FORM Options History — November 2020

In November 2020, FORM traded between $29.09 and $41.55. ATM implied volatility averaged 39.8%, placing in the 23.9% IV rank vs the trailing year. The 30-day expected move averaged 11.7%. IV traded below realized volatility by 2.6% (HV 20d: 42.3%). Max pain ranged from $25.00 to $35.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 6 of 20 days. Put/call ratio averaged 0.38.

Notable Days

  • 2020-11-09: Highest Volume — 871 contracts
  • 2020-11-03: Largest IV spike — 42.5% change
  • 2020-11-03: Highest IV Rank — 32.1%
  • 2020-11-03: Largest Expected Move — 13.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$37.28$29.09$41.55$29.09$41.18
Max Pain$33.00$25.00$35.00$25.00$35.00
ATM IV39.8%27.8%47.1%33.1%46.9%
Expected Move11.7%9.5%13.5%9.5%13.5%
HV 20d42.3%36.4%46.4%36.6%36.4%
HV 60d43.2%40.2%44.7%40.4%40.2%
IV Rank23.9%10.4%32.1%16.3%31.9%
IV Percentile34.1%2.4%54.0%23.4%52.4%
Term Structure-0.4%-10.0%14.8%14.8%-10.0%
VWIV40.3%33.4%46.9%38.1%40.2%
Skew 25d6.0%-1.8%15.2%9.3%15.2%
Skew 10d11.3%-9.1%41.7%15.5%5.6%
Call IV 25d39.4%29.1%51.4%43.2%36.7%
Put IV 25d45.4%36.5%52.6%52.6%51.9%
Bid-Ask Spread %89.4480.4799.3791.1793.50
Gamma HHI0.480.320.760.730.46
Net GEX181.7K105.1K549.6K163.1K160.4K
Net DEX-7.6M-11.3M-2.7M-2.7M-6.9M
Net VEX-10.7K-13.2K-8.7K-9.1K-12.8K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.380.011.990.030.34
Total Volume314.44187141275
Total OI4,012.83,0804,8693,4153,712

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-11-02$29.09$25.0033.1%9.5%36.6%16.3%38.1%9.3%14.8%163.1K-2.7M-9.1K0.0391.17N/AN/A4012,757658
2020-11-03$31.11$25.0047.1%13.5%42.5%32.1%46.9%4.5%-7.5%165.0K-4.2M-9.9K0.0587.58N/AN/A18592,757658
2020-11-04$32.42$25.0040.5%11.6%44.1%24.7%40.5%1.3%9.2%154.0K-5.3M-9.2K0.4587.57N/AN/A3211442,809648
2020-11-05$33.47$30.0035.4%11.4%44.0%18.9%46.2%7.5%-2.4%154.3K-6.2M-9.5K0.2391.26N/AN/A181423,009790
2020-11-06$33.83$30.0033.9%11.0%39.8%17.3%38.7%14.1%-3.7%136.6K-6.4M-8.7K1.5690.02N/AN/A971512,986783
2020-11-09$35.35$35.0042.3%11.8%41.6%26.7%38.7%12.1%-0.0%106.4K-7.0M-9.2K0.0192.78N/AN/A861102,952931
2020-11-10$35.27$35.0027.8%11.0%41.7%10.4%33.4%7.5%-5.1%149.7K-7.4M-9.6K0.0683.74N/AN/A200113,448926
2020-11-11$36.20$35.0036.3%10.4%42.0%20.0%38.2%0.1%-0.7%145.5K-7.9M-9.7K0.0286.03N/AN/A29753,443926
2020-11-12$36.32$35.0046.3%13.3%41.9%31.2%45.3%-1.8%-5.9%157.9K-8.2M-10.8K0.1993.93N/AN/A59113,575930
2020-11-13$37.54$35.0034.3%9.8%42.0%17.7%36.7%6.1%1.6%189.1K-9.3M-10.5K1.9999.37N/AN/A1623223,598941
2020-11-16$40.07$35.0039.9%11.4%45.9%24.0%37.5%5.6%-1.8%204.5K-11.3M-10.8K0.1680.47N/AN/A562893,603942
2020-11-17$40.01$35.0038.7%11.1%45.7%22.7%40.9%5.9%3.7%197.2K-11.3M-11.1K0.5989.42N/AN/A117693,7101,021
2020-11-18$39.61$35.0043.2%12.4%46.4%27.7%43.9%3.8%-3.1%193.9K-10.7M-12.5K0.8983.06N/AN/A1161033,7621,073
2020-11-19$39.89$35.0043.4%12.4%46.4%27.9%41.3%5.3%-2.9%318.4K-10.8M-11.6K0.0885.73N/AN/A282233,7071,162
2020-11-20$39.93$35.0044.4%12.7%46.4%29.1%43.0%3.0%-9.0%549.6K-10.3M-12.3K0.0890.03N/AN/A415333,6381,167
2020-11-23$40.80$35.0040.8%11.7%43.8%25.1%40.0%6.8%-0.6%105.1K-6.0M-11.3K0.0786.54N/AN/A179132,248832
2020-11-24$40.97$35.0038.8%11.1%44.1%22.8%44.0%4.5%-0.8%117.4K-6.4M-10.7K0.3990.31N/AN/A127492,372833
2020-11-25$41.07$35.0038.2%11.0%37.7%22.1%33.4%1.4%5.8%113.7K-6.6M-12.0K0.1393.65N/AN/A560742,454840
2020-11-27$41.55$35.0043.9%12.6%37.8%28.5%38.8%7.9%10.9%152.8K-7.0M-13.2K0.2992.70N/AN/A72212,756899
2020-11-30$41.18$35.0046.9%13.5%36.4%31.9%40.2%15.2%-10.0%160.4K-6.9M-12.8K0.3493.50N/AN/A206692,804908