FORM Options History — January 2023

In January 2023, FORM traded between $21.93 and $28.59. ATM implied volatility averaged 52.8%, placing in the 28.2% IV rank vs the trailing year. The 30-day expected move averaged 15.1%. IV traded above realized volatility by 8.3% (HV 20d: 44.5%). Max pain ranged from $22.50 to $25.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 7 of 20 days. Put/call ratio averaged 1.51.

Notable Days

  • 2023-01-13: Highest Volume — 58 contracts
  • 2023-01-10: Largest IV drop — 38.6% change
  • 2023-01-19: Highest IV Rank — 38.6%
  • 2023-01-19: Largest Expected Move — 17.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$25.67$21.93$28.59$21.93$28.19
Max Pain$24.63$22.50$25.00$22.50$25.00
ATM IV52.8%38.2%62.2%61.4%44.0%
Expected Move15.1%12.3%17.8%17.6%12.6%
HV 20d44.5%35.8%51.0%47.7%40.7%
HV 60d70.3%50.3%78.1%76.5%50.3%
IV Rank28.2%12.1%38.6%37.7%18.6%
IV Percentile52.7%10.7%83.7%82.1%22.6%
Term Structure-2.9%-18.1%8.5%-4.6%1.7%
VWIV60.2%42.1%92.5%53.1%92.5%
Skew 25d10.1%-13.9%23.9%23.4%12.0%
Skew 10d12.6%-13.8%40.3%-4.1%23.0%
Call IV 25d47.2%35.2%59.4%40.8%50.7%
Put IV 25d57.3%40.8%74.6%64.3%62.7%
Bid-Ask Spread %103.9392.58122.78102.3492.58
Gamma HHI0.250.190.320.270.23
Net GEX2.0K1594.2K6812.2K
Net DEX-181.7K-325.9K47.5K47.5K-278.3K
Net VEX-1.8K-1.9K-1.6K-1.6K-1.8K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.510.006.000.000.20
Total Volume12.15058330
Total OI639425777715454

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-01-03$21.93$22.5061.4%17.6%47.7%37.7%0.0%23.4%-4.6%68147.5K-1.6K0.00102.34N/AN/A30511204
2023-01-04$22.23$22.5049.5%14.2%46.1%24.6%0.0%-13.9%-1.0%30111.5K-1.7K0.0099.11N/AN/A00514204
2023-01-05$22.93$25.0054.7%16.8%47.2%30.3%53.1%-0.4%-8.6%1.1K-22.8K-1.7K0.00105.95N/AN/A100514204
2023-01-06$24.14$25.0047.5%15.1%50.8%22.4%66.3%21.5%2.4%1.6K-115.7K-1.8K0.00109.73N/AN/A50514204
2023-01-09$24.49$22.5062.2%12.3%50.9%38.6%42.1%10.6%8.5%2.3K-165.7K-1.8K1.00122.78N/AN/A44515204
2023-01-10$25.02$25.0038.2%12.8%51.0%12.1%0.0%9.4%7.6%4.2K-176.4K-1.6K2.00114.58N/AN/A816515208
2023-01-11$24.87$25.0051.0%14.6%50.8%26.3%60.6%23.9%1.7%3.6K-196.6K-1.8K3.75114.86N/AN/A415523209
2023-01-12$25.38$25.0047.2%13.5%49.1%22.0%0.0%8.1%4.9%3.1K-235.4K-1.8K3.00106.37N/AN/A13519221
2023-01-13$25.03$25.0050.0%14.3%47.7%25.1%0.0%5.7%-0.0%2.9K-180.5K-1.7K0.93104.91N/AN/A3028520224
2023-01-17$25.24$25.0061.7%17.7%42.5%38.1%59.8%11.5%-18.1%2.5K-184.5K-1.9K0.0093.27N/AN/A02534238
2023-01-18$25.18$25.0051.1%14.7%40.8%26.4%69.5%7.0%-3.8%2.5K-172.1K-1.8K3.00106.38N/AN/A13534240
2023-01-19$24.93$25.0062.2%17.8%35.8%38.6%61.9%23.5%-15.3%3.5K-164.8K-1.8K1.00104.04N/AN/A55534243
2023-01-20$25.65$25.0061.0%17.5%36.6%37.3%59.9%16.8%-18.0%159-223.3K-1.7K6.00103.76N/AN/A16529245
2023-01-23$27.91$25.0048.8%14.0%45.8%23.8%46.5%7.5%7.3%837-232.3K-1.8K0.08101.46N/AN/A363244181
2023-01-24$27.45$25.0051.8%14.9%43.2%27.2%46.8%4.8%-4.9%1.8K-227.1K-1.9K1.67104.32N/AN/A35267181
2023-01-25$27.96$25.0048.4%13.9%41.8%23.3%44.4%8.2%-2.4%1.8K-266.0K-1.9K0.0098.96N/AN/A20270186
2023-01-26$28.51$25.0060.1%17.2%40.9%36.3%79.7%23.8%-4.3%2.2K-296.7K-1.9K0.2093.52N/AN/A51271186
2023-01-27$28.59$25.0049.6%14.2%38.6%24.7%0.0%-8.1%-6.4%2.3K-325.9K-1.8K0.0098.99N/AN/A00272186
2023-01-30$27.74$25.0055.5%15.9%41.2%31.2%0.0%6.4%-5.5%1.5K-229.1K-1.8K0.00100.68N/AN/A04272186
2023-01-31$28.19$25.0044.0%12.6%40.7%18.6%92.5%12.0%1.7%2.2K-278.3K-1.8K0.0092.58N/AN/A030272182