FORM Options History — March 2025

In March 2025, FORM traded between $28.50 and $32.97. ATM implied volatility averaged 59.7%, placing in the 55.4% IV rank vs the trailing year. The 30-day expected move averaged 19.4%. IV traded above realized volatility by 16.9% (HV 20d: 42.8%). Max pain ranged from $25.00 to $40.00. Net GEX was positive for 3 of 21 trading days. Term structure was in contango for 18 of 21 days. Put/call ratio averaged 1.31.

Notable Days

  • 2025-03-26: Highest Volume — 306 contracts
  • 2025-03-10: Largest IV spike — 23.2% change
  • 2025-03-10: Highest IV Rank — 82.8%
  • 2025-03-10: Largest Expected Move — 22.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$31.44$28.50$32.97$31.72$28.50
Max Pain$33.95$25.00$40.00$40.00$30.00
ATM IV59.7%47.8%78.3%65.1%52.7%
Expected Move19.4%18.1%22.5%18.7%19.5%
HV 20d42.8%35.7%49.4%48.8%44.5%
HV 60d49.6%47.9%51.2%49.9%48.2%
IV Rank55.4%37.6%82.8%62.9%45.2%
IV Percentile66.7%40.5%94.4%79.8%53.6%
Term Structure6.5%-7.3%16.6%-7.3%15.6%
VWIV66.7%59.9%78.1%59.9%68.1%
Skew 25d3.1%-5.7%28.9%-3.2%-5.7%
Skew 10d4.2%-18.7%24.5%-14.1%-18.7%
Call IV 25d56.6%38.5%65.9%63.2%61.9%
Put IV 25d59.7%42.2%70.1%60.0%56.2%
Bid-Ask Spread %61.0025.7488.9177.6637.34
Gamma HHI0.210.170.290.190.29
Net GEX-7.6K-20.0K10.0K-1.7K-841
Net DEX2.3M1.1M3.7M2.6M1.5M
Net VEX-22.6K-26.2K-17.0K-23.1K-17.9K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.310.039.430.310.89
Total Volume165.524343068934
Total OI8,521.4297,5549,4978,2137,877

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-03-03$31.72$40.0065.1%18.7%48.8%62.9%59.9%-3.2%-7.3%-1.7K2.6M-23.1K0.3177.66N/AN/A68215,6322,581
2025-03-04$31.94$40.0067.1%19.2%49.2%65.8%66.4%1.4%-6.4%-2742.5M-23.7K0.9979.62N/AN/A1431415,6442,599
2025-03-05$32.02$40.0066.6%19.1%49.4%65.1%63.3%4.7%2.8%-10.3K2.7M-23.5K5.9272.96N/AN/A251485,6382,711
2025-03-06$31.71$40.0069.2%19.8%45.4%69.0%66.3%3.0%2.1%-14.5K2.9M-23.8K0.9086.29N/AN/A49445,6602,846
2025-03-07$32.97$40.0063.6%18.2%37.7%60.6%69.3%5.0%2.6%-13.6K2.3M-26.2K0.6674.77N/AN/A41275,6942,884
2025-03-10$32.83$40.0078.3%22.5%35.7%82.8%78.1%4.2%0.1%-5.8K2.1M-26.2K0.2561.17N/AN/A190475,7282,897
2025-03-11$30.91$40.0066.2%22.4%40.7%64.5%77.9%4.6%-0.6%-12.4K3.4M-23.2K0.2975.47N/AN/A236695,8462,936
2025-03-12$30.45$35.0065.2%21.2%40.2%63.0%73.7%5.3%1.5%-15.2K3.7M-22.3K0.3580.98N/AN/A40146,0372,977
2025-03-13$30.48$35.0063.6%19.6%38.8%60.6%0.0%28.9%1.2%-20.0K3.7M-21.7K1.6774.77N/AN/A42706,0512,953
2025-03-14$31.70$35.0062.2%19.6%41.1%60.0%65.7%3.9%2.6%-18.3K2.9M-24.0K1.1681.15N/AN/A44516,0973,004
2025-03-17$32.76$25.0058.8%18.2%41.6%54.6%64.4%4.0%4.9%-15.4K2.2M-25.1K0.2825.74N/AN/A134376,1173,045
2025-03-18$32.63$25.0059.3%18.4%41.4%55.4%63.6%3.8%5.5%-17.0K2.3M-25.9K0.4728.90N/AN/A75356,2133,117
2025-03-19$32.91$25.0056.2%18.1%41.8%50.7%63.0%2.1%7.2%-14.7K2.3M-26.0K0.0441.81N/AN/A9446,2723,150
2025-03-20$32.44$0.0058.3%19.9%41.8%53.9%0.0%0.9%11.7%10.0K2.5M-25.4K9.4388.91N/AN/A211986,3433,154
2025-03-21$31.20$0.0056.8%19.8%40.1%51.5%68.2%2.6%13.3%1.8K1.9M-21.7K0.2646.57N/AN/A156406,3372,696
2025-03-24$32.44$30.0049.4%18.9%42.7%40.1%62.9%2.7%16.6%-3.7K1.1M-21.5K0.0348.86N/AN/A28995,5512,034
2025-03-25$31.36$35.0047.8%18.2%43.7%37.6%63.4%-0.6%15.9%3.3K1.1M-20.7K0.5542.28N/AN/A49275,6841,896
2025-03-26$30.59$30.0049.6%18.6%44.2%40.4%62.9%-5.7%15.3%-7401.4M-18.4K2.0069.61N/AN/A1022045,7171,837
2025-03-27$29.88$30.0048.4%18.4%44.0%38.5%63.9%3.9%15.5%-6.9K2.0M-18.2K0.6547.93N/AN/A110725,8232,018
2025-03-28$28.70$30.0049.2%18.6%45.7%39.8%65.3%-0.8%15.4%-3.2K1.6M-17.0K0.5038.14N/AN/A184925,9121,742
2025-03-31$28.50$30.0052.7%19.5%44.5%45.2%68.1%-5.7%15.6%-8411.5M-17.9K0.8937.34N/AN/A18166,0591,818