FORM Options History — March 2021

In March 2021, FORM traded between $41.25 and $48.11. ATM implied volatility averaged 49.6%, placing in the 28.8% IV rank vs the trailing year. The 30-day expected move averaged 14.1%. IV traded below realized volatility by 16.7% (HV 20d: 66.2%). Max pain ranged from $40.00 to $50.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 17 of 23 days. Put/call ratio averaged 0.49.

Notable Days

  • 2021-03-24: Highest Volume — 447 contracts
  • 2021-03-30: Largest IV spike — 21.5% change
  • 2021-03-08: Highest IV Rank — 44.6%
  • 2021-03-04: Largest Expected Move — 17.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$44.23$41.25$48.11$48.11$45.57
Max Pain$41.30$40.00$50.00$50.00$40.00
ATM IV49.6%40.3%62.5%48.0%44.5%
Expected Move14.1%11.6%17.4%13.7%12.8%
HV 20d66.2%60.7%72.1%61.2%63.9%
HV 60d56.8%52.0%61.1%52.0%61.1%
IV Rank28.8%17.5%44.6%26.8%22.6%
IV Percentile54.6%19.8%83.3%51.6%38.5%
Term Structure2.3%-2.8%8.1%4.9%2.9%
VWIV49.1%35.2%59.2%51.4%44.3%
Skew 25d4.4%-4.2%16.0%4.7%0.1%
Skew 10d8.5%-11.0%31.5%12.9%-4.1%
Call IV 25d47.5%41.0%57.7%47.9%45.4%
Put IV 25d51.9%42.4%65.2%52.6%45.5%
Bid-Ask Spread %76.0640.9293.7240.9290.70
Gamma HHI0.390.230.500.230.49
Net GEX218.8K121.8K342.6K171.5K342.6K
Net DEX-5.4M-8.4M-2.6M-8.4M-7.5M
Net VEX-27.4K-32.8K-22.1K-32.2K-24.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.490.012.040.520.58
Total Volume217.17463447191133
Total OI5,416.6524,8285,7595,0385,484

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2021-03-01$48.11$50.0048.0%13.7%61.2%26.8%51.4%4.7%4.9%171.5K-8.4M-32.2K0.5240.92N/AN/A126653,8041,234
2021-03-02$45.71$50.0052.1%14.9%63.6%31.9%52.0%5.9%4.5%157.2K-6.5M-32.3K0.1472.25N/AN/A323443,8791,272
2021-03-03$44.62$50.0052.6%15.1%62.6%32.5%55.3%5.8%2.7%161.8K-5.7M-32.8K0.2268.10N/AN/A142314,1241,307
2021-03-04$41.30$40.0060.5%17.4%66.7%42.2%59.2%6.3%-1.8%123.4K-2.9M-29.0K0.1370.69N/AN/A302394,1941,327
2021-03-05$42.74$40.0055.4%15.8%65.0%35.9%56.1%8.1%-1.1%140.7K-3.8M-29.4K0.1263.66N/AN/A284354,0961,361
2021-03-08$41.25$40.0062.5%17.2%65.7%44.6%56.4%9.4%-2.8%121.8K-2.6M-27.3K0.1870.76N/AN/A322594,1631,370
2021-03-09$44.11$40.0059.8%15.2%70.2%41.3%55.7%6.7%-0.6%188.8K-5.2M-31.1K0.1977.06N/AN/A140274,3531,406
2021-03-10$43.37$40.0051.1%14.6%70.3%30.7%50.7%7.0%-0.4%165.0K-4.4M-29.1K0.5477.83N/AN/A80434,2951,386
2021-03-11$45.24$40.0048.6%13.9%72.1%27.7%48.6%5.0%2.3%204.4K-6.0M-29.3K0.4776.90N/AN/A120564,2041,393
2021-03-12$45.12$40.0047.6%13.7%69.9%26.4%47.5%6.1%3.8%217.0K-6.1M-29.0K0.5070.76N/AN/A102514,2131,343
2021-03-15$45.33$40.0046.8%13.4%68.3%25.4%47.3%6.1%3.3%222.0K-6.3M-28.2K0.2376.32N/AN/A91214,2501,337
2021-03-16$47.03$40.0045.3%13.0%69.1%23.5%45.1%4.4%3.5%233.2K-8.2M-27.5K0.7463.71N/AN/A1461084,2781,326
2021-03-17$46.69$40.0047.5%13.6%67.1%26.3%46.7%7.3%2.1%234.3K-8.0M-27.7K0.8583.46N/AN/A39334,3411,343
2021-03-18$44.22$40.0049.1%14.1%69.3%28.2%48.3%6.0%-0.4%223.0K-5.2M-26.8K0.0786.77N/AN/A13694,3591,326
2021-03-19$43.97$40.0049.8%14.3%68.0%29.1%47.0%4.0%1.3%224.2K-5.0M-26.5K1.0683.73N/AN/A63674,4081,293
2021-03-22$44.22$40.0042.1%12.1%66.7%19.6%42.0%1.4%3.6%265.4K-5.5M-25.0K0.6482.89N/AN/A104673,7981,030
2021-03-23$42.12$40.0040.3%11.6%68.6%17.5%35.2%2.2%3.8%235.9K-2.8M-22.1K1.3893.72N/AN/A1592193,8241,071
2021-03-24$42.84$40.0044.2%12.7%67.2%22.2%44.7%-1.8%1.1%263.5K-4.3M-24.4K0.0893.65N/AN/A415323,9611,065
2021-03-25$42.75$40.0048.4%13.9%60.8%27.4%45.0%-2.7%2.1%271.6K-4.3M-24.1K0.5492.83N/AN/A105574,2231,048
2021-03-26$45.08$40.0046.0%13.2%63.5%24.4%45.9%-3.3%4.6%334.3K-7.1M-26.4K0.0165.74N/AN/A22734,3001,051
2021-03-29$42.88$40.0044.2%12.7%63.0%22.2%59.1%16.0%8.1%280.6K-4.3M-23.1K2.0474.89N/AN/A1012064,2441,054
2021-03-30$42.98$40.0053.7%15.4%60.7%33.8%46.0%-4.2%5.0%251.3K-4.1M-23.3K0.0572.07N/AN/A6034,1991,246
2021-03-31$45.57$40.0044.5%12.8%63.9%22.6%44.3%0.1%2.9%342.6K-7.5M-24.7K0.5890.70N/AN/A84494,2351,249