FORM Options History — March 2010

In March 2010, FORM traded between $16.76 and $18.83. ATM implied volatility averaged 35.1%, placing in the 25.1% IV rank vs the trailing year. The 30-day expected move averaged 10.3%. IV traded below realized volatility by 0.3% (HV 20d: 35.4%). Max pain ranged from $17.50 to $17.50. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 23 of 23 days. Put/call ratio averaged 0.71.

Notable Days

2010-03-18: Highest Volume — 661 contracts
2010-03-11: Largest IV spike — 12.9% change
2010-03-17: Highest IV Rank — 33.7%
2010-03-17: Largest Expected Move — 10.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$17.75	$16.76	$18.83	$16.80	$17.76
Max Pain	$17.50	$17.50	$17.50	$17.50	$17.50
ATM IV	35.1%	31.7%	37.8%	34.7%	35.3%
Expected Move	10.3%	9.3%	10.8%	9.9%	10.1%
HV 20d	35.4%	32.1%	40.0%	37.0%	35.2%
HV 60d	42.1%	40.6%	43.0%	43.0%	42.6%
IV Rank	25.1%	13.7%	33.7%	20.6%	26.6%
IV Percentile	11.2%	3.2%	20.2%	8.3%	11.9%
Term Structure	3.6%	0.8%	7.1%	2.4%	5.8%
VWIV	36.0%	32.5%	39.5%	32.5%	32.8%
Skew 25d	-0.7%	-10.5%	11.7%	-6.3%	6.8%
Skew 10d	1.5%	-17.4%	29.7%	-5.8%	8.6%
Call IV 25d	35.7%	26.8%	40.5%	33.7%	26.8%
Put IV 25d	35.0%	25.7%	49.0%	27.4%	33.5%
Bid-Ask Spread %	16.89	9.35	22.51	17.50	9.94
Gamma HHI	0.43	0.32	0.57	0.34	0.45
Net GEX	333.3K	145.5K	555.1K	165.7K	230.1K
Net DEX	-3.0M	-9.9M	1.0M	555.6K	-1.0M
Net VEX	-40.5K	-45.7K	-32.6K	-43.9K	-32.6K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.71	0.07	2.27	0.08	0.74
Total Volume	285.087	66	661	90	73
Total OI	29,638.783	28,916	29,942	29,876	29,483

Daily Data (23 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
2010-03-01	$16.80	$17.50	34.7%	9.9%	37.0%	20.6%	32.5%	-6.3%	2.4%	165.7K	555.6K	-43.9K	0.08	17.50	N/A	N/A	83	7	20,910	8,966
2010-03-02	$17.11	$17.50	34.9%	10.0%	36.4%	21.0%	34.9%	-2.8%	0.9%	213.5K	-613.5K	-45.0K	0.19	15.19	N/A	N/A	353	68	20,908	8,967
2010-03-03	$16.93	$17.50	33.0%	9.5%	36.5%	16.8%	33.1%	-4.5%	3.7%	199.0K	-246.9K	-43.8K	0.61	16.73	N/A	N/A	99	60	20,828	9,016
2010-03-04	$16.76	$17.50	32.4%	9.3%	36.8%	15.4%	0.0%	-6.9%	3.9%	145.5K	1.0M	-41.0K	0.27	22.05	N/A	N/A	52	14	20,857	9,006
2010-03-05	$17.28	$17.50	32.2%	10.5%	33.3%	14.9%	35.3%	0.9%	2.5%	262.0K	-1.5M	-45.7K	0.41	18.59	N/A	N/A	128	52	20,848	9,006
2010-03-08	$17.38	$17.50	32.5%	10.6%	33.2%	15.5%	37.1%	2.2%	1.9%	288.8K	-2.0M	-44.6K	0.75	17.76	N/A	N/A	126	94	20,907	8,965
2010-03-09	$17.49	$17.50	31.7%	9.9%	32.3%	13.7%	35.2%	-0.9%	3.9%	292.2K	-1.9M	-41.9K	0.59	22.51	N/A	N/A	97	57	20,920	8,966
2010-03-10	$17.96	$17.50	31.7%	10.3%	32.3%	16.6%	36.0%	5.3%	2.1%	392.0K	-4.5M	-44.6K	0.31	21.76	N/A	N/A	77	24	20,929	9,013
2010-03-11	$18.20	$17.50	35.8%	10.3%	32.1%	28.1%	36.7%	1.5%	3.3%	424.9K	-5.7M	-44.5K	0.07	20.12	N/A	N/A	337	25	20,907	9,013
2010-03-12	$17.93	$17.50	35.8%	10.2%	32.6%	28.0%	36.1%	2.6%	3.5%	396.1K	-4.5M	-43.7K	0.33	20.74	N/A	N/A	190	63	20,779	8,993
2010-03-15	$17.55	$17.50	37.4%	10.7%	33.8%	32.7%	36.5%	1.1%	2.2%	334.8K	-2.5M	-40.8K	1.10	21.77	N/A	N/A	184	203	20,768	8,963
2010-03-16	$17.88	$17.50	36.4%	10.5%	33.5%	30.0%	36.4%	3.9%	2.8%	409.2K	-4.0M	-40.7K	0.46	21.05	N/A	N/A	79	36	20,836	9,004
2010-03-17	$18.83	$17.50	37.8%	10.8%	37.5%	33.7%	37.8%	4.0%	0.8%	555.1K	-9.9M	-44.5K	0.07	9.35	N/A	N/A	607	41	20,859	8,981
2010-03-18	$18.17	$17.50	36.6%	10.5%	39.2%	30.3%	36.3%	-2.6%	2.8%	451.2K	-6.1M	-40.5K	1.17	13.12	N/A	N/A	305	356	20,786	8,971
2010-03-19	$17.86	$17.50	35.9%	10.3%	39.4%	28.4%	36.1%	-6.0%	3.3%	380.7K	-4.0M	-37.7K	1.83	16.93	N/A	N/A	133	243	20,864	9,025
2010-03-22	$18.26	$17.50	36.9%	10.6%	40.0%	31.2%	35.5%	-0.4%	4.4%	438.9K	-5.0M	-39.0K	0.58	13.30	N/A	N/A	99	57	20,292	8,780
2010-03-23	$18.54	$17.50	36.2%	10.4%	34.9%	29.3%	37.0%	-0.7%	4.8%	510.6K	-6.5M	-39.1K	0.98	12.03	N/A	N/A	312	305	20,272	8,807
2010-03-24	$18.15	$17.50	35.4%	10.2%	36.0%	27.1%	35.9%	-4.1%	5.6%	422.6K	-4.3M	-37.7K	1.08	15.33	N/A	N/A	93	100	20,304	8,989
2010-03-25	$18.00	$17.50	35.7%	10.2%	35.4%	27.9%	37.0%	-4.9%	5.9%	393.8K	-3.7M	-37.4K	1.30	15.67	N/A	N/A	202	263	20,278	9,089
2010-03-26	$17.60	$17.50	36.3%	10.4%	35.8%	29.4%	38.5%	-10.5%	3.9%	212.4K	-640.2K	-34.5K	2.27	17.40	N/A	N/A	136	309	19,577	9,339
2010-03-29	$17.78	$17.50	37.5%	10.8%	35.3%	32.9%	39.5%	-6.6%	5.4%	250.5K	-1.2M	-34.5K	0.44	17.31	N/A	N/A	158	70	19,685	9,632
2010-03-30	$18.00	$17.50	35.5%	10.2%	35.0%	27.2%	36.6%	11.7%	7.1%	296.6K	-1.8M	-33.4K	0.78	12.29	N/A	N/A	105	82	19,732	9,672
2010-03-31	$17.76	$17.50	35.3%	10.1%	35.2%	26.6%	32.8%	6.8%	5.8%	230.1K	-1.0M	-32.6K	0.74	9.94	N/A	N/A	42	31	19,734	9,749