FORM Options History — January 2020

In January 2020, FORM traded between $25.16 and $28.21. ATM implied volatility averaged 42.1%, placing in the 32.0% IV rank vs the trailing year. The 30-day expected move averaged 14.0%. IV traded above realized volatility by 20.2% (HV 20d: 21.9%). Max pain ranged from $17.50 to $25.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 2 of 21 days. Put/call ratio averaged 0.26.

Notable Days

  • 2020-01-17: Highest Volume — 718 contracts
  • 2020-01-15: Largest IV spike — 60.3% change
  • 2020-01-31: Highest IV Rank — 58.7%
  • 2020-01-31: Largest Expected Move — 17.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$26.64$25.16$28.21$26.36$25.16
Max Pain$23.33$17.50$25.00$17.50$25.00
ATM IV42.1%18.5%60.8%31.6%60.8%
Expected Move14.0%9.1%17.4%9.1%17.4%
HV 20d21.9%13.7%33.7%22.8%33.7%
HV 60d24.2%21.2%26.7%26.7%26.6%
IV Rank32.0%0.0%58.7%15.0%58.7%
IV Percentile54.2%0.0%94.0%24.6%94.0%
Term Structure-6.3%-13.1%14.5%14.2%-13.0%
VWIV49.5%31.5%62.3%31.5%62.3%
Skew 25d8.1%4.3%26.2%5.4%10.9%
Skew 10d16.4%-1.5%34.1%7.5%24.8%
Call IV 25d43.1%25.4%57.3%25.8%57.3%
Put IV 25d51.2%31.0%68.2%31.2%68.2%
Bid-Ask Spread %60.9749.1773.6949.1764.19
Gamma HHI0.390.320.440.440.32
Net GEX33.7K23.2K40.6K39.0K33.3K
Net DEX-2.8M-3.6M-1.4M-3.4M-1.4M
Net VEX-5.2K-6.7K-4.1K-4.2K-6.2K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.260.001.940.001.94
Total Volume117.714207185553
Total OI2,572.6191,3593,3393,2411,698

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-01-02$26.36$17.5031.6%9.1%22.8%15.0%31.5%5.4%14.2%39.0K-3.4M-4.2K0.0049.17N/AN/A5501,6871,554
2020-01-03$26.54$17.5031.6%9.1%22.4%15.1%31.5%5.6%14.5%35.4K-3.4M-4.1K0.0052.59N/AN/A4601,6601,554
2020-01-06$25.99$25.0032.2%13.2%24.3%15.9%48.4%5.5%-4.7%39.5K-3.3M-4.1K0.2354.20N/AN/A92211,6691,554
2020-01-07$26.24$22.5033.7%13.2%23.9%18.1%49.4%6.9%-5.9%38.2K-3.5M-4.5K0.1051.96N/AN/A5861,7321,575
2020-01-08$26.52$22.5026.4%13.4%22.6%7.5%46.9%6.6%-6.9%37.6K-3.6M-4.5K0.2457.01N/AN/A68161,7521,579
2020-01-09$26.41$22.5018.5%13.4%23.0%0.0%45.5%6.8%-6.5%29.0K-3.5M-4.3K0.5457.11N/AN/A57311,7101,585
2020-01-10$26.31$22.5018.9%13.2%21.9%0.6%45.8%6.2%-6.1%27.9K-3.4M-4.6K0.1163.86N/AN/A1821,7111,616
2020-01-13$26.53$22.5026.8%13.6%13.7%11.6%44.1%5.9%-7.0%26.2K-3.5M-4.5K0.0162.17N/AN/A14011,7211,618
2020-01-14$26.87$22.5029.7%13.7%14.1%15.5%51.3%6.6%-6.9%24.0K-3.6M-4.5K0.3264.32N/AN/A87281,7101,619
2020-01-15$26.60$22.5047.5%13.6%14.8%40.3%0.0%5.9%-7.5%23.2K-3.4M-4.4K0.0163.51N/AN/A17411,6891,647
2020-01-16$27.01$22.5047.2%13.5%14.4%39.8%44.7%6.3%-6.3%24.3K-3.4M-4.6K0.1772.91N/AN/A3051,6571,647
2020-01-17$27.52$25.0042.2%12.1%15.4%32.9%47.7%7.4%-7.0%24.9K-3.5M-4.6K0.0464.10N/AN/A693251,6271,652
2020-01-21$27.36$25.0050.8%14.6%15.6%44.9%46.4%6.1%-6.6%32.8K-1.9M-5.4K0.0554.08N/AN/A14971,121238
2020-01-22$27.35$25.0052.2%15.0%15.3%46.7%54.2%7.5%-7.7%38.1K-2.0M-6.0K0.0962.83N/AN/A111101,229241
2020-01-23$28.21$25.0047.0%13.5%18.2%39.5%53.8%14.3%-7.5%38.9K-2.3M-6.2K0.7756.26N/AN/A47361,253251
2020-01-24$27.11$25.0055.2%15.8%24.0%50.9%55.5%7.5%-10.4%37.6K-2.0M-6.4K0.1765.33N/AN/A122211,285287
2020-01-27$26.06$25.0057.7%16.5%28.1%54.3%57.1%4.3%-12.0%38.4K-1.7M-6.6K0.3561.60N/AN/A65231,372307
2020-01-28$26.87$25.0058.9%16.9%30.0%56.1%56.4%8.9%-13.1%40.5K-2.0M-6.7K0.0066.90N/AN/A3001,396329
2020-01-29$26.23$25.0057.5%16.5%31.2%54.1%60.5%9.1%-12.1%40.6K-1.8M-6.6K0.1162.55N/AN/A4551,425329
2020-01-30$26.11$25.0058.0%16.6%31.3%54.7%56.9%26.2%-13.0%38.7K-1.8M-6.5K0.1373.69N/AN/A83111,407332
2020-01-31$25.16$25.0060.8%17.4%33.7%58.7%62.3%10.9%-13.0%33.3K-1.4M-6.2K1.9464.19N/AN/A18351,356342