FORM Options History — February 2015

In February 2015, FORM traded between $7.65 and $9.90. ATM implied volatility averaged 50.4%, placing in the 28.2% IV rank vs the trailing year. The 30-day expected move averaged 14.2%. IV traded above realized volatility by 10.3% (HV 20d: 40.0%). Max pain ranged from $5.00 to $8.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 10 of 19 days. Put/call ratio averaged 0.22.

Notable Days

2015-02-05: Highest Volume — 1,162 contracts
2015-02-19: Largest IV spike — 44.3% change
2015-02-04: Highest IV Rank — 48.4%
2015-02-04: Largest Expected Move — 19.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$8.78	$7.65	$9.90	$7.65	$9.82
Max Pain	$6.53	$5.00	$8.00	$7.00	$8.00
ATM IV	50.4%	37.1%	67.6%	66.6%	42.8%
Expected Move	14.2%	10.6%	19.4%	19.1%	12.3%
HV 20d	40.0%	36.4%	43.8%	36.4%	41.1%
HV 60d	38.3%	36.4%	42.5%	42.5%	38.1%
IV Rank	28.2%	13.0%	48.4%	47.3%	19.1%
IV Percentile	65.1%	23.8%	93.7%	93.3%	45.6%
Term Structure	-1.2%	-12.6%	8.0%	-11.5%	2.7%
VWIV	49.6%	39.9%	73.9%	66.8%	44.8%
Skew 25d	1.9%	-23.1%	23.1%	-0.8%	14.5%
Skew 10d	4.2%	-26.1%	32.1%	-8.3%	14.2%
Call IV 25d	49.1%	31.8%	76.9%	71.8%	32.8%
Put IV 25d	51.0%	33.6%	70.9%	70.9%	47.3%
Bid-Ask Spread %	90.98	22.19	138.79	25.40	76.16
Gamma HHI	0.43	0.29	0.66	0.36	0.33
Net GEX	18.3K	7.4K	36.3K	7.4K	23.5K
Net DEX	-763.9K	-1.3M	-235.5K	-235.5K	-1.3M
Net VEX	-1.8K	-2.5K	-1.5K	-1.5K	-2.5K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.22	0.00	0.42	0.00	0.42
Total Volume	692.474	144	1,162	367	422
Total OI	1,925.474	1,397	2,456	1,397	2,456

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
2015-02-02	$7.65	$7.00	66.6%	19.1%	36.4%	47.3%	66.8%	-0.8%	-11.5%	7.4K	-235.5K	-1.5K	0.00	25.40	N/A	N/A	367	0	1,015	382
2015-02-03	$8.04	$7.00	66.5%	19.1%	40.9%	47.2%	56.6%	-6.1%	-12.6%	10.5K	-402.2K	-1.5K	0.22	89.45	N/A	N/A	487	105	1,132	382
2015-02-04	$7.89	$7.00	67.6%	19.4%	36.8%	48.4%	73.9%	2.7%	-9.3%	9.8K	-384.9K	-1.6K	0.19	22.19	N/A	N/A	807	156	1,133	385
2015-02-05	$8.44	$5.00	51.5%	14.6%	43.8%	29.7%	49.5%	2.9%	-0.3%	17.1K	-629.1K	-2.0K	0.17	50.00	N/A	N/A	989	173	1,466	486
2015-02-06	$8.53	$6.00	45.3%	13.4%	42.2%	22.5%	47.6%	3.5%	-0.2%	16.3K	-660.3K	-1.9K	0.20	40.76	N/A	N/A	856	173	1,434	508
2015-02-09	$8.44	$6.00	63.6%	14.4%	41.8%	43.8%	50.3%	0.6%	0.0%	16.4K	-650.8K	-1.9K	0.20	104.49	N/A	N/A	856	173	1,436	508
2015-02-10	$8.54	$6.00	47.0%	12.9%	39.7%	24.5%	46.0%	6.4%	1.2%	17.8K	-659.1K	-1.8K	0.21	115.63	N/A	N/A	837	173	1,436	508
2015-02-11	$8.49	$6.00	41.8%	12.0%	39.8%	18.5%	43.4%	-0.6%	3.0%	18.0K	-657.4K	-1.8K	0.26	95.50	N/A	N/A	659	173	1,437	508
2015-02-12	$8.53	$6.00	46.6%	13.4%	39.5%	24.1%	45.7%	-8.2%	1.1%	18.2K	-674.9K	-1.8K	0.26	76.17	N/A	N/A	666	173	1,454	508
2015-02-13	$8.55	$6.00	37.1%	10.6%	39.1%	13.0%	40.6%	-10.9%	5.6%	19.3K	-696.8K	-1.8K	0.27	106.86	N/A	N/A	646	173	1,470	508
2015-02-17	$8.51	$6.00	41.2%	11.8%	39.2%	17.8%	40.9%	2.6%	4.4%	19.6K	-673.4K	-1.7K	0.29	102.58	N/A	N/A	595	173	1,470	508
2015-02-18	$8.66	$6.00	40.8%	11.7%	37.9%	16.8%	42.4%	3.7%	8.0%	20.1K	-727.5K	-1.7K	0.28	138.79	N/A	N/A	663	188	1,449	508
2015-02-19	$9.00	$7.00	58.9%	16.9%	39.2%	37.9%	50.6%	-23.1%	-0.8%	36.3K	-837.8K	-1.6K	0.00	129.55	N/A	N/A	144	0	1,479	526
2015-02-20	$9.14	$7.00	47.0%	13.5%	39.3%	24.0%	0.0%	4.0%	3.1%	16.9K	-942.6K	-1.6K	0.15	114.76	N/A	N/A	131	20	1,486	526
2015-02-23	$9.18	$7.00	44.9%	12.9%	39.3%	21.6%	39.9%	-5.9%	2.3%	17.6K	-833.1K	-1.8K	0.32	113.37	N/A	N/A	271	86	1,370	443
2015-02-24	$9.70	$7.00	52.4%	15.0%	42.4%	30.4%	52.2%	12.6%	-1.7%	17.9K	-998.1K	-1.5K	0.21	108.03	N/A	N/A	453	94	1,401	444
2015-02-25	$9.77	$7.00	45.7%	13.1%	41.1%	22.4%	51.9%	23.1%	-5.7%	20.5K	-1.2M	-1.8K	0.18	111.78	N/A	N/A	592	105	1,616	454
2015-02-26	$9.90	$7.00	49.5%	14.2%	41.1%	26.9%	49.7%	15.9%	-11.6%	25.2K	-1.3M	-2.3K	0.28	107.06	N/A	N/A	453	125	1,876	476
2015-02-27	$9.82	$8.00	42.8%	12.3%	41.1%	19.1%	44.8%	14.5%	2.7%	23.5K	-1.3M	-2.5K	0.42	76.16	N/A	N/A	297	125	1,950	506