FORM Options History — December 2023

In December 2023, FORM traded between $36.42 and $42.17. ATM implied volatility averaged 49.2%, placing in the 26.8% IV rank vs the trailing year. The 30-day expected move averaged 12.3%. IV traded above realized volatility by 14.8% (HV 20d: 34.5%). 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 16 of 20 days. Put/call ratio averaged 0.39.

Notable Days

2023-12-29: Highest Volume — 138 contracts
2023-12-13: Largest IV drop — 45.4% change
2023-12-06: Highest IV Rank — 73.1%
2023-12-15: Largest Expected Move — 15.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$39.45	$36.42	$42.17	$37.47	$42.03
Max Pain	$25.25	$25.00	$30.00	$30.00	$25.00
ATM IV	49.2%	36.7%	81.8%	46.1%	44.6%
Expected Move	12.3%	10.5%	15.1%	13.2%	12.8%
HV 20d	34.5%	26.0%	51.0%	50.8%	28.0%
HV 60d	40.5%	39.3%	42.3%	42.3%	39.3%
IV Rank	26.8%	9.1%	73.1%	22.3%	20.3%
IV Percentile	39.5%	3.6%	98.4%	32.1%	27.4%
Term Structure	5.9%	-8.9%	20.1%	-8.9%	10.1%
VWIV	47.9%	20.6%	85.4%	85.4%	47.4%
Skew 25d	4.4%	-2.1%	19.5%	5.3%	10.3%
Skew 10d	6.4%	-20.2%	30.1%	5.5%	3.5%
Call IV 25d	40.9%	32.7%	49.3%	44.2%	40.0%
Put IV 25d	45.3%	38.5%	57.7%	49.6%	50.3%
Bid-Ask Spread %	90.55	68.60	103.65	68.60	91.01
Gamma HHI	0.39	0.27	0.54	0.35	0.46
Net GEX	20.5K	11.7K	30.0K	13.9K	29.6K
Net DEX	-674.9K	-944.8K	-483.7K	-546.6K	-944.8K
Net VEX	-2.0K	-2.4K	-1.7K	-1.7K	-2.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.39	0.00	3.33	0.00	0.00
Total Volume	16.8	0	138	0	138
Total OI	407.9	304	429	379	427

Daily Data (20 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2023-12-01	$37.47	$30.00	46.1%	13.2%	50.8%	22.3%	0.0%	5.3%	-8.9%	13.9K	-546.6K	-1.7K	0.00	68.60	N/A	N/A	0	0	269	110
2023-12-04	$37.10	$25.00	65.2%	13.3%	51.0%	49.6%	85.4%	2.8%	1.1%	11.7K	-517.0K	-1.7K	0.00	91.46	N/A	N/A	2	0	269	110
2023-12-05	$36.57	$25.00	60.5%	10.8%	50.1%	42.8%	49.8%	1.8%	16.0%	12.5K	-508.0K	-1.7K	1.25	93.48	N/A	N/A	16	20	270	110
2023-12-06	$36.56	$25.00	81.8%	11.5%	48.6%	73.1%	43.1%	0.3%	4.7%	12.1K	-486.0K	-1.9K	1.00	93.12	N/A	N/A	1	1	282	130
2023-12-07	$36.42	$25.00	50.8%	11.7%	48.5%	29.1%	0.0%	0.7%	7.9%	14.8K	-483.7K	-1.8K	0.00	90.82	N/A	N/A	0	10	283	131
2023-12-08	$37.34	$25.00	46.3%	13.5%	45.7%	22.7%	0.0%	7.0%	-0.0%	14.5K	-535.2K	-2.0K	0.00	91.44	N/A	N/A	10	0	283	141
2023-12-11	$38.76	$25.00	48.7%	13.9%	31.5%	26.1%	46.2%	-2.1%	-0.3%	19.2K	-561.1K	-1.9K	0.50	99.21	N/A	N/A	2	1	280	141
2023-12-12	$38.77	$25.00	69.2%	11.1%	30.6%	55.2%	0.0%	3.1%	5.5%	20.2K	-616.0K	-1.8K	0.00	88.01	N/A	N/A	2	0	282	141
2023-12-13	$39.41	$25.00	37.8%	10.8%	26.2%	10.6%	0.0%	4.4%	8.3%	25.0K	-621.0K	-1.9K	0.00	96.12	N/A	N/A	0	0	284	141
2023-12-14	$40.56	$25.00	50.7%	14.5%	27.2%	29.0%	50.7%	19.5%	1.3%	13.0K	-760.0K	-1.9K	0.00	103.56	N/A	N/A	17	0	284	141
2023-12-15	$39.89	$25.00	52.8%	15.1%	28.0%	31.9%	0.0%	10.0%	1.0%	24.0K	-703.0K	-1.9K	3.33	103.65	N/A	N/A	3	10	288	141
2023-12-18	$40.52	$25.00	41.8%	12.0%	28.3%	16.3%	40.9%	1.5%	14.5%	14.1K	-652.8K	-1.9K	0.08	94.82	N/A	N/A	36	3	258	46
2023-12-19	$40.29	$25.00	42.9%	12.3%	26.5%	17.9%	0.0%	4.8%	5.5%	22.7K	-711.3K	-2.3K	0.00	95.69	N/A	N/A	3	0	361	47
2023-12-20	$39.34	$25.00	39.0%	11.2%	26.0%	12.4%	20.6%	0.9%	20.1%	22.4K	-639.2K	-2.2K	0.00	83.49	N/A	N/A	6	0	364	47
2023-12-21	$40.82	$25.00	36.8%	10.6%	28.7%	9.2%	0.0%	3.3%	8.8%	26.3K	-749.3K	-2.3K	0.00	68.79	N/A	N/A	0	0	368	47
2023-12-22	$41.27	$25.00	36.7%	10.5%	28.7%	9.1%	36.0%	0.6%	8.9%	28.1K	-804.8K	-2.2K	0.00	74.11	N/A	N/A	18	0	368	47
2023-12-26	$42.17	$25.00	46.5%	13.3%	29.2%	23.0%	53.4%	5.2%	9.5%	28.0K	-912.8K	-2.3K	0.00	103.28	N/A	N/A	6	0	375	47
2023-12-27	$41.89	$25.00	49.0%	14.1%	27.9%	26.6%	0.0%	2.0%	-6.8%	27.0K	-893.3K	-2.4K	0.00	90.44	N/A	N/A	9	0	375	47
2023-12-28	$41.78	$25.00	37.3%	10.7%	28.1%	9.8%	53.6%	7.3%	10.9%	30.0K	-851.9K	-2.2K	0.00	89.87	N/A	N/A	22	0	376	47
2023-12-29	$42.03	$25.00	44.6%	12.8%	28.0%	20.3%	47.4%	10.3%	10.1%	29.6K	-944.8K	-2.3K	0.00	91.01	N/A	N/A	138	0	380	47