FORM Options History — January 2009

In January 2009, FORM traded between $13.60 and $16.04. ATM implied volatility averaged 65.3%, placing in the 38.1% IV rank vs the trailing year. The 30-day expected move averaged 19.3%. IV traded above realized volatility by 3.6% (HV 20d: 61.7%). Max pain ranged from $12.50 to $17.50. Net GEX was positive for 1 of 20 trading days. Term structure was in contango for 3 of 20 days. Put/call ratio averaged 2.94.

Notable Days

  • 2009-01-13: Highest Volume — 3,827 contracts
  • 2009-01-15: Largest IV spike — 24.0% change
  • 2009-01-21: Highest IV Rank — 51.7%
  • 2009-01-21: Largest Expected Move — 21.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$14.76$13.60$16.04$14.93$15.56
Max Pain$13.75$12.50$17.50$17.50$15.00
ATM IV65.3%54.3%75.9%61.9%55.5%
Expected Move19.3%15.9%21.7%17.7%15.9%
HV 20d61.7%54.4%66.6%63.0%63.2%
HV 60d71.1%67.6%79.5%79.5%69.6%
IV Rank38.1%23.9%51.7%33.7%25.4%
IV Percentile61.5%34.9%81.0%56.7%39.3%
Term Structure-1.0%-4.3%6.1%6.1%4.4%
VWIV65.8%55.3%72.1%61.3%55.3%
Skew 25d10.7%6.7%25.2%25.2%6.7%
Skew 10d21.4%10.8%40.0%40.0%18.6%
Call IV 25d61.8%44.9%68.6%44.9%51.7%
Put IV 25d72.5%58.3%78.6%70.1%58.3%
Bid-Ask Spread %25.047.9133.057.9119.50
Gamma HHI0.390.280.680.320.31
Net GEX-64.2K-232.5K866-73.8K-12.7K
Net DEX755.2K-966.3K2.7M1.2M-571.9K
Net VEX-28.3K-30.9K-25.5K-28.7K-30.9K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.940.0034.774.330.57
Total Volume431.6323,82732160
Total OI15,878.359,53023,97719,82410,999

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2009-01-02$14.93$17.5061.9%17.7%63.0%33.7%61.3%25.2%6.1%-73.8K1.2M-28.7K4.337.91N/AN/A62611,8297,995
2009-01-05$15.18$12.5066.2%19.6%60.9%39.2%64.2%12.7%-1.1%-69.4K850.5K-28.0K5.1522.35N/AN/A12865911,8337,977
2009-01-06$15.84$12.5065.1%19.5%62.1%37.8%66.0%9.4%-0.3%-33.8K-255.4K-29.0K0.1425.71N/AN/A1672311,8397,725
2009-01-07$15.03$12.5065.5%19.8%65.7%38.3%65.1%9.8%-1.6%-76.5K1.0M-27.4K0.0726.93N/AN/A56411,8617,735
2009-01-08$14.72$12.5064.2%19.8%66.3%36.7%68.7%10.0%-2.0%-88.8K1.5M-26.4K0.8223.69N/AN/A25520811,9037,737
2009-01-09$14.49$12.5060.7%19.5%66.6%32.1%0.0%9.7%-1.1%-98.1K1.7M-26.5K0.7829.40N/AN/A514012,1407,940
2009-01-12$14.29$12.5068.0%20.1%66.5%41.6%64.8%11.5%-3.4%-102.0K2.0M-25.5K0.0529.27N/AN/A2621412,1607,980
2009-01-13$14.68$12.5062.9%19.4%64.0%35.0%72.1%7.8%-1.6%-94.9K1.2M-26.4K34.7726.94N/AN/A1073,72012,4007,879
2009-01-14$14.33$15.0054.3%19.6%60.6%23.9%68.4%9.1%-1.7%-149.4K2.7M-29.9K0.2227.43N/AN/A501112,48211,495
2009-01-15$14.72$15.0067.4%19.3%57.2%40.8%63.5%8.3%-1.9%-138.7K1.8M-30.1K0.0030.93N/AN/A163012,4829,904
2009-01-16$15.24$15.0065.9%18.9%54.4%38.9%61.2%9.8%-0.6%-232.5K252.0K-30.5K0.2432.41N/AN/A2135212,5699,904
2009-01-20$13.78$15.0071.1%20.4%62.6%45.5%69.8%10.0%-4.3%-21.0K798.4K-27.7K0.0125.42N/AN/A20834,7284,802
2009-01-21$13.72$12.5075.9%21.7%62.1%51.7%68.4%12.2%-4.3%-20.0K859.7K-27.0K0.0130.17N/AN/A17124,8594,802
2009-01-22$13.60$12.5075.1%21.5%57.6%50.7%68.5%10.8%-4.0%-18.1K772.1K-27.0K0.1633.05N/AN/A5085,0264,804
2009-01-23$14.13$12.5067.1%19.2%57.7%40.4%71.9%10.1%-1.0%-16.2K457.3K-28.2K0.4830.22N/AN/A25125,0124,808
2009-01-26$14.63$12.5069.2%19.8%58.4%43.1%70.3%10.8%-3.4%-12.1K114.2K-28.6K0.7517.87N/AN/A55415,0154,820
2009-01-27$15.07$15.0066.9%19.2%59.1%40.1%65.9%9.2%-0.3%-8.1K-275.1K-29.4K0.5114.22N/AN/A77395,0524,846
2009-01-28$16.04$15.0066.0%18.9%62.3%39.0%66.0%10.1%-0.1%866-966.3K-30.5K8.1521.44N/AN/A413345,0674,869
2009-01-29$15.23$15.0056.7%16.3%63.7%27.0%58.2%10.4%1.2%-19.3K-95.3K-29.2K1.6525.84N/AN/A4507415,1025,187
2009-01-30$15.56$15.0055.5%15.9%63.2%25.4%55.3%6.7%4.4%-12.7K-571.9K-30.9K0.5719.50N/AN/A102585,4225,577