FORM Options History — April 2020

In April 2020, FORM traded between $17.52 and $25.01. ATM implied volatility averaged 58.2%, placing in the 46.2% IV rank vs the trailing year. The 30-day expected move averaged 17.9%. IV traded below realized volatility by 38.4% (HV 20d: 96.6%). Max pain ranged from $15.00 to $22.50. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 5 of 21 days. Put/call ratio averaged 0.31.

Notable Days

  • 2020-04-16: Highest Volume — 626 contracts
  • 2020-04-08: Largest IV spike — 74.6% change
  • 2020-04-20: Highest IV Rank — 64.7%
  • 2020-04-02: Largest Expected Move — 22.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$21.79$17.52$25.01$18.61$23.36
Max Pain$16.79$15.00$22.50$22.50$20.00
ATM IV58.2%39.0%74.2%55.3%70.2%
Expected Move17.9%12.0%22.8%15.9%20.1%
HV 20d96.6%76.9%123.7%111.7%77.0%
HV 60d77.8%70.3%81.5%70.3%81.5%
IV Rank46.2%23.9%64.7%42.8%60.1%
IV Percentile80.7%52.8%96.0%79.8%94.4%
Term Structure-6.7%-26.2%19.0%19.0%9.4%
VWIV63.0%52.2%82.6%63.1%65.0%
Skew 25d12.6%-20.7%41.4%-7.7%13.9%
Skew 10d42.6%11.9%97.7%13.2%22.6%
Call IV 25d56.6%34.9%77.7%71.9%62.9%
Put IV 25d69.3%49.5%89.0%64.2%76.8%
Bid-Ask Spread %95.8078.84113.97101.20113.97
Gamma HHI0.300.190.450.200.33
Net GEX30.6K5.4K57.6K10.2K40.3K
Net DEX-700.0K-1.6M173.0K90.5K-1.1M
Net VEX-3.5K-4.5K-2.3K-2.4K-4.1K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.310.001.330.291.00
Total Volume90.0485626910
Total OI1,716.3331,3002,2581,9331,385

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-04-01$18.61$22.5055.3%15.9%111.7%42.8%63.1%-7.7%19.0%10.2K90.5K-2.4K0.29101.20N/AN/A721,533400
2020-04-02$18.48$17.5057.2%22.8%111.5%45.0%0.0%-20.7%-26.2%5.4K136.4K-2.3K0.0084.49N/AN/A1001,528401
2020-04-03$17.52$17.5046.6%20.9%112.6%32.7%52.2%8.0%-14.4%7.4K173.0K-2.3K0.1492.91N/AN/A1421,531401
2020-04-06$20.25$15.0062.7%21.4%123.7%51.4%82.6%14.1%-16.0%21.2K-293.2K-2.9K1.0092.11N/AN/A40401,539362
2020-04-07$20.62$15.0039.0%19.9%123.4%23.9%0.0%-6.8%-9.5%22.3K-320.7K-2.8K0.1592.66N/AN/A1321,540402
2020-04-08$21.19$15.0068.1%19.5%123.4%57.7%0.0%13.9%-3.2%30.0K-509.9K-3.2K0.5696.86N/AN/A25141,547401
2020-04-09$21.35$15.0052.3%15.0%118.3%39.3%0.0%30.8%-3.0%30.6K-516.0K-3.2K1.33105.24N/AN/A341,558413
2020-04-13$21.14$15.0042.5%12.2%118.3%27.9%0.0%14.6%4.7%31.2K-461.1K-2.9K0.00102.81N/AN/A2001,551407
2020-04-14$21.84$15.0053.2%15.2%109.9%40.3%0.0%19.3%0.6%35.4K-599.5K-3.0K0.6790.95N/AN/A321,541407
2020-04-15$22.53$15.0053.6%15.4%98.1%40.8%71.1%4.2%-12.9%43.8K-786.7K-3.0K0.0091.78N/AN/A33411,542409
2020-04-16$23.72$15.0057.7%16.6%82.4%45.6%55.3%16.0%-8.5%57.6K-1.6M-3.4K0.01104.40N/AN/A62241,763412
2020-04-17$23.38$15.0065.7%18.8%83.0%54.9%55.6%11.6%-13.7%28.3K-1.3M-4.1K0.02107.00N/AN/A29351,847411
2020-04-20$22.66$15.0074.2%21.3%83.7%64.7%72.3%24.3%-16.9%31.6K-911.4K-4.3K0.0495.65N/AN/A10441,156183
2020-04-21$21.24$15.0071.1%20.4%87.9%61.2%59.2%17.3%-10.6%25.7K-769.3K-4.4K0.7396.65N/AN/A1181,114186
2020-04-22$22.52$17.5063.6%18.2%78.1%52.5%61.9%24.5%-5.2%29.2K-799.4K-4.1K0.0082.22N/AN/A2201,114194
2020-04-23$22.53$17.5063.5%18.2%77.7%52.4%65.2%7.8%-12.8%31.4K-822.9K-4.1K0.0078.84N/AN/A1601,131194
2020-04-24$22.59$17.5057.6%16.5%76.9%45.5%53.5%12.7%-14.4%34.3K-806.2K-3.9K0.0481.02N/AN/A7231,144194
2020-04-27$23.28$17.5041.9%12.0%77.3%27.2%57.9%2.2%-7.3%43.4K-945.2K-3.7K0.1584.63N/AN/A3451,211194
2020-04-28$23.72$20.0069.4%19.9%77.3%59.2%54.5%41.4%-0.8%39.3K-1.1M-4.1K0.02106.26N/AN/A5611,212198
2020-04-29$25.01$20.0056.9%16.3%76.9%44.6%75.3%24.0%0.4%43.9K-1.4M-4.5K0.44110.17N/AN/A59261,188199
2020-04-30$23.36$20.0070.2%20.1%77.0%60.1%65.0%13.9%9.4%40.3K-1.1M-4.1K1.00113.97N/AN/A551,190195