FORM Options History — November 2015

In November 2015, FORM traded between $8.31 and $8.86. ATM implied volatility averaged 42.7%, placing in the 19.5% IV rank vs the trailing year. The 30-day expected move averaged 12.2%. IV traded below realized volatility by 6.2% (HV 20d: 48.9%). Max pain ranged from $7.00 to $8.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 8 of 20 days. Put/call ratio averaged 0.23.

Notable Days

2015-11-04: Highest Volume — 513 contracts
2015-11-12: Largest IV spike — 127.0% change
2015-11-13: Highest IV Rank — 34.1%
2015-11-13: Largest Expected Move — 15.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$8.62	$8.31	$8.86	$8.53	$8.71
Max Pain	$7.15	$7.00	$8.00	$8.00	$7.00
ATM IV	42.7%	20.6%	53.3%	43.5%	42.1%
Expected Move	12.2%	5.9%	15.3%	12.5%	12.1%
HV 20d	48.9%	28.9%	51.9%	51.5%	28.9%
HV 60d	40.4%	38.1%	42.8%	42.8%	38.1%
IV Rank	19.5%	0.0%	34.1%	13.8%	22.4%
IV Percentile	34.0%	0.0%	67.9%	35.3%	29.8%
Term Structure	0.7%	-6.5%	30.3%	-6.5%	0.8%
VWIV	42.1%	29.3%	61.4%	61.4%	40.9%
Skew 25d	-3.2%	-125.4%	9.2%	9.2%	5.9%
Skew 10d	8.6%	-9.3%	45.1%	16.1%	9.9%
Call IV 25d	47.5%	36.2%	158.0%	53.0%	40.2%
Put IV 25d	44.2%	32.6%	62.2%	62.2%	46.1%
Bid-Ask Spread %	57.95	26.89	130.73	42.49	97.76
Gamma HHI	0.32	0.29	0.33	0.29	0.33
Net GEX	8.8K	6.5K	9.9K	8.3K	9.6K
Net DEX	-315.7K	-389.0K	-240.6K	-313.9K	-313.2K
Net VEX	-1.2K	-1.3K	-1.1K	-1.3K	-1.1K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.23	0.00	0.35	0.35	0.00
Total Volume	343.55	0	513	494	25
Total OI	1,080.6	1,026	1,150	1,077	1,026

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
2015-11-02	$8.53	$8.00	43.5%	12.5%	51.5%	13.8%	61.4%	9.2%	-6.5%	8.3K	-313.9K	-1.3K	0.35	42.49	N/A	N/A	366	128	852	225
2015-11-03	$8.68	$8.00	43.8%	12.5%	50.8%	14.1%	46.3%	7.8%	-1.9%	8.9K	-330.4K	-1.3K	0.35	27.04	N/A	N/A	365	128	848	225
2015-11-04	$8.74	$8.00	42.9%	12.3%	50.8%	13.1%	46.4%	8.8%	0.0%	9.2K	-357.8K	-1.3K	0.33	41.33	N/A	N/A	385	128	863	225
2015-11-05	$8.65	$7.00	43.2%	12.3%	51.1%	13.5%	47.0%	2.1%	-1.2%	9.2K	-340.0K	-1.3K	0.34	56.72	N/A	N/A	377	128	866	225
2015-11-06	$8.86	$7.00	39.8%	11.4%	51.2%	9.4%	0.0%	-3.6%	0.9%	9.9K	-389.0K	-1.3K	0.00	57.43	N/A	N/A	38	0	869	225
2015-11-09	$8.85	$7.00	43.4%	12.2%	47.5%	13.7%	0.0%	2.5%	0.3%	9.5K	-372.0K	-1.2K	0.00	34.24	N/A	N/A	4	0	852	225
2015-11-10	$8.51	$7.00	46.1%	12.1%	50.7%	16.9%	43.6%	-3.4%	0.6%	9.1K	-305.5K	-1.2K	0.34	44.44	N/A	N/A	374	128	850	225
2015-11-11	$8.31	$7.00	20.6%	5.9%	51.9%	0.0%	38.0%	-125.4%	30.3%	6.5K	-240.6K	-1.2K	0.34	130.73	N/A	N/A	374	128	850	225
2015-11-12	$8.31	$7.00	46.7%	13.4%	50.4%	27.2%	45.9%	-8.3%	-0.5%	8.1K	-263.0K	-1.2K	0.26	101.02	N/A	N/A	376	98	850	234
2015-11-13	$8.37	$7.00	53.3%	15.3%	50.3%	34.1%	51.3%	-2.7%	-6.1%	8.1K	-276.9K	-1.2K	0.26	94.54	N/A	N/A	381	98	870	234
2015-11-16	$8.46	$7.00	47.8%	13.7%	50.2%	28.4%	0.0%	1.1%	-1.7%	8.4K	-295.9K	-1.2K	0.07	46.39	N/A	N/A	14	1	865	234
2015-11-17	$8.41	$7.00	45.2%	13.0%	50.1%	25.6%	45.3%	-0.9%	1.0%	8.3K	-281.0K	-1.1K	0.25	73.05	N/A	N/A	380	95	868	235
2015-11-18	$8.75	$7.00	42.4%	12.1%	51.3%	22.7%	29.3%	7.6%	-0.2%	8.9K	-340.8K	-1.3K	0.28	72.30	N/A	N/A	385	107	879	271
2015-11-19	$8.67	$7.00	41.7%	11.9%	51.7%	22.0%	39.3%	6.7%	-0.3%	8.6K	-320.4K	-1.2K	0.28	54.17	N/A	N/A	385	107	871	275
2015-11-20	$8.69	$7.00	41.3%	11.9%	51.7%	21.6%	31.1%	8.5%	0.6%	9.0K	-343.3K	-1.2K	0.28	40.59	N/A	N/A	385	107	871	275
2015-11-23	$8.61	$7.00	42.4%	12.2%	51.9%	22.7%	0.0%	4.4%	-0.1%	8.9K	-291.5K	-1.2K	0.00	26.89	N/A	N/A	0	0	823	203
2015-11-24	$8.72	$7.00	40.0%	11.5%	51.6%	20.2%	0.0%	4.7%	3.1%	9.2K	-311.1K	-1.1K	0.00	41.66	N/A	N/A	0	0	823	203
2015-11-25	$8.74	$7.00	41.7%	11.9%	51.1%	22.0%	31.2%	6.6%	-2.3%	9.3K	-314.9K	-1.1K	0.22	40.21	N/A	N/A	359	79	823	203
2015-11-27	$8.75	$7.00	45.6%	13.1%	33.1%	26.1%	35.0%	3.8%	-2.0%	9.3K	-312.9K	-1.1K	0.22	35.94	N/A	N/A	359	79	823	203
2015-11-30	$8.71	$7.00	42.1%	12.1%	28.9%	22.4%	40.9%	5.9%	0.8%	9.6K	-313.2K	-1.1K	0.00	97.76	N/A	N/A	25	0	823	203