FORM Options History — September 2023

In September 2023, FORM traded between $31.43 and $35.07. ATM implied volatility averaged 49.8%, placing in the 24.1% IV rank vs the trailing year. The 30-day expected move averaged 12.7%. IV traded above realized volatility by 5.2% (HV 20d: 44.5%). Max pain ranged from $25.00 to $30.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 10 of 20 days. Put/call ratio averaged 0.56.

Notable Days

  • 2023-09-20: Highest Volume — 15 contracts
  • 2023-09-08: Largest IV spike — 83.5% change
  • 2023-09-08: Highest IV Rank — 80.5%
  • 2023-09-12: Largest Expected Move — 20.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$33.51$31.43$35.07$35.07$34.92
Max Pain$27.00$25.00$30.00$30.00$30.00
ATM IV49.8%30.7%100.7%49.9%59.6%
Expected Move12.7%8.8%20.2%14.3%17.1%
HV 20d44.5%38.1%49.4%43.4%38.1%
HV 60d41.5%40.4%43.4%41.5%41.1%
IV Rank24.1%0.5%80.5%22.4%41.6%
IV Percentile37.4%0.4%99.6%49.6%79.0%
Term Structure-1.1%-29.2%16.6%-29.2%-16.5%
VWIV46.9%31.1%70.6%41.6%59.6%
Skew 25d10.6%-28.7%35.1%-28.7%30.3%
Skew 10d11.8%-25.6%57.8%-25.6%16.1%
Call IV 25d43.9%34.8%72.8%72.8%45.7%
Put IV 25d54.5%40.6%76.0%44.2%76.0%
Bid-Ask Spread %105.5896.24116.09112.95103.66
Gamma HHI0.450.340.600.420.45
Net GEX17.5K13.4K21.9K20.4K17.6K
Net DEX-513.6K-676.5K-389.0K-670.1K-542.7K
Net VEX-1.4K-1.6K-1.2K-1.6K-1.3K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.560.003.000.000.13
Total Volume3.85015101
Total OI451.65309592574319

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-09-01$35.07$30.0049.9%14.3%43.4%22.4%0.0%-28.7%-29.2%20.4K-670.1K-1.6K0.00112.95N/AN/A10052153
2023-09-05$34.80$25.0047.9%10.0%43.4%20.1%0.0%8.7%13.2%18.3K-676.5K-1.6K1.00108.14N/AN/A1153153
2023-09-06$34.45$25.0047.6%12.3%43.2%19.8%0.0%4.9%2.5%17.4K-657.7K-1.6K0.00102.18N/AN/A0053253
2023-09-07$33.61$25.0054.9%10.6%44.1%28.1%41.6%1.2%4.3%17.7K-629.6K-1.6K1.50104.44N/AN/A2353253
2023-09-08$33.12$25.00100.7%11.8%43.7%80.5%32.0%6.0%16.6%19.0K-542.2K-1.6K0.50112.93N/AN/A4253454
2023-09-11$32.22$25.0055.7%14.9%42.1%29.0%0.0%-1.5%-2.4%16.0K-501.8K-1.4K0.50103.42N/AN/A2153454
2023-09-12$32.18$25.0081.1%20.2%42.1%58.1%0.0%21.2%-8.8%13.4K-500.1K-1.6K0.00104.57N/AN/A0053655
2023-09-13$32.78$25.0050.4%14.4%42.1%23.0%0.0%0.7%-6.7%16.0K-528.1K-1.4K0.00104.01N/AN/A1053655
2023-09-14$33.20$25.0039.7%11.4%41.6%10.7%46.8%17.1%2.1%15.5K-553.8K-1.4K0.00100.08N/AN/A1053655
2023-09-15$31.43$25.0044.9%12.9%45.6%20.7%0.0%12.8%-8.6%14.6K-523.0K-1.4K0.00114.66N/AN/A10053755
2023-09-18$33.23$25.0035.9%10.3%49.4%7.9%0.0%4.7%4.4%17.2K-389.0K-1.3K0.0096.24N/AN/A2028722
2023-09-19$33.54$25.0041.8%12.0%49.4%16.3%41.9%13.6%1.1%17.8K-424.9K-1.3K0.00102.38N/AN/A3028822
2023-09-20$33.87$25.0030.7%8.8%49.1%0.5%31.1%11.5%13.7%21.9K-447.5K-1.2K0.25110.07N/AN/A12329122
2023-09-21$33.32$30.0043.7%12.5%49.3%19.1%53.3%32.9%-10.2%14.7K-449.2K-1.4K1.00108.92N/AN/A1129425
2023-09-22$33.24$30.0038.1%10.9%48.3%11.0%0.0%13.3%1.0%18.2K-416.1K-1.3K0.00101.20N/AN/A0029425
2023-09-25$33.44$30.0038.6%11.1%48.1%11.8%47.7%9.6%10.4%19.4K-407.3K-1.2K0.0096.90N/AN/A0329425
2023-09-26$33.05$30.0041.1%11.8%48.2%15.3%0.0%16.1%-5.1%17.5K-419.1K-1.2K0.00105.73N/AN/A0029425
2023-09-27$33.73$30.0043.9%12.6%41.5%19.2%70.6%35.1%-0.4%18.8K-443.2K-1.2K3.00103.00N/AN/A1329425
2023-09-28$35.01$30.0048.9%14.0%38.1%26.3%43.9%3.2%-3.6%19.3K-550.3K-1.3K0.13116.09N/AN/A8129325
2023-09-29$34.92$30.0059.6%17.1%38.1%41.6%59.6%30.3%-16.5%17.6K-542.7K-1.3K0.00103.66N/AN/A0129425