FORM Options History — February 2025

In February 2025, FORM traded between $32.83 and $41.20. ATM implied volatility averaged 56.2%, placing in the 49.4% IV rank vs the trailing year. The 30-day expected move averaged 16.2%. IV traded above realized volatility by 0.9% (HV 20d: 55.3%). Max pain ranged from $40.00 to $45.00. Net GEX was positive for 11 of 19 trading days. Term structure was in contango for 6 of 19 days. Put/call ratio averaged 1.25.

Notable Days

  • 2025-02-06: Highest Volume — 2,411 contracts
  • 2025-02-06: Largest IV drop — 32.0% change
  • 2025-02-04: Highest IV Rank — 87.4%
  • 2025-02-04: Largest Expected Move — 23.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$36.47$32.83$41.20$39.70$32.83
Max Pain$40.79$40.00$45.00$45.00$40.00
ATM IV56.2%47.4%81.3%80.3%56.6%
Expected Move16.2%14.0%23.3%23.0%16.2%
HV 20d55.3%48.5%59.9%52.7%48.5%
HV 60d51.1%47.7%52.2%48.7%51.3%
IV Rank49.4%36.1%87.4%85.9%50.1%
IV Percentile63.6%47.6%97.2%96.0%66.3%
Term Structure-2.7%-18.0%1.3%-12.9%-1.6%
VWIV57.4%49.6%87.2%86.9%57.8%
Skew 25d0.3%-15.5%5.1%-9.3%1.9%
Skew 10d1.1%-11.6%11.5%5.0%-11.6%
Call IV 25d57.7%49.0%90.0%87.4%57.6%
Put IV 25d58.0%51.0%78.1%78.1%59.5%
Bid-Ask Spread %65.1749.5874.3950.5271.98
Gamma HHI0.200.180.250.200.21
Net GEX25.5K-19.7K166.6K135.8K-1.6K
Net DEX892.9K-4.2M3.9M-2.8M2.1M
Net VEX-30.6K-43.3K-24.1K-40.1K-25.3K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.250.056.000.430.43
Total Volume446.211202,411167471
Total OI9,001.5267,02310,2778,1407,857

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-02-03$39.70$45.0080.3%23.0%52.7%85.9%86.9%-9.3%-12.9%135.8K-2.8M-40.1K0.4350.52N/AN/A117506,1581,982
2025-02-04$39.52$45.0081.3%23.3%52.3%87.4%87.2%-9.7%-15.1%131.4K-2.5M-39.1K1.2149.58N/AN/A1922326,2122,013
2025-02-05$41.20$40.0074.8%21.4%53.1%77.5%80.5%-15.5%-18.0%166.6K-4.2M-43.3K0.4456.93N/AN/A1,3015786,3642,150
2025-02-06$37.48$45.0050.8%15.0%59.9%41.4%51.5%2.1%-1.8%17.8K2.1M-32.4K0.3658.51N/AN/A1,7796327,2092,679
2025-02-07$36.04$40.0050.1%14.8%57.1%40.2%51.1%3.0%-1.6%-3.8K3.3M-28.3K0.3766.49N/AN/A179676,8292,659
2025-02-10$36.02$40.0049.6%14.9%56.9%39.5%51.0%2.5%-0.3%-8.5K3.1M-27.4K0.0568.96N/AN/A322176,8332,584
2025-02-11$35.09$40.0047.4%14.1%56.0%36.1%49.6%1.3%0.5%-13.9K3.9M-24.1K0.1170.38N/AN/A592686,7662,594
2025-02-12$35.90$40.0049.9%14.3%56.8%40.0%50.0%1.8%0.5%-2.1K2.1M-29.4K1.0670.04N/AN/A36387,3322,649
2025-02-13$36.66$40.0050.6%14.5%57.6%41.0%50.3%2.4%1.3%-6.1K1.4M-31.1K2.0969.80N/AN/A23487,3412,650
2025-02-14$37.73$40.0048.9%14.0%58.8%38.4%49.8%2.5%1.2%-10.2K552.0K-32.8K2.0963.72N/AN/A22467,3222,614
2025-02-18$37.89$40.0050.6%14.5%58.8%41.0%51.6%1.0%-0.2%-19.7K535.0K-31.3K0.0858.92N/AN/A324257,3192,637
2025-02-19$37.45$40.0050.7%14.5%58.8%41.2%50.7%0.7%1.2%1.6K678.4K-32.0K1.9664.05N/AN/A25497,5982,645
2025-02-20$37.48$40.0051.1%14.6%56.8%41.7%50.8%1.9%0.7%2.0K870.9K-31.6K6.0064.53N/AN/A7427,6052,672
2025-02-21$35.58$40.0052.4%15.0%58.3%43.7%51.9%4.4%-0.4%39.3K262.8K-26.7K1.6365.42N/AN/A631037,6012,044
2025-02-24$34.74$40.0053.9%15.4%58.2%45.9%53.1%4.6%-1.3%30.6K726.8K-25.5K1.0874.39N/AN/A1731865,0551,968
2025-02-25$34.12$40.0054.2%15.5%49.9%46.4%55.6%3.4%-0.9%20.8K1.3M-25.7K2.1772.69N/AN/A1383005,1992,153
2025-02-26$34.22$40.0055.7%16.0%50.0%48.7%55.6%5.1%-1.2%3.6K1.6M-27.6K0.4266.89N/AN/A150635,3182,471
2025-02-27$33.31$40.0057.9%16.6%49.9%52.0%56.3%2.3%-1.8%1.3K2.0M-26.8K1.8674.36N/AN/A7135,4162,531
2025-02-28$32.83$40.0056.6%16.2%48.5%50.1%57.8%1.9%-1.6%-1.6K2.1M-25.3K0.4371.98N/AN/A3291425,4152,442