FORM Options History — April 2023

In April 2023, FORM traded between $26.85 and $31.33. ATM implied volatility averaged 53.4%, placing in the 25.4% IV rank vs the trailing year. The 30-day expected move averaged 15.3%. IV traded above realized volatility by 16.4% (HV 20d: 37.0%). Max pain ranged from $25.00 to $25.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 8 of 19 days. Put/call ratio averaged 0.81.

Notable Days

  • 2023-04-14: Highest Volume — 112 contracts
  • 2023-04-06: Largest IV spike — 27.5% change
  • 2023-04-25: Highest IV Rank — 35.7%
  • 2023-04-25: Largest Expected Move — 17.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$28.97$26.85$31.33$31.33$27.41
Max Pain$25.00$25.00$25.00$25.00$25.00
ATM IV53.4%46.0%62.3%46.5%51.7%
Expected Move15.3%13.2%17.9%13.3%14.8%
HV 20d37.0%29.2%40.1%36.8%29.2%
HV 60d44.9%42.5%46.7%46.0%42.5%
IV Rank25.4%16.8%35.7%17.4%23.4%
IV Percentile56.2%27.0%86.1%28.2%50.8%
Term Structure-1.9%-26.5%18.4%10.0%5.0%
VWIV47.0%27.1%62.7%27.1%46.0%
Skew 25d7.8%-8.1%29.5%17.8%3.6%
Skew 10d10.0%-10.2%47.9%5.3%31.8%
Call IV 25d45.2%28.9%55.2%29.4%54.4%
Put IV 25d53.0%43.5%61.7%47.2%58.1%
Bid-Ask Spread %105.8293.24119.3399.9297.69
Gamma HHI0.340.280.440.370.29
Net GEX4.3K2.0K7.5K3.9K5.4K
Net DEX-366.7K-617.9K-141.2K-617.9K-178.5K
Net VEX-1.2K-1.5K-1.0K-1.3K-1.3K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.810.0010.330.000.38
Total Volume12.7890112111
Total OI511.947189680583257

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-04-03$31.33$25.0046.5%13.3%36.8%17.4%27.1%17.8%10.0%3.9K-617.9K-1.3K0.0099.92N/AN/A10344239
2023-04-04$30.21$25.0058.4%16.7%38.5%31.2%0.0%8.6%0.5%2.0K-476.4K-1.4K0.00109.21N/AN/A00345239
2023-04-05$29.80$25.0046.0%13.2%37.7%16.8%0.0%1.2%-15.0%2.7K-492.8K-1.3K0.00112.71N/AN/A30345239
2023-04-06$29.62$25.0058.6%16.1%37.2%31.5%0.0%29.5%-6.3%2.7K-491.4K-1.4K0.00101.53N/AN/A00346239
2023-04-10$30.59$25.0051.5%14.6%37.9%23.2%0.0%3.5%-0.4%2.9K-560.4K-1.2K0.00107.86N/AN/A10346239
2023-04-11$30.68$25.0052.7%15.8%37.8%24.6%0.0%1.8%-2.1%3.3K-589.0K-1.2K0.00105.38N/AN/A10347239
2023-04-12$30.09$25.0049.2%14.1%38.2%20.6%0.0%-8.1%7.1%2.4K-487.9K-1.2K0.00103.50N/AN/A00348239
2023-04-13$30.20$25.0046.9%13.5%38.0%17.9%0.0%-4.4%-1.6%2.9K-486.0K-1.2K0.00118.99N/AN/A80349239
2023-04-14$29.89$25.0057.5%16.5%35.1%30.2%0.0%0.0%-26.5%2.8K-479.3K-1.1K0.00119.33N/AN/A1120353239
2023-04-17$28.91$25.0056.1%16.1%36.7%28.6%0.0%-3.5%-6.8%7.5K-462.9K-1.5K0.00110.59N/AN/A290441239
2023-04-18$28.14$25.0046.0%13.2%37.6%16.9%0.0%12.7%3.0%6.3K-288.1K-1.2K0.00107.27N/AN/A100417239
2023-04-19$28.21$25.0053.9%15.5%37.3%26.0%48.1%8.0%4.0%6.2K-315.6K-1.3K0.00109.33N/AN/A40422239
2023-04-20$28.48$25.0057.6%16.5%37.5%30.3%0.0%15.8%-12.9%5.8K-206.1K-1.1K0.00103.03N/AN/A00420239
2023-04-21$28.06$25.0058.9%16.9%37.6%31.8%0.0%10.3%-7.4%5.7K-202.9K-1.0K0.00106.37N/AN/A00420239
2023-04-24$28.07$25.0052.3%15.0%37.6%24.1%51.9%-1.5%-2.1%5.9K-201.5K-1.0K10.3393.24N/AN/A33117910
2023-04-25$26.92$25.0062.3%17.9%40.1%35.7%62.7%26.2%-11.1%4.3K-143.5K-1.1K0.00110.22N/AN/A11018241
2023-04-26$26.85$25.0052.2%15.0%39.2%24.0%45.8%18.1%18.4%4.5K-141.2K-1.2K0.5096.63N/AN/A2118841
2023-04-27$27.01$25.0056.0%16.0%32.4%28.4%0.0%8.2%7.2%4.4K-146.4K-1.2K0.0797.73N/AN/A14118951
2023-04-28$27.41$25.0051.7%14.8%29.2%23.4%46.0%3.6%5.0%5.4K-178.5K-1.3K0.3897.69N/AN/A8320552