FORM Options History — February 2012

In February 2012, FORM traded between $5.09 and $5.49. ATM implied volatility averaged 42.1%, placing in the 30.5% IV rank vs the trailing year. The 30-day expected move averaged 12.1%. IV traded above realized volatility by 6.8% (HV 20d: 35.4%). Max pain ranged from $5.00 to $5.00. Net GEX was positive for 8 of 20 trading days. Term structure was in contango for 7 of 20 days. Put/call ratio averaged 0.38.

Notable Days

2012-02-29: Highest Volume — 6,242 contracts
2012-02-02: Largest IV spike — 34.4% change
2012-02-06: Highest IV Rank — 59.1%
2012-02-03: Largest Expected Move — 13.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$5.24	$5.09	$5.49	$5.27	$5.11
Max Pain	$5.00	$5.00	$5.00	$5.00	$5.00
ATM IV	42.1%	32.4%	55.1%	32.9%	44.9%
Expected Move	12.1%	9.4%	13.3%	9.4%	12.9%
HV 20d	35.4%	26.3%	42.6%	39.9%	28.1%
HV 60d	41.4%	36.8%	47.2%	47.2%	36.8%
IV Rank	30.5%	9.1%	59.1%	10.1%	36.6%
IV Percentile	23.7%	0.8%	80.6%	0.8%	39.7%
Term Structure	0.1%	-4.2%	16.3%	16.3%	-1.2%
VWIV	43.4%	39.9%	47.9%	44.4%	44.9%
Skew 25d	7.2%	-2.8%	16.4%	3.4%	-2.8%
Skew 10d	12.9%	-4.2%	33.1%	0.8%	-3.9%
Call IV 25d	37.9%	28.4%	48.0%	35.6%	47.7%
Put IV 25d	45.0%	39.0%	50.8%	39.0%	44.9%
Bid-Ask Spread %	19.54	13.52	37.18	24.77	20.26
Gamma HHI	0.56	0.46	0.76	0.76	0.49
Net GEX	-3.9K	-24.7K	8.5K	-24.7K	7.2K
Net DEX	239.6K	113.1K	397.4K	386.5K	225.9K
Net VEX	-2.8K	-3.1K	-2.4K	-2.4K	-2.8K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.38	0.00	2.60	0.30	0.27
Total Volume	506.55	6	6,242	142	6,242
Total OI	5,067.25	4,180	5,991	4,180	4,946

Daily Data (20 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
2012-02-01	$5.27	$5.00	32.9%	9.4%	39.9%	10.1%	0.0%	3.4%	16.3%	-24.7K	386.5K	-2.4K	0.30	24.77	N/A	N/A	109	33	1,663	2,517
2012-02-02	$5.20	$5.00	44.2%	12.7%	39.9%	35.0%	44.4%	15.1%	2.0%	-14.7K	397.4K	-2.6K	0.51	24.67	N/A	N/A	119	61	1,761	2,547
2012-02-03	$5.30	$5.00	46.6%	13.3%	40.5%	40.2%	47.0%	-0.9%	-0.9%	-12.5K	343.2K	-2.8K	0.58	17.72	N/A	N/A	246	143	1,856	2,596
2012-02-06	$5.27	$5.00	55.1%	13.0%	40.4%	59.1%	46.2%	1.1%	-0.3%	-10.9K	347.4K	-2.8K	0.02	37.18	N/A	N/A	87	2	2,092	2,619
2012-02-07	$5.26	$5.00	45.6%	13.2%	40.3%	38.2%	47.9%	-1.1%	-1.6%	-14.5K	343.3K	-2.8K	0.88	22.37	N/A	N/A	260	230	2,177	2,621
2012-02-08	$5.29	$5.00	32.4%	11.8%	39.4%	9.1%	41.7%	1.1%	0.3%	-12.9K	258.5K	-2.7K	0.89	15.46	N/A	N/A	150	134	2,437	2,642
2012-02-09	$5.49	$5.00	42.5%	12.2%	40.1%	31.3%	43.6%	-1.4%	-1.4%	1.9K	113.1K	-2.8K	0.44	19.25	N/A	N/A	731	320	2,399	2,645
2012-02-10	$5.28	$5.00	42.8%	12.3%	42.6%	31.9%	43.4%	0.2%	-1.5%	-10.0K	249.0K	-3.0K	0.00	15.68	N/A	N/A	193	0	2,932	2,781
2012-02-13	$5.31	$5.00	41.1%	11.8%	41.3%	28.3%	41.1%	-0.7%	1.3%	-9.2K	262.1K	-2.8K	0.06	13.52	N/A	N/A	364	23	2,813	2,781
2012-02-14	$5.34	$5.00	41.5%	11.9%	40.6%	29.2%	0.0%	-2.3%	1.7%	-1.9K	125.8K	-3.1K	0.00	15.75	N/A	N/A	10	0	3,158	2,787
2012-02-15	$5.26	$5.00	42.7%	12.2%	41.2%	31.7%	42.7%	15.0%	-1.2%	-6.5K	182.9K	-3.0K	0.00	18.60	N/A	N/A	26	0	3,158	2,787
2012-02-16	$5.25	$5.00	43.5%	12.5%	37.1%	33.5%	0.0%	15.4%	-1.6%	-7.4K	178.8K	-3.0K	0.00	18.47	N/A	N/A	31	0	3,184	2,787
2012-02-17	$5.25	$5.00	41.1%	11.8%	29.7%	28.1%	41.0%	13.5%	-0.7%	-6.4K	156.8K	-2.9K	0.00	14.92	N/A	N/A	25	0	3,204	2,787
2012-02-21	$5.24	$5.00	40.8%	11.7%	29.3%	27.6%	40.7%	12.5%	0.0%	6.0K	180.0K	-2.8K	0.00	16.73	N/A	N/A	104	0	2,510	2,030
2012-02-22	$5.11	$5.00	39.9%	11.4%	29.2%	25.5%	39.9%	14.8%	1.0%	5.6K	231.7K	-2.7K	0.17	17.13	N/A	N/A	231	40	2,604	2,030
2012-02-23	$5.14	$5.00	42.6%	12.2%	27.5%	31.5%	42.6%	16.4%	-3.0%	8.2K	188.6K	-2.8K	0.15	19.59	N/A	N/A	65	10	2,748	2,070
2012-02-24	$5.16	$5.00	40.1%	11.5%	26.4%	26.1%	0.0%	15.1%	-0.4%	8.5K	180.4K	-2.8K	2.60	17.09	N/A	N/A	10	26	2,775	2,080
2012-02-27	$5.09	$5.00	42.5%	12.2%	26.3%	31.4%	0.0%	15.4%	-4.2%	7.8K	241.9K	-2.6K	0.00	20.42	N/A	N/A	0	100	2,775	2,100
2012-02-28	$5.20	$5.00	40.1%	11.5%	27.4%	25.9%	0.0%	13.3%	-2.8%	8.3K	198.5K	-2.7K	0.00	21.28	N/A	N/A	0	6	2,775	2,171
2012-02-29	$5.11	$5.00	44.9%	12.9%	28.1%	36.6%	44.9%	-2.8%	-1.2%	7.2K	225.9K	-2.8K	0.27	20.26	N/A	N/A	4,920	1,322	2,775	2,171