FORM Options History — February 2023

In February 2023, FORM traded between $28.71 and $32.61. ATM implied volatility averaged 48.7%, placing in the 23.7% IV rank vs the trailing year. The 30-day expected move averaged 13.6%. IV traded below realized volatility by 5.5% (HV 20d: 54.2%). Max pain ranged from $25.00 to $30.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 9 of 19 days. Put/call ratio averaged 0.47.

Notable Days

  • 2023-02-06: Highest Volume — 404 contracts
  • 2023-02-15: Largest IV drop — 39.3% change
  • 2023-02-03: Highest IV Rank — 44.5%
  • 2023-02-01: Largest Expected Move — 17.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$30.67$28.71$32.61$29.43$30.34
Max Pain$28.16$25.00$30.00$25.00$30.00
ATM IV48.7%31.8%67.5%61.3%43.8%
Expected Move13.6%9.1%17.6%17.6%12.5%
HV 20d54.2%41.4%62.2%41.4%57.3%
HV 60d50.0%45.5%51.4%50.0%49.5%
IV Rank23.7%5.0%44.5%37.6%18.2%
IV Percentile39.8%0.8%92.9%82.1%21.0%
Term Structure-1.1%-16.3%21.2%-15.9%3.5%
VWIV49.5%36.1%89.4%61.2%40.7%
Skew 25d9.8%-7.6%27.1%18.1%9.5%
Skew 10d11.4%-3.7%28.8%28.8%16.8%
Call IV 25d40.8%33.2%55.6%53.4%37.2%
Put IV 25d50.7%40.6%71.5%71.5%46.7%
Bid-Ask Spread %104.2296.95112.37101.52109.09
Gamma HHI0.450.250.850.270.38
Net GEX20.1K2.2K59.4K2.2K9.4K
Net DEX-712.0K-1.2M-356.9K-356.9K-611.1K
Net VEX-2.1K-2.7K-1.9K-1.9K-2.2K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.470.003.670.050.00
Total Volume51.6840404390
Total OI8224711,146471695

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-02-01$29.43$25.0061.3%17.6%41.4%37.6%61.2%18.1%-15.9%2.2K-356.9K-1.9K0.05101.52N/AN/A372272199
2023-02-02$30.09$25.0066.2%15.4%41.5%43.1%0.0%23.7%-16.3%4.3K-449.9K-1.9K0.00104.22N/AN/A30303199
2023-02-03$29.82$25.0067.5%14.8%41.9%44.5%50.2%13.8%-7.6%4.4K-440.5K-2.0K0.00103.21N/AN/A100306199
2023-02-06$28.71$25.0057.6%15.8%43.0%33.5%56.2%19.7%-7.6%4.1K-365.6K-1.9K0.01104.36N/AN/A4004306199
2023-02-07$29.29$25.0052.8%16.3%43.2%28.2%0.0%18.6%0.4%18.5K-447.2K-2.2K0.00103.78N/AN/A10706203
2023-02-08$28.88$25.0048.1%13.8%43.6%23.0%0.0%0.4%-15.4%16.8K-433.5K-2.0K3.67104.05N/AN/A311706203
2023-02-09$32.61$25.0047.5%13.6%59.2%22.3%37.7%-7.6%-4.7%53.4K-1.0M-2.4K0.2696.95N/AN/A28874721206
2023-02-10$31.47$30.0043.4%12.5%61.6%17.9%43.1%10.2%3.1%46.9K-1.0M-2.5K0.17104.77N/AN/A427868269
2023-02-13$32.02$30.0052.3%15.0%61.0%27.7%0.0%11.6%-2.5%51.6K-1.1M-2.7K0.91100.37N/AN/A1110877269
2023-02-14$32.45$30.0052.3%15.0%61.0%27.7%0.0%27.1%21.2%55.3K-1.2M-2.3K0.00106.31N/AN/A00873269
2023-02-15$32.60$30.0031.8%9.1%60.8%5.0%36.1%6.7%4.3%59.4K-1.2M-2.2K0.0098.76N/AN/A40873269
2023-02-16$32.42$30.0037.7%10.8%60.6%11.5%47.4%1.4%19.0%6.8K-1.0M-2.0K0.00103.45N/AN/A40873269
2023-02-17$31.44$30.0045.7%13.1%62.2%20.4%45.7%11.1%4.1%6.9K-947.3K-2.0K0.00102.11N/AN/A70876269
2023-02-21$30.20$30.0049.1%14.1%58.1%24.2%36.4%-2.0%-4.1%6.7K-575.1K-2.0K2.38102.96N/AN/A1331385239
2023-02-22$29.71$30.0038.2%10.9%58.1%12.1%89.4%1.9%3.2%8.2K-516.3K-2.1K0.00108.70N/AN/A120396239
2023-02-23$30.63$30.0040.6%11.6%58.6%14.7%40.7%6.3%-7.3%10.7K-681.3K-2.0K0.00105.05N/AN/A70427269
2023-02-24$30.27$30.0043.2%12.4%58.6%17.7%0.0%10.5%2.8%8.0K-590.9K-2.2K0.00112.37N/AN/A10424269
2023-02-27$30.27$30.0046.7%13.4%58.6%21.5%0.0%6.0%-1.1%8.8K-625.9K-2.2K0.00108.17N/AN/A00424269
2023-02-28$30.34$30.0043.8%12.5%57.3%18.2%0.0%9.5%3.5%9.4K-611.1K-2.2K0.00109.09N/AN/A00426269