FORM Options History — January 2024

In January 2024, FORM traded between $37.67 and $43.76. ATM implied volatility averaged 51.5%, placing in the 30.1% IV rank vs the trailing year. The 30-day expected move averaged 15.3%. IV traded above realized volatility by 14.5% (HV 20d: 37.0%). Max pain ranged from $25.00 to $40.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 4 of 21 days. Put/call ratio averaged 0.33.

Notable Days

2024-01-02: Highest Volume — 107 contracts
2024-01-09: Largest IV spike — 29.1% change
2024-01-31: Highest IV Rank — 52.1%
2024-01-31: Largest Expected Move — 19.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$40.37	$37.67	$43.76	$40.16	$38.80
Max Pain	$38.57	$25.00	$40.00	$25.00	$40.00
ATM IV	51.5%	35.4%	67.0%	38.5%	67.0%
Expected Move	15.3%	11.0%	19.2%	11.0%	19.2%
HV 20d	37.0%	32.9%	44.3%	33.4%	44.3%
HV 60d	40.0%	38.9%	43.0%	39.8%	43.0%
IV Rank	30.1%	7.2%	52.1%	11.6%	52.1%
IV Percentile	53.1%	2.4%	91.3%	8.3%	91.3%
Term Structure	-6.3%	-33.1%	12.0%	12.0%	-16.3%
VWIV	55.6%	23.9%	70.3%	23.9%	70.3%
Skew 25d	7.0%	-1.3%	23.8%	4.3%	5.1%
Skew 10d	12.3%	-3.4%	30.7%	5.0%	7.4%
Call IV 25d	53.8%	28.7%	75.5%	28.7%	69.1%
Put IV 25d	60.9%	32.9%	85.7%	32.9%	74.2%
Bid-Ask Spread %	72.70	49.71	89.97	83.48	75.99
Gamma HHI	0.34	0.23	0.56	0.34	0.24
Net GEX	18.1K	11.9K	25.1K	19.8K	12.0K
Net DEX	-610.3K	-876.0K	-474.5K	-640.9K	-481.9K
Net VEX	-1.9K	-2.2K	-1.7K	-1.8K	-2.1K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.33	0.00	2.00	0.03	0.30
Total Volume	22.762	0	107	107	52
Total OI	426.714	309	535	356	359

Daily Data (21 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
2024-01-02	$40.16	$25.00	38.5%	11.0%	33.4%	11.6%	23.9%	4.3%	12.0%	19.8K	-640.9K	-1.8K	0.03	83.48	N/A	N/A	104	3	309	47
2024-01-03	$38.87	$25.00	39.7%	11.4%	35.5%	13.3%	0.0%	-0.7%	10.0%	21.2K	-552.2K	-1.9K	0.00	76.13	N/A	N/A	0	0	408	50
2024-01-04	$38.38	$40.00	35.4%	16.0%	35.4%	7.2%	0.0%	12.7%	-0.9%	19.6K	-493.3K	-1.8K	1.17	87.22	N/A	N/A	6	7	408	50
2024-01-05	$37.67	$40.00	42.2%	15.3%	36.2%	16.9%	0.0%	2.4%	-3.2%	16.5K	-474.5K	-1.8K	0.70	89.97	N/A	N/A	10	7	414	57
2024-01-08	$38.68	$40.00	41.4%	14.9%	37.2%	15.7%	50.3%	-1.3%	-0.3%	16.8K	-501.8K	-1.8K	0.60	82.59	N/A	N/A	15	9	409	64
2024-01-09	$38.67	$40.00	53.4%	15.3%	36.3%	32.8%	0.0%	23.8%	-8.7%	19.7K	-540.4K	-1.9K	0.00	86.94	N/A	N/A	0	0	421	73
2024-01-10	$38.42	$40.00	42.1%	12.1%	33.9%	16.8%	48.5%	10.4%	-5.6%	23.4K	-578.0K	-2.0K	0.00	86.30	N/A	N/A	6	0	421	73
2024-01-11	$39.30	$40.00	50.9%	14.6%	34.8%	29.3%	50.3%	4.5%	-5.2%	19.6K	-565.0K	-1.8K	0.50	83.55	N/A	N/A	2	1	427	73
2024-01-12	$39.39	$40.00	49.1%	14.1%	34.3%	26.7%	0.0%	19.3%	-7.1%	20.3K	-572.1K	-1.7K	0.00	80.32	N/A	N/A	2	0	427	73
2024-01-16	$39.77	$40.00	61.2%	17.5%	32.9%	43.8%	66.5%	5.6%	-22.9%	23.1K	-608.1K	-1.7K	0.00	72.50	N/A	N/A	12	0	428	73
2024-01-17	$38.95	$40.00	62.1%	17.8%	33.2%	45.1%	0.0%	10.2%	-3.7%	23.5K	-557.0K	-1.7K	0.06	81.98	N/A	N/A	18	1	434	73
2024-01-18	$40.75	$40.00	54.1%	15.5%	36.6%	33.8%	0.0%	2.5%	4.7%	25.1K	-685.0K	-1.8K	0.04	67.41	N/A	N/A	28	1	437	74
2024-01-19	$42.55	$40.00	45.3%	13.0%	39.6%	21.2%	45.4%	1.2%	-1.2%	11.9K	-876.0K	-2.0K	0.00	77.72	N/A	N/A	73	0	462	73
2024-01-22	$43.27	$40.00	51.3%	14.7%	38.6%	29.8%	53.5%	6.0%	-7.9%	13.5K	-696.7K	-2.1K	0.13	55.85	N/A	N/A	8	1	265	44
2024-01-23	$42.86	$40.00	52.2%	15.0%	36.9%	31.1%	0.0%	6.0%	0.6%	14.7K	-678.5K	-2.1K	0.00	53.60	N/A	N/A	0	0	273	45
2024-01-24	$43.76	$40.00	52.5%	15.0%	37.4%	31.5%	53.8%	4.3%	-8.5%	15.0K	-733.2K	-2.1K	0.00	55.43	N/A	N/A	61	0	273	45
2024-01-25	$43.16	$40.00	53.5%	15.3%	37.1%	32.9%	65.7%	7.6%	-13.0%	18.2K	-735.9K	-2.2K	0.10	49.71	N/A	N/A	10	1	304	45
2024-01-26	$41.23	$40.00	60.3%	17.3%	40.7%	42.6%	60.3%	6.5%	-10.7%	15.8K	-611.9K	-2.1K	2.00	58.57	N/A	N/A	6	12	294	46
2024-01-29	$41.84	$40.00	64.1%	18.4%	41.0%	48.1%	69.7%	9.3%	-11.0%	15.5K	-631.0K	-2.2K	0.38	60.02	N/A	N/A	8	3	296	57
2024-01-30	$41.39	$40.00	65.5%	18.8%	41.1%	50.0%	64.5%	8.1%	-33.1%	15.0K	-602.9K	-2.1K	0.00	61.52	N/A	N/A	11	0	297	60
2024-01-31	$38.80	$40.00	67.0%	19.2%	44.3%	52.1%	70.3%	5.1%	-16.3%	12.0K	-481.9K	-2.1K	0.30	75.99	N/A	N/A	40	12	299	60