FORM Options History — March 2011

In March 2011, FORM traded between $8.59 and $10.77. ATM implied volatility averaged 47.7%, placing in the 51.0% IV rank vs the trailing year. The 30-day expected move averaged 13.7%. IV traded below realized volatility by 12.1% (HV 20d: 59.8%). Max pain ranged from $10.00 to $10.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 14 of 23 days. Put/call ratio averaged 2.08.

Notable Days

2011-03-21: Highest Volume — 5,482 contracts
2011-03-10: Largest IV spike — 13.3% change
2011-03-16: Highest IV Rank — 67.2%
2011-03-16: Largest Expected Move — 15.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$9.53	$8.59	$10.77	$9.37	$10.29
Max Pain	$10.00	$10.00	$10.00	$10.00	$10.00
ATM IV	47.7%	42.2%	53.8%	48.9%	46.2%
Expected Move	13.7%	12.1%	15.4%	14.0%	13.2%
HV 20d	59.8%	52.9%	74.2%	61.8%	60.5%
HV 60d	54.5%	50.0%	59.0%	52.9%	59.0%
IV Rank	51.0%	36.3%	67.2%	54.1%	47.0%
IV Percentile	53.3%	27.4%	83.3%	62.7%	42.9%
Term Structure	1.5%	-3.0%	6.2%	2.9%	2.3%
VWIV	48.1%	42.0%	54.2%	47.5%	46.6%
Skew 25d	0.8%	-14.9%	17.4%	0.5%	-1.5%
Skew 10d	6.8%	-23.7%	39.6%	4.9%	1.8%
Call IV 25d	45.8%	29.0%	54.8%	45.8%	43.8%
Put IV 25d	46.6%	36.0%	52.6%	46.3%	42.4%
Bid-Ask Spread %	23.23	14.53	45.76	23.11	15.56
Gamma HHI	0.53	0.45	0.62	0.54	0.59
Net GEX	188.0K	23.4K	304.6K	182.9K	287.5K
Net DEX	-4.5M	-10.8M	1.5M	-4.2M	-8.0M
Net VEX	-48.3K	-55.2K	-44.2K	-50.8K	-45.1K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	2.08	0.00	27.49	0.98	0.43
Total Volume	1,058.174	29	5,482	2,650	132
Total OI	42,708.522	40,174	45,499	40,174	42,487

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
2011-03-01	$9.37	$10.00	48.9%	14.0%	61.8%	54.1%	47.5%	0.5%	2.9%	182.9K	-4.2M	-50.8K	0.98	23.11	N/A	N/A	1,337	1,313	20,752	19,422
2011-03-02	$9.42	$10.00	48.6%	13.9%	61.8%	53.4%	47.0%	2.4%	-2.1%	192.6K	-4.8M	-55.2K	0.01	30.80	N/A	N/A	68	1	21,882	20,725
2011-03-03	$9.61	$10.00	42.2%	12.1%	52.9%	36.3%	42.0%	7.9%	6.2%	226.7K	-5.6M	-54.5K	0.61	16.08	N/A	N/A	18	11	21,936	20,726
2011-03-04	$9.40	$10.00	43.2%	13.9%	53.4%	39.0%	47.6%	-7.2%	-0.2%	213.0K	-4.8M	-53.7K	0.00	18.78	N/A	N/A	35	0	21,925	20,735
2011-03-07	$9.11	$10.00	48.6%	14.0%	54.4%	53.4%	48.0%	-14.9%	-0.6%	164.1K	-2.7M	-51.6K	4.31	23.11	N/A	N/A	81	349	21,900	20,735
2011-03-08	$9.17	$10.00	50.6%	14.1%	54.3%	58.7%	47.2%	2.7%	-1.2%	174.1K	-2.6M	-51.6K	0.60	20.40	N/A	N/A	238	143	21,845	20,998
2011-03-09	$9.01	$10.00	45.5%	13.3%	54.7%	45.2%	0.0%	-2.0%	3.2%	159.3K	-1.9M	-50.7K	2.00	20.64	N/A	N/A	80	160	21,985	21,057
2011-03-10	$8.71	$10.00	51.5%	14.8%	55.8%	61.2%	50.2%	-1.4%	-1.1%	90.1K	-462.2K	-48.9K	0.82	21.06	N/A	N/A	237	195	22,050	21,212
2011-03-11	$8.68	$10.00	49.4%	14.2%	55.8%	55.5%	48.1%	-0.9%	-0.4%	75.9K	291.6K	-48.5K	2.99	34.63	N/A	N/A	147	440	22,140	21,265
2011-03-14	$8.86	$10.00	50.0%	14.3%	56.3%	57.1%	50.2%	3.3%	-0.2%	133.1K	-819.1K	-48.2K	0.25	23.73	N/A	N/A	193	48	22,249	21,293
2011-03-15	$8.79	$10.00	51.9%	14.9%	55.9%	62.2%	52.8%	0.5%	-2.9%	108.0K	-498.3K	-48.2K	27.49	28.32	N/A	N/A	75	2,062	22,330	21,341
2011-03-16	$8.73	$10.00	53.8%	15.4%	55.6%	67.2%	54.2%	-2.2%	-3.0%	78.0K	-55.9K	-50.0K	2.12	45.76	N/A	N/A	236	501	22,346	23,153
2011-03-17	$8.59	$10.00	51.2%	14.7%	55.6%	60.3%	49.3%	-0.3%	0.6%	53.0K	990.7K	-47.6K	0.06	20.82	N/A	N/A	2,264	144	22,437	23,030
2011-03-18	$8.64	$10.00	46.6%	13.4%	55.7%	48.0%	54.1%	-2.5%	5.8%	23.4K	1.5M	-46.3K	0.11	26.23	N/A	N/A	2,241	238	21,106	23,161
2011-03-21	$9.89	$10.00	43.5%	12.5%	74.0%	40.0%	43.6%	17.4%	5.1%	291.1K	-6.3M	-46.7K	0.72	34.83	N/A	N/A	3,186	2,296	19,008	22,381
2011-03-22	$9.87	$10.00	46.8%	13.4%	72.5%	48.5%	47.1%	-1.5%	1.4%	230.1K	-5.4M	-46.6K	0.36	22.04	N/A	N/A	502	181	18,041	22,711
2011-03-23	$10.49	$10.00	48.9%	14.0%	74.2%	54.2%	49.5%	12.5%	0.7%	248.6K	-8.9M	-44.3K	0.16	23.78	N/A	N/A	2,001	316	17,985	22,882
2011-03-24	$10.77	$10.00	45.2%	13.0%	64.3%	44.4%	48.1%	13.4%	4.1%	286.3K	-10.8M	-45.2K	0.25	15.80	N/A	N/A	865	217	18,961	23,168
2011-03-25	$10.47	$10.00	45.3%	13.0%	63.3%	44.5%	45.1%	-9.1%	5.6%	260.5K	-9.5M	-45.1K	0.25	14.53	N/A	N/A	378	94	18,671	23,274
2011-03-28	$10.51	$10.00	47.4%	13.6%	62.7%	50.2%	46.0%	2.1%	1.6%	275.8K	-9.9M	-44.9K	0.74	17.81	N/A	N/A	435	322	18,910	23,316
2011-03-29	$10.56	$10.00	46.5%	13.3%	59.9%	47.9%	47.1%	8.2%	2.3%	265.2K	-9.9M	-44.2K	0.96	17.13	N/A	N/A	69	66	18,826	23,531
2011-03-30	$10.33	$10.00	45.1%	12.9%	60.7%	44.1%	47.1%	-8.3%	3.5%	304.6K	-8.2M	-44.2K	1.63	19.34	N/A	N/A	161	262	18,847	23,561
2011-03-31	$10.29	$10.00	46.2%	13.2%	60.5%	47.0%	46.6%	-1.5%	2.3%	287.5K	-8.0M	-45.1K	0.43	15.56	N/A	N/A	92	40	18,785	23,702