FORM Options History — November 2014

In November 2014, FORM traded between $7.80 and $8.93. ATM implied volatility averaged 50.1%, placing in the 29.5% IV rank vs the trailing year. The 30-day expected move averaged 14.0%. IV traded below realized volatility by 9.4% (HV 20d: 59.5%). Max pain ranged from $7.00 to $7.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 8 of 19 days. Put/call ratio averaged 0.43.

Notable Days

2014-11-05: Highest Volume — 2,128 contracts
2014-11-21: Largest IV spike — 126.1% change
2014-11-21: Highest IV Rank — 95.5%
2014-11-21: Largest Expected Move — 16.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$8.44	$7.80	$8.93	$7.80	$8.04
Max Pain	$7.00	$7.00	$7.00	$7.00	$7.00
ATM IV	50.1%	35.8%	108.1%	42.2%	43.9%
Expected Move	14.0%	12.0%	16.9%	12.4%	14.2%
HV 20d	59.5%	52.3%	69.3%	58.1%	52.3%
HV 60d	59.4%	48.3%	62.6%	58.2%	48.3%
IV Rank	29.5%	13.3%	95.5%	20.5%	22.5%
IV Percentile	77.5%	29.0%	99.6%	63.9%	67.5%
Term Structure	-4.9%	-60.2%	9.1%	-3.7%	-10.0%
VWIV	47.1%	39.8%	52.9%	42.5%	50.3%
Skew 25d	6.3%	-13.6%	58.6%	-5.5%	-6.8%
Skew 10d	10.0%	-11.4%	148.5%	-2.4%	3.2%
Call IV 25d	47.5%	31.6%	61.8%	41.3%	59.8%
Put IV 25d	53.8%	34.1%	101.9%	35.8%	53.0%
Bid-Ask Spread %	98.93	76.23	143.29	87.20	113.79
Gamma HHI	0.45	0.41	0.54	0.54	0.43
Net GEX	28.4K	10.0K	41.1K	10.0K	26.4K
Net DEX	-1.3M	-1.7M	-623.4K	-623.4K	-906.7K
Net VEX	-3.6K	-4.2K	-2.5K	-2.6K	-3.5K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.43	0.00	0.88	0.65	0.00
Total Volume	872.579	0	2,128	960	0
Total OI	3,530.526	2,428	3,934	2,428	3,367

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
2014-11-03	$7.80	$7.00	42.2%	12.4%	58.1%	20.5%	42.5%	-5.5%	-3.7%	10.0K	-623.4K	-2.6K	0.65	87.20	N/A	N/A	582	378	1,527	901
2014-11-04	$7.93	$7.00	42.3%	12.0%	57.6%	20.7%	41.4%	4.7%	2.1%	10.3K	-654.7K	-2.7K	0.55	87.59	N/A	N/A	683	378	1,597	901
2014-11-05	$8.91	$7.00	59.3%	14.2%	69.3%	40.0%	45.9%	8.7%	-0.7%	13.2K	-1.1M	-2.5K	0.24	92.37	N/A	N/A	1,720	408	1,734	901
2014-11-06	$8.93	$7.00	45.1%	13.3%	64.5%	23.8%	45.7%	3.1%	2.7%	32.3K	-1.7M	-4.1K	0.53	76.23	N/A	N/A	763	408	2,884	931
2014-11-07	$8.78	$7.00	44.3%	12.6%	60.7%	23.0%	49.5%	-0.8%	-0.1%	32.6K	-1.7M	-4.2K	0.54	85.46	N/A	N/A	752	408	2,942	931
2014-11-10	$8.85	$7.00	55.3%	13.2%	54.9%	35.5%	47.3%	2.0%	-7.8%	32.9K	-1.7M	-4.1K	0.54	109.61	N/A	N/A	752	408	2,962	931
2014-11-11	$8.87	$7.00	40.9%	12.9%	55.2%	19.1%	45.9%	3.1%	-3.5%	30.8K	-1.6M	-3.3K	0.54	80.54	N/A	N/A	752	408	2,635	639
2014-11-12	$8.69	$7.00	47.4%	13.6%	56.5%	26.5%	48.2%	-9.6%	-2.4%	31.7K	-1.7M	-4.0K	0.53	92.15	N/A	N/A	772	408	2,962	931
2014-11-13	$8.46	$7.00	46.7%	14.3%	58.1%	25.6%	49.6%	-0.5%	4.7%	33.8K	-1.5M	-4.1K	0.53	87.44	N/A	N/A	771	408	2,992	931
2014-11-14	$8.69	$7.00	35.8%	13.6%	58.2%	13.3%	0.0%	-7.8%	-28.2%	41.1K	-1.6M	-3.4K	0.00	126.24	N/A	N/A	10	0	2,993	931
2014-11-17	$8.35	$7.00	48.1%	15.0%	61.1%	27.3%	51.0%	6.2%	8.2%	35.1K	-1.5M	-3.9K	0.58	87.73	N/A	N/A	704	408	3,003	931
2014-11-18	$8.49	$7.00	49.1%	14.1%	61.0%	28.4%	47.6%	5.5%	1.3%	35.5K	-1.5M	-3.8K	0.56	88.45	N/A	N/A	733	408	3,001	931
2014-11-19	$8.25	$7.00	46.1%	16.2%	61.1%	24.9%	0.0%	7.7%	7.6%	33.5K	-1.3M	-3.9K	0.00	116.36	N/A	N/A	5	0	3,000	931
2014-11-20	$8.34	$7.00	47.8%	14.5%	60.6%	27.0%	46.4%	58.6%	1.7%	34.7K	-1.4M	-3.8K	0.54	95.51	N/A	N/A	751	408	2,974	931
2014-11-21	$8.29	$7.00	108.1%	16.9%	60.3%	95.5%	52.9%	44.8%	-60.2%	24.7K	-1.4M	-4.0K	0.56	143.29	N/A	N/A	731	408	2,952	931
2014-11-24	$8.35	$7.00	55.6%	14.1%	60.0%	35.8%	39.8%	26.7%	9.1%	27.5K	-1.0M	-3.7K	0.00	119.70	N/A	N/A	23	0	2,492	800
2014-11-25	$8.20	$7.00	50.7%	14.1%	60.2%	30.3%	50.0%	-6.9%	-7.3%	27.9K	-944.2K	-3.6K	0.88	81.40	N/A	N/A	439	387	2,515	800
2014-11-26	$8.15	$7.00	42.7%	14.1%	60.4%	21.1%	50.3%	-13.6%	-6.6%	26.7K	-956.3K	-3.7K	0.00	108.58	N/A	N/A	5	0	2,565	800
2014-11-28	$8.04	$7.00	43.9%	14.2%	52.3%	22.5%	0.0%	-6.8%	-10.0%	26.4K	-906.7K	-3.5K	0.00	113.79	N/A	N/A	0	0	2,567	800