FORM Options History — February 2021

In February 2021, FORM traded between $42.56 and $51.30. ATM implied volatility averaged 51.3%, placing in the 30.9% IV rank vs the trailing year. The 30-day expected move averaged 15.0%. IV traded below realized volatility by 10.1% (HV 20d: 61.4%). Max pain ranged from $40.00 to $50.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 15 of 19 days. Put/call ratio averaged 0.30.

Notable Days

  • 2021-02-05: Highest Volume — 2,865 contracts
  • 2021-02-04: Largest IV drop — 30.0% change
  • 2021-02-25: Highest IV Rank — 36.6%
  • 2021-02-25: Largest Expected Move — 16.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$46.72$42.56$51.30$42.62$45.87
Max Pain$44.21$40.00$50.00$40.00$50.00
ATM IV51.3%37.0%56.0%55.1%55.9%
Expected Move15.0%12.1%16.0%15.8%16.0%
HV 20d61.4%57.4%64.6%57.9%62.5%
HV 60d46.3%44.1%51.2%44.1%51.2%
IV Rank30.9%13.4%36.6%35.6%36.6%
IV Percentile62.4%15.5%74.6%71.4%74.2%
Term Structure1.0%-10.5%4.8%-4.3%3.1%
VWIV53.6%42.1%60.9%56.7%57.6%
Skew 25d5.1%2.7%11.5%6.6%3.7%
Skew 10d10.5%1.1%23.0%11.8%14.8%
Call IV 25d52.0%41.0%58.5%57.5%56.6%
Put IV 25d57.2%49.1%69.9%64.1%60.2%
Bid-Ask Spread %62.2449.8275.9770.4560.24
Gamma HHI0.270.210.390.280.24
Net GEX209.5K94.2K334.0K94.2K143.9K
Net DEX-8.1M-13.9M-3.4M-3.4M-6.3M
Net VEX-27.3K-32.8K-15.3K-15.3K-31.9K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.300.011.580.010.38
Total Volume440.158922,865198148
Total OI4,373.2632,7355,2412,7354,880

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2021-02-01$42.62$40.0055.1%15.8%57.9%35.6%56.7%6.6%-4.3%94.2K-3.4M-15.3K0.0170.45N/AN/A19712,295440
2021-02-02$44.47$40.0053.2%15.3%59.8%33.2%54.0%8.1%-5.4%120.6K-4.2M-16.0K0.2873.33N/AN/A72202,379441
2021-02-03$42.56$40.0052.9%15.2%61.9%32.9%59.4%11.5%-10.5%104.5K-3.4M-15.3K0.2475.62N/AN/A188462,432453
2021-02-04$44.88$40.0037.0%12.1%64.6%13.4%42.1%8.1%-0.8%161.5K-4.7M-16.7K0.0875.97N/AN/A316242,604481
2021-02-05$45.51$40.0044.5%14.7%63.6%22.5%50.8%3.3%2.3%165.5K-5.4M-19.3K0.0264.40N/AN/A2,809562,759477
2021-02-08$46.25$45.0046.3%15.1%63.5%24.8%52.4%2.8%1.7%279.2K-9.5M-29.9K0.0661.46N/AN/A206134,183529
2021-02-09$46.28$45.0048.5%15.3%63.4%27.5%55.6%5.7%1.7%273.1K-9.6M-30.1K0.0959.84N/AN/A131124,229541
2021-02-10$45.93$45.0053.2%15.3%62.6%33.3%52.9%3.7%1.1%272.5K-9.3M-29.5K0.3565.93N/AN/A257914,193550
2021-02-11$48.12$45.0051.1%14.7%64.5%30.7%51.1%4.8%1.6%280.0K-11.2M-31.6K0.2858.85N/AN/A7121964,205640
2021-02-12$49.96$45.0052.3%15.0%57.4%32.1%52.3%3.8%2.4%328.5K-12.5M-32.7K0.0759.29N/AN/A245184,405830
2021-02-16$51.30$45.0051.4%14.7%57.5%31.0%52.3%2.7%4.8%334.0K-13.9M-31.5K0.0349.82N/AN/A533184,400841
2021-02-17$48.85$45.0052.3%15.0%59.9%32.2%50.8%5.5%3.2%300.1K-10.8M-30.6K0.0751.38N/AN/A430324,211832
2021-02-18$47.77$45.0051.7%14.8%59.6%31.4%52.4%3.5%2.5%274.4K-9.7M-29.9K0.0157.62N/AN/A14114,232849
2021-02-19$49.28$45.0050.8%14.6%60.6%30.3%50.4%6.1%3.2%186.3K-10.7M-29.8K0.6360.29N/AN/A3802414,226850
2021-02-22$47.21$45.0054.1%15.5%62.2%34.3%56.7%3.8%3.9%172.2K-7.7M-32.4K0.2963.57N/AN/A84243,720945
2021-02-23$46.99$45.0054.6%15.6%61.9%34.9%53.4%4.7%2.6%168.9K-7.6M-32.8K0.0957.85N/AN/A229203,758942
2021-02-24$48.84$45.0053.3%15.3%61.5%33.3%56.5%2.8%1.9%178.2K-8.9M-32.5K1.1352.91N/AN/A1211373,677952
2021-02-25$44.95$50.0056.0%16.0%62.2%36.6%60.9%6.2%3.5%142.0K-5.8M-31.0K1.5863.78N/AN/A831313,6421,069
2021-02-26$45.87$50.0055.9%16.0%62.5%36.6%57.6%3.7%3.1%143.9K-6.3M-31.9K0.3860.24N/AN/A107413,6871,193