FORM Options History — February 2020

In February 2020, FORM traded between $21.89 and $27.10. ATM implied volatility averaged 44.0%, placing in the 48.3% IV rank vs the trailing year. The 30-day expected move averaged 12.6%. IV traded above realized volatility by 6.9% (HV 20d: 37.1%). Max pain ranged from $25.00 to $25.00. Net GEX was positive for 8 of 19 trading days. Term structure was in contango for 0 of 19 days. Put/call ratio averaged 1.64.

Notable Days

  • 2020-02-04: Highest Volume — 1,415 contracts
  • 2020-02-06: Largest IV drop — 40.4% change
  • 2020-02-28: Highest IV Rank — 86.7%
  • 2020-02-05: Largest Expected Move — 18.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$25.23$21.89$27.10$25.78$21.89
Max Pain$25.00$25.00$25.00$25.00$25.00
ATM IV44.0%34.3%63.4%63.4%60.2%
Expected Move12.6%9.8%18.2%18.2%17.2%
HV 20d37.1%34.9%39.9%34.9%38.1%
HV 60d29.3%27.0%32.9%27.0%32.9%
IV Rank48.3%33.0%86.7%62.2%86.7%
IV Percentile66.8%47.6%97.6%96.8%93.7%
Term Structure-5.2%-18.0%-0.3%-16.7%-12.0%
VWIV43.3%28.8%69.7%62.3%69.7%
Skew 25d10.1%3.8%28.4%8.1%28.4%
Skew 10d16.6%-3.8%26.5%-3.8%26.5%
Call IV 25d37.3%21.3%59.8%59.8%55.0%
Put IV 25d47.4%33.7%83.4%67.9%83.4%
Bid-Ask Spread %52.5416.8179.4368.3968.96
Gamma HHI0.510.250.920.360.25
Net GEX-63.8K-558.9K35.4K33.5K23.3K
Net DEX-1.1M-2.3M2.1M-1.6M-307.8K
Net VEX-7.0K-9.0K-5.6K-6.2K-5.6K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.640.0010.140.241.22
Total Volume199261,41584200
Total OI2,989.8951,7193,8541,7192,288

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-02-03$25.78$25.0063.4%18.2%34.9%62.2%62.3%8.1%-16.7%33.5K-1.6M-6.2K0.2468.39N/AN/A68161,349370
2020-02-04$26.38$25.0061.1%17.5%35.1%59.1%60.9%10.1%-15.2%35.4K-1.8M-6.4K10.1466.50N/AN/A1271,2881,392403
2020-02-05$26.40$25.0063.4%18.2%35.0%62.2%58.2%10.6%-18.0%-44.3K-951.7K-9.0K0.4034.07N/AN/A171681,4901,636
2020-02-06$26.06$25.0037.8%10.2%35.1%40.1%36.6%16.3%-1.4%-109.0K-919.2K-8.3K0.4773.94N/AN/A129601,6201,712
2020-02-07$25.58$25.0036.3%10.2%35.6%37.1%42.7%5.9%-1.2%-131.7K-636.6K-8.3K3.4339.11N/AN/A14481,6491,691
2020-02-10$25.91$25.0036.2%10.4%36.0%36.9%40.6%7.9%-1.5%-131.4K-1.1M-7.6K0.3933.94N/AN/A120471,6481,693
2020-02-11$26.57$25.0037.4%10.5%37.0%39.3%36.2%6.1%-1.6%-84.7K-1.8M-7.8K0.1955.66N/AN/A3161,7471,731
2020-02-12$27.01$25.0035.6%10.2%37.2%35.6%28.8%5.2%-2.4%-41.7K-2.2M-7.1K0.7436.10N/AN/A68501,7531,729
2020-02-13$27.10$25.0035.1%10.1%37.0%34.5%30.0%3.8%-1.3%-28.4K-2.3M-7.1K0.9459.71N/AN/A63591,8151,679
2020-02-14$26.85$25.0034.3%9.8%36.8%33.0%30.6%4.1%-0.6%-46.0K-2.2M-7.2K0.0070.66N/AN/A2601,8091,698
2020-02-18$25.72$25.0035.7%10.2%39.0%35.8%31.1%13.6%-1.6%-198.5K-1.3M-7.0K8.5316.81N/AN/A342901,8181,698
2020-02-19$25.92$25.0034.5%9.9%39.2%33.3%34.5%13.5%-0.3%-76.2K-1.8M-7.2K0.0745.33N/AN/A4331,8381,934
2020-02-20$25.30$25.0035.1%10.1%39.9%34.7%35.1%12.1%-0.9%-558.9K-875.3K-7.5K0.0279.43N/AN/A9721,8511,936
2020-02-21$24.31$25.0036.4%10.4%39.6%37.2%38.8%9.9%-2.1%31.5K2.1M-6.6K1.6233.38N/AN/A58941,9181,936
2020-02-24$23.35$25.0045.7%13.1%39.7%56.6%42.4%10.0%-5.1%29.7K-713.1K-5.9K0.4356.33N/AN/A70301,669518
2020-02-25$23.11$25.0048.3%13.9%37.9%62.1%48.5%7.8%-6.4%30.2K-665.3K-6.0K1.3146.37N/AN/A851111,683514
2020-02-26$23.43$25.0047.1%13.5%36.1%59.5%41.7%10.7%-4.4%28.6K-734.5K-6.3K0.9364.46N/AN/A76711,704595
2020-02-27$22.72$25.0053.4%15.3%36.6%72.6%53.7%7.8%-6.2%27.4K-562.8K-6.1K0.1649.11N/AN/A5081,717577
2020-02-28$21.89$25.0060.2%17.2%38.1%86.7%69.7%28.4%-12.0%23.3K-307.8K-5.6K1.2268.96N/AN/A901101,708580