FORM Options History — May 2020

In May 2020, FORM traded between $22.38 and $25.62. ATM implied volatility averaged 51.3%, placing in the 37.4% IV rank vs the trailing year. The 30-day expected move averaged 13.0%. IV traded below realized volatility by 7.8% (HV 20d: 59.1%). Max pain ranged from $17.50 to $20.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 8 of 20 days. Put/call ratio averaged 0.05.

Notable Days

  • 2020-05-04: Highest Volume — 1,091 contracts
  • 2020-05-11: Largest IV spike — 197.3% change
  • 2020-05-11: Highest IV Rank — 100.0%
  • 2020-05-06: Largest Expected Move — 19.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$24.19$22.38$25.62$22.38$25.15
Max Pain$19.13$17.50$20.00$20.00$20.00
ATM IV51.3%30.0%107.7%66.2%45.8%
Expected Move13.0%8.6%19.8%19.0%13.1%
HV 20d59.1%47.2%79.2%79.2%47.2%
HV 60d82.7%81.9%83.2%81.9%82.9%
IV Rank37.4%13.0%100.0%55.5%30.6%
IV Percentile64.0%9.9%100.0%92.1%61.5%
Term Structure-3.4%-33.0%11.3%-20.5%-3.9%
VWIV51.1%29.0%94.2%94.2%51.9%
Skew 25d11.7%-13.0%30.3%-6.9%21.1%
Skew 10d23.5%-11.7%40.1%19.4%31.7%
Call IV 25d39.8%23.8%90.7%90.7%38.5%
Put IV 25d51.5%32.3%83.8%83.8%59.6%
Bid-Ask Spread %75.0950.08100.8095.0566.38
Gamma HHI0.430.310.510.310.40
Net GEX95.5K36.4K124.4K36.4K99.2K
Net DEX-2.7M-3.5M-825.9K-841.1K-3.1M
Net VEX-5.7K-7.1K-3.5K-3.9K-4.6K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.050.000.310.000.00
Total Volume127.5531,09138
Total OI2,446.81,3862,8391,3862,604

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-05-01$22.38$20.0066.2%19.0%79.2%55.5%94.2%-6.9%-20.5%36.4K-841.1K-3.9K0.0095.05N/AN/A301,191195
2020-05-04$22.47$17.5068.9%15.0%75.7%58.6%52.6%24.8%-2.7%37.1K-825.9K-3.5K0.0050.50N/AN/A1,08921,193194
2020-05-05$22.91$17.5069.5%15.3%57.5%59.3%53.8%2.2%1.1%91.4K-2.4M-6.8K0.0070.29N/AN/A902,199196
2020-05-06$23.62$17.5075.8%19.8%58.0%66.6%73.5%30.3%-33.0%83.1K-2.6M-6.4K0.0293.22N/AN/A6212,200196
2020-05-07$24.95$17.5054.1%12.0%60.0%41.5%53.1%10.0%11.3%103.5K-3.3M-6.7K0.0183.40N/AN/A9712,220196
2020-05-08$25.13$20.0036.2%10.8%60.0%20.6%51.1%7.8%9.1%102.3K-3.5M-6.3K0.0680.83N/AN/A12882,170197
2020-05-11$24.81$20.00107.7%12.6%60.2%100.0%39.3%0.3%9.2%98.9K-3.4M-6.2K0.0175.45N/AN/A48952,167199
2020-05-12$24.08$20.0044.5%11.3%60.9%29.2%46.0%7.4%4.8%124.4K-3.0M-6.6K0.0082.14N/AN/A6802,634199
2020-05-13$23.15$20.0045.1%12.9%62.0%29.8%46.0%13.7%-3.8%116.4K-2.6M-7.1K0.0774.00N/AN/A5742,633199
2020-05-14$23.73$20.0045.3%13.0%59.8%30.0%51.9%11.7%-0.1%111.1K-2.7M-6.2K0.0273.49N/AN/A22052,640199
2020-05-15$23.15$17.5040.4%11.6%60.2%24.6%51.5%-13.0%-24.2%89.9K-2.3M-6.5K0.00100.80N/AN/A4102,561199
2020-05-18$24.19$17.5030.0%8.6%61.0%13.0%29.0%8.5%5.4%94.1K-2.9M-4.8K0.2184.63N/AN/A2452,335140
2020-05-19$24.74$17.5037.4%10.7%55.8%21.2%38.6%14.0%1.8%95.1K-2.9M-5.1K0.3187.96N/AN/A36112,353140
2020-05-20$25.16$20.0045.3%13.0%52.6%30.0%44.2%18.7%-5.3%96.8K-3.1M-6.0K0.0570.10N/AN/A10252,378136
2020-05-21$24.45$20.0043.1%12.3%54.0%27.6%61.8%18.8%-5.6%99.0K-2.8M-5.7K0.0054.85N/AN/A052,424136
2020-05-22$24.08$20.0042.0%12.0%54.4%26.3%41.8%14.1%2.4%96.4K-2.5M-5.5K0.0050.08N/AN/A602,433141
2020-05-26$25.15$20.0041.8%12.0%55.5%26.2%41.8%12.1%-6.6%107.5K-3.2M-5.2K0.0060.36N/AN/A802,431141
2020-05-27$25.62$20.0047.7%13.7%55.5%32.7%49.2%22.2%-2.4%120.9K-3.5M-5.1K0.0085.08N/AN/A2902,434141
2020-05-28$24.87$20.0040.3%11.5%53.5%24.4%51.9%16.9%-6.0%105.7K-3.1M-5.1K0.1563.26N/AN/A2032,451141
2020-05-29$25.15$20.0045.8%13.1%47.2%30.6%0.0%21.1%-3.9%99.2K-3.1M-4.6K0.0066.38N/AN/A802,459145