FORM Options History — March 2018

In March 2018, FORM traded between $13.05 and $15.40. ATM implied volatility averaged 42.3%, placing in the 27.9% IV rank vs the trailing year. The 30-day expected move averaged 12.1%. IV traded below realized volatility by 8.3% (HV 20d: 50.6%). Max pain ranged from $12.50 to $15.00. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 18 of 21 days. Put/call ratio averaged 1.14.

Notable Days

  • 2018-03-07: Highest Volume — 1,211 contracts
  • 2018-03-28: Largest IV spike — 45.5% change
  • 2018-03-13: Highest IV Rank — 46.9%
  • 2018-03-28: Largest Expected Move — 14.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$14.44$13.05$15.40$13.05$13.60
Max Pain$14.76$12.50$15.00$12.50$15.00
ATM IV42.3%33.3%52.6%50.9%42.1%
Expected Move12.1%10.3%14.9%14.6%12.1%
HV 20d50.6%47.6%59.8%51.0%50.9%
HV 60d50.1%47.7%53.3%49.5%48.9%
IV Rank27.9%11.1%46.9%43.7%27.5%
IV Percentile44.4%6.7%80.6%75.4%49.6%
Term Structure5.4%-3.2%18.9%0.1%18.9%
VWIV42.3%30.2%51.2%45.7%42.3%
Skew 25d6.6%-8.7%23.5%19.7%6.1%
Skew 10d16.8%-9.1%91.4%34.1%16.5%
Call IV 25d39.2%26.0%47.0%35.4%41.0%
Put IV 25d45.8%34.7%55.5%55.1%47.1%
Bid-Ask Spread %54.1916.3694.7892.0642.59
Gamma HHI0.400.310.560.360.39
Net GEX48.5K-13.8K94.6K11.2K39.3K
Net DEX-867.3K-1.8M-54.3K-57.8K-286.8K
Net VEX-7.1K-9.0K-4.3K-4.8K-5.6K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.140.162.620.911.23
Total Volume679.8573791,211547457
Total OI5,019.2383,9695,6203,9705,209

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2018-03-01$13.05$12.5050.9%14.6%51.0%43.7%45.7%19.7%0.1%11.2K-57.8K-4.8K0.9192.06N/AN/A2872603,103867
2018-03-02$13.48$12.5036.4%10.4%52.6%17.0%30.2%19.0%15.4%9.0K-54.3K-4.3K0.9194.78N/AN/A2872603,102867
2018-03-05$13.43$15.0044.3%12.5%50.6%31.6%45.5%-3.1%7.0%13.1K-184.4K-4.9K0.3648.86N/AN/A7322603,102867
2018-03-06$13.65$15.0033.3%13.6%49.4%11.1%45.8%7.0%-2.0%29.7K-377.8K-5.6K1.1116.36N/AN/A2442713,572867
2018-03-07$15.03$15.0036.4%11.7%59.8%17.0%41.0%0.9%4.9%65.2K-1.2M-7.4K0.1621.93N/AN/A1,0441673,582867
2018-03-08$15.13$15.0038.6%11.9%58.5%21.1%39.6%-8.7%3.3%89.6K-1.7M-8.8K0.4458.08N/AN/A3761674,061874
2018-03-09$15.40$15.0043.4%11.5%49.0%30.0%41.2%1.9%6.0%94.6K-1.8M-8.9K2.6262.02N/AN/A2907614,052874
2018-03-12$15.30$15.0052.4%11.6%49.1%46.7%42.2%2.3%4.9%51.4K-1.5M-8.9K1.6956.40N/AN/A2804734,0511,448
2018-03-13$15.30$15.0052.6%12.2%48.6%46.9%43.8%8.3%-1.6%51.6K-1.6M-9.0K1.6556.77N/AN/A3175224,0631,463
2018-03-14$15.13$15.0039.1%11.2%49.2%21.9%40.9%2.3%5.6%29.8K-1.3M-8.6K1.6659.37N/AN/A2824684,1031,517
2018-03-15$14.93$15.0039.3%11.3%48.4%22.3%43.0%3.7%5.2%-13.8K-1.0M-8.0K1.9167.89N/AN/A2825384,0921,509
2018-03-16$14.95$15.0038.5%11.0%48.4%20.8%43.6%3.6%6.6%74.8K-738.3K-7.7K2.3063.89N/AN/A2866584,0881,503
2018-03-19$14.98$15.0043.0%12.3%47.7%29.3%42.0%23.5%5.4%75.1K-1.3M-7.8K0.2852.44N/AN/A5801653,9981,008
2018-03-20$14.78$15.0038.0%10.9%47.6%19.9%37.8%12.6%8.3%75.0K-1.1M-7.8K0.2767.38N/AN/A6081654,1981,022
2018-03-21$15.13$15.0040.3%11.6%47.9%24.2%35.2%18.4%8.0%85.6K-1.5M-8.3K0.5466.78N/AN/A3071654,1941,030
2018-03-22$14.60$15.0039.4%11.3%49.3%22.6%39.7%1.0%7.4%67.9K-903.2K-7.3K0.7537.57N/AN/A2161634,2081,030
2018-03-23$13.75$15.0049.0%14.1%54.2%40.3%47.2%2.9%4.7%42.1K-373.0K-6.3K1.2527.19N/AN/A2483114,1981,029
2018-03-26$14.23$15.0043.6%12.5%50.0%30.3%45.4%1.4%4.0%53.1K-600.4K-6.7K0.9055.11N/AN/A2332094,1951,104
2018-03-27$13.85$15.0035.8%10.3%50.1%15.8%51.2%11.1%3.5%40.4K-363.6K-6.1K1.0950.78N/AN/A1912094,2011,054
2018-03-28$13.48$15.0052.0%14.9%50.9%45.9%44.9%5.6%-3.2%34.4K-241.8K-5.7K1.8839.72N/AN/A1873514,2021,030
2018-03-29$13.60$15.0042.1%12.1%50.9%27.5%42.3%6.1%18.9%39.3K-286.8K-5.6K1.2342.59N/AN/A2052524,2001,009