FORM Options History — December 2012

In December 2012, FORM traded between $4.26 and $4.79. ATM implied volatility averaged 34.2%, placing in the 21.0% IV rank vs the trailing year. The 30-day expected move averaged 10.1%. IV traded below realized volatility by 5.0% (HV 20d: 39.2%). Max pain ranged from $5.00 to $5.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 19 of 20 days. Put/call ratio averaged 0.45.

Notable Days

2012-12-10: Highest Volume — 250 contracts
2012-12-24: Largest IV drop — 35.1% change
2012-12-14: Highest IV Rank — 37.9%
2012-12-07: Largest Expected Move — 12.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$4.53	$4.26	$4.79	$4.45	$4.56
Max Pain	$5.00	$5.00	$5.00	$5.00	$5.00
ATM IV	34.2%	24.3%	44.7%	34.7%	27.3%
Expected Move	10.1%	7.0%	12.8%	10.0%	7.8%
HV 20d	39.2%	32.3%	46.9%	46.9%	33.5%
HV 60d	43.8%	42.2%	44.9%	44.6%	43.0%
IV Rank	21.0%	4.8%	37.9%	21.7%	9.7%
IV Percentile	21.6%	0.8%	61.9%	18.7%	2.8%
Term Structure	8.6%	-4.3%	22.2%	10.5%	12.4%
VWIV	41.5%	31.4%	48.6%	44.6%	48.6%
Skew 25d	3.0%	-9.6%	22.7%	8.4%	-3.4%
Skew 10d	7.3%	-10.6%	71.2%	10.4%	-1.4%
Call IV 25d	29.8%	22.7%	38.1%	27.7%	31.5%
Put IV 25d	32.8%	25.4%	45.4%	36.1%	28.1%
Bid-Ask Spread %	8.28	5.53	14.14	6.77	7.44
Gamma HHI	0.78	0.66	0.87	0.87	0.79
Net GEX	13.3K	9.1K	19.3K	11.8K	13.5K
Net DEX	106.8K	-46.9K	204.8K	94.2K	165.6K
Net VEX	-1.6K	-1.9K	-1.1K	-1.9K	-1.1K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.45	0.00	1.18	0.09	1.00
Total Volume	52.2	0	250	0	200
Total OI	4,271.3	4,129	4,457	4,185	4,164

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
2012-12-03	$4.45	$5.00	34.7%	10.0%	46.9%	21.7%	0.0%	8.4%	10.5%	11.8K	94.2K	-1.9K	0.00	6.77	N/A	N/A	0	0	2,758	1,427
2012-12-04	$4.39	$5.00	41.6%	11.9%	45.4%	32.9%	0.0%	0.7%	-4.3%	10.7K	120.9K	-1.8K	0.00	7.84	N/A	N/A	0	5	2,758	1,427
2012-12-05	$4.26	$5.00	27.9%	8.0%	46.3%	10.7%	0.0%	-2.7%	13.8%	9.1K	204.8K	-1.5K	0.09	10.72	N/A	N/A	145	13	2,758	1,432
2012-12-06	$4.39	$5.00	31.7%	9.1%	46.3%	16.9%	0.0%	3.8%	14.6%	10.7K	147.2K	-1.6K	0.00	7.38	N/A	N/A	0	11	2,692	1,437
2012-12-07	$4.31	$5.00	32.1%	12.8%	46.1%	17.4%	0.0%	21.3%	1.6%	9.5K	174.4K	-1.6K	0.00	10.47	N/A	N/A	0	0	2,692	1,437
2012-12-10	$4.41	$5.00	29.7%	12.8%	46.1%	13.6%	44.6%	17.1%	2.0%	10.6K	149.0K	-1.6K	0.00	14.14	N/A	N/A	0	250	2,692	1,437
2012-12-11	$4.52	$5.00	33.7%	9.2%	45.1%	20.1%	0.0%	22.7%	22.2%	10.8K	100.7K	-1.8K	0.00	9.93	N/A	N/A	0	0	2,692	1,687
2012-12-12	$4.49	$5.00	38.9%	9.2%	40.9%	28.4%	0.0%	3.0%	6.9%	10.7K	152.0K	-1.7K	0.00	6.12	N/A	N/A	0	0	2,692	1,687
2012-12-13	$4.45	$5.00	34.2%	9.8%	41.0%	20.8%	0.0%	-1.0%	0.6%	9.5K	170.8K	-1.6K	0.00	5.53	N/A	N/A	30	0	2,692	1,687
2012-12-14	$4.48	$5.00	44.7%	12.8%	36.1%	37.9%	0.0%	17.9%	4.0%	10.1K	141.3K	-1.7K	0.00	7.12	N/A	N/A	0	0	2,710	1,687
2012-12-17	$4.68	$5.00	38.7%	11.1%	35.7%	28.2%	0.0%	-8.8%	5.1%	16.2K	23.9K	-1.8K	0.00	13.93	N/A	N/A	0	0	2,710	1,687
2012-12-18	$4.65	$5.00	36.5%	10.5%	34.9%	24.7%	0.0%	-9.5%	4.8%	15.7K	72.7K	-1.6K	1.18	5.62	N/A	N/A	34	40	2,710	1,687
2012-12-19	$4.65	$5.00	37.1%	10.6%	34.9%	25.6%	0.0%	-9.6%	3.3%	15.6K	69.2K	-1.7K	0.00	6.14	N/A	N/A	0	6	2,730	1,727
2012-12-20	$4.79	$5.00	40.7%	11.7%	32.3%	31.5%	0.0%	-5.7%	1.1%	18.0K	-46.9K	-1.8K	0.00	9.64	N/A	N/A	10	0	2,719	1,726
2012-12-21	$4.65	$5.00	37.4%	10.7%	34.6%	26.1%	0.0%	-8.3%	3.4%	16.5K	70.9K	-1.6K	0.00	5.69	N/A	N/A	0	20	2,726	1,726
2012-12-24	$4.59	$5.00	24.3%	7.0%	34.9%	4.8%	0.0%	-1.2%	17.0%	15.1K	173.6K	-1.2K	1.00	8.48	N/A	N/A	92	92	2,539	1,610
2012-12-26	$4.68	$5.00	31.2%	8.9%	34.4%	16.0%	0.0%	8.2%	20.0%	19.3K	-2.1K	-1.6K	0.00	8.29	N/A	N/A	0	86	2,631	1,525
2012-12-27	$4.66	$5.00	32.6%	9.4%	33.9%	18.3%	0.0%	7.9%	19.2%	18.2K	8.0K	-1.6K	0.00	8.29	N/A	N/A	0	0	2,631	1,533
2012-12-28	$4.55	$5.00	30.0%	8.6%	35.0%	14.0%	31.4%	-0.2%	13.6%	14.1K	146.1K	-1.1K	0.00	6.02	N/A	N/A	0	10	2,631	1,533
2012-12-31	$4.56	$5.00	27.3%	7.8%	33.5%	9.7%	48.6%	-3.4%	12.4%	13.5K	165.6K	-1.1K	0.00	7.44	N/A	N/A	0	200	2,631	1,533