FORM Options History — February 2017

In February 2017, FORM traded between $10.75 and $12.70. ATM implied volatility averaged 46.0%, placing in the 17.1% IV rank vs the trailing year. The 30-day expected move averaged 12.3%. IV traded above realized volatility by 17.7% (HV 20d: 28.4%). Max pain ranged from $12.50 to $12.50. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 7 of 19 days. Put/call ratio averaged 0.30.

Notable Days

2017-02-09: Highest Volume — 749 contracts
2017-02-27: Largest IV spike — 25.0% change
2017-02-07: Highest IV Rank — 35.5%
2017-02-01: Largest Expected Move — 18.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.97	$10.75	$12.70	$12.70	$10.75
Max Pain	$12.50	$12.50	$12.50	$12.50	$12.50
ATM IV	46.0%	33.4%	66.0%	62.6%	46.3%
Expected Move	12.3%	9.6%	18.0%	18.0%	13.3%
HV 20d	28.4%	21.8%	35.8%	35.7%	25.6%
HV 60d	39.8%	38.7%	41.9%	41.8%	39.9%
IV Rank	17.1%	5.5%	35.5%	32.3%	17.3%
IV Percentile	41.8%	1.2%	97.6%	95.2%	58.7%
Term Structure	-0.8%	-12.3%	15.9%	-12.3%	-3.2%
VWIV	42.8%	34.3%	62.5%	62.5%	45.5%
Skew 25d	2.7%	-10.9%	17.1%	10.6%	8.2%
Skew 10d	8.1%	-10.8%	22.4%	13.7%	21.8%
Call IV 25d	42.2%	34.1%	51.5%	48.2%	38.2%
Put IV 25d	44.9%	29.4%	58.8%	58.8%	46.4%
Bid-Ask Spread %	58.10	15.30	112.39	81.60	28.41
Gamma HHI	0.40	0.37	0.52	0.38	0.42
Net GEX	37.0K	10.4K	47.1K	43.2K	28.7K
Net DEX	-1.1M	-1.8M	-615.8K	-1.7M	-615.8K
Net VEX	-5.5K	-6.4K	-4.0K	-6.3K	-4.0K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.30	0.04	1.77	0.23	0.22
Total Volume	434.842	270	749	275	312
Total OI	3,203.474	2,906	3,783	2,906	3,060

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
2017-02-01	$12.70	$12.50	62.6%	18.0%	35.7%	32.3%	62.5%	10.6%	-12.3%	43.2K	-1.7M	-6.3K	0.23	81.60	N/A	N/A	223	52	2,621	285
2017-02-02	$12.55	$12.50	59.0%	13.8%	35.8%	29.0%	47.4%	-8.2%	-3.6%	44.8K	-1.7M	-6.4K	0.24	76.03	N/A	N/A	233	57	2,668	285
2017-02-03	$12.68	$12.50	63.8%	14.4%	35.1%	33.4%	49.6%	-4.4%	-4.7%	44.6K	-1.8M	-6.3K	0.22	77.67	N/A	N/A	255	57	2,668	290
2017-02-06	$12.70	$12.50	65.4%	13.9%	31.2%	34.8%	48.3%	6.3%	-4.1%	47.1K	-1.7M	-6.2K	0.26	78.23	N/A	N/A	255	67	2,687	290
2017-02-07	$12.63	$12.50	66.0%	13.7%	31.6%	35.5%	47.6%	9.7%	-2.8%	47.0K	-1.7M	-6.3K	0.23	76.36	N/A	N/A	245	57	2,687	320
2017-02-08	$12.40	$12.50	49.8%	14.3%	32.8%	20.5%	50.2%	2.5%	-4.1%	43.9K	-1.5M	-6.0K	1.77	74.24	N/A	N/A	248	439	2,680	330
2017-02-09	$12.05	$12.50	46.9%	13.4%	34.6%	17.9%	49.2%	2.8%	-6.6%	28.7K	-1.1M	-5.8K	1.47	62.10	N/A	N/A	303	446	2,780	706
2017-02-10	$12.15	$12.50	38.3%	11.0%	33.1%	10.0%	38.1%	15.4%	1.3%	10.4K	-757.0K	-5.9K	0.20	74.28	N/A	N/A	303	61	2,735	951
2017-02-13	$11.93	$12.50	39.2%	11.2%	30.6%	10.8%	39.0%	-6.8%	-0.6%	38.6K	-982.2K	-5.3K	0.18	56.62	N/A	N/A	431	76	2,735	561
2017-02-14	$12.00	$12.50	37.8%	10.8%	28.3%	9.5%	38.4%	4.5%	-0.5%	39.6K	-1.2M	-5.5K	0.18	112.39	N/A	N/A	423	76	2,983	541
2017-02-15	$12.05	$12.50	35.7%	10.2%	22.9%	7.6%	35.7%	1.0%	2.7%	46.7K	-997.8K	-5.6K	0.07	56.05	N/A	N/A	689	49	2,983	541
2017-02-16	$11.78	$12.50	36.3%	10.4%	24.2%	8.2%	36.3%	-3.5%	0.9%	36.4K	-748.5K	-5.6K	0.07	52.01	N/A	N/A	689	49	3,243	540
2017-02-17	$11.83	$12.50	37.0%	10.6%	24.2%	8.8%	37.9%	-5.6%	-0.1%	36.2K	-793.1K	-5.8K	0.11	15.30	N/A	N/A	465	49	3,243	540
2017-02-21	$11.88	$12.50	36.8%	10.5%	21.8%	8.6%	38.1%	-1.7%	1.3%	37.9K	-1.1M	-5.4K	0.04	46.57	N/A	N/A	341	15	2,688	276
2017-02-22	$11.73	$12.50	37.6%	10.8%	22.2%	9.4%	38.5%	9.8%	2.3%	35.4K	-997.9K	-5.3K	0.04	38.09	N/A	N/A	344	15	2,688	276
2017-02-23	$11.38	$12.50	33.4%	9.6%	23.1%	5.5%	34.3%	-10.9%	-1.8%	33.7K	-866.9K	-4.9K	0.08	26.30	N/A	N/A	344	26	2,693	276
2017-02-24	$11.10	$12.50	36.8%	10.5%	23.3%	8.6%	35.3%	5.2%	15.9%	29.8K	-685.7K	-4.2K	0.11	26.58	N/A	N/A	269	29	2,693	276
2017-02-27	$11.18	$12.50	46.0%	13.2%	22.6%	17.0%	40.8%	17.1%	4.3%	30.9K	-765.0K	-4.3K	0.05	45.12	N/A	N/A	258	12	2,758	289
2017-02-28	$10.75	$12.50	46.3%	13.3%	25.6%	17.3%	45.5%	8.2%	-3.2%	28.7K	-615.8K	-4.0K	0.22	28.41	N/A	N/A	256	56	2,765	295