FORM Options History — March 2023

In March 2023, FORM traded between $28.31 and $31.61. ATM implied volatility averaged 52.5%, placing in the 26.6% IV rank vs the trailing year. The 30-day expected move averaged 13.8%. IV traded above realized volatility by 12.4% (HV 20d: 40.1%). Max pain ranged from $25.00 to $30.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 12 of 23 days. Put/call ratio averaged 0.55.

Notable Days

  • 2023-03-30: Highest Volume — 64 contracts
  • 2023-03-08: Largest IV spike — 65.0% change
  • 2023-03-08: Highest IV Rank — 50.1%
  • 2023-03-03: Largest Expected Move — 19.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$29.59$28.31$31.61$30.26$31.61
Max Pain$26.96$25.00$30.00$30.00$25.00
ATM IV52.5%34.0%72.6%46.3%40.5%
Expected Move13.8%9.8%19.3%13.3%11.6%
HV 20d40.1%29.3%57.2%57.2%39.6%
HV 60d47.4%44.4%49.9%49.2%46.2%
IV Rank26.6%2.9%50.1%21.1%10.4%
IV Percentile50.2%2.4%97.2%28.6%15.5%
Term Structure1.0%-17.8%16.9%-0.3%16.9%
VWIV49.6%29.7%75.8%74.7%75.8%
Skew 25d8.2%-14.1%28.1%-7.0%28.1%
Skew 10d7.7%-27.3%97.6%-9.1%97.6%
Call IV 25d40.8%23.4%59.4%55.1%38.0%
Put IV 25d49.0%34.8%71.5%48.1%66.2%
Bid-Ask Spread %111.70105.01125.35107.26111.49
Gamma HHI0.410.300.700.380.32
Net GEX6.2K2.0K14.7K8.1K4.0K
Net DEX-514.1K-649.8K-383.2K-603.1K-629.7K
Net VEX-1.8K-2.2K-1.3K-2.1K-1.3K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.550.008.000.000.00
Total Volume11.783064413
Total OI663.913582713695582

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-03-01$30.26$30.0046.3%13.3%57.2%21.1%74.7%-7.0%-0.3%8.1K-603.1K-2.1K0.00107.26N/AN/A410426269
2023-03-02$30.42$30.0050.6%14.5%55.3%25.8%0.0%12.1%-4.1%7.5K-579.1K-1.9K0.00112.21N/AN/A250402269
2023-03-03$30.29$30.0067.4%19.3%54.8%44.4%0.0%19.6%-17.8%7.4K-613.7K-2.2K0.00113.82N/AN/A10427269
2023-03-06$29.14$25.0065.0%14.2%56.4%41.7%49.8%15.2%-9.2%6.9K-503.0K-2.0K0.45107.00N/AN/A115428269
2023-03-07$28.54$25.0044.0%13.7%55.3%18.5%40.9%11.9%-9.6%10.4K-448.3K-2.1K8.00112.04N/AN/A18427274
2023-03-08$29.37$25.0072.6%14.3%55.8%50.1%0.0%25.7%-2.9%6.8K-508.4K-2.0K0.00125.35N/AN/A50427270
2023-03-09$28.85$25.0052.5%12.5%55.9%27.9%0.0%-0.4%8.1%7.4K-450.2K-2.0K0.00108.65N/AN/A00432270
2023-03-10$28.31$25.0071.4%12.1%32.9%48.8%0.0%18.4%1.4%7.0K-442.9K-2.0K0.00105.01N/AN/A40432270
2023-03-13$28.63$25.0060.1%11.6%31.7%36.3%48.4%-14.1%7.9%8.1K-453.4K-1.8K0.10113.47N/AN/A202432270
2023-03-14$29.14$25.0069.8%16.4%31.8%47.0%0.0%-12.5%-17.2%12.7K-563.5K-2.0K0.00108.12N/AN/A10440272
2023-03-15$28.86$25.0047.4%13.6%31.1%22.3%38.5%-8.4%-1.7%8.9K-508.1K-1.9K0.00109.96N/AN/A100441272
2023-03-16$30.11$25.0054.0%15.5%35.4%29.6%40.2%12.4%-4.7%14.7K-621.8K-1.9K0.00110.70N/AN/A10441272
2023-03-17$29.66$25.0049.3%14.1%35.6%24.4%0.0%10.3%-1.7%2.7K-496.3K-1.8K0.00110.73N/AN/A00441272
2023-03-20$29.91$25.0038.8%11.1%34.4%12.7%29.7%1.6%5.2%2.8K-525.7K-1.6K0.00111.12N/AN/A70376244
2023-03-21$29.40$25.0051.4%14.7%32.0%26.7%0.0%-6.9%4.9%2.0K-464.5K-1.8K0.00108.29N/AN/A00381244
2023-03-22$29.29$25.0034.0%9.8%31.5%2.9%63.3%-0.5%11.3%2.8K-522.7K-1.5K0.00115.96N/AN/A110381244
2023-03-23$29.55$30.0049.2%14.1%29.5%20.5%58.5%22.9%4.1%3.3K-446.3K-1.7K1.88113.67N/AN/A1630362244
2023-03-24$29.53$30.0047.6%13.6%29.3%18.7%40.1%1.3%10.6%2.8K-431.9K-1.8K0.00124.02N/AN/A20374244
2023-03-27$29.38$30.0051.3%14.7%29.3%23.0%0.0%23.8%5.6%3.7K-453.3K-1.6K0.00111.48N/AN/A00375244
2023-03-28$28.59$30.0051.7%14.8%30.7%23.5%0.0%1.1%-0.5%2.5K-383.2K-1.6K0.00110.34N/AN/A10375244
2023-03-29$30.26$30.0048.7%14.0%37.3%20.0%50.7%10.9%6.6%4.5K-524.7K-1.6K0.00109.58N/AN/A20376244
2023-03-30$31.42$30.0045.0%12.9%39.6%15.7%34.0%22.3%10.3%6.5K-649.8K-1.5K0.08108.88N/AN/A595378244
2023-03-31$31.61$25.0040.5%11.6%39.6%10.4%75.8%28.1%16.9%4.0K-629.7K-1.3K0.00111.49N/AN/A30343239