FORM Options History — May 2008

In May 2008, FORM traded between $18.99 and $22.33. ATM implied volatility averaged 45.6%, placing in the 24.5% IV rank vs the trailing year. The 30-day expected move averaged 13.2%. IV traded above realized volatility by 0.4% (HV 20d: 45.3%). Max pain ranged from $17.50 to $20.00. Net GEX was positive for 13 of 21 trading days. Term structure was in contango for 19 of 21 days. Put/call ratio averaged 2.03.

Notable Days

  • 2008-05-14: Highest Volume — 1,492 contracts
  • 2008-05-14: Largest IV drop — 24.6% change
  • 2008-05-12: Highest IV Rank — 32.5%
  • 2008-05-01: Largest Expected Move — 14.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$20.71$18.99$22.33$19.78$21.83
Max Pain$19.76$17.50$20.00$20.00$20.00
ATM IV45.6%35.8%52.5%50.0%43.8%
Expected Move13.2%12.4%14.3%14.3%12.6%
HV 20d45.3%33.7%56.1%56.1%33.7%
HV 60d52.1%51.2%56.3%56.3%51.2%
IV Rank24.5%13.1%32.5%29.5%22.4%
IV Percentile41.6%13.5%67.5%57.5%32.5%
Term Structure1.3%-1.5%3.0%-1.1%3.0%
VWIV46.6%42.3%50.7%49.5%44.1%
Skew 25d4.7%1.7%6.6%3.3%3.8%
Skew 10d9.9%-3.4%23.3%7.0%-3.4%
Call IV 25d44.4%41.6%49.1%48.8%42.1%
Put IV 25d49.1%45.9%52.1%52.1%45.9%
Bid-Ask Spread %25.3115.9636.4824.6325.14
Gamma HHI0.200.160.240.170.22
Net GEX22.0K-48.7K67.5K-20.6K66.5K
Net DEX-3.7M-8.7M1.1M-1.2M-6.3M
Net VEX-75.1K-83.2K-48.7K-74.1K-78.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.030.0916.670.850.48
Total Volume473.524411,492839375
Total OI22,866.85718,62825,47322,49822,477

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-05-01$19.78$20.0050.0%14.3%56.1%29.5%49.5%3.3%-1.1%-20.6K-1.2M-74.1K0.8524.63N/AN/A45338611,41611,082
2008-05-02$19.59$20.0047.5%13.6%55.1%26.6%50.0%2.7%-1.5%-23.4K-721.8K-73.7K1.2125.91N/AN/A38546611,65811,244
2008-05-05$19.04$20.0049.4%13.6%55.6%28.9%50.7%4.2%0.5%-31.7K926.3K-71.4K2.1326.21N/AN/A15933911,84311,458
2008-05-06$19.03$20.0047.0%13.6%51.4%26.1%47.8%4.8%0.3%-28.7K1.1M-70.5K0.0919.32N/AN/A3843411,80211,425
2008-05-07$18.99$20.0047.4%13.4%50.3%26.6%49.4%4.3%0.8%-15.5K970.1K-70.3K1.0519.69N/AN/A202112,14711,409
2008-05-08$19.28$17.5045.0%13.4%46.1%23.8%45.6%6.0%1.3%-11.2K145.7K-71.0K0.6520.19N/AN/A805212,16311,400
2008-05-09$19.82$17.5044.2%13.4%46.5%22.9%47.0%5.4%1.1%-2.4K-1.6M-73.0K0.6930.24N/AN/A68647112,17511,405
2008-05-12$20.33$20.0052.5%13.6%46.1%32.5%46.0%6.2%0.3%-48.7K-297.9K-48.7K3.9832.63N/AN/A572278,17310,455
2008-05-13$20.31$20.0047.4%13.3%46.0%26.6%46.3%4.6%1.7%9.2K-3.2M-72.1K16.6723.13N/AN/A3355012,29311,534
2008-05-14$21.16$20.0035.8%13.5%47.3%13.1%46.1%6.1%1.6%23.5K-5.7M-74.9K0.2321.02N/AN/A1,21327912,31211,979
2008-05-15$21.70$20.0043.6%12.5%47.4%22.2%45.8%5.9%1.3%44.2K-7.7M-81.9K0.5023.32N/AN/A1678313,32712,146
2008-05-16$22.12$20.0043.1%12.4%47.6%21.6%44.9%5.1%1.7%25.0K-8.7M-83.2K0.3815.96N/AN/A36513813,23012,188
2008-05-19$22.33$20.0043.6%12.5%47.5%22.2%42.3%6.6%1.8%67.2K-7.8M-81.8K0.9923.48N/AN/A33333111,6669,910
2008-05-20$21.29$20.0044.2%12.7%44.1%22.8%44.6%4.1%2.7%58.5K-5.6M-77.5K2.9019.87N/AN/A25874911,8459,814
2008-05-21$21.02$20.0047.1%13.5%44.4%26.2%46.8%5.0%2.3%49.6K-4.5M-79.3K4.3126.92N/AN/A4218112,00810,245
2008-05-22$21.39$20.0043.9%12.6%37.8%22.5%45.7%4.0%1.9%55.6K-5.2M-80.0K0.3829.09N/AN/A1545912,04210,322
2008-05-23$21.15$20.0046.9%13.5%37.6%26.0%48.7%6.3%2.4%51.2K-4.5M-79.3K1.4828.75N/AN/A487112,08510,316
2008-05-27$21.64$20.0045.4%13.0%38.1%24.2%45.4%4.6%2.2%63.8K-5.9M-79.6K0.9236.48N/AN/A615612,09110,268
2008-05-28$21.43$20.0044.9%12.9%38.1%23.6%0.0%5.1%1.3%61.8K-5.5M-77.7K0.1830.74N/AN/A39712,12510,290
2008-05-29$21.73$20.0045.6%13.1%34.5%24.5%45.5%1.7%2.2%67.5K-6.2M-78.3K2.5728.71N/AN/A379512,14610,290
2008-05-30$21.83$20.0043.8%12.6%33.7%22.4%44.1%3.8%3.0%66.5K-6.3M-78.7K0.4825.14N/AN/A25412112,13810,339