FORM Options History — February 2014

In February 2014, FORM traded between $6.09 and $7.19. ATM implied volatility averaged 37.4%, placing in the 38.1% IV rank vs the trailing year. The 30-day expected move averaged 10.4%. IV traded above realized volatility by 0.0% (HV 20d: 37.4%). Max pain ranged from $6.00 to $7.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 0.75.

Notable Days

2014-02-06: Highest Volume — 147 contracts
2014-02-05: Largest IV spike — 76.6% change
2014-02-12: Highest IV Rank — 80.7%
2014-02-05: Largest Expected Move — 15.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$6.61	$6.09	$7.19	$6.15	$7.13
Max Pain	$6.79	$6.00	$7.00	$6.00	$7.00
ATM IV	37.4%	25.9%	57.8%	43.4%	35.3%
Expected Move	10.4%	7.4%	15.5%	12.5%	10.1%
HV 20d	37.4%	32.1%	41.5%	32.1%	37.9%
HV 60d	40.7%	39.9%	41.7%	40.4%	40.0%
IV Rank	38.1%	13.9%	80.7%	50.7%	33.7%
IV Percentile	54.3%	7.1%	99.2%	92.9%	52.4%
Term Structure	1.0%	-14.4%	17.0%	-5.7%	0.4%
VWIV	37.7%	29.7%	54.1%	30.6%	31.8%
Skew 25d	1.4%	-16.8%	21.4%	8.2%	2.3%
Skew 10d	0.8%	-22.4%	26.2%	14.9%	3.4%
Call IV 25d	35.3%	19.3%	52.6%	41.9%	32.9%
Put IV 25d	36.7%	21.7%	74.0%	50.1%	35.2%
Bid-Ask Spread %	120.30	100.92	148.27	109.25	103.59
Gamma HHI	0.49	0.45	0.55	0.45	0.55
Net GEX	31.8K	25.7K	37.0K	25.7K	34.5K
Net DEX	-1.1M	-1.6M	-803.0K	-870.2K	-1.6M
Net VEX	-3.6K	-3.9K	-3.1K	-3.7K	-3.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.75	0.00	5.00	5.00	0.00
Total Volume	22.053	0	147	12	22
Total OI	3,278.105	3,090	3,364	3,090	3,364

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
2014-02-03	$6.15	$6.00	43.4%	12.5%	32.1%	50.7%	0.0%	8.2%	-5.7%	25.7K	-870.2K	-3.7K	5.00	109.25	N/A	N/A	2	10	2,844	246
2014-02-04	$6.27	$6.00	30.6%	8.8%	32.5%	23.8%	30.6%	-9.2%	2.6%	27.1K	-849.3K	-3.6K	2.20	140.80	N/A	N/A	10	22	2,846	256
2014-02-05	$6.09	$6.00	54.0%	15.5%	33.9%	72.9%	54.1%	21.4%	-7.5%	25.7K	-803.0K	-3.6K	1.09	133.88	N/A	N/A	11	12	2,856	276
2014-02-06	$6.50	$6.00	30.0%	8.6%	40.9%	22.6%	0.0%	6.1%	-0.3%	28.7K	-985.6K	-3.5K	0.10	118.44	N/A	N/A	134	13	2,867	287
2014-02-07	$6.42	$7.00	36.0%	12.2%	40.8%	35.1%	42.5%	19.6%	-0.1%	29.0K	-990.4K	-3.9K	0.51	100.92	N/A	N/A	51	26	3,001	300
2014-02-10	$6.34	$7.00	35.5%	12.0%	40.8%	34.2%	0.0%	17.3%	0.2%	30.6K	-922.9K	-3.8K	0.00	102.58	N/A	N/A	0	0	3,016	289
2014-02-11	$6.48	$7.00	50.2%	11.5%	41.5%	64.8%	0.0%	5.9%	0.8%	32.4K	-1.0M	-3.7K	0.00	126.43	N/A	N/A	0	0	3,016	289
2014-02-12	$6.54	$7.00	57.8%	9.7%	37.4%	80.7%	0.0%	-15.2%	-1.9%	33.0K	-1.1M	-3.8K	0.00	132.92	N/A	N/A	0	0	3,016	289
2014-02-13	$6.54	$7.00	31.1%	8.9%	37.4%	24.8%	0.0%	-10.5%	0.8%	33.3K	-1.1M	-3.7K	0.00	136.00	N/A	N/A	8	0	3,016	289
2014-02-14	$6.57	$7.00	25.9%	7.4%	37.4%	13.9%	0.0%	2.7%	14.3%	30.3K	-1.1M	-3.7K	0.00	148.27	N/A	N/A	0	0	3,024	289
2014-02-18	$6.64	$7.00	34.9%	10.0%	36.6%	32.9%	29.7%	-3.4%	-3.8%	32.9K	-1.1M	-3.6K	0.86	109.21	N/A	N/A	14	12	3,024	289
2014-02-19	$6.50	$7.00	38.6%	11.1%	36.8%	40.6%	0.0%	-16.8%	-14.4%	31.9K	-1.1M	-3.6K	0.00	127.60	N/A	N/A	10	0	3,024	301
2014-02-20	$6.67	$7.00	32.8%	9.4%	37.5%	28.5%	0.0%	-6.5%	17.0%	34.7K	-1.2M	-3.5K	0.00	128.22	N/A	N/A	0	0	3,033	301
2014-02-21	$6.74	$7.00	34.7%	10.0%	37.7%	32.5%	0.0%	-1.3%	0.8%	33.0K	-1.2M	-3.6K	0.00	106.40	N/A	N/A	20	0	3,033	301
2014-02-24	$6.81	$7.00	35.2%	10.1%	37.0%	33.4%	0.0%	-2.5%	3.0%	33.5K	-1.3M	-3.6K	0.00	108.02	N/A	N/A	0	0	3,037	285
2014-02-25	$6.94	$7.00	38.5%	11.1%	37.0%	40.5%	0.0%	-4.2%	-2.4%	35.5K	-1.4M	-3.4K	0.00	142.35	N/A	N/A	2	0	3,037	285
2014-02-26	$7.04	$7.00	34.6%	9.9%	37.2%	32.3%	0.0%	1.4%	3.8%	35.5K	-1.5M	-3.4K	0.00	107.02	N/A	N/A	10	0	3,039	285
2014-02-27	$7.19	$7.00	31.3%	9.0%	37.6%	25.3%	0.0%	10.3%	11.0%	37.0K	-1.6M	-3.1K	0.00	103.73	N/A	N/A	30	0	3,049	285
2014-02-28	$7.13	$7.00	35.3%	10.1%	37.9%	33.7%	31.8%	2.3%	0.4%	34.5K	-1.6M	-3.4K	0.00	103.59	N/A	N/A	22	0	3,079	285