FORM Options History — September 2012

In September 2012, FORM traded between $5.24 and $5.82. ATM implied volatility averaged 36.4%, placing in the 24.5% IV rank vs the trailing year. The 30-day expected move averaged 10.9%. IV traded above realized volatility by 0.6% (HV 20d: 35.8%). Max pain ranged from $5.00 to $6.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 17 of 19 days. Put/call ratio averaged 1.04.

Notable Days

2012-09-10: Highest Volume — 364 contracts
2012-09-06: Largest IV drop — 27.5% change
2012-09-04: Highest IV Rank — 48.7%
2012-09-04: Largest Expected Move — 14.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$5.54	$5.24	$5.82	$5.30	$5.59
Max Pain	$5.05	$5.00	$6.00	$5.00	$5.00
ATM IV	36.4%	28.6%	51.3%	51.3%	31.8%
Expected Move	10.9%	8.2%	14.7%	14.7%	9.1%
HV 20d	35.8%	29.3%	42.6%	31.5%	37.5%
HV 60d	37.8%	35.5%	39.1%	39.1%	35.5%
IV Rank	24.5%	11.8%	48.7%	48.7%	16.9%
IV Percentile	19.8%	3.6%	73.4%	73.4%	7.5%
Term Structure	5.2%	-6.5%	13.7%	-6.5%	10.7%
VWIV	35.3%	20.0%	51.6%	51.6%	46.5%
Skew 25d	2.9%	-14.9%	25.4%	18.4%	-0.6%
Skew 10d	0.6%	-18.5%	25.9%	18.3%	-6.5%
Call IV 25d	34.2%	21.2%	41.5%	32.8%	35.6%
Put IV 25d	37.1%	26.6%	51.1%	51.1%	35.0%
Bid-Ask Spread %	50.35	17.57	111.29	111.29	63.51
Gamma HHI	0.91	0.78	0.95	0.78	0.95
Net GEX	53.5K	29.5K	79.8K	29.5K	79.8K
Net DEX	-462.5K	-847.3K	-134.3K	-134.3K	-621.3K
Net VEX	-3.7K	-4.2K	-3.1K	-3.7K	-3.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.04	0.00	5.80	0.40	5.80
Total Volume	104.105	0	364	296	34
Total OI	6,347.737	6,044	6,568	6,044	6,315

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
2012-09-04	$5.30	$5.00	51.3%	14.7%	31.5%	48.7%	51.6%	18.4%	-6.5%	29.5K	-134.3K	-3.7K	0.40	111.29	N/A	N/A	212	84	4,556	1,488
2012-09-05	$5.24	$5.00	45.0%	12.9%	31.5%	38.4%	0.0%	9.7%	-2.0%	29.8K	-139.8K	-3.6K	0.00	76.04	N/A	N/A	0	111	4,740	1,497
2012-09-06	$5.39	$5.00	32.6%	9.4%	30.5%	18.4%	29.9%	3.5%	13.0%	35.2K	-246.0K	-4.0K	0.60	17.57	N/A	N/A	77	46	4,740	1,597
2012-09-07	$5.29	$6.00	38.5%	12.6%	29.3%	27.9%	23.2%	22.0%	3.2%	31.2K	-167.3K	-3.9K	5.27	42.37	N/A	N/A	30	158	4,673	1,623
2012-09-10	$5.43	$5.00	32.0%	13.6%	30.8%	17.3%	20.0%	25.4%	1.2%	36.2K	-364.8K	-3.9K	0.03	54.63	N/A	N/A	355	9	4,673	1,521
2012-09-11	$5.48	$5.00	39.8%	11.7%	31.0%	30.0%	37.1%	3.3%	6.9%	46.0K	-394.2K	-3.9K	0.00	41.29	N/A	N/A	66	0	4,925	1,521
2012-09-12	$5.37	$5.00	33.4%	12.3%	31.6%	19.7%	43.0%	6.0%	3.6%	37.1K	-269.8K	-3.6K	0.21	33.67	N/A	N/A	99	21	4,965	1,521
2012-09-13	$5.47	$5.00	41.9%	12.0%	32.3%	33.4%	0.0%	20.4%	4.6%	45.6K	-442.9K	-3.9K	0.00	34.41	N/A	N/A	0	32	5,036	1,521
2012-09-14	$5.76	$5.00	35.7%	10.2%	36.7%	23.4%	35.6%	-7.2%	4.7%	65.0K	-763.3K	-4.2K	0.00	57.49	N/A	N/A	0	20	5,036	1,532
2012-09-17	$5.59	$5.00	41.4%	11.9%	38.5%	32.6%	0.0%	-14.9%	1.4%	52.5K	-553.2K	-3.9K	0.00	43.41	N/A	N/A	0	0	5,036	1,532
2012-09-18	$5.82	$5.00	38.8%	11.1%	40.9%	28.4%	30.3%	-12.6%	0.7%	71.2K	-847.3K	-4.1K	0.78	34.87	N/A	N/A	133	104	5,036	1,532
2012-09-19	$5.64	$5.00	35.0%	10.0%	42.6%	22.2%	35.4%	-8.8%	7.3%	61.6K	-565.2K	-3.6K	0.00	65.92	N/A	N/A	20	0	5,035	1,489
2012-09-20	$5.63	$5.00	35.6%	10.2%	42.0%	23.2%	0.0%	-4.3%	5.8%	60.3K	-551.1K	-3.5K	0.00	45.92	N/A	N/A	0	0	5,055	1,489
2012-09-21	$5.69	$5.00	32.7%	9.4%	39.8%	18.4%	0.0%	-0.7%	10.0%	66.6K	-617.0K	-3.6K	0.00	42.98	N/A	N/A	30	0	5,038	1,489
2012-09-24	$5.68	$5.00	35.5%	10.2%	39.7%	23.1%	0.0%	-2.0%	7.7%	63.7K	-556.7K	-3.4K	0.00	30.16	N/A	N/A	20	0	4,704	1,348
2012-09-25	$5.63	$5.00	28.6%	8.2%	39.9%	11.8%	0.0%	0.9%	13.7%	69.7K	-519.6K	-3.3K	0.42	66.46	N/A	N/A	53	22	4,724	1,348
2012-09-26	$5.65	$5.00	30.3%	8.7%	37.3%	14.5%	46.5%	-0.7%	9.5%	67.6K	-438.2K	-3.1K	0.08	32.30	N/A	N/A	66	5	4,747	1,370
2012-09-27	$5.67	$5.00	32.4%	9.3%	37.3%	17.9%	0.0%	-3.0%	4.3%	67.5K	-595.7K	-3.3K	0.00	62.37	N/A	N/A	0	171	4,785	1,370
2012-09-28	$5.59	$5.00	31.8%	9.1%	37.5%	16.9%	0.0%	-0.6%	10.7%	79.8K	-621.3K	-3.4K	5.80	63.51	N/A	N/A	5	29	4,785	1,530