FORM Options History — January 2025

In January 2025, FORM traded between $38.14 and $47.26. ATM implied volatility averaged 65.7%, placing in the 63.8% IV rank vs the trailing year. The 30-day expected move averaged 20.0%. IV traded above realized volatility by 14.4% (HV 20d: 51.3%). Max pain ranged from $40.00 to $45.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 2 of 20 days. Put/call ratio averaged 0.38.

Notable Days

  • 2025-01-08: Highest Volume — 1,031 contracts
  • 2025-01-15: Largest IV spike — 32.2% change
  • 2025-01-31: Highest IV Rank — 80.1%
  • 2025-01-31: Largest Expected Move — 21.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$42.60$38.14$47.26$43.74$39.98
Max Pain$44.50$40.00$45.00$40.00$45.00
ATM IV65.7%53.4%76.5%57.6%76.5%
Expected Move20.0%15.3%21.9%16.5%21.9%
HV 20d51.3%46.0%55.2%48.6%52.7%
HV 60d53.5%48.6%56.7%53.9%48.6%
IV Rank63.8%45.2%80.1%51.6%80.1%
IV Percentile82.7%61.9%94.4%71.8%94.4%
Term Structure-5.4%-10.9%17.5%13.4%-10.9%
VWIV71.4%50.1%82.3%50.1%79.4%
Skew 25d-8.2%-23.3%-2.0%-21.4%-7.5%
Skew 10d-10.4%-34.3%40.3%-34.3%-17.3%
Call IV 25d74.1%59.3%81.8%59.3%81.8%
Put IV 25d65.9%37.9%74.3%37.9%74.3%
Bid-Ask Spread %46.6419.3162.2660.4838.09
Gamma HHI0.270.170.470.380.19
Net GEX340.6K86.7K1.0M572.6K128.9K
Net DEX-6.5M-17.4M-569.2K-10.0M-2.6M
Net VEX-44.6K-60.7K-33.5K-49.7K-40.2K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.380.022.230.670.02
Total Volume476.05631,031533286
Total OI11,192.156,90114,88813,3987,965

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-01-02$43.74$40.0057.6%16.5%48.6%51.6%50.1%-21.4%13.4%572.6K-10.0M-49.7K0.6760.48N/AN/A31921412,1751,223
2025-01-03$44.24$40.0053.5%15.3%48.7%45.3%61.8%-5.2%17.5%648.6K-11.1M-52.5K0.6651.87N/AN/A36624312,2221,309
2025-01-06$45.78$45.0058.1%20.9%47.2%52.4%77.0%-7.5%-8.3%782.1K-13.4M-54.7K0.1535.96N/AN/A71110912,1711,507
2025-01-07$47.26$45.0058.5%19.6%46.6%52.9%68.0%-3.5%-7.0%1.0M-17.4M-60.7K0.0849.84N/AN/A7086012,4331,585
2025-01-08$44.13$45.0058.8%20.7%53.4%53.4%74.1%-6.1%-9.5%580.9K-9.7M-50.8K0.4936.30N/AN/A69233912,5211,626
2025-01-10$44.38$45.0055.9%20.8%53.2%48.9%72.8%-8.3%-9.8%535.5K-9.3M-49.9K0.1035.72N/AN/A3923812,4761,812
2025-01-13$42.55$45.0066.4%21.2%55.1%64.8%73.9%-6.8%-9.8%292.3K-5.8M-43.3K0.0619.31N/AN/A6344112,4591,818
2025-01-14$42.98$45.0053.4%21.3%55.2%45.2%74.1%-23.3%-10.9%307.4K-6.3M-42.9K0.8862.26N/AN/A11410012,5741,844
2025-01-15$43.11$45.0070.6%20.2%54.8%71.1%71.9%-21.8%-9.8%291.9K-6.2M-42.5K0.0851.40N/AN/A1841412,5961,897
2025-01-16$43.57$45.0067.2%19.3%51.8%66.0%71.7%-4.5%-1.7%316.5K-6.9M-42.8K0.1651.82N/AN/A5058112,6771,855
2025-01-17$43.58$45.0068.5%19.6%51.6%67.9%68.0%-4.8%-5.2%201.2K-6.5M-44.4K0.7548.11N/AN/A1118312,9631,925
2025-01-21$42.86$45.0070.6%20.2%51.6%71.2%70.3%-7.0%-4.1%191.2K-5.4M-42.5K0.2444.11N/AN/A274665,6031,298
2025-01-22$44.37$45.0067.5%19.3%50.0%66.4%68.6%-6.2%-5.8%235.7K-6.9M-45.8K2.2340.13N/AN/A2295105,8011,331
2025-01-23$42.92$45.0067.0%19.2%51.3%65.7%67.7%-6.5%-3.1%183.2K-5.1M-45.9K0.2445.01N/AN/A366885,9241,833
2025-01-24$41.84$45.0066.6%19.1%46.0%65.1%66.1%-4.7%-4.6%151.2K-3.5M-42.1K0.0854.02N/AN/A252205,7531,861
2025-01-27$38.22$45.0074.2%21.3%51.6%76.5%73.6%-2.0%-9.3%89.0K-602.5K-33.5K0.3560.91N/AN/A5361885,7871,870
2025-01-28$38.14$45.0074.8%21.4%51.5%77.4%82.3%-5.9%-8.9%86.7K-569.2K-33.7K0.1147.88N/AN/A235255,6571,944
2025-01-29$38.73$45.0076.2%21.8%51.9%79.6%79.1%-6.7%-10.1%93.9K-1.1M-35.0K0.0247.53N/AN/A31965,6631,960
2025-01-30$39.68$45.0072.7%20.8%53.2%74.3%76.7%-4.5%-9.7%121.4K-2.2M-39.7K0.1751.98N/AN/A5495,9611,964
2025-01-31$39.98$45.0076.5%21.9%52.7%80.1%79.4%-7.5%-10.9%128.9K-2.6M-40.2K0.0238.09N/AN/A28155,9871,978