FORM Options History — February 2010

In February 2010, FORM traded between $15.20 and $17.05. ATM implied volatility averaged 39.3%, placing in the 31.4% IV rank vs the trailing year. The 30-day expected move averaged 11.6%. IV traded below realized volatility by 8.1% (HV 20d: 47.5%). Max pain ranged from $17.50 to $17.50. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 0.97.

Notable Days

2010-02-10: Highest Volume — 897 contracts
2010-02-11: Largest IV spike — 30.0% change
2010-02-04: Highest IV Rank — 46.8%
2010-02-08: Largest Expected Move — 13.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$16.14	$15.20	$17.05	$15.90	$16.45
Max Pain	$17.50	$17.50	$17.50	$17.50	$17.50
ATM IV	39.3%	29.8%	46.0%	43.1%	33.8%
Expected Move	11.6%	8.6%	13.2%	12.4%	9.7%
HV 20d	47.5%	42.8%	53.5%	49.4%	43.7%
HV 60d	42.1%	41.2%	43.0%	42.0%	43.0%
IV Rank	31.4%	9.4%	46.8%	40.2%	18.6%
IV Percentile	22.6%	1.2%	48.8%	34.9%	6.0%
Term Structure	1.0%	-3.7%	9.6%	0.2%	4.7%
VWIV	39.2%	29.7%	45.8%	35.2%	29.7%
Skew 25d	4.3%	-2.2%	12.7%	4.4%	0.6%
Skew 10d	9.8%	1.1%	21.1%	5.4%	5.5%
Call IV 25d	37.5%	29.4%	46.5%	40.4%	34.2%
Put IV 25d	41.7%	34.8%	47.8%	44.8%	34.8%
Bid-Ask Spread %	25.67	15.92	38.04	33.06	29.64
Gamma HHI	0.34	0.32	0.37	0.36	0.33
Net GEX	115.9K	52.2K	204.9K	94.9K	129.0K
Net DEX	2.7M	-347.8K	5.5M	4.1M	1.4M
Net VEX	-48.8K	-55.4K	-42.4K	-52.3K	-45.2K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.97	0.02	2.50	2.50	0.07
Total Volume	319.421	44	897	762	44
Total OI	31,448.684	29,165	32,492	31,879	29,855

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
2010-02-01	$15.90	$17.50	43.1%	12.4%	49.4%	40.2%	35.2%	4.4%	0.2%	94.9K	4.1M	-52.3K	2.50	33.06	N/A	N/A	218	544	22,038	9,841
2010-02-02	$15.78	$17.50	41.7%	11.9%	48.8%	36.8%	40.6%	0.5%	0.8%	96.7K	3.9M	-52.1K	1.11	30.94	N/A	N/A	132	147	22,109	9,685
2010-02-03	$15.91	$17.50	42.3%	12.1%	49.6%	38.2%	33.4%	2.0%	0.3%	96.3K	3.8M	-52.2K	0.73	24.27	N/A	N/A	85	62	22,131	9,748
2010-02-04	$15.20	$17.50	46.0%	13.2%	50.7%	46.8%	44.5%	11.9%	-3.1%	52.2K	5.5M	-46.1K	0.43	17.56	N/A	N/A	152	65	22,159	9,774
2010-02-05	$15.42	$17.50	45.1%	12.4%	51.9%	44.7%	45.8%	-2.2%	-0.3%	55.9K	5.2M	-45.7K	1.05	24.22	N/A	N/A	65	68	22,300	9,620
2010-02-08	$15.20	$17.50	44.7%	13.2%	51.3%	43.9%	45.1%	0.1%	-3.7%	56.7K	5.2M	-44.9K	0.65	26.56	N/A	N/A	121	79	22,320	9,647
2010-02-09	$15.60	$17.50	34.2%	12.9%	53.5%	19.6%	43.6%	4.3%	-1.5%	70.9K	4.7M	-46.6K	1.90	31.68	N/A	N/A	136	258	22,334	9,671
2010-02-10	$15.90	$17.50	33.9%	12.4%	49.1%	18.7%	42.8%	5.5%	-1.0%	93.6K	3.7M	-47.5K	1.62	23.82	N/A	N/A	342	555	22,316	9,511
2010-02-11	$16.22	$17.50	44.0%	12.6%	49.3%	42.3%	41.6%	4.8%	-0.5%	117.4K	2.6M	-51.0K	1.92	16.08	N/A	N/A	191	367	22,321	9,759
2010-02-12	$16.17	$17.50	42.8%	12.3%	48.5%	39.4%	42.5%	2.4%	-1.5%	119.5K	2.5M	-53.3K	0.93	20.28	N/A	N/A	157	146	22,442	9,901
2010-02-16	$16.56	$17.50	41.8%	12.0%	44.3%	37.1%	41.8%	6.1%	-0.4%	146.7K	2.0M	-51.7K	1.62	15.92	N/A	N/A	42	68	22,444	10,036
2010-02-17	$16.54	$17.50	39.9%	11.4%	44.0%	32.7%	38.8%	7.1%	1.3%	148.9K	1.9M	-51.5K	0.26	19.32	N/A	N/A	202	52	22,455	10,037
2010-02-18	$17.05	$17.50	37.3%	10.7%	43.8%	26.8%	37.3%	12.7%	3.8%	204.9K	-347.8K	-55.4K	0.52	23.58	N/A	N/A	133	69	22,451	10,021
2010-02-19	$16.82	$17.50	35.4%	10.2%	43.3%	22.3%	30.6%	7.2%	4.1%	177.0K	1.1M	-50.5K	1.08	25.77	N/A	N/A	78	84	22,390	10,030
2010-02-22	$16.82	$17.50	35.9%	10.3%	42.8%	23.5%	36.0%	4.8%	2.5%	183.5K	-295.9K	-47.9K	0.09	28.64	N/A	N/A	646	57	20,425	8,740
2010-02-23	$16.02	$17.50	38.2%	10.9%	46.3%	28.7%	0.0%	2.2%	1.4%	88.8K	2.4M	-42.4K	1.39	29.32	N/A	N/A	178	247	20,715	8,735
2010-02-24	$16.31	$17.50	37.4%	10.7%	46.7%	27.0%	37.5%	1.2%	1.9%	108.2K	1.9M	-44.4K	0.02	29.05	N/A	N/A	176	4	20,824	8,942
2010-02-25	$16.75	$17.50	29.8%	8.6%	44.8%	9.4%	29.7%	5.5%	9.6%	161.0K	538.0K	-46.6K	0.52	38.04	N/A	N/A	65	34	20,852	8,946
2010-02-26	$16.45	$17.50	33.8%	9.7%	43.7%	18.6%	0.0%	0.6%	4.7%	129.0K	1.4M	-45.2K	0.07	29.64	N/A	N/A	41	3	20,892	8,963