FORM Options History — March 2024

In March 2024, FORM traded between $41.39 and $46.20. ATM implied volatility averaged 45.9%, placing in the 22.2% IV rank vs the trailing year. The 30-day expected move averaged 11.6%. IV traded below realized volatility by 0.7% (HV 20d: 46.6%). Max pain ranged from $25.00 to $40.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 17 of 20 days. Put/call ratio averaged 1.49.

Notable Days

2024-03-04: Highest Volume — 161 contracts
2024-03-11: Largest IV spike — 137.7% change
2024-03-11: Highest IV Rank — 84.4%
2024-03-20: Largest Expected Move — 14.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$43.85	$41.39	$46.20	$43.69	$45.60
Max Pain	$31.75	$25.00	$40.00	$40.00	$35.00
ATM IV	45.9%	35.5%	89.7%	40.6%	36.0%
Expected Move	11.6%	10.2%	14.4%	11.6%	10.3%
HV 20d	46.6%	34.0%	59.5%	58.8%	34.7%
HV 60d	46.4%	45.9%	47.3%	46.1%	46.4%
IV Rank	22.2%	7.3%	84.4%	14.6%	8.1%
IV Percentile	30.5%	3.2%	99.6%	15.9%	4.0%
Term Structure	5.7%	-10.8%	18.5%	-1.3%	5.9%
VWIV	40.7%	36.7%	47.3%	42.5%	44.0%
Skew 25d	3.0%	-4.2%	7.3%	-4.2%	6.3%
Skew 10d	4.1%	-8.9%	14.7%	-8.9%	8.9%
Call IV 25d	39.2%	33.7%	45.0%	44.4%	33.7%
Put IV 25d	42.2%	36.7%	46.3%	40.1%	40.0%
Bid-Ask Spread %	72.38	57.50	89.99	79.87	66.64
Gamma HHI	0.36	0.34	0.42	0.42	0.35
Net GEX	32.8K	24.7K	41.7K	24.7K	37.2K
Net DEX	-1.1M	-1.5M	-707.7K	-861.3K	-1.4M
Net VEX	-4.2K	-4.6K	-2.7K	-2.7K	-4.5K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.49	0.00	20.00	0.00	0.00
Total Volume	31.4	2	161	14	17
Total OI	696.8	503	795	503	755

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
2024-03-01	$43.69	$40.00	40.6%	11.6%	58.8%	14.6%	42.5%	-4.2%	-1.3%	24.7K	-861.3K	-2.7K	0.00	79.87	N/A	N/A	14	0	369	134
2024-03-04	$44.38	$30.00	55.0%	11.3%	58.9%	35.0%	40.4%	5.6%	10.1%	24.7K	-965.0K	-2.7K	0.00	69.03	N/A	N/A	161	0	380	134
2024-03-05	$44.26	$30.00	58.1%	12.2%	59.0%	39.5%	47.3%	6.9%	7.2%	34.4K	-1.2M	-4.3K	20.00	61.92	N/A	N/A	1	20	535	134
2024-03-06	$44.62	$25.00	44.0%	11.0%	56.6%	19.5%	42.9%	0.9%	11.9%	38.5K	-1.3M	-4.1K	0.00	65.00	N/A	N/A	23	0	535	114
2024-03-07	$46.20	$25.00	68.0%	12.1%	57.4%	53.5%	38.0%	4.5%	10.4%	37.4K	-1.5M	-4.3K	0.88	57.50	N/A	N/A	34	30	548	114
2024-03-08	$44.43	$25.00	37.8%	12.1%	59.5%	10.5%	42.3%	7.2%	2.9%	40.4K	-1.2M	-4.3K	4.00	64.38	N/A	N/A	5	20	559	127
2024-03-11	$44.20	$25.00	89.7%	13.7%	50.8%	84.4%	37.1%	1.1%	-4.7%	34.7K	-1.2M	-4.5K	0.00	69.08	N/A	N/A	2	0	560	147
2024-03-12	$44.34	$25.00	49.6%	11.6%	50.0%	27.4%	42.1%	2.6%	3.6%	41.6K	-1.1M	-4.3K	0.13	85.34	N/A	N/A	8	1	558	147
2024-03-13	$43.80	$25.00	41.5%	11.9%	47.4%	15.9%	41.5%	4.3%	6.5%	41.7K	-1.1M	-4.3K	0.27	85.17	N/A	N/A	62	17	562	148
2024-03-14	$43.16	$35.00	40.6%	11.6%	43.8%	14.6%	41.1%	3.9%	6.5%	39.4K	-1.1M	-4.5K	0.62	86.83	N/A	N/A	37	23	606	165
2024-03-15	$43.13	$35.00	39.1%	11.2%	43.8%	12.4%	39.0%	0.1%	6.0%	25.5K	-968.9K	-4.6K	2.00	89.99	N/A	N/A	1	2	608	187
2024-03-18	$42.80	$35.00	41.2%	11.8%	43.6%	15.4%	41.0%	0.9%	5.6%	25.5K	-881.6K	-4.4K	0.16	68.81	N/A	N/A	25	4	535	161
2024-03-19	$41.39	$35.00	38.1%	10.9%	40.0%	11.0%	36.7%	3.9%	7.6%	25.5K	-707.7K	-4.1K	1.14	66.83	N/A	N/A	22	25	549	164
2024-03-20	$41.92	$35.00	50.3%	14.4%	40.1%	28.4%	43.7%	5.0%	-10.8%	26.9K	-779.5K	-4.3K	0.08	75.46	N/A	N/A	13	1	555	163
2024-03-21	$44.04	$35.00	37.8%	10.8%	40.7%	10.7%	38.2%	1.1%	3.4%	32.0K	-1.1M	-4.6K	0.00	70.19	N/A	N/A	13	0	563	164
2024-03-22	$43.17	$35.00	37.2%	10.7%	40.6%	9.7%	37.2%	-0.9%	18.5%	31.1K	-992.5K	-4.5K	0.00	75.10	N/A	N/A	5	0	573	165
2024-03-25	$43.69	$35.00	41.8%	12.0%	36.9%	16.3%	42.1%	7.3%	10.7%	32.2K	-1.1M	-4.6K	0.50	77.86	N/A	N/A	10	5	579	165
2024-03-26	$43.48	$35.00	35.5%	10.2%	34.0%	7.3%	0.0%	4.2%	8.8%	30.7K	-1.0M	-4.4K	0.00	62.59	N/A	N/A	5	0	569	169
2024-03-27	$44.78	$35.00	36.6%	10.5%	35.3%	8.9%	36.7%	0.1%	5.9%	32.8K	-1.2M	-4.5K	0.00	69.98	N/A	N/A	22	0	567	169
2024-03-28	$45.60	$35.00	36.0%	10.3%	34.7%	8.1%	44.0%	6.3%	5.9%	37.2K	-1.4M	-4.5K	0.00	66.64	N/A	N/A	17	0	586	169