FORM Options History — April 2025

In April 2025, FORM traded between $22.76 and $29.14. ATM implied volatility averaged 75.4%, placing in the 78.0% IV rank vs the trailing year. The 30-day expected move averaged 22.5%. IV traded below realized volatility by 26.8% (HV 20d: 102.2%). Max pain ranged from $25.00 to $30.00. Net GEX was positive for 10 of 21 trading days. Term structure was in contango for 1 of 21 days. Put/call ratio averaged 1.25.

Notable Days

  • 2025-04-03: Highest Volume — 803 contracts
  • 2025-04-04: Largest IV spike — 54.1% change
  • 2025-04-08: Highest IV Rank — 100.0%
  • 2025-04-11: Largest Expected Move — 26.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$26.61$22.76$29.14$28.33$27.86
Max Pain$26.19$25.00$30.00$30.00$25.00
ATM IV75.4%47.2%90.6%48.5%75.4%
Expected Move22.5%19.3%26.0%19.4%21.6%
HV 20d102.2%44.2%123.6%44.2%122.9%
HV 60d71.2%48.2%80.2%48.2%79.5%
IV Rank78.0%36.7%100.0%38.7%77.4%
IV Percentile85.6%36.9%100.0%40.5%87.7%
Term Structure-13.6%-29.3%20.8%20.8%-16.8%
VWIV77.8%65.0%98.9%72.8%78.8%
Skew 25d9.3%-24.3%32.9%-0.2%7.4%
Skew 10d21.3%-18.6%54.2%-18.6%19.1%
Call IV 25d69.8%53.4%83.4%55.0%74.6%
Put IV 25d79.1%54.8%95.3%54.8%82.0%
Bid-Ask Spread %62.0538.9384.4338.9367.74
Gamma HHI0.280.140.650.290.19
Net GEX5.5K-86.9K54.5K-1.7K50.7K
Net DEX1.2M-1.1M3.7M1.7M-719.6K
Net VEX-14.5K-19.6K-11.1K-17.1K-13.8K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.250.006.301.800.40
Total Volume116.952118032887
Total OI7,155.2384,5279,2087,8784,750

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-04-01$28.33$30.0048.5%19.4%44.2%38.7%72.8%-0.2%20.8%-1.7K1.7M-17.1K1.8038.93N/AN/A10186,0591,819
2025-04-02$28.82$30.0047.2%19.3%44.9%36.7%67.5%5.0%-11.0%-5.8K1.6M-17.3K0.0338.94N/AN/A11746,0641,832
2025-04-03$25.48$30.0054.0%21.0%61.4%47.3%72.2%14.0%-12.4%14.8K2.5M-12.6K6.3056.68N/AN/A1106936,1651,834
2025-04-04$24.32$25.0083.3%25.0%59.7%92.5%85.8%16.3%-20.3%-21.8K3.1M-14.2K6.0053.66N/AN/A6366,2732,473
2025-04-07$24.18$25.0079.3%23.1%59.7%86.3%79.5%9.4%-15.0%-27.3K3.3M-13.2K0.3167.73N/AN/A2996,2762,474
2025-04-08$22.76$25.0090.2%25.4%59.7%100.0%85.0%-24.3%-27.4%-18.7K3.7M-11.1K0.3866.55N/AN/A58226,3042,478
2025-04-09$29.14$25.0080.7%23.1%110.6%85.8%82.3%13.3%-16.6%-14.4K763.8K-19.6K1.3254.26N/AN/A1161536,3892,483
2025-04-10$25.44$25.0088.9%25.5%120.3%98.0%89.0%12.8%-19.4%-33.0K2.6M-15.1K2.5970.38N/AN/A411066,3882,539
2025-04-11$26.90$25.0090.6%26.0%121.4%100.0%98.9%11.6%-19.3%-27.4K2.0M-16.9K1.1356.93N/AN/A40456,4022,549
2025-04-14$27.41$25.0085.0%24.4%120.8%91.8%82.1%32.9%-29.3%-26.2K1.8M-17.2K0.8970.85N/AN/A1311166,4242,559
2025-04-15$26.93$30.0082.7%23.7%120.8%88.3%73.9%4.6%-16.3%-29.3K2.3M-15.4K0.6384.43N/AN/A16106,5372,664
2025-04-16$25.66$30.0083.9%24.0%121.4%90.0%84.1%20.0%-19.9%-86.9K2.9M-13.1K0.1163.66N/AN/A111126,5392,669
2025-04-17$25.70$25.0076.5%21.9%121.5%79.1%67.9%13.4%-6.7%32.5K815.5K-12.9K0.0460.58N/AN/A2816,6322,062
2025-04-21$24.95$25.0080.8%23.2%121.3%85.4%80.4%10.3%-6.2%28.8K250.5K-11.8K0.3952.15N/AN/A66263,5031,024
2025-04-22$25.41$25.0076.4%21.9%120.3%79.0%75.8%8.2%-10.6%33.4K114.9K-12.0K0.6468.70N/AN/A1493,5631,041
2025-04-23$26.81$25.0080.0%22.9%122.3%84.2%72.4%9.1%-15.9%40.4K-400.6K-13.7K0.2364.99N/AN/A3583,5671,049
2025-04-24$28.11$25.0067.5%19.3%123.6%65.6%65.0%8.8%-6.7%49.8K-935.9K-14.9K0.0268.65N/AN/A11923,5891,051
2025-04-25$28.05$25.0068.9%19.8%123.4%67.7%68.7%7.4%-10.6%52.0K-912.8K-14.6K2.6358.85N/AN/A8213,6811,052
2025-04-28$28.55$25.0073.0%20.9%122.8%73.9%72.8%7.1%-13.1%54.5K-1.1M-14.8K0.5066.13N/AN/A843,6861,061
2025-04-29$28.09$25.0070.6%20.3%122.9%70.3%0.0%8.6%-13.6%51.2K-771.7K-13.9K0.0072.29N/AN/A1103,6921,064
2025-04-30$27.86$25.0075.4%21.6%122.9%77.4%78.8%7.4%-16.8%50.7K-719.6K-13.8K0.4067.74N/AN/A62253,6861,064