IV rank vs the trailing year. The 30-day expected move averaged 17.1%. IV traded below realized volatility by 2.1% (HV 20d: 60.4%). Max pain ranged from $20.00 to $22.50. Net GEX was positive for 6 of 22 trading days. Term structure was in contango for 3 of 22 days. Put/call ratio averaged 2.67.

Notable Days

  • 2008-04-09: Highest Volume — 4,981 contracts
  • 2008-04-30: Largest IV drop — 17.0% change
  • 2008-04-22: Highest IV Rank — 45.5%
  • 2008-04-08: Largest Expected Move — 18.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$19.72$18.32$21.75$20.12$19.27
Max Pain$20.91$20.00$22.50$20.00$20.00
ATM IV58.3%47.3%63.8%52.0%51.4%
Expected Move17.1%13.6%18.9%14.9%14.7%
HV 20d60.4%54.0%63.7%54.3%62.7%
HV 60d61.6%58.9%64.6%61.7%61.1%
IV Rank39.1%26.5%45.5%31.8%31.2%
IV Percentile83.4%54.0%91.7%71.0%60.7%
Term Structure-3.5%-7.3%10.4%9.9%-1.4%
VWIV60.4%51.4%64.5%53.2%53.6%
Skew 25d7.1%3.1%15.1%9.9%4.7%
Skew 10d14.4%-7.1%37.6%17.5%-4.0%
Call IV 25d57.0%37.4%62.2%51.0%51.8%
Put IV 25d64.1%52.4%69.9%60.9%56.5%
Bid-Ask Spread %16.858.5923.918.5923.67
Gamma HHI0.180.150.260.150.18
Net GEX-14.9K-48.9K38.8K31.7K-41.8K
Net DEX-920.2K-6.7M3.8M-2.1M538.3K
Net VEX-75.2K-84.8K-67.1K-74.7K-68.4K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.670.2913.880.571.79
Total Volume1,104.8181324,9811,2033,695
Total OI24,000.86419,69728,23622,94721,408

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-04-01$20.12$20.0052.0%14.9%54.3%31.8%53.2%9.9%9.9%31.7K-2.1M-74.7K0.578.59N/AN/A76443913,3569,591
2008-04-02$20.10$20.0053.4%15.3%54.0%33.5%56.9%13.2%8.0%21.7K-2.1M-76.0K1.219.32N/AN/A60873513,4859,828
2008-04-03$21.75$20.0047.3%13.6%59.0%26.5%51.4%15.1%10.4%38.8K-6.7M-81.3K0.3712.68N/AN/A97436513,90110,220
2008-04-04$21.02$20.0054.5%17.8%58.1%34.8%62.3%7.1%-4.8%38.4K-5.1M-80.9K3.4514.95N/AN/A10736914,33810,434
2008-04-07$20.70$20.0055.1%18.0%58.1%35.4%62.8%9.4%-5.1%37.0K-4.4M-79.3K2.2014.37N/AN/A5011014,39010,365
2008-04-08$19.47$20.0055.7%18.9%63.0%36.2%64.5%8.0%-6.5%28.8K-1.1M-75.2K8.1515.13N/AN/A2922,38014,40710,361
2008-04-09$18.90$22.5053.5%17.8%60.5%33.6%63.4%6.9%-6.2%-44.5K3.8M-74.3K1.7118.66N/AN/A1,8363,14514,36812,441
2008-04-10$20.00$22.5061.6%17.7%63.0%43.0%61.0%6.6%-6.4%-41.9K-1.3M-84.8K0.5218.72N/AN/A61732015,26612,970
2008-04-11$19.54$22.5060.2%17.3%63.5%41.4%59.4%5.1%-5.5%-38.9K49.2K-82.1K13.8812.64N/AN/A891,23515,22512,912
2008-04-14$19.03$22.5063.5%18.2%61.1%45.1%62.9%5.0%-7.1%-25.0K1.1M-76.1K0.4415.33N/AN/A1356015,14912,420
2008-04-15$18.90$22.5062.7%18.0%61.2%44.2%62.1%6.5%-6.4%-21.0K1.6M-74.2K12.0120.98N/AN/A851,02115,15112,214
2008-04-16$19.37$22.5061.4%17.6%60.4%42.7%62.8%5.7%-5.5%-48.9K225.4K-75.9K2.9423.91N/AN/A8725615,12212,408
2008-04-17$19.10$22.5061.4%17.6%58.5%42.7%64.1%7.1%-6.1%-31.0K958.9K-73.9K0.6022.20N/AN/A22513515,12112,229
2008-04-18$19.25$22.5061.1%17.5%58.2%42.3%60.3%4.0%-6.2%-48.2K1.1M-73.0K1.0022.84N/AN/A26626615,02712,206
2008-04-21$19.57$20.0061.9%17.7%57.2%43.3%62.1%3.1%-6.5%-35.3K-732.6K-72.4K1.3620.74N/AN/A699410,1059,592
2008-04-22$18.32$20.0063.8%18.3%62.0%45.5%62.5%4.4%-4.8%-44.2K1.7M-67.1K1.1416.73N/AN/A22225410,1059,592
2008-04-23$18.67$20.0063.3%18.1%61.3%44.9%62.3%5.7%-4.7%-40.6K1.1M-68.2K0.2920.44N/AN/A1023010,2919,714
2008-04-24$20.02$20.0058.7%16.8%63.7%39.5%57.7%4.2%-4.4%-28.5K-1.8M-73.4K0.3920.02N/AN/A56922210,3299,722
2008-04-25$20.44$20.0057.3%16.4%63.7%38.0%56.5%5.1%-3.4%-7.4K-3.0M-75.4K0.7015.34N/AN/A1158010,8379,818
2008-04-28$20.28$20.0060.3%17.3%63.6%41.5%63.4%8.2%-7.3%-10.3K-2.4M-74.2K3.1211.58N/AN/A12739610,8619,856
2008-04-29$20.07$20.0061.9%17.7%61.0%43.3%63.6%10.3%-7.3%-17.4K-1.9M-73.9K0.9911.90N/AN/A68567510,9159,969
2008-04-30$19.27$20.0051.4%14.7%62.7%31.2%53.6%4.7%-1.4%-41.8K538.3K-68.4K1.7923.67N/AN/A1,3262,36911,06710,341