FORM Options History — February 2009

In February 2009, FORM traded between $13.58 and $16.61. ATM implied volatility averaged 56.2%, placing in the 26.4% IV rank vs the trailing year. The 30-day expected move averaged 16.3%. IV traded below realized volatility by 1.9% (HV 20d: 58.1%). Max pain ranged from $15.00 to $15.00. Net GEX was positive for 7 of 19 trading days. Term structure was in contango for 16 of 19 days. Put/call ratio averaged 2.75.

Notable Days

2009-02-25: Highest Volume — 227 contracts
2009-02-23: Largest IV spike — 16.4% change
2009-02-23: Highest IV Rank — 40.0%
2009-02-23: Largest Expected Move — 19.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$15.36	$13.58	$16.61	$15.95	$14.46
Max Pain	$15.00	$15.00	$15.00	$15.00	$15.00
ATM IV	56.2%	48.0%	66.8%	57.1%	56.2%
Expected Move	16.3%	14.2%	19.1%	16.4%	16.1%
HV 20d	58.1%	49.3%	63.3%	63.3%	50.8%
HV 60d	64.3%	59.7%	69.8%	69.8%	59.7%
IV Rank	26.4%	15.7%	40.0%	27.5%	26.4%
IV Percentile	40.6%	9.1%	70.6%	44.0%	41.7%
Term Structure	1.2%	-1.2%	4.6%	2.4%	2.0%
VWIV	56.1%	50.9%	60.5%	57.2%	57.7%
Skew 25d	8.6%	3.0%	11.7%	8.6%	3.0%
Skew 10d	10.6%	-11.3%	32.5%	32.5%	-2.1%
Call IV 25d	53.3%	44.5%	60.6%	51.5%	59.1%
Put IV 25d	61.8%	56.2%	65.0%	60.1%	62.2%
Bid-Ask Spread %	24.32	15.52	30.81	29.21	22.22
Gamma HHI	0.32	0.27	0.45	0.30	0.36
Net GEX	-7.2K	-25.0K	9.7K	1.1K	-9.5K
Net DEX	-552.2K	-1.9M	1.2M	-1.1M	135.2K
Net VEX	-29.4K	-31.6K	-25.6K	-31.6K	-26.8K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	2.75	0.00	25.00	0.12	0.00
Total Volume	110.211	2	227	94	28
Total OI	11,417.737	10,697	12,091	11,234	10,873

Daily Data (19 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
2009-02-02	$15.95	$15.00	57.1%	16.4%	63.3%	27.5%	57.2%	8.6%	2.4%	1.1K	-1.1M	-31.6K	0.12	29.21	N/A	N/A	84	10	5,623	5,611
2009-02-03	$16.01	$15.00	58.1%	16.7%	63.1%	28.8%	50.9%	9.9%	1.7%	3.2K	-1.3M	-31.6K	0.27	19.73	N/A	N/A	15	4	5,635	5,621
2009-02-04	$16.57	$15.00	50.3%	14.4%	62.4%	18.8%	57.0%	11.7%	4.6%	9.7K	-1.9M	-31.5K	7.69	24.63	N/A	N/A	16	123	5,590	5,623
2009-02-05	$16.45	$15.00	49.5%	14.2%	59.2%	17.7%	55.7%	10.4%	2.8%	6.5K	-1.6M	-31.5K	1.78	18.78	N/A	N/A	59	105	5,603	5,710
2009-02-06	$16.61	$15.00	48.0%	15.2%	58.4%	15.7%	52.7%	8.3%	1.8%	8.1K	-1.7M	-31.6K	0.00	27.51	N/A	N/A	2	0	5,632	5,786
2009-02-09	$16.45	$15.00	50.3%	15.4%	58.1%	18.8%	53.5%	9.1%	1.1%	7.3K	-1.6M	-30.9K	0.04	28.32	N/A	N/A	112	4	5,633	5,786
2009-02-10	$15.67	$15.00	57.0%	17.1%	61.0%	27.4%	59.8%	9.8%	0.6%	-2.5K	-912.1K	-29.8K	7.78	30.25	N/A	N/A	9	70	5,738	5,782
2009-02-11	$15.47	$15.00	55.1%	16.6%	60.7%	25.0%	0.0%	9.3%	0.9%	-12.7K	-513.1K	-29.7K	0.63	25.24	N/A	N/A	120	75	5,746	5,882
2009-02-12	$15.59	$15.00	58.8%	16.8%	59.9%	29.6%	52.8%	9.3%	-0.7%	-8.5K	-656.3K	-30.4K	1.13	29.28	N/A	N/A	101	114	5,866	5,907
2009-02-13	$16.06	$15.00	57.0%	16.4%	60.0%	27.5%	0.0%	8.3%	1.2%	1.2K	-1.4M	-31.3K	25.00	30.81	N/A	N/A	2	50	5,967	6,021
2009-02-17	$15.25	$15.00	59.8%	17.2%	62.0%	31.1%	0.0%	11.3%	0.0%	-17.4K	-388.8K	-29.7K	0.00	20.37	N/A	N/A	25	0	5,967	6,062
2009-02-18	$15.28	$15.00	59.3%	17.0%	49.3%	30.4%	0.0%	7.5%	-1.2%	-18.7K	-420.6K	-29.6K	0.00	17.33	N/A	N/A	52	0	5,992	6,051
2009-02-19	$14.44	$15.00	57.3%	16.4%	53.9%	27.8%	0.0%	10.4%	0.9%	-25.0K	496.1K	-28.4K	1.88	19.68	N/A	N/A	57	107	6,040	6,051
2009-02-20	$14.48	$15.00	57.4%	16.4%	53.8%	27.9%	58.8%	10.3%	0.5%	-23.4K	780.5K	-27.6K	0.12	26.01	N/A	N/A	162	19	6,089	5,926
2009-02-23	$13.58	$15.00	66.8%	19.1%	57.1%	40.0%	60.5%	3.9%	-0.1%	-22.5K	1.2M	-25.6K	0.85	15.52	N/A	N/A	39	33	5,620	5,077
2009-02-24	$14.36	$15.00	57.3%	16.4%	59.3%	27.7%	57.1%	8.2%	1.1%	-16.4K	411.2K	-26.8K	0.24	28.47	N/A	N/A	171	41	5,645	5,057
2009-02-25	$14.64	$15.00	55.3%	15.9%	58.7%	25.2%	55.3%	8.1%	2.7%	-9.0K	13.3K	-27.6K	1.91	28.65	N/A	N/A	78	149	5,800	5,077
2009-02-26	$14.60	$15.00	57.3%	16.4%	53.7%	27.8%	57.7%	5.2%	0.5%	-8.8K	-24.5K	-27.4K	0.00	20.04	N/A	N/A	58	0	5,788	5,060
2009-02-27	$14.46	$15.00	56.2%	16.1%	50.8%	26.4%	0.0%	3.0%	2.0%	-9.5K	135.2K	-26.8K	0.00	22.22	N/A	N/A	0	28	5,813	5,060