FORM Options History — January 2010

In January 2010, FORM traded between $15.47 and $21.92. ATM implied volatility averaged 42.1%, placing in the 34.5% IV rank vs the trailing year. The 30-day expected move averaged 13.4%. IV traded above realized volatility by 4.3% (HV 20d: 37.8%). Max pain ranged from $17.50 to $20.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 1 of 19 days. Put/call ratio averaged 0.97.

Notable Days

2010-01-12: Highest Volume — 4,448 contracts
2010-01-14: Largest IV spike — 60.8% change
2010-01-28: Highest IV Rank — 57.1%
2010-01-28: Largest Expected Move — 14.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$18.51	$15.47	$21.92	$21.92	$15.47
Max Pain	$19.34	$17.50	$20.00	$20.00	$17.50
ATM IV	42.1%	27.9%	50.4%	35.1%	46.8%
Expected Move	13.4%	12.5%	14.4%	12.5%	13.4%
HV 20d	37.8%	26.2%	46.8%	30.1%	46.8%
HV 60d	37.3%	34.1%	41.7%	34.2%	41.7%
IV Rank	34.5%	4.1%	57.1%	18.7%	48.6%
IV Percentile	34.3%	0.4%	67.1%	5.6%	51.2%
Term Structure	-2.6%	-5.0%	0.9%	-2.1%	0.9%
VWIV	46.9%	43.0%	50.4%	43.4%	47.4%
Skew 25d	3.7%	-0.6%	6.9%	5.7%	2.8%
Skew 10d	5.4%	-5.0%	18.5%	10.1%	6.3%
Call IV 25d	45.6%	42.0%	51.4%	42.0%	45.8%
Put IV 25d	49.2%	46.3%	53.6%	47.7%	48.6%
Bid-Ask Spread %	24.78	16.69	35.94	17.77	24.92
Gamma HHI	0.42	0.29	0.55	0.29	0.38
Net GEX	387.7K	70.7K	712.2K	712.2K	70.7K
Net DEX	-8.1M	-24.9M	4.6M	-24.9M	4.6M
Net VEX	-67.2K	-78.5K	-53.5K	-78.5K	-53.5K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.97	0.02	2.64	0.57	2.03
Total Volume	1,492.474	109	4,448	119	1,970
Total OI	29,559.316	27,237	33,904	27,259	31,784

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
2010-01-04	$21.92	$20.00	35.1%	12.5%	30.1%	18.7%	43.4%	5.7%	-2.1%	712.2K	-24.9M	-78.5K	0.57	17.77	N/A	N/A	76	43	23,087	4,172
2010-01-05	$21.62	$20.00	33.3%	12.6%	30.6%	14.9%	43.0%	4.4%	-0.7%	709.2K	-23.4M	-75.5K	0.03	18.22	N/A	N/A	106	3	23,103	4,178
2010-01-06	$21.11	$20.00	38.0%	13.5%	32.1%	24.4%	46.4%	4.2%	-2.4%	673.4K	-20.3M	-73.9K	2.64	16.69	N/A	N/A	72	190	23,056	4,181
2010-01-07	$20.86	$20.00	36.6%	13.6%	32.6%	21.5%	47.8%	5.8%	-3.2%	644.7K	-18.7M	-71.2K	0.17	18.83	N/A	N/A	245	42	23,051	4,263
2010-01-08	$20.95	$20.00	37.0%	13.3%	32.1%	22.5%	45.9%	6.9%	-2.5%	634.8K	-19.0M	-70.8K	0.28	16.93	N/A	N/A	750	213	22,959	4,299
2010-01-11	$20.58	$20.00	27.9%	13.3%	26.2%	4.1%	45.8%	6.2%	-3.3%	633.6K	-17.8M	-68.6K	0.40	18.42	N/A	N/A	113	45	23,571	4,453
2010-01-12	$19.05	$20.00	36.8%	12.8%	37.9%	22.0%	45.6%	3.2%	-3.5%	527.9K	-9.7M	-59.8K	1.80	27.55	N/A	N/A	1,587	2,861	23,624	4,467
2010-01-13	$19.38	$20.00	30.1%	12.9%	36.9%	8.7%	44.7%	5.6%	-3.2%	552.9K	-10.9M	-70.1K	0.50	26.10	N/A	N/A	524	264	24,396	6,542
2010-01-14	$18.75	$20.00	48.5%	13.9%	38.4%	45.3%	47.8%	6.1%	-5.0%	416.4K	-8.0M	-68.3K	1.15	28.94	N/A	N/A	1,528	1,750	24,564	6,805
2010-01-15	$17.55	$20.00	47.2%	13.5%	43.6%	42.7%	47.0%	2.5%	-4.6%	279.6K	-2.9M	-63.9K	0.61	33.86	N/A	N/A	2,001	1,229	25,702	8,202
2010-01-19	$17.76	$20.00	46.7%	13.4%	44.0%	41.6%	46.5%	3.9%	-2.5%	315.9K	-5.1M	-71.4K	0.87	16.99	N/A	N/A	987	858	21,335	6,553
2010-01-20	$17.13	$20.00	47.8%	13.7%	43.9%	43.9%	47.9%	0.1%	-1.6%	259.7K	-2.5M	-67.6K	0.56	32.41	N/A	N/A	1,131	629	21,825	7,369
2010-01-21	$16.75	$20.00	47.6%	13.7%	41.1%	43.6%	48.4%	1.7%	-3.5%	202.4K	-388.0K	-64.7K	2.41	22.41	N/A	N/A	432	1,040	21,536	7,967
2010-01-22	$16.46	$20.00	47.6%	13.6%	40.2%	44.2%	48.4%	2.9%	-1.0%	159.5K	818.4K	-65.0K	0.34	29.96	N/A	N/A	1,872	636	21,498	8,975
2010-01-25	$16.46	$17.50	48.8%	14.0%	38.0%	53.1%	50.4%	4.4%	-3.6%	150.5K	1.5M	-62.6K	0.02	22.65	N/A	N/A	2,068	36	21,973	9,505
2010-01-26	$16.30	$17.50	47.0%	13.5%	37.2%	48.9%	47.2%	-0.5%	-3.1%	109.2K	2.4M	-59.6K	0.24	33.16	N/A	N/A	788	190	21,081	9,508
2010-01-27	$17.05	$17.50	47.0%	13.5%	43.1%	49.2%	47.5%	4.5%	-0.2%	172.7K	-391.7K	-66.8K	2.55	29.12	N/A	N/A	164	418	21,145	9,618
2010-01-28	$16.50	$17.50	50.4%	14.4%	43.5%	57.1%	50.2%	-0.6%	-3.8%	140.8K	1.0M	-64.6K	1.18	35.94	N/A	N/A	685	811	21,359	9,921
2010-01-29	$15.47	$17.50	46.8%	13.4%	46.8%	48.6%	47.4%	2.8%	0.9%	70.7K	4.6M	-53.5K	2.03	24.92	N/A	N/A	651	1,319	21,725	10,059