FORM Options History — February 2018

In February 2018, FORM traded between $12.20 and $14.45. ATM implied volatility averaged 51.2%, placing in the 45.8% IV rank vs the trailing year. The 30-day expected move averaged 13.6%. IV traded above realized volatility by 2.8% (HV 20d: 48.3%). Max pain ranged from $12.50 to $15.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 9 of 19 days. Put/call ratio averaged 0.69.

Notable Days

2018-02-01: Highest Volume — 687 contracts
2018-02-28: Largest IV drop — 30.5% change
2018-02-05: Highest IV Rank — 100.0%
2018-02-06: Largest Expected Move — 17.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$13.08	$12.20	$14.45	$14.45	$13.05
Max Pain	$12.76	$12.50	$15.00	$15.00	$12.50
ATM IV	51.2%	32.8%	81.3%	66.3%	32.8%
Expected Move	13.6%	9.4%	17.0%	14.9%	9.4%
HV 20d	48.3%	44.6%	52.6%	45.7%	52.5%
HV 60d	48.9%	45.9%	51.3%	45.9%	50.3%
IV Rank	45.8%	10.3%	100.0%	86.6%	10.3%
IV Percentile	65.8%	4.4%	100.0%	98.0%	4.4%
Term Structure	0.7%	-8.1%	13.3%	-3.7%	-1.3%
VWIV	45.6%	36.8%	57.3%	51.8%	40.2%
Skew 25d	7.5%	-7.4%	22.0%	3.5%	-7.4%
Skew 10d	8.6%	-12.4%	27.2%	3.4%	5.4%
Call IV 25d	38.7%	22.3%	58.3%	52.0%	32.8%
Put IV 25d	46.2%	25.4%	61.1%	55.5%	25.4%
Bid-Ask Spread %	78.42	57.73	93.47	64.04	92.49
Gamma HHI	0.47	0.34	0.66	0.66	0.34
Net GEX	17.7K	7.1K	47.0K	47.0K	7.2K
Net DEX	-216.3K	-895.9K	46.4K	-895.9K	-13.5K
Net VEX	-4.7K	-7.6K	-3.5K	-7.6K	-4.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.69	0.18	2.67	0.18	0.95
Total Volume	435.789	218	687	687	533
Total OI	3,953.316	3,678	4,212	4,160	3,954

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
2018-02-01	$14.45	$15.00	66.3%	14.9%	45.7%	86.6%	51.8%	3.5%	-3.7%	47.0K	-895.9K	-7.6K	0.18	64.04	N/A	N/A	583	104	3,566	594
2018-02-02	$13.85	$15.00	65.6%	15.0%	47.0%	85.2%	52.8%	2.6%	-3.9%	35.4K	-647.5K	-6.6K	0.25	57.73	N/A	N/A	390	98	3,356	583
2018-02-05	$13.38	$12.50	81.3%	15.4%	47.7%	100.0%	57.3%	2.8%	5.0%	28.8K	-474.4K	-5.8K	0.26	58.73	N/A	N/A	370	97	3,284	581
2018-02-06	$13.58	$12.50	75.7%	17.0%	46.3%	89.6%	55.1%	10.2%	-3.1%	31.1K	-521.4K	-5.8K	0.25	74.68	N/A	N/A	329	82	3,296	578
2018-02-07	$13.20	$12.50	56.4%	16.2%	46.7%	54.0%	50.5%	4.6%	-8.0%	25.8K	-369.7K	-5.3K	0.24	82.79	N/A	N/A	373	91	3,302	579
2018-02-08	$12.20	$12.50	51.3%	14.7%	52.4%	44.5%	51.3%	-5.4%	-2.9%	16.0K	-60.8K	-3.9K	0.88	87.13	N/A	N/A	290	256	3,436	590
2018-02-09	$12.53	$12.50	51.0%	14.6%	52.6%	44.0%	49.6%	19.3%	-1.0%	13.4K	-53.4K	-4.4K	0.94	89.46	N/A	N/A	272	256	3,463	712
2018-02-12	$12.40	$12.50	48.4%	13.9%	52.6%	39.1%	47.3%	3.6%	0.4%	12.1K	-32.7K	-4.0K	0.97	78.49	N/A	N/A	264	256	3,462	699
2018-02-13	$12.43	$12.50	48.3%	13.8%	52.3%	38.9%	40.2%	3.6%	0.5%	9.3K	46.4K	-3.6K	0.47	76.37	N/A	N/A	250	118	3,477	699
2018-02-14	$12.95	$12.50	45.4%	13.0%	45.6%	33.6%	37.5%	17.5%	5.0%	16.4K	-185.0K	-4.6K	0.51	86.37	N/A	N/A	251	129	3,477	712
2018-02-15	$13.03	$12.50	45.1%	12.9%	44.7%	33.0%	36.8%	14.6%	4.6%	15.9K	-188.5K	-4.6K	0.53	80.05	N/A	N/A	241	128	3,482	730
2018-02-16	$12.83	$12.50	45.3%	13.0%	44.6%	33.5%	37.7%	12.2%	9.8%	13.8K	-166.7K	-4.6K	0.50	80.68	N/A	N/A	238	119	3,480	730
2018-02-20	$13.20	$12.50	47.5%	13.6%	45.7%	37.4%	46.7%	4.6%	-0.6%	14.7K	-189.4K	-4.2K	0.56	69.71	N/A	N/A	142	79	2,979	699
2018-02-21	$13.15	$12.50	37.8%	10.8%	45.6%	19.5%	38.0%	-2.9%	6.7%	8.6K	-75.4K	-3.7K	0.56	82.09	N/A	N/A	142	79	2,985	699
2018-02-22	$12.88	$12.50	45.7%	13.1%	45.7%	34.1%	44.5%	9.5%	-0.0%	9.6K	-49.3K	-3.7K	0.53	82.08	N/A	N/A	149	79	2,985	699
2018-02-23	$12.68	$12.50	43.1%	12.3%	45.7%	29.3%	43.1%	15.4%	0.8%	7.1K	2.5K	-3.5K	0.45	93.47	N/A	N/A	150	68	2,990	699
2018-02-26	$13.58	$12.50	38.3%	11.0%	52.2%	20.5%	37.8%	22.0%	13.3%	15.2K	-223.4K	-3.9K	2.67	71.02	N/A	N/A	173	462	2,993	707
2018-02-27	$13.23	$12.50	47.1%	13.5%	52.6%	36.8%	47.2%	11.7%	-8.1%	8.0K	-12.4K	-4.3K	1.34	82.66	N/A	N/A	273	366	3,003	853
2018-02-28	$13.05	$12.50	32.8%	9.4%	52.5%	10.3%	40.2%	-7.4%	-1.3%	7.2K	-13.5K	-4.4K	0.95	92.49	N/A	N/A	273	260	3,103	851