FORM Options History — February 2019

In February 2019, FORM traded between $15.16 and $16.61. ATM implied volatility averaged 42.3%, placing in the 34.0% IV rank vs the trailing year. The 30-day expected move averaged 10.8%. IV traded above realized volatility by 12.0% (HV 20d: 30.3%). Max pain ranged from $15.00 to $15.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 14 of 19 days. Put/call ratio averaged 1.99.

Notable Days

2019-02-14: Highest Volume — 534 contracts
2019-02-07: Largest IV drop — 38.0% change
2019-02-04: Highest IV Rank — 100.0%
2019-02-06: Largest Expected Move — 17.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$15.75	$15.16	$16.61	$15.16	$15.90
Max Pain	$15.00	$15.00	$15.00	$15.00	$15.00
ATM IV	42.3%	24.1%	90.6%	80.3%	29.5%
Expected Move	10.8%	6.9%	17.1%	15.9%	8.5%
HV 20d	30.3%	15.1%	38.8%	38.8%	19.4%
HV 60d	41.7%	38.5%	44.2%	44.2%	38.6%
IV Rank	34.0%	7.9%	100.0%	98.5%	15.4%
IV Percentile	31.2%	2.4%	100.0%	99.6%	7.1%
Term Structure	0.5%	-8.7%	5.4%	-5.1%	5.4%
VWIV	35.6%	20.0%	62.3%	53.4%	28.2%
Skew 25d	3.1%	-9.2%	16.0%	7.8%	2.6%
Skew 10d	6.2%	-12.2%	36.0%	11.1%	6.3%
Call IV 25d	33.8%	17.6%	57.3%	53.4%	26.0%
Put IV 25d	36.9%	20.3%	63.5%	61.1%	28.6%
Bid-Ask Spread %	80.81	56.54	93.71	73.62	84.38
Gamma HHI	0.58	0.48	0.75	0.60	0.51
Net GEX	31.2K	20.8K	44.0K	21.9K	42.2K
Net DEX	-1.3M	-1.8M	-877.0K	-983.0K	-1.5M
Net VEX	-9.0K	-9.7K	-8.3K	-9.2K	-9.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.99	0.00	17.40	0.23	1.07
Total Volume	171.842	2	534	58	126
Total OI	3,348.947	3,004	3,724	3,004	3,724

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
2019-02-01	$15.16	$15.00	80.3%	15.9%	38.8%	98.5%	53.4%	7.8%	-5.1%	21.9K	-983.0K	-9.2K	0.23	73.62	N/A	N/A	47	11	1,983	1,021
2019-02-04	$15.20	$15.00	89.3%	16.1%	36.6%	100.0%	0.0%	7.0%	-6.7%	23.0K	-1.0M	-9.1K	0.00	73.11	N/A	N/A	2	0	2,000	1,021
2019-02-05	$15.26	$15.00	90.6%	16.1%	36.6%	100.0%	53.4%	7.4%	-8.7%	23.9K	-1.0M	-9.1K	0.00	73.19	N/A	N/A	20	0	2,002	1,021
2019-02-06	$15.26	$15.00	59.5%	17.1%	36.4%	56.9%	62.3%	6.3%	-6.2%	22.8K	-1.1M	-9.1K	0.44	56.54	N/A	N/A	177	78	2,021	1,021
2019-02-07	$15.26	$15.00	36.9%	10.6%	36.3%	25.6%	32.9%	-4.8%	2.3%	33.3K	-974.2K	-8.8K	0.32	82.33	N/A	N/A	289	93	2,129	1,087
2019-02-08	$15.30	$15.00	38.4%	11.0%	35.7%	27.7%	33.4%	-4.5%	0.6%	30.4K	-945.6K	-8.7K	0.36	86.26	N/A	N/A	260	93	2,083	1,100
2019-02-11	$15.22	$15.00	34.5%	9.9%	35.9%	22.4%	34.5%	6.6%	2.6%	35.0K	-877.0K	-8.5K	17.40	86.28	N/A	N/A	5	87	2,083	1,100
2019-02-12	$15.64	$15.00	35.8%	10.3%	36.1%	24.2%	35.8%	3.2%	1.2%	22.7K	-1.2M	-8.4K	6.21	91.87	N/A	N/A	14	87	2,083	1,126
2019-02-13	$15.78	$15.00	34.3%	9.8%	34.3%	22.0%	34.3%	4.1%	3.5%	20.8K	-1.3M	-8.3K	1.13	92.79	N/A	N/A	77	87	2,091	1,126
2019-02-14	$15.95	$15.00	33.0%	9.5%	34.1%	20.3%	33.1%	2.8%	4.3%	24.8K	-1.5M	-8.5K	1.26	93.71	N/A	N/A	236	298	2,216	1,126
2019-02-15	$15.91	$15.00	35.1%	10.1%	34.3%	23.1%	35.0%	5.9%	0.9%	26.0K	-1.4M	-9.0K	1.87	85.24	N/A	N/A	164	307	2,413	1,229
2019-02-19	$15.94	$15.00	35.6%	10.2%	33.5%	23.8%	34.5%	5.4%	1.2%	31.2K	-1.3M	-9.1K	2.33	78.72	N/A	N/A	6	14	2,228	1,142
2019-02-20	$16.09	$15.00	34.1%	9.8%	28.4%	21.7%	30.1%	16.0%	4.6%	31.6K	-1.4M	-9.1K	3.00	80.16	N/A	N/A	6	18	2,234	1,156
2019-02-21	$16.03	$15.00	35.2%	10.1%	27.4%	23.2%	31.5%	15.2%	-2.7%	34.3K	-1.4M	-9.2K	0.11	82.51	N/A	N/A	171	18	2,293	1,156
2019-02-22	$16.29	$15.00	24.1%	6.9%	21.9%	7.9%	22.9%	-4.8%	5.2%	39.3K	-1.6M	-9.4K	0.25	82.50	N/A	N/A	73	18	2,400	1,156
2019-02-25	$16.61	$15.00	24.9%	7.2%	15.1%	9.1%	0.0%	-9.2%	2.5%	42.3K	-1.8M	-9.4K	0.12	71.89	N/A	N/A	91	11	2,455	1,156
2019-02-26	$16.41	$15.00	25.6%	7.3%	16.1%	10.0%	30.0%	-6.5%	2.3%	44.0K	-1.8M	-9.7K	0.68	75.54	N/A	N/A	94	64	2,539	1,185
2019-02-27	$15.97	$15.00	28.0%	8.0%	19.3%	13.3%	20.0%	-1.3%	1.6%	42.5K	-1.5M	-9.6K	1.08	84.69	N/A	N/A	59	64	2,539	1,185
2019-02-28	$15.90	$15.00	29.5%	8.5%	19.4%	15.4%	28.2%	2.6%	5.4%	42.2K	-1.5M	-9.4K	1.07	84.38	N/A	N/A	61	65	2,539	1,185