FORM Options History — September 2013

In September 2013, FORM traded between $6.10 and $7.28. ATM implied volatility averaged 33.8%, placing in the 30.5% IV rank vs the trailing year. The 30-day expected move averaged 9.9%. IV traded below realized volatility by 4.1% (HV 20d: 37.9%). Max pain ranged from $5.00 to $6.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 19 of 20 days. Put/call ratio averaged 0.75.

Notable Days

2013-09-12: Highest Volume — 359 contracts
2013-09-12: Largest IV spike — 58.8% change
2013-09-09: Highest IV Rank — 46.8%
2013-09-06: Largest Expected Move — 10.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$6.93	$6.10	$7.28	$6.10	$6.86
Max Pain	$5.15	$5.00	$6.00	$6.00	$5.00
ATM IV	33.8%	22.2%	41.5%	33.6%	34.3%
Expected Move	9.9%	9.2%	10.5%	9.6%	9.8%
HV 20d	37.9%	32.8%	41.5%	32.8%	34.4%
HV 60d	38.6%	37.3%	39.2%	37.3%	38.9%
IV Rank	30.5%	6.2%	46.8%	30.1%	31.5%
IV Percentile	40.9%	2.0%	80.6%	36.5%	42.9%
Term Structure	3.8%	-1.0%	8.0%	3.4%	6.3%
VWIV	34.4%	28.6%	42.3%	42.3%	34.3%
Skew 25d	0.3%	-10.2%	12.4%	4.9%	-2.5%
Skew 10d	-0.4%	-13.0%	11.6%	8.7%	-2.2%
Call IV 25d	30.1%	20.6%	38.5%	29.6%	31.6%
Put IV 25d	30.4%	27.0%	34.4%	34.4%	29.1%
Bid-Ask Spread %	20.92	8.55	92.10	18.25	18.04
Gamma HHI	0.45	0.39	0.55	0.40	0.43
Net GEX	52.9K	37.8K	68.7K	43.0K	43.1K
Net DEX	-2.3M	-2.8M	-1.2M	-1.2M	-2.1M
Net VEX	-3.1K	-4.2K	-2.3K	-3.9K	-2.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.75	0.00	7.50	0.00	1.00
Total Volume	89.3	0	359	207	10
Total OI	5,892.8	5,261	6,420	6,109	5,341

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
2013-09-03	$6.10	$6.00	33.6%	9.6%	32.8%	30.1%	0.0%	4.9%	3.4%	43.0K	-1.2M	-3.9K	0.00	18.25	N/A	N/A	0	207	5,305	804
2013-09-04	$6.42	$6.00	36.0%	10.3%	37.7%	35.1%	42.3%	1.8%	-1.0%	49.4K	-1.5M	-4.2K	0.00	10.36	N/A	N/A	126	0	5,305	924
2013-09-05	$6.71	$6.00	33.7%	9.7%	40.8%	30.3%	33.9%	-2.1%	0.6%	58.1K	-2.0M	-3.9K	0.00	11.89	N/A	N/A	25	0	5,421	924
2013-09-06	$6.88	$5.00	34.7%	10.5%	41.4%	32.4%	36.5%	-0.1%	4.8%	58.9K	-2.3M	-4.0K	0.03	17.03	N/A	N/A	240	6	5,432	924
2013-09-09	$6.95	$5.00	41.5%	10.1%	41.1%	46.8%	29.9%	-10.2%	2.3%	61.5K	-2.4M	-3.7K	0.00	53.62	N/A	N/A	42	0	5,491	918
2013-09-10	$7.10	$5.00	29.4%	10.5%	41.5%	21.3%	0.0%	-5.9%	2.8%	67.4K	-2.6M	-3.6K	0.00	46.57	N/A	N/A	158	0	5,502	918
2013-09-11	$7.21	$5.00	22.2%	10.2%	41.5%	6.2%	36.2%	-3.4%	1.9%	62.5K	-2.8M	-3.4K	0.00	12.34	N/A	N/A	228	0	5,455	918
2013-09-12	$7.28	$5.00	35.2%	10.1%	41.3%	33.4%	35.3%	-1.1%	1.7%	52.4K	-2.8M	-3.2K	0.17	10.28	N/A	N/A	307	52	5,324	918
2013-09-13	$7.24	$5.00	34.6%	9.9%	37.9%	32.2%	34.6%	12.4%	3.1%	45.7K	-2.6M	-2.9K	0.33	11.63	N/A	N/A	58	19	5,022	927
2013-09-16	$7.07	$5.00	33.9%	9.7%	38.7%	30.7%	33.9%	2.7%	4.1%	51.9K	-2.4M	-2.9K	1.11	8.55	N/A	N/A	36	40	5,019	927
2013-09-17	$7.04	$5.00	34.6%	9.9%	38.6%	32.2%	0.0%	1.0%	3.9%	58.9K	-2.4M	-2.9K	0.00	8.56	N/A	N/A	0	0	5,027	907
2013-09-18	$7.03	$5.00	35.2%	10.1%	38.3%	33.5%	0.0%	0.9%	5.0%	65.3K	-2.4M	-2.8K	0.00	11.43	N/A	N/A	0	0	5,027	907
2013-09-19	$7.02	$5.00	35.7%	10.2%	38.4%	34.5%	35.7%	-0.0%	2.6%	68.7K	-2.4M	-2.5K	0.00	10.82	N/A	N/A	12	0	4,994	907
2013-09-20	$7.06	$5.00	34.7%	9.9%	38.1%	32.3%	0.0%	4.6%	3.7%	66.7K	-2.4M	-2.6K	0.00	92.10	N/A	N/A	0	0	5,003	907
2013-09-23	$6.89	$5.00	33.3%	9.5%	34.3%	29.5%	28.6%	-3.9%	5.4%	41.3K	-2.1M	-2.5K	7.50	15.21	N/A	N/A	4	30	4,660	607
2013-09-24	$7.08	$5.00	32.0%	9.2%	35.0%	26.8%	32.0%	7.8%	8.0%	37.8K	-2.3M	-2.3K	0.02	16.27	N/A	N/A	53	1	4,660	601
2013-09-25	$7.06	$5.00	32.7%	9.4%	34.5%	28.2%	32.7%	5.0%	7.5%	38.3K	-2.3M	-2.4K	0.00	13.05	N/A	N/A	24	0	4,709	601
2013-09-26	$6.93	$5.00	33.8%	9.7%	35.7%	30.4%	0.0%	0.6%	4.5%	41.5K	-2.2M	-2.4K	0.00	17.58	N/A	N/A	0	0	4,709	601
2013-09-27	$6.73	$5.00	35.2%	10.1%	36.4%	33.5%	35.3%	-6.6%	5.4%	46.2K	-1.9M	-2.5K	1.12	14.83	N/A	N/A	51	57	4,709	601
2013-09-30	$6.86	$5.00	34.3%	9.8%	34.4%	31.5%	34.3%	-2.5%	6.3%	43.1K	-2.1M	-2.3K	1.00	18.04	N/A	N/A	5	5	4,721	620