FORM Options History — March 2020

In March 2020, FORM traded between $16.74 and $23.18. ATM implied volatility averaged 74.7%, placing in the 74.4% IV rank vs the trailing year. The 30-day expected move averaged 20.4%. IV traded above realized volatility by 1.1% (HV 20d: 73.6%). Max pain ranged from $20.00 to $25.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 4 of 22 days. Put/call ratio averaged 1.33.

Notable Days

  • 2020-03-26: Highest Volume — 289 contracts
  • 2020-03-16: Largest IV spike — 48.3% change
  • 2020-03-06: Highest IV Rank — 100.0%
  • 2020-03-18: Largest Expected Move — 30.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$19.97$16.74$23.18$22.43$19.91
Max Pain$21.02$20.00$25.00$25.00$22.50
ATM IV74.7%49.9%104.5%50.3%62.5%
Expected Move20.4%14.3%30.0%14.4%17.9%
HV 20d73.6%36.7%110.8%38.3%110.8%
HV 60d50.6%32.8%69.2%33.1%69.2%
IV Rank74.4%48.0%100.0%66.1%51.1%
IV Percentile94.8%75.4%100.0%76.6%90.5%
Term Structure-9.6%-46.4%9.4%-5.9%0.5%
VWIV71.7%40.7%107.8%51.7%64.2%
Skew 25d21.5%7.8%60.3%27.7%12.4%
Skew 10d47.7%19.8%128.2%38.1%38.6%
Call IV 25d63.1%32.3%99.4%32.3%64.5%
Put IV 25d84.6%55.1%137.2%60.1%76.9%
Bid-Ask Spread %83.2058.45100.2358.4594.25
Gamma HHI0.260.200.380.280.25
Net GEX20.7K8.7K34.5K28.9K19.8K
Net DEX-204.1K-834.1K230.5K-504.3K-163.5K
Net VEX-3.8K-5.4K-2.0K-5.3K-3.2K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.330.008.004.450.75
Total Volume68.591428915870
Total OI2,122.5911,8642,2742,2401,930

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-03-02$22.43$25.0050.3%14.4%38.3%66.1%51.7%27.7%-5.9%28.9K-504.3K-5.3K4.4558.45N/AN/A291291,727513
2020-03-03$22.37$25.0055.6%15.9%36.7%77.2%56.0%17.5%-9.6%29.7K-524.8K-4.9K2.1761.46N/AN/A23501,725468
2020-03-04$23.18$25.0049.9%14.3%38.3%65.5%0.0%12.5%-6.0%34.5K-834.1K-5.2K0.0062.75N/AN/A401,718473
2020-03-05$22.56$20.0059.7%14.4%38.9%85.7%0.0%11.3%-4.2%30.1K-716.1K-5.4K0.6788.67N/AN/A641,720473
2020-03-06$22.12$20.0078.6%15.7%39.0%100.0%0.0%15.7%-6.9%28.1K-553.7K-5.3K0.0879.40N/AN/A2521,724477
2020-03-09$20.78$20.0097.0%19.1%43.5%100.0%60.9%15.3%-16.2%21.5K-271.7K-4.4K2.0076.03N/AN/A241,733479
2020-03-10$21.39$20.0074.0%16.4%44.9%70.8%57.8%15.6%-6.5%23.4K-330.5K-4.5K0.0977.72N/AN/A2221,733479
2020-03-11$20.79$20.0065.8%18.8%43.5%60.2%60.6%19.6%-12.0%19.9K-124.4K-3.9K0.0981.63N/AN/A3331,747478
2020-03-12$18.95$20.0070.0%20.1%50.6%65.7%76.4%60.3%-11.9%16.0K82.9K-3.7K0.0491.68N/AN/A4621,751474
2020-03-13$19.28$20.0068.5%19.6%51.6%63.8%40.7%26.8%-9.8%14.9K209.7K-3.1K0.4580.13N/AN/A33151,751478
2020-03-16$17.19$20.00101.7%29.1%62.0%100.0%0.0%55.5%-46.4%12.7K158.1K-3.1K0.4385.78N/AN/A44191,754465
2020-03-17$19.91$20.0081.0%23.2%85.7%75.1%79.2%16.1%-12.0%19.2K-143.3K-3.8K1.0883.77N/AN/A25271,805469
2020-03-18$17.30$20.00104.5%30.0%96.5%100.0%107.8%12.1%-21.5%16.2K110.4K-3.3K1.3890.53N/AN/A32441,813456
2020-03-19$17.30$20.00103.8%29.8%96.7%99.1%107.5%20.3%-22.4%16.4K75.3K-3.3K8.0080.56N/AN/A5401,816448
2020-03-20$16.97$20.0085.9%24.6%96.4%78.4%85.7%32.5%-21.4%10.5K230.5K-2.3K5.2095.43N/AN/A5261,817429
2020-03-23$16.74$20.0082.7%23.7%96.1%74.7%82.8%14.9%-5.8%8.7K199.3K-2.0K1.4179.36N/AN/A46651,528367
2020-03-24$19.08$20.0066.5%19.1%109.4%55.8%76.2%16.0%4.9%17.5K-103.2K-3.2K0.4087.26N/AN/A53211,552388
2020-03-25$19.64$20.0078.0%22.4%110.0%69.2%75.2%16.3%-3.2%19.4K-253.0K-3.4K0.0387.31N/AN/A16251,513388
2020-03-26$20.38$20.0059.8%17.1%110.8%48.0%61.4%7.8%9.4%23.5K-321.5K-3.3K0.0598.52N/AN/A274151,475389
2020-03-27$20.31$22.5077.6%22.2%110.2%68.7%75.8%28.0%-5.5%21.0K-330.1K-3.7K0.5389.49N/AN/A38201,480394
2020-03-30$20.72$22.5070.9%20.3%110.0%60.9%69.9%18.5%1.3%23.1K-381.6K-3.6K0.05100.23N/AN/A3721,503397
2020-03-31$19.91$22.5062.5%17.9%110.8%51.1%64.2%12.4%0.5%19.8K-163.5K-3.2K0.7594.25N/AN/A40301,533397