FORM Options History — January 2016

In January 2016, FORM traded between $7.62 and $8.63. ATM implied volatility averaged 56.4%, placing in the 37.3% IV rank vs the trailing year. The 30-day expected move averaged 15.3%. IV traded above realized volatility by 16.5% (HV 20d: 39.8%). Max pain ranged from $8.00 to $8.00. Net GEX was positive for 17 of 19 trading days. Term structure was in contango for 0 of 19 days. Put/call ratio averaged 0.90.

Notable Days

2016-01-26: Highest Volume — 726 contracts
2016-01-06: Largest IV spike — 53.1% change
2016-01-12: Highest IV Rank — 56.5%
2016-01-15: Largest Expected Move — 17.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$8.11	$7.62	$8.63	$8.59	$8.29
Max Pain	$8.00	$8.00	$8.00	$8.00	$8.00
ATM IV	56.4%	41.4%	74.8%	57.8%	57.0%
Expected Move	15.3%	13.8%	17.4%	13.9%	16.4%
HV 20d	39.8%	32.9%	48.4%	32.9%	48.4%
HV 60d	39.4%	35.8%	42.2%	38.5%	35.8%
IV Rank	37.3%	21.7%	56.5%	38.7%	38.0%
IV Percentile	78.4%	30.2%	97.2%	84.9%	85.3%
Term Structure	-6.1%	-14.5%	-1.2%	-3.5%	-6.9%
VWIV	53.9%	49.1%	61.3%	49.1%	57.6%
Skew 25d	4.5%	-10.5%	20.2%	-4.3%	12.7%
Skew 10d	7.4%	-28.4%	37.0%	-28.4%	31.9%
Call IV 25d	51.0%	41.4%	59.2%	48.4%	53.8%
Put IV 25d	55.5%	40.5%	66.5%	44.1%	66.5%
Bid-Ask Spread %	55.11	30.08	117.84	30.08	50.22
Gamma HHI	0.28	0.23	0.42	0.38	0.23
Net GEX	3.1K	-413	6.2K	6.2K	4.0K
Net DEX	-119.8K	-286.2K	68.0K	-191.2K	-266.1K
Net VEX	-1.3K	-1.8K	-850	-1.1K	-1.8K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.90	0.32	1.52	1.20	0.40
Total Volume	481.211	260	726	282	726
Total OI	1,142.579	608	1,295	1,175	1,186

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
2016-01-04	$8.59	$8.00	57.8%	13.9%	32.9%	38.7%	49.1%	-4.3%	-3.5%	6.2K	-191.2K	-1.1K	1.20	30.08	N/A	N/A	128	154	797	378
2016-01-05	$8.63	$8.00	41.4%	13.8%	32.9%	21.7%	49.7%	-4.1%	-4.9%	5.5K	-177.0K	-1.1K	1.08	34.50	N/A	N/A	143	154	812	388
2016-01-06	$8.44	$8.00	63.3%	14.4%	33.7%	44.5%	50.1%	-10.5%	-5.1%	5.3K	-148.6K	-1.1K	1.08	52.46	N/A	N/A	143	154	827	388
2016-01-07	$8.17	$8.00	55.9%	14.1%	34.7%	36.8%	50.0%	1.3%	-5.2%	3.9K	-75.1K	-1.0K	1.06	44.54	N/A	N/A	145	154	827	388
2016-01-08	$7.75	$8.00	44.5%	14.7%	38.4%	25.0%	52.3%	3.5%	-1.2%	3.4K	-40.5K	-969	1.07	67.90	N/A	N/A	144	154	838	388
2016-01-11	$7.86	$8.00	66.8%	14.8%	37.6%	48.2%	51.6%	2.4%	-6.0%	3.0K	-6.5K	-880	1.03	30.53	N/A	N/A	144	149	841	388
2016-01-12	$7.80	$8.00	74.8%	14.6%	36.0%	56.5%	50.9%	1.1%	-7.0%	2.8K	4.8K	-878	1.46	30.77	N/A	N/A	144	210	851	383
2016-01-13	$7.68	$8.00	54.0%	15.5%	36.2%	34.8%	54.7%	3.0%	-6.6%	2.4K	25.5K	-939	1.38	40.68	N/A	N/A	152	210	851	444
2016-01-14	$7.80	$8.00	53.8%	15.4%	36.7%	34.6%	53.2%	8.2%	-7.1%	2.6K	15.5K	-933	1.51	33.60	N/A	N/A	152	229	851	444
2016-01-15	$7.62	$8.00	60.6%	17.4%	36.1%	41.7%	61.3%	-1.4%	-14.5%	-146	68.0K	-885	1.51	70.04	N/A	N/A	152	229	851	444
2016-01-19	$7.70	$8.00	54.3%	15.6%	36.4%	35.1%	54.3%	1.4%	-2.8%	-413	35.9K	-850	1.52	61.03	N/A	N/A	103	157	324	284
2016-01-20	$8.20	$8.00	54.9%	15.7%	43.9%	35.8%	55.0%	8.2%	-4.1%	122	-4.6K	-1.0K	0.32	44.71	N/A	N/A	486	157	344	328
2016-01-21	$8.29	$8.00	54.4%	15.6%	44.0%	35.2%	52.8%	12.9%	-6.7%	3.5K	-259.0K	-1.8K	0.43	35.45	N/A	N/A	486	207	746	328
2016-01-22	$8.54	$8.00	50.0%	14.3%	45.4%	30.7%	55.4%	20.2%	-4.1%	3.5K	-286.2K	-1.8K	0.43	52.25	N/A	N/A	486	207	746	388
2016-01-25	$8.37	$8.00	58.4%	16.7%	44.8%	39.4%	57.8%	5.0%	-6.6%	3.2K	-270.4K	-1.8K	0.41	66.61	N/A	N/A	499	207	746	388
2016-01-26	$8.37	$8.00	58.4%	16.7%	44.5%	39.4%	58.1%	9.2%	-7.3%	3.6K	-267.9K	-1.8K	0.40	111.61	N/A	N/A	519	207	762	388
2016-01-27	$7.93	$8.00	54.8%	15.7%	47.9%	35.6%	54.5%	7.9%	-9.2%	3.5K	-209.4K	-1.8K	0.40	117.84	N/A	N/A	519	207	798	388
2016-01-28	$8.01	$8.00	55.7%	16.0%	46.3%	36.6%	56.5%	9.2%	-6.2%	3.6K	-222.8K	-1.8K	0.40	72.26	N/A	N/A	519	207	798	388
2016-01-29	$8.29	$8.00	57.0%	16.4%	48.4%	38.0%	57.6%	12.7%	-6.9%	4.0K	-266.1K	-1.8K	0.40	50.22	N/A	N/A	519	207	798	388