FORM Options History — September 2018

In September 2018, FORM traded between $13.03 and $15.03. ATM implied volatility averaged 40.5%, placing in the 35.2% IV rank vs the trailing year. The 30-day expected move averaged 11.9%. IV traded below realized volatility by 2.1% (HV 20d: 42.6%). Max pain ranged from $12.50 to $12.50. Net GEX was positive for 15 of 19 trading days. Term structure was in contango for 15 of 19 days. Put/call ratio averaged 0.95.

Notable Days

2018-09-12: Highest Volume — 475 contracts
2018-09-12: Largest IV spike — 39.1% change
2018-09-17: Highest IV Rank — 54.0%
2018-09-17: Largest Expected Move — 15.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$13.49	$13.03	$15.03	$15.03	$13.80
Max Pain	$12.50	$12.50	$12.50	$12.50	$12.50
ATM IV	40.5%	27.8%	52.3%	36.6%	44.9%
Expected Move	11.9%	9.9%	15.0%	10.5%	12.9%
HV 20d	42.6%	36.1%	45.5%	38.4%	39.6%
HV 60d	44.4%	42.8%	45.2%	42.8%	45.0%
IV Rank	35.2%	15.0%	54.0%	29.1%	42.2%
IV Percentile	42.7%	4.4%	81.7%	23.0%	60.7%
Term Structure	7.4%	-6.3%	52.1%	0.8%	24.2%
VWIV	41.7%	36.3%	52.3%	37.8%	36.3%
Skew 25d	2.4%	-9.1%	25.9%	3.5%	25.9%
Skew 10d	-0.3%	-14.7%	12.7%	4.8%	12.7%
Call IV 25d	39.9%	26.8%	49.8%	29.4%	26.8%
Put IV 25d	42.3%	32.0%	52.7%	32.9%	52.7%
Bid-Ask Spread %	56.22	8.65	99.72	8.65	65.20
Gamma HHI	0.38	0.33	0.47	0.40	0.33
Net GEX	6.7K	-5.9K	32.4K	32.4K	6.6K
Net DEX	-159.8K	-746.1K	64.9K	-746.1K	-142.2K
Net VEX	-2.4K	-3.4K	-1.9K	-3.4K	-2.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.95	0.58	1.37	0.74	0.85
Total Volume	379.737	310	475	391	358
Total OI	2,084.263	1,946	2,135	2,130	1,990

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
2018-09-04	$15.03	$12.50	36.6%	10.5%	38.4%	29.1%	37.8%	3.5%	0.8%	32.4K	-746.1K	-3.4K	0.74	8.65	N/A	N/A	225	166	1,530	600
2018-09-05	$14.83	$12.50	37.5%	10.8%	38.7%	30.5%	36.9%	-0.5%	1.1%	30.1K	-665.0K	-3.4K	0.74	12.44	N/A	N/A	225	166	1,535	600
2018-09-06	$14.00	$12.50	38.4%	10.7%	44.1%	31.9%	37.4%	0.7%	3.8%	18.8K	-363.1K	-3.0K	0.63	13.15	N/A	N/A	265	166	1,535	600
2018-09-07	$13.55	$12.50	43.3%	11.8%	45.5%	39.6%	37.9%	3.6%	3.6%	11.2K	-206.4K	-2.8K	0.61	12.62	N/A	N/A	269	165	1,491	600
2018-09-10	$13.40	$12.50	27.8%	12.6%	45.4%	15.0%	39.5%	3.4%	-1.0%	6.2K	-158.9K	-2.5K	0.58	11.40	N/A	N/A	269	156	1,491	612
2018-09-11	$13.28	$12.50	32.5%	11.8%	45.1%	22.4%	38.7%	-0.3%	2.2%	1.8K	-37.9K	-2.2K	0.68	13.29	N/A	N/A	226	154	1,491	614
2018-09-12	$13.05	$12.50	45.2%	13.0%	45.4%	42.6%	43.5%	2.0%	-2.0%	4.3K	-38.6K	-2.4K	0.94	17.72	N/A	N/A	245	230	1,498	614
2018-09-13	$13.18	$12.50	45.1%	12.9%	43.1%	42.4%	45.0%	7.0%	-0.6%	5.3K	-57.8K	-2.4K	1.27	96.23	N/A	N/A	181	230	1,518	614
2018-09-14	$13.30	$12.50	42.1%	12.1%	43.2%	37.8%	41.6%	3.4%	1.3%	6.1K	-115.7K	-2.4K	1.34	91.94	N/A	N/A	171	230	1,517	614
2018-09-17	$13.25	$12.50	52.3%	15.0%	43.0%	54.0%	52.3%	1.6%	-6.3%	5.4K	-103.0K	-2.4K	1.34	94.89	N/A	N/A	171	230	1,515	614
2018-09-18	$13.58	$12.50	36.5%	10.5%	43.9%	28.8%	42.8%	2.2%	12.1%	2.4K	-149.5K	-2.2K	1.37	89.83	N/A	N/A	168	230	1,515	614
2018-09-19	$13.18	$12.50	44.7%	12.8%	43.8%	41.8%	46.7%	1.3%	1.4%	7.6K	-148.0K	-2.4K	0.98	92.78	N/A	N/A	168	165	1,515	614
2018-09-20	$13.33	$12.50	43.7%	12.5%	44.0%	40.3%	41.0%	2.7%	4.5%	2.6K	-108.7K	-2.2K	0.98	86.68	N/A	N/A	168	165	1,515	617
2018-09-21	$13.05	$12.50	35.7%	10.2%	44.5%	27.5%	39.8%	-3.6%	12.9%	292	-111.9K	-2.1K	0.98	99.72	N/A	N/A	168	165	1,515	617
2018-09-24	$13.28	$12.50	34.5%	9.9%	44.9%	25.6%	39.8%	0.5%	19.6%	-3.1K	16.4K	-1.9K	1.12	51.92	N/A	N/A	160	179	1,355	591
2018-09-25	$13.10	$12.50	46.7%	13.4%	40.4%	45.1%	44.5%	2.7%	52.1%	-699	-7.2K	-2.1K	0.94	78.44	N/A	N/A	160	150	1,354	621
2018-09-26	$13.03	$12.50	40.4%	11.6%	40.4%	35.1%	44.2%	-0.8%	4.9%	-3.8K	43.2K	-1.9K	0.99	70.14	N/A	N/A	163	162	1,354	622
2018-09-27	$13.03	$12.50	42.2%	12.1%	36.1%	37.9%	47.1%	-9.1%	5.6%	-5.9K	64.9K	-1.9K	0.88	61.12	N/A	N/A	184	162	1,355	634
2018-09-28	$13.80	$12.50	44.9%	12.9%	39.6%	42.2%	36.3%	25.9%	24.2%	6.6K	-142.2K	-2.3K	0.85	65.20	N/A	N/A	194	164	1,356	634