FORM Options History — January 2021

In January 2021, FORM traded between $41.11 and $50.18. ATM implied volatility averaged 48.5%, placing in the 29.7% IV rank vs the trailing year. The 30-day expected move averaged 14.2%. IV traded above realized volatility by 8.8% (HV 20d: 39.7%). Max pain ranged from $35.00 to $45.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 1 of 19 days. Put/call ratio averaged 0.16.

Notable Days

2021-01-14: Highest Volume — 735 contracts
2021-01-29: Largest IV spike — 17.3% change
2021-01-29: Highest IV Rank — 48.8%
2021-01-29: Largest Expected Move — 18.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$46.06	$41.11	$50.18	$42.80	$41.11
Max Pain	$40.53	$35.00	$45.00	$35.00	$45.00
ATM IV	48.5%	37.4%	65.9%	41.4%	65.9%
Expected Move	14.2%	10.3%	18.9%	10.3%	18.9%
HV 20d	39.7%	27.6%	56.3%	36.3%	56.3%
HV 60d	39.7%	35.6%	45.5%	37.6%	45.5%
IV Rank	29.7%	20.3%	48.8%	25.7%	48.8%
IV Percentile	52.7%	17.9%	87.3%	28.6%	87.3%
Term Structure	-3.8%	-8.5%	0.2%	0.2%	-8.5%
VWIV	50.3%	41.9%	63.3%	43.5%	63.3%
Skew 25d	6.9%	2.7%	17.1%	17.1%	10.4%
Skew 10d	12.4%	-1.1%	35.0%	31.9%	-1.1%
Call IV 25d	48.1%	38.8%	60.9%	38.8%	60.9%
Put IV 25d	55.0%	47.5%	73.9%	55.9%	71.3%
Bid-Ask Spread %	67.37	57.17	86.56	86.56	82.35
Gamma HHI	0.44	0.28	0.67	0.44	0.49
Net GEX	301.3K	138.3K	641.5K	349.1K	140.8K
Net DEX	-10.6M	-18.1M	-5.3M	-9.8M	-5.3M
Net VEX	-23.5K	-25.9K	-21.4K	-25.6K	-22.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.16	0.01	0.72	0.01	0.01
Total Volume	212.526	41	735	147	548
Total OI	4,428.211	3,187	5,400	5,152	3,569

Daily Data (19 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2021-01-04	$42.80	$35.00	41.4%	10.3%	36.3%	25.7%	43.5%	17.1%	0.2%	349.1K	-9.8M	-25.6K	0.01	86.56	N/A	N/A	146	1	4,442	710
2021-01-05	$43.23	$35.00	46.4%	13.3%	31.9%	31.3%	48.2%	6.6%	-0.8%	369.6K	-9.9M	-24.7K	0.04	65.56	N/A	N/A	96	4	4,473	711
2021-01-06	$43.92	$35.00	41.0%	12.8%	32.3%	25.3%	57.1%	6.6%	-2.1%	427.4K	-10.6M	-25.5K	0.72	70.68	N/A	N/A	138	100	4,501	715
2021-01-07	$45.44	$35.00	37.4%	12.7%	33.8%	21.2%	41.9%	7.3%	-2.9%	506.5K	-12.6M	-25.8K	0.05	66.78	N/A	N/A	214	11	4,543	799
2021-01-08	$44.71	$40.00	37.5%	12.9%	28.4%	21.3%	44.8%	4.0%	-2.8%	513.5K	-11.6M	-25.9K	0.19	65.27	N/A	N/A	214	40	4,595	805
2021-01-11	$45.29	$40.00	42.6%	13.2%	28.6%	26.7%	46.8%	6.6%	-3.6%	567.5K	-12.3M	-24.1K	0.38	64.16	N/A	N/A	52	20	4,559	774
2021-01-12	$46.61	$40.00	42.6%	13.4%	28.2%	20.3%	45.1%	5.1%	-3.4%	484.1K	-14.3M	-23.2K	0.13	57.17	N/A	N/A	160	21	4,544	794
2021-01-13	$45.87	$40.00	46.8%	13.4%	27.6%	25.4%	47.0%	2.7%	-2.2%	641.5K	-13.3M	-23.4K	0.05	61.83	N/A	N/A	115	6	4,534	815
2021-01-14	$50.18	$40.00	47.6%	13.6%	41.1%	26.4%	48.5%	3.9%	-4.6%	318.9K	-18.1M	-22.0K	0.01	66.12	N/A	N/A	729	6	4,567	818
2021-01-15	$49.05	$40.00	48.4%	13.9%	41.8%	27.4%	47.9%	3.8%	-3.6%	138.3K	-16.3M	-21.4K	0.05	64.71	N/A	N/A	342	17	4,550	816
2021-01-19	$49.94	$40.00	50.4%	14.4%	41.8%	29.8%	50.4%	3.9%	-3.1%	146.7K	-9.8M	-21.8K	0.28	59.09	N/A	N/A	131	37	2,838	349
2021-01-20	$48.54	$40.00	49.6%	14.2%	43.7%	28.8%	49.1%	4.9%	-3.4%	151.2K	-9.1M	-22.0K	0.05	63.35	N/A	N/A	394	18	2,870	384
2021-01-21	$48.43	$45.00	49.5%	14.2%	42.2%	28.8%	50.5%	4.9%	-3.8%	163.0K	-9.2M	-23.2K	0.01	63.10	N/A	N/A	98	1	3,023	399
2021-01-22	$49.26	$45.00	48.7%	14.0%	42.3%	27.7%	49.6%	6.5%	-3.5%	169.6K	-9.8M	-23.0K	0.57	59.53	N/A	N/A	54	31	3,073	399
2021-01-25	$48.37	$45.00	54.2%	15.6%	43.0%	34.5%	54.8%	5.5%	-6.8%	167.3K	-9.3M	-23.1K	0.03	61.88	N/A	N/A	78	2	3,085	427
2021-01-26	$46.34	$40.00	54.6%	15.7%	46.4%	35.0%	53.4%	6.9%	-4.4%	164.5K	-8.1M	-23.6K	0.05	58.99	N/A	N/A	62	3	3,094	429
2021-01-27	$42.84	$45.00	61.5%	17.6%	54.7%	43.4%	62.0%	13.2%	-6.5%	151.5K	-6.2M	-23.1K	0.13	82.37	N/A	N/A	96	12	3,116	432
2021-01-28	$43.22	$45.00	56.2%	16.1%	53.9%	36.9%	52.4%	11.6%	-6.0%	153.7K	-6.3M	-22.5K	0.32	80.63	N/A	N/A	31	10	3,141	443
2021-01-29	$41.11	$45.00	65.9%	18.9%	56.3%	48.8%	63.3%	10.4%	-8.5%	140.8K	-5.3M	-22.3K	0.01	82.35	N/A	N/A	545	3	3,131	438